Good afternoon Ladies and Gentlemen, I was wondering if I could please get some assistance?
I'm thinking about moving into finance specifically financial lending and banking and I was wondering what education I will need? I would like to own and operate my own business Australia wide.
Any help is greatly appreciated.
Thank you very much for your time.
Member for an hour.
Must be something about being bored on a Sunday arvo.
Be kind. Some day the OP will be running the Reserve Bank… I hear there might be a vacancy…
You're going to operate your own business, Australia wide, in lending and banking? Namely a bank?
Small dodgy lenders all dried up years ago because regulations finally made it impossible for them to exist and capital regulations means you'd need the last name Forrest or Reinhart to get started. But props to you for thinking big.
Sounds like grand plans. You'll need to start somewhere though, likely as sole trader to begin. The absolute minimum I think you'd need for lending would be the certificate 4 in Mortgage Broking, followed by the Diploma. And experience - have you worked in finance before? Consider testing whether it is for you or not - get a job with a bank or a mortgage broking firm and see if it is something you'd like to sink long hours and all of your money into.
As for banking, the govt doesn't give out banking licences for Christmas. Best bet is to buy an established facility eg a small credit union or similar, or become a franchise owner of a Bank of Queensland or RAMS branch.
Three areas: laws that you need to comply, licence you need to hold and then business strategy you need to succeed.
You can partner with someone to cover those areas.
Then you need funds to start the business and then to operate .