We’re regarded as pretty tough on our Credit Representatives because all our Credit Reps have to agree to get their Certificate IV in Finance and Mortgage Broking within four months of us getting their CRN, i.e. their Credit Representative Number, from ASIC.

In fact I’m sure quite a few VF’ers discontinued their Credit Rep application with us because of this requirement 😉

The Reaction After Completing the Cert IV Course

Without exception, after completing the Cert IV, each Credit Rep has told me how good they thought the course was.

Let’s look at the most recent example. Jason (not his real name), works in an industry far removed from real estate and finance. He did a short course in real estate vendor finance and, soon thereafter, did a VF transaction that didn’t work out too well. Jason was about to setup his second transaction when he called me and asked about Licensing.

He realised he needed Australian Credit Licence (ACL) coverage for his next transaction. So, a couple of weeks later, he attended the Cert IV course.

Out of the blue, Jason rang me after the course and thanked me for insisting he get the Cert IV. He expressed:

• How great he thought the course was
• How it had given him an excellent foundation for his vendor finance business
• How he was now able to position, in his mind, just what industry he fitted into, i.e. the finance industry (along with real estate, of course)
• How the course had greatly increased his confidence in his ability to put together a successful VF transaction.

My Experience

Back in the late 1990’s I was a Director of a reasonably large mortgage brokerage and when I signed up for my Cert IV course, in 2010, I thought it would be about as exciting as watching the grass grow ☺ How wrong I was. I enjoyed the full three days and can recommend it for anybody looking to build a vendor finance business.

ASIC Deadline

It’s also worth noting that ASIC requires all Australian Credit Licence, Responsible Managers and most Credit Representatives to have, as a minimum, a Cert IV before 30 June 2014. CLICK HERE for Regulatory Guide 206.8 and 206.9.

Were Is The Cert IV Available?

The most favoured way of completing the course seems to be the three day, face to face course, i.e. the three day classroom course. I’m not a distance education person myself but some of our Credit Reps have completed the course via that route.

The easiest way to find a course to suit you is to Google FNS40815. This is the course number and such a search will bring up many course options. Some colleges used by our Credit Reps are the Australian College of Professionals, AAMC and Intellitrain.

I’m sure you’ll enjoy the course ☺