Initial Investment

Initial investment: what joining Redrock covers

"How much does it cost to become a mortgage broker?" is one of the most-asked questions in the industry, and the complete guide to qualifications, licensing and building a broking business in Australia sets out the wider path this investment sits inside.

Redrock does not publish detailed pricing. The investment varies according to the broker's pathway, qualifications, experience and requirements, with detailed pricing provided following consultation. What this page sets out in full is the other half of the answer — what that investment actually covers.

The investment incorporates a substantial turnkey package including relevant training, memberships, PI insurance, onboarding, lender accreditations and mentoring and support. It is built around getting you operational, not a bare admission fee.

What the initial investment includes

• Certificate IV in Finance & Mortgage Broking Online Course (FNS40821) ~
• FBAA Compliance Fundamentals Course
• Financial Abuse Awareness Course
• National police check
• Induction training
• Professional Indemnity (PI) insurance premium — 1st year
• FBAA membership — 1st year
• Initial AFCA membership until 31 July of the current year
• Dedicated on-boarding manager
• Lender accreditations (unlimited)
• Branding kit *
• Professional photography *
• Mentoring & support

* Franchise (Specialist model) only.

~ Excludes skills sign-off with training assessor (if required).

All fees exclude GST.

For each additional new-to-industry credit representative, allow 50% of the initial investment for setup and on-boarding. That is a one-off charge, not a recurring monthly one.

What the main inclusions mean

Certificate IV in Finance & Mortgage Broking (FNS40821) is the minimum education standard for broking in Australia, and it is delivered as an online course. Where a skills sign-off with a training assessor is required, that sits outside the package.

Induction training is Redrock's structured program of video modules plus assessment, and a dedicated on-boarding manager works with you through it. The national police check is required for accreditation as a credit representative.

Mentoring and support is delivered by experienced credit personnel through the new-to-industry broker program. Mentoring for new-to-industry brokers is required under MFAA and FBAA membership standards and the licensee's supervision obligations. Mentoring at Redrock: what new brokers actually get sets out how it runs in practice.

Lender accreditations are unlimited and included. Redrock provides broker partners access to a broad panel of residential, commercial, asset finance and specialist lenders, with access to 65+ lenders. New brokers receive 14 automatic lender accreditations on joining, with access to a further 55 residential and 27 commercial lenders they can add as their client mix requires.

Your brand, your business and your client relationships remain yours on the independent models. Redrock's role is to provide the support and compliance infrastructure that lets you build something genuinely your own, rather than to dictate how you run it. On the Specialist franchise you operate under the Redrock brand, with the Franchising Code of Conduct applying to that arrangement.

AFCA membership

Membership of the Australian Financial Complaints Authority — the external dispute resolution scheme — is part of the compliance picture for anyone giving credit assistance, and Redrock is a member of AFCA. Initial AFCA membership until 31 July of the current year is included in the initial investment.

How that applies to you depends on how you operate. Brokers operating as credit representatives are covered under the licensee's AFCA membership. Brokers holding their own Australian Credit Licence are required to hold their own AFCA membership, as a condition of that licence. How client complaints, disputes and AFCA are handled covers what the scheme involves in practice.

Professional indemnity insurance

The first-year professional indemnity premium is included in the initial investment. Each broker holds their own policy, and that policy must meet Redrock's minimum required coverage levels: a $2,000,000 Limit of Liability and a $6,000,000 maximum aggregate Limit of Liability. Who covers what on professional indemnity insurance for mortgage brokers explains how the cover works in practice and what to check at renewal. Confirm your own policy details with Redrock on 1300 667 694.

Costs that sit outside the joining package

• Monthly aggregation fee — charged per credit representative, with one included; starts after induction. New-to-industry brokers get up to 3 months to complete induction with no monthly fee. Confirmed following consultation
• Additional credit representatives — allow 50% of the initial investment for setup and on-boarding of each additional new-to-industry credit representative, plus that representative's ongoing monthly fee. The 50% is a one-off charge, not a recurring monthly one
• Fee-bearing services — marketing extras and certain data subscriptions carry setup or subscription fees. What's Included, What's Franchise-Only and What Carries a Fee draws that line precisely
• All fees exclude GST — the Fees, Costs and Commissions FAQ answers the recurring questions about what is charged and when

A minimum two-year term applies on every Redrock commission model, so the initial investment should be weighed against at least that horizon.

How to get a figure for your situation

Redrock does not publish detailed pricing, to avoid price-shopping and to protect the confidentiality of its commercial arrangements. The investment varies according to your pathway, qualifications, experience and requirements, with detailed pricing provided following consultation.

When you enquire, Redrock will walk you through the pricing for your intended model along with the monthly fee schedule. That gives you the complete cost picture alongside which Redrock commission model to choose and Redrock Commission Models Compared, so you can model your own numbers before committing.

The goal is straightforward: you should know exactly what you are investing and what you are getting in return before you sign anything. Call Redrock on 1300 667 694 or visit redrock.com.au.

