Moving from Bank Employee to Mortgage Adviser: What to Expect
Warwick Slow
14 Oct 2025
Moving from Bank Employee to Mortgage Adviser: What to Expect
Key steps if you’re going from the bank to mortgage advice
Decide your path – Are you starting your own business (setting up your own FAP) or joining an existing FAP?
Check your employment contract – Most banks won’t let you set up a financial advice business while still on payroll. You might need to wait until your notice period is done.
Plan your exit – Talk to your manager if you want a smoother transition. In some cases, you can start the setup work early if you have written approval from your line manager as long as you are not operational whilst still employed by the bank.
If starting your own FAP – Expect 3 months minimum to sort licensing, processes, accreditations, software and website. More detail in our articles How to Become a Mortgage Adviser in NZ and Start a Mortgage Advice Business in New Zealand: Setup guide and costs
If joining an existing FAP – The process is shorter (around 6 to 12 weeks) but still involves lender accreditation.
First step for your aggregator (KAN) – Apply to the bank you currently work for or most recently worked for. This is crucial because if they say no other banks might follow. Due to this extra due diligence, the process can take 12 weeks.
Don’t burn your bridges – Poor conduct reviews, bad exits or negative manager feedback can kill your application.
Docs you’ll need ready – JoP-verified passport, proof of address, up-to-date CV, business plan, credit and criminal history checks, some bank-specific tests, Level 5 certificate (your aggregator can help with this)
Experience matters – Bank experience doesn’t always mean instant accreditation. It must be relevant to residential lending.
The longer version for the detail people
If you’ve been working at the bank and you’re eyeing up a move into mortgage advice, the process will look a little different depending on whether you’re setting up on your own or joining an existing FAP.
Step one: Start your own business or join an existing entity
If you’re starting your own business, you’ll need to set up a Financial Advice Provider (FAP) licence. This can take 2 to 3 months to get sorted with licensing, systems, lender accreditations, software, website and everything else. The challenge is that your employment contract will probably stop you from setting up a competing financial advice business while you’re still employed at the bank. That means you usually can’t start the process until you’ve finished your notice period.
There are exceptions, though. If you get written approval from your manager to start the setup work early (making it clear you will not be operating until you’ve officially left) you might be able to launch on day one of being self-employed. Without that, you’ll have a gap before you can trade.
If you’re joining an existing FAP, the process is a lot simpler. You don’t need to get your own licence and your new FAP along with your aggregator will guide you through the process. You’ll mainly be focused on getting lender accreditations, which usually takes 6 to 12 weeks.
Step two: Applying for accreditation to your previous employer
When KAN (or any other aggregator) applies for your accreditations, the very first application will be to the bank you currently work for or most recently worked for. This is a key step because if that bank declines your application other lenders will often follow. The decline rate is low but it does happen, usually because of:
Poor conduct or file review results at the bank
Burning bridges on the way out
A manager saying they wouldn’t rehire you
So leave on good terms. The last week isn’t the time to let loose.
Step three: Get your documents ready
Even if your aggregator can’t submit until you’ve left the bank, you can still get all your paperwork organised in advance:
JoP-verified passport copy
Proof of address (bank statement or similar)
Current CV
Business plan
Credit check and criminal history check
Completed lender-specific tests
Level 5 certificate in Financial Services
Your aggregator can then submit your applications as soon as you’re eligible.
One final point to note is that working at a bank doesn’t automatically mean you’ll be accredited straight away. Lenders want to see relevant experience in residential lending, not just general banking.
For the full breakdown of what’s involved in setting up your own FAP, check out our guides: How to Become a Mortgage Adviser in NZ and Start a Mortgage Advice Business in New Zealand: Setup guide and costs.
Moving from Bank Employee to Mortgage Adviser: What to Expect
Key steps if you’re going from the bank to mortgage advice
Decide your path – Are you starting your own business (setting up your own FAP) or joining an existing FAP?
Check your employment contract – Most banks won’t let you set up a financial advice business while still on payroll. You might need to wait until your notice period is done.
Plan your exit – Talk to your manager if you want a smoother transition. In some cases, you can start the setup work early if you have written approval from your line manager as long as you are not operational whilst still employed by the bank.
If starting your own FAP – Expect 3 months minimum to sort licensing, processes, accreditations, software and website. More detail in our articles How to Become a Mortgage Adviser in NZ and Start a Mortgage Advice Business in New Zealand: Setup guide and costs
If joining an existing FAP – The process is shorter (around 6 to 12 weeks) but still involves lender accreditation.
First step for your aggregator (KAN) – Apply to the bank you currently work for or most recently worked for. This is crucial because if they say no other banks might follow. Due to this extra due diligence, the process can take 12 weeks.
Don’t burn your bridges – Poor conduct reviews, bad exits or negative manager feedback can kill your application.
Docs you’ll need ready – JoP-verified passport, proof of address, up-to-date CV, business plan, credit and criminal history checks, some bank-specific tests, Level 5 certificate (your aggregator can help with this)
Experience matters – Bank experience doesn’t always mean instant accreditation. It must be relevant to residential lending.
The longer version for the detail people
If you’ve been working at the bank and you’re eyeing up a move into mortgage advice, the process will look a little different depending on whether you’re setting up on your own or joining an existing FAP.
