Mortgage brokers: insurance and scheme requirements

Credit assistance and loan placement under a credit licence or as a representative.

Data as at 2026-08-25

Required by law or licence

Licence liability condition: Yes, in substance. The National Credit Act requires a licensee to have "adequate arrangements in place for compensating your consumers for any loss they might suffer" if the licensee breaches its obligations. ASIC's position is that "for most applicants, the way to comply with this obligation is to have adequate professional indemnity (PI) insurance cover" — so the statute requires compensation arrangements and PI insurance is the ordinary means of meeting them, rather than PI being named in the Act itself. NSW · effective 2010-07-01 ASIC · 2026-08-24
Licence evidence required: At licence application. ASIC must confirm adequate PI insurance is held where it is required, and asks the applicant to provide a certificate of currency — a summary of the policy obtained from the insurer or broker. The compensation obligation then continues for as long as the licence is held. NSW · effective 2010-07-01 ASIC · 2026-08-24
Licensing body: ASIC — and this is a FEDERAL requirement, not a New South Wales one. Credit activity is licensed nationally under the National Consumer Credit Protection Act 2009 (Cth); the credential is an Australian credit licence, or authorisation as a credit representative of a licensee. NSW has no separate mortgage broker licence. NSW · effective 2010-07-01 ASIC · 2026-08-24
Licence liability condition: Yes, in substance. The National Credit Act requires a licensee to have "adequate arrangements in place for compensating your consumers for any loss they might suffer" if it breaches its obligations, and ASIC's position is that "for most applicants, the way to comply with this obligation is to have adequate professional indemnity (PI) insurance cover". The statute requires compensation arrangements; PI insurance is the ordinary means of meeting them. VIC · effective 2010-07-01 ASIC · 2026-08-24
Licence evidence required: At licence application. ASIC must confirm adequate PI insurance is held where required, and asks for a certificate of currency — a summary of the policy from the insurer or broker. The compensation obligation continues for as long as the licence is held. VIC · effective 2010-07-01 ASIC · 2026-08-24
Licensing body: ASIC, under the National Consumer Credit Protection Act 2009 (Cth) — FEDERAL law, so there is no VIC mortgage broker licence and none is needed. The credential is an Australian credit licence, or authorisation as a credit representative of a licensee, and it operates in Victoria on the same terms as everywhere else. VIC · effective 2010-07-01 ASIC · 2026-08-24
Licence liability condition: Yes, in substance. The National Credit Act requires a licensee to have "adequate arrangements in place for compensating your consumers for any loss they might suffer" if it breaches its obligations, and ASIC's position is that "for most applicants, the way to comply with this obligation is to have adequate professional indemnity (PI) insurance cover". The statute requires compensation arrangements; PI insurance is the ordinary means of meeting them. QLD · effective 2010-07-01 ASIC · 2026-08-24
Licence evidence required: At licence application. ASIC must confirm adequate PI insurance is held where required, and asks for a certificate of currency — a summary of the policy from the insurer or broker. The compensation obligation continues for as long as the licence is held. QLD · effective 2010-07-01 ASIC · 2026-08-24
Licensing body: ASIC, under the National Consumer Credit Protection Act 2009 (Cth) — FEDERAL law, so there is no QLD mortgage broker licence and none is needed. The credential is an Australian credit licence, or authorisation as a credit representative of a licensee, and it operates in Queensland on the same terms as everywhere else. QLD · effective 2010-07-01 ASIC · 2026-08-24
Licence liability condition: Yes, in substance. The National Credit Act requires a licensee to have "adequate arrangements in place for compensating your consumers for any loss they might suffer" if it breaches its obligations, and ASIC's position is that "for most applicants, the way to comply with this obligation is to have adequate professional indemnity (PI) insurance cover". The statute requires compensation arrangements; PI insurance is the ordinary means of meeting them. WA · effective 2010-07-01 ASIC · 2026-08-24
Licence evidence required: At licence application. ASIC must confirm adequate PI insurance is held where required, and asks for a certificate of currency — a summary of the policy from the insurer or broker. The compensation obligation continues for as long as the licence is held. WA · effective 2010-07-01 ASIC · 2026-08-24
Licensing body: ASIC, under the National Consumer Credit Protection Act 2009 (Cth) — FEDERAL law, so there is no WA mortgage broker licence and none is needed. The credential is an Australian credit licence, or authorisation as a credit representative of a licensee, and it operates in Western Australia on the same terms as everywhere else. WA · effective 2010-07-01 ASIC · 2026-08-24
Licence liability condition: Yes, in substance. The National Credit Act requires a licensee to have "adequate arrangements in place for compensating your consumers for any loss they might suffer" if it breaches its obligations, and ASIC's position is that "for most applicants, the way to comply with this obligation is to have adequate professional indemnity (PI) insurance cover". The statute requires compensation arrangements; PI insurance is the ordinary means of meeting them. SA · effective 2010-07-01 ASIC · 2026-08-24
Licence evidence required: At licence application. ASIC must confirm adequate PI insurance is held where required, and asks for a certificate of currency — a summary of the policy from the insurer or broker. The compensation obligation continues for as long as the licence is held. SA · effective 2010-07-01 ASIC · 2026-08-24
Licensing body: ASIC, under the National Consumer Credit Protection Act 2009 (Cth) — FEDERAL law, so there is no SA mortgage broker licence and none is needed. The credential is an Australian credit licence, or authorisation as a credit representative of a licensee, and it operates in South Australia on the same terms as everywhere else. SA · effective 2010-07-01 ASIC · 2026-08-24
Licence liability condition: Yes, in substance. The National Credit Act requires a licensee to have "adequate arrangements in place for compensating your consumers for any loss they might suffer" if it breaches its obligations, and ASIC's position is that "for most applicants, the way to comply with this obligation is to have adequate professional indemnity (PI) insurance cover". The statute requires compensation arrangements; PI insurance is the ordinary means of meeting them. TAS · effective 2010-07-01 ASIC · 2026-08-24
Licence evidence required: At licence application. ASIC must confirm adequate PI insurance is held where required, and asks for a certificate of currency — a summary of the policy from the insurer or broker. The compensation obligation continues for as long as the licence is held. TAS · effective 2010-07-01 ASIC · 2026-08-24
Licensing body: ASIC, under the National Consumer Credit Protection Act 2009 (Cth) — FEDERAL law, so there is no TAS mortgage broker licence and none is needed. The credential is an Australian credit licence, or authorisation as a credit representative of a licensee, and it operates in Tasmania on the same terms as everywhere else. TAS · effective 2010-07-01 ASIC · 2026-08-24
Licence liability condition: Yes, in substance. The National Credit Act requires a licensee to have "adequate arrangements in place for compensating your consumers for any loss they might suffer" if it breaches its obligations, and ASIC's position is that "for most applicants, the way to comply with this obligation is to have adequate professional indemnity (PI) insurance cover". The statute requires compensation arrangements; PI insurance is the ordinary means of meeting them. ACT · effective 2010-07-01 ASIC · 2026-08-24
Licence evidence required: At licence application. ASIC must confirm adequate PI insurance is held where required, and asks for a certificate of currency — a summary of the policy from the insurer or broker. The compensation obligation continues for as long as the licence is held. ACT · effective 2010-07-01 ASIC · 2026-08-24
Licensing body: ASIC, under the National Consumer Credit Protection Act 2009 (Cth) — FEDERAL law, so there is no ACT mortgage broker licence and none is needed. The credential is an Australian credit licence, or authorisation as a credit representative of a licensee, and it operates in the Australian Capital Territory on the same terms as everywhere else. ACT · effective 2010-07-01 ASIC · 2026-08-24
Licence liability condition: Yes, in substance. The National Credit Act requires a licensee to have "adequate arrangements in place for compensating your consumers for any loss they might suffer" if it breaches its obligations, and ASIC's position is that "for most applicants, the way to comply with this obligation is to have adequate professional indemnity (PI) insurance cover". The statute requires compensation arrangements; PI insurance is the ordinary means of meeting them. NT · effective 2010-07-01 ASIC · 2026-08-24
Licence evidence required: At licence application. ASIC must confirm adequate PI insurance is held where required, and asks for a certificate of currency — a summary of the policy from the insurer or broker. The compensation obligation continues for as long as the licence is held. NT · effective 2010-07-01 ASIC · 2026-08-24
Licensing body: ASIC, under the National Consumer Credit Protection Act 2009 (Cth) — FEDERAL law, so there is no NT mortgage broker licence and none is needed. The credential is an Australian credit licence, or authorisation as a credit representative of a licensee, and it operates in the Northern Territory on the same terms as everywhere else. NT · effective 2010-07-01 ASIC · 2026-08-24

