What is a credit representative?

A credit representative operates as an ASIC-registered individual who is authorised to provide credit assistance on behalf of a credit licensee. Rather than holding their own Australian Credit Licence (ACL), the credit representative works under the authorisation of a licensed entity, such as a mortgage broker or lender. This arrangement is common in the mortgage broking industry across Perth and beyond.

The key distinction is that a credit representative does not need to meet the full compliance and capital requirements that come with an ACL. Instead, they must be individually registered with ASIC and comply with the National Credit Code and responsible lending obligations applicable to their role. They can assist clients with credit activities such as arranging mortgages, providing credit information, and facilitating loan applications.

For borrowers, knowing whether you are working with a credit representative or dealing directly with a licensed broker matters for accountability. A credit representative must disclose their ASIC registration and the identity of their responsible licensee. This structure allows experienced mortgage professionals to operate within the industry without the overhead of maintaining a full licence, while still operating under ASIC supervision. When seeking a mortgage broker in Perth, it is useful to understand whether an individual holds their own licence or operates as a credit representative under a licensed broker.