Step one: Start your own business or join an existing entity
If you’re starting your own business, you’ll need to set up a Financial Advice Provider (FAP) licence. This can take 2 to 3 months to get sorted with licensing, systems, lender accreditations, software, website and everything else. The challenge is that your employment contract will probably stop you from setting up a competing financial advice business while you’re still employed at the bank. That means you usually can’t start the process until you’ve finished your notice period.
There are exceptions, though. If you get written approval from your manager to start the setup work early (making it clear you will not be operating until you’ve officially left) you might be able to launch on day one of being self-employed. Without that, you’ll have a gap before you can trade.
If you’re joining an existing FAP, the process is a lot simpler. You don’t need to get your own licence and your new FAP along with your aggregator will guide you through the process. You’ll mainly be focused on getting lender accreditations, which usually takes 6 to 12 weeks.
Step two: Applying for accreditation to your previous employer
When KAN (or any other aggregator) applies for your accreditations, the very first application will be to the bank you currently work for or most recently worked for. This is a key step because if that bank declines your application other lenders will often follow. The decline rate is low but it does happen, usually because of:
Poor conduct or file review results at the bank
Burning bridges on the way out
A manager saying they wouldn’t rehire you
So leave on good terms. The last week isn’t the time to let loose.
Step three: Get your documents ready
Even if your aggregator can’t submit until you’ve left the bank, you can still get all your paperwork organised in advance:
JoP-verified passport copy
Proof of address (bank statement or similar)
Current CV
Business plan
Credit check and criminal history check
Completed lender-specific tests
Level 5 certificate in Financial Services
Your aggregator can then submit your applications as soon as you’re eligible.
One final point to note is that working at a bank doesn’t automatically mean you’ll be accredited straight away. Lenders want to see relevant experience in residential lending, not just general banking.
For the full breakdown of what’s involved in setting up your own FAP, check out our guides: How to Become a Mortgage Adviser in NZ and Start a Mortgage Advice Business in New Zealand: Setup guide and costs.
Moving from Bank Employee to Mortgage Adviser: What to Expect
Key steps if you’re going from the bank to mortgage advice
Decide your path – Are you starting your own business (setting up your own FAP) or joining an existing FAP?
Check your employment contract – Most banks won’t let you set up a financial advice business while still on payroll. You might need to wait until your notice period is done.
Plan your exit – Talk to your manager if you want a smoother transition. In some cases, you can start the setup work early if you have written approval from your line manager as long as you are not operational whilst still employed by the bank.
If starting your own FAP – Expect 3 months minimum to sort licensing, processes, accreditations, software and website. More detail in our articles How to Become a Mortgage Adviser in NZ and Start a Mortgage Advice Business in New Zealand: Setup guide and costs
If joining an existing FAP – The process is shorter (around 6 to 12 weeks) but still involves lender accreditation.
First step for your aggregator (KAN) – Apply to the bank you currently work for or most recently worked for. This is crucial because if they say no other banks might follow. Due to this extra due diligence, the process can take 12 weeks.
Don’t burn your bridges – Poor conduct reviews, bad exits or negative manager feedback can kill your application.
Docs you’ll need ready – JoP-verified passport, proof of address, up-to-date CV, business plan, credit and criminal history checks, some bank-specific tests, Level 5 certificate (your aggregator can help with this)
Experience matters – Bank experience doesn’t always mean instant accreditation. It must be relevant to residential lending.
The longer version for the detail people
If you’ve been working at the bank and you’re eyeing up a move into mortgage advice, the process will look a little different depending on whether you’re setting up on your own or joining an existing FAP.
Step one: Start your own business or join an existing entity
If you’re starting your own business, you’ll need to set up a Financial Advice Provider (FAP) licence. This can take 2 to 3 months to get sorted with licensing, systems, lender accreditations, software, website and everything else. The challenge is that your employment contract will probably stop you from setting up a competing financial advice business while you’re still employed at the bank. That means you usually can’t start the process until you’ve finished your notice period.
There are exceptions, though. If you get written approval from your manager to start the setup work early (making it clear you will not be operating until you’ve officially left) you might be able to launch on day one of being self-employed. Without that, you’ll have a gap before you can trade.
If you’re joining an existing FAP, the process is a lot simpler. You don’t need to get your own licence and your new FAP along with your aggregator will guide you through the process. You’ll mainly be focused on getting lender accreditations, which usually takes 6 to 12 weeks.
Step two: Applying for accreditation to your previous employer
When KAN (or any other aggregator) applies for your accreditations, the very first application will be to the bank you currently work for or most recently worked for. This is a key step because if that bank declines your application other lenders will often follow. The decline rate is low but it does happen, usually because of:
Poor conduct or file review results at the bank
Burning bridges on the way out
A manager saying they wouldn’t rehire you
So leave on good terms. The last week isn’t the time to let loose.
Step three: Get your documents ready
Even if your aggregator can’t submit until you’ve left the bank, you can still get all your paperwork organised in advance:
JoP-verified passport copy
Proof of address (bank statement or similar)
Current CV
Business plan
Credit check and criminal history check
Completed lender-specific tests
Level 5 certificate in Financial Services
Your aggregator can then submit your applications as soon as you’re eligible.
One final point to note is that working at a bank doesn’t automatically mean you’ll be accredited straight away. Lenders want to see relevant experience in residential lending, not just general banking.
For the full breakdown of what’s involved in setting up your own FAP, check out our guides: How to Become a Mortgage Adviser in NZ and Start a Mortgage Advice Business in New Zealand: Setup guide and costs.