To my Asset Finance and Mortgage Broker friends — this one’s for you.
If you run a finance brokerage, particularly in asset finance, car finance, or mortgage broking, and employ brokers or support staff, you’ve probably asked at some point:
“What modern award are we actually covered under?”
Here’s the short answer, based on confirmation from the Fair Work Ombudsman:
✅ Brokers (those writing loans, managing customer relationships, and selling finance products) are generally covered under the Banking, Finance & Insurance Award [MA000019]
This applies even if you’re not a bank; the award also covers services provided to the banking and finance industry, including asset finance and mortgage broking.
🟠 Support/admin staff may also fall under the Banking, Finance & Insurance Award, especially if their duties directly support the delivery of regulated finance services or involve customer-facing loan processing.
While the Clerks – Private Sector Award may still apply in some limited administrative contexts, businesses should not default to it without carefully assessing whether their administrative or operations roles are in fact integrated into broking or financial services delivery.
Why does this matter for finance businesses?
Misapplying the wrong modern award can expose your business to:
- Underpayment of wages
- Non-compliance with award-based entitlements (like overtime, penalty rates, and allowances)
- Legal risk or Fair Work audits
Understanding correct award coverage ensures you:
- Classify roles correctly
- Pay staff in line with the right obligations
- Avoid unnecessary disputes or backpay claims
✅ Need Help with Award Compliance in the Broking Industry?
If you’re unsure whether your business is applying the correct award to finance brokers, support officers, or office coordinators — HR Excellence Partners can help.
We work with mortgage brokers, asset finance providers, credit and loan businesses, and other finance professionals across Australia to:
- Conduct compliance checks and HR Payroll Audits
- Align job descriptions with the right awards
- Review annualised salary arrangements
- Support end-to-end HR compliance
HR Excellence Partners helps you simplify Fair Work obligations while protecting your business and building a compliant, professional workforce.
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