Mortgage Broker Salary: Award Coverage vs Award-Free Rates

Mortgage Broker Salary: Award Coverage vs Award-Free Rates

When researching a mortgage broker salary in Australia, it is important to distinguish between the legal minimum, award rates, and market averages. This guide explains the pay floor that applies, how award coverage works, and what the latest surveys suggest about typical earnings.

The Legal Minimum for Award-Free Mortgage Brokers

If you are an award-free employee (not covered by a modern award or enterprise agreement), the national minimum wage sets your floor. From 1 July 2026, the adult rate is $26.44 per hour or $1,004.90 per week for a 38‑hour ordinary week. Casual employees receive a 25% loading, making the casual minimum $33.05 per hour. Superannuation of 12% is paid on top of ordinary time earnings. These rates apply to national‑system employees who are not covered by an award or agreement. Some junior, apprentice, or supported wage rates may be lower.

Award Coverage for Mortgage Brokers

Many mortgage brokers are covered by a modern award, most likely the Financial Services Award 2020 or the Banking, Finance and Insurance Award 2020. The Fair Work Commission’s Modern Awards Pay Database contains the calculated minimum rates of pay, allowances, overtime, and penalty rates for each award. The database is updated after each Annual Wage Review (the 2026 data reflects a 4.75% increase effective 1 July 2026). Award classification rates are generally higher than the national minimum wage. If your role is classified under an award, that award rate is your legal minimum – your employer cannot pay less. Enterprise agreements may set even higher rates.

If you are unsure whether an award covers you, check your employment contract or ask your employer. The Fair Work Ombudsman provides guidance on award coverage. For award‑free employees – for example, independent contractors or employees whose duties are above the award threshold – the national minimum wage is the backstop.

Market Rates and Commission

Private salary surveys, such as those published by FinTalent, suggest that a mortgage broker with two to five years of experience earns a base salary of $85,000 to $110,000 per year (plus super) in a broking business. Sydney pays higher, Adelaide lower. These figures are not official medians; the Australian Bureau of Statistics does not publish median earnings for the six‑digit occupation of Finance Brokers (ANZSCO 222112). The ABS does report that full‑time adult ordinary‑time earnings across all occupations were $2,083.70 per week in May 2026, but that is a broad average.

Commission is a common part of mortgage broker remuneration. Many roles are structured as base plus commission, with bonuses tied to settlements. It is important to remember that commission cannot bring your effective hourly rate below the legal minimum. Your total pay for all hours worked must meet at least the award or national minimum rate.

Superannuation

Superannuation guarantee contributions of 12% are required on ordinary time earnings. This applies to both base salary and most commission payments. The super amount is paid on top of the salary figure, not deducted from it.

How to Determine Your Pay Floor

To find your exact minimum, start by identifying whether a modern award covers your role. If it does, look up the classification and rate in the Fair Work Commission’s database. If you are award‑free, the national minimum wage applies. An enterprise agreement can set a higher rate but cannot undercut the award or national minimum. For more detail, see Which minimum wage applies and our Guides on award coverage.

Remember that this site provides orientation only. It is not a pay determination or legal advice. Always check the specific award or agreement that applies to your employment.

For the published floors, see the rate tables and how the figures work.