CommBank’s Accreditation Criteria Update

Commonwealth Bank has made changes to their broker accreditation criteria with the removal of their industry experience requirement, while remaining committed to ensuring they only work with qualified, accredited brokers. 

This has been made possible thanks to their strong investment in the channel over the past year, with a particular focus on supporting their brokers’ development with the introduction of their Training Hub and On-Boarding Relationship Managers.

• Training Hub: Their Training Hub provides in-depth online workshops and on-demand self-paced training modules for their brokers to help build their knowledge and continually improve the experience they provide customers. 

Commonwealth Bank had thousands of brokers attend their workshops and over 90% of them said they would recommend the workshops to their colleagues.

• On-Boarding Relationship Managers: They have also introduced additional support for newly accredited brokers when they join CommBank, by giving them with a dedicated On-Boarding Relationship Manager to provide additional guidance during their first six months of being accredited with CommBank. 

CommBank Updated Broker Accreditation Criteria

Going forward, for brokers to become accredited with CommBank, they will need to meet the following criteria:

• Hold a minimum of a Diploma of Finance and Mortgage Broking Management (or an Advanced Diploma / Associated Diploma / Bachelor’s Degree / Bachelor’s Degree with Honours / Graduate Certificate or Diploma / Master’s Degree or a Doctoral Degree with a finance component);
• Be a current member of either the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA); and
• Be an employee, credit representative or director of a CommBank Approved to Recruit ACL.  

Key Documents

Below is a list of documents brokers will be required to evidence when completing their application:

• Current Driver’s Licence or Passport 
• Diploma of Finance and Mortgage Broking Management (or an Advanced Diploma / Associated Diploma / Bachelor’s Degree / Bachelor’s Degree with Honours / Graduate Certificate or Diploma / Master’s Degree or a Doctoral Degree with a finance component)
• Current membership certificate with either the Mortgage and Finance Association of Australia (MFAA) or Finance Brokers Association of Australia (FBAA)
• Evidence of Permanent Residency by way of an Australian Work Visa (if applicable) 
• Copy of a National Police Check

More information on the CommBank Broker Accreditation process can be found on CommBroker.  

For any questions please reach out to your BDM.