Cover commonly held

Ordered by how central each cover is to this occupation. This is what businesses in the trade commonly hold and what contracts commonly ask for — it is not a statement that any of it is legally required, and it is not a recommendation.

Professional indemnity insurance — Cover for legal liability arising from professional advice or services, written on a claims-made basis.
Public liability insurance — Cover for legal liability to third parties for personal injury or property damage arising from business activities.
Workers compensation insurance — Statutory cover for injury to workers, arranged through each state or territory scheme rather than on the open market.
Cyber liability insurance — Cover for the costs of a data breach or cyber incident, including response, restoration and third-party liability.
Management liability insurance — Cover for company and director exposures such as employment practices, statutory liability and defence costs.
Business pack insurance — A packaged policy combining property, liability and interruption sections for small business.
Tax audit insurance — Cover for the professional fees of responding to an audit or review by a revenue authority.
Employment practices liability — Cover for claims by employees over matters such as unfair dismissal, discrimination and bullying allegations.

Statutory schemes that can apply

Workers compensation (NSW) · NSW — The New South Wales workers compensation scheme, with the nominal insurer and specialised insurers underwriting employer policies.
Workers compensation (Queensland) · QLD — The Queensland workers compensation scheme, underwritten by the state insurer with self-insurance available to large employers.
WorkCover (Victoria) · VIC — The Victorian workers compensation scheme, administered by the state regulator through appointed agents.
Workers compensation (Western Australia) · WA — The Western Australian workers compensation scheme, where cover is placed with approved private insurers under a regulated framework.
Return to Work (South Australia) · SA — The South Australian work injury scheme, funded by employer levies and administered by the state corporation.
Workers compensation (Tasmania) · TAS — The Tasmanian workers compensation scheme, where employers hold a policy with a licensed insurer.
Workers compensation (ACT) · ACT — The Australian Capital Territory private-underwriter workers compensation scheme.
Workers compensation (Northern Territory) · NT — The Northern Territory workers compensation scheme, placed with approved insurers.

Checking what you hold

The document a principal, a landlord or a licensing team will ask for is a certificate of currency. The checker reads one and lists what it does and does not show.

Sources

ASIC — Australian Securities and Investments Commission