PI for mortgage and finance brokers depends on whether you hold your own credit licence. A broker checks your licensee's policy first.
Source: https://piinsurance.com.au/mortgage-brokers/, fetched from the preview https://pi-react-4ee768.pages.dev/mortgage-brokers/ on 10 Nov 2026; site dated 3 Nov 2026. Preview wording, not yet broker-reviewed. General information, not advice.
Site label: Required for credit licensees.
Why you need it: your credit licence
Credit licensees must have adequate PI under ASIC's requirements. Credit representatives are often covered by their aggregator's policy. Check with your licensee or aggregator.
Typical limits
Scaled to revenue under ASIC guidance.
Insurers look closely at this work, so a broker arranges it with you directly. That usually means a better fit, not a harder time.
What can go wrong
Illustrative scenarios, not real claims.
A loan that was not suitable
A client says the loan you arranged was unsuitable and claims the costs of refinancing.
A missed settlement date
Paperwork is late and the client loses a deposit.
Common exclusions to watch
- Credit losses
- Investment advice
- Fines
Wording differs between policies. Read the policy wording, or ask us to point out what it says.
Common questions
Do mortgage and finance brokers need professional indemnity insurance?
Credit licensees must have adequate PI under ASIC's requirements. Credit representatives are often covered by their aggregator's policy. Check with your licensee or aggregator.
How much PI cover do mortgage and finance brokers need?
Scaled to revenue under ASIC guidance.