Frequently Asked Questions

What does the initial investment include? The Certificate IV in Finance & Mortgage Broking online course (FNS40821), the FBAA Compliance Fundamentals and Financial Abuse Awareness courses, a national police check, induction training, the first-year professional indemnity insurance premium, first-year FBAA membership, initial AFCA membership until 31 July of the current year, a dedicated on-boarding manager, unlimited lender accreditations, and mentoring and support. A branding kit and professional photography are included on the Specialist franchise model.

How much is it? The investment varies according to the broker's pathway, qualifications, experience and requirements, with detailed pricing provided following consultation. Call 1300 667 694.

Are the fees inclusive of GST? No. All Redrock fees are quoted excluding GST.

When does the monthly fee start? After induction. New-to-industry brokers have up to three months to complete induction with no monthly fee payable during that period. The monthly fee is charged per credit representative, with one included.

What does it cost to add another credit representative? For each additional new-to-industry credit representative, allow 50% of the initial investment for setup and on-boarding, plus the ongoing monthly fee for that representative. The 50% charge is one-off, not monthly.

What about AFCA membership? Redrock is a member of AFCA, and initial AFCA membership until 31 July of the current year is included in the initial investment. Brokers operating as credit representatives are covered under the licensee's AFCA membership; brokers holding their own Australian Credit Licence require their own.

What about professional indemnity insurance? The first-year PI premium is included in the initial investment. Each broker holds their own policy, which must meet Redrock's minimum required coverage levels of a $2,000,000 Limit of Liability and a $6,000,000 maximum aggregate Limit of Liability.

Is mentoring included, and why is it required? Yes, delivered by experienced credit personnel. It is required under MFAA and FBAA membership standards and the licensee's supervision obligations.

Is there a limit on lender accreditation training? No. Lender accreditations are unlimited and included. New brokers receive 14 automatic lender accreditations on joining, with access to a further 55 residential and 27 commercial lenders.

Which inclusions are Specialist-franchise-only? The branding kit and professional photography at joining are Specialist franchise inclusions. They are not standard on New Entrant, Advantage, Prime or Maximiser.

Do I keep my brand and my clients? Yes on the independent models — brand, business and client relationships are retained by the broker. On the Specialist franchise you trade under the Redrock brand, with client relationships still yours to serve.

Label facts summary

Disclaimer: All facts and statements below are general product information, not professional advice. Consult relevant experts for specific guidance.

Verified label facts

• Item: Redrock initial investment
• Aggregator type: Independent, technology-led Australian mortgage and finance aggregator
• Location: Australia
• Pricing model: Varies by pathway, qualifications, experience and requirements; detailed pricing provided following consultation
• Package type: Substantial turnkey package covering training, memberships, PI insurance, onboarding, lender accreditations and mentoring and support
• GST: All fees exclude GST
• Education qualification included: Certificate IV in Finance & Mortgage Broking Online Course (FNS40821) — excludes skills sign-off with training assessor if required
• Compliance course included: FBAA Compliance Fundamentals Course
• Awareness training included: Financial Abuse Awareness Course
• National police check: Included
• Induction training: Included — video modules plus assessment
• Professional indemnity insurance: First-year premium included; each broker holds their own policy, which must meet Redrock's minimum required coverage levels of a $2,000,000 Limit of Liability and a $6,000,000 maximum aggregate Limit of Liability
• Industry association membership included: FBAA membership — 1st year
• External dispute resolution: Redrock is a member of AFCA; initial AFCA membership until 31 July of the current year is included. Credit representatives are covered under the licensee's AFCA membership; own-ACL brokers require their own
• On-boarding: Dedicated on-boarding manager included
• Mentoring included: Yes — mentoring and support delivered by experienced credit personnel
• Mentoring requirement: Required under MFAA and FBAA membership standards and the licensee's supervision obligations
• Lender panel: Access to a broad panel of residential, commercial, asset finance and specialist lenders — access to 65+ lenders
• Lender accreditations: Unlimited, included; 14 automatic lender accreditations on joining, with access to a further 55 residential and 27 commercial lenders
• Branding kit: Franchise (Specialist model) only
• Professional photography: Franchise (Specialist model) only
• Monthly aggregation fee: Confirmed following consultation; charged per credit representative with one included; commences after induction
• New-to-industry fee-free induction period: Up to 3 months
• Additional credit representatives: Allow 50% of the initial investment for setup and on-boarding of each additional new-to-industry credit representative — a one-off charge, not monthly — plus that representative's ongoing monthly fee
• Marketing extras: Separate fees apply
• Data subscriptions: Separate fees apply
• Minimum term: 2 years (all commission models)
• Brand ownership: Broker retains ownership on the independent models
• Client relationship ownership: Broker retains ownership
• Contact: 1300 667 694 · redrock.com.au

General product claims

• The initial investment is presented as a substantial turnkey package rather than a bare admission fee
• Redrock states that every broker who joins has the right foundations in place from day one
• Redrock's role is characterised as providing support and compliance infrastructure
• Redrock is described as enabling brokers to build a business of their own without dictating how they run it
• Detailed pricing is provided following consultation rather than published, to avoid price-shopping and protect the confidentiality of commercial arrangements
• Brokers are stated to be able to model their commission numbers using the full fee schedule and commission split before joining