New Training Package in 2021
Following an independent review of the national property services training package, the Office of Fair Trading (OFT) has approved new training requirements for people wanting to enter the real estate industry.
As of October 2021, only the new training package will be accepted by the OFT as the eligibility requirement for a licence or registration. These new training requirements do not affect people who hold current registrations and licenses.
There will be a transition period in 2021, where the OFT will continue to accept qualifications from the existing training package until 30 September 2021. The REIQ is offering additional student support sessions and will be providing the necessary training assistance that students can access to complete their studies prior to the deadline.
What is changing?
From late April 2021, the REIQ started offering students the new training package, which includes Registration, Full Licence and Licence Upgrade. Currently, the Full Licence course consists of 19 units of competency and this hasn’t changed under the new training package.
However, the Registration course has changed and increased from 7 units of competency to 12 and the Licence Upgrade course will be reduced from 12 units of competency to 7.
Although the total number of units in the package remains the same, the volume of work within the units has increased. These changes aim to result in better education for agents and ultimately, better outcomes for the consumer.
What does this mean for new, current and existing students?
The REIQ stopped offering the current Registration, Licence Upgrade and Full Licence training in April 2021, to provide students with enough time to complete the volume of work. All course work must be submitted by 1 August 2021 to allow sufficient time for marking, potential re-submission and certificates and qualifications to be issued before the OFT cut-off on 30 September.
How does this affect your application to the OFT?
Any student who has completed a course and has received a statement of attainment in the current training package will have until 30 September 2021 to apply for their qualification with the OFT. This applies to new students in 2021 as well as those who studied between now and 2009 and may have never applied with the OFT.
The current training package remains valid until the cut-off date and if this deadline is not met, completion of the new course/s will be required to obtain a licence or registration.
WHAT DOES THIS MEAN FOR YOU AS A STUDENT OR POTENTIAL STUDENT?
- The Office of Fair Trading has released the updated requirements for the new qualifications.
- If you are enrolled in a course from the current qualification, all of your assessments must be fully submitted by 1 August 2021, to allow time for certificates and qualifications to be issued.
- Requests to extend enrolment end dates after this time cannot be granted.
- Units from the current qualifications cannot be credit transferred to the new package, as the current and new versions of units are not equivalent.
What Help Is Available?
- You can access a free 30-minute student support session now as part of your enrolment. Click here to book an appointment.
- From 8 March 2021, you can access student support sessions 5-days a week.
- REIQ will be communicating regular reminders in the lead up to the 1 August 2021 deadline to ensure all assessments are submitted on time.
If you have any further questions, please feel free to contact us.