Two men involved in what is thought to be Australia's biggest home loan fraud have avoided jail, after a court found they were exploited by the alleged mastermind of the $170 million scheme.

On Tuesday, Myra employee Mohamed Ahmed and former colleague and mortgage broker Aizaz Hassan were sentenced to a five-year community corrections order over their involvement in the "widespread financial conspiracy".

Myra home loans worth $170 million relied on false documents.

Both men pleaded guilty to one charge each of conspiracy to commit fraud, following an investigation by the Australian Securities and Investments Commission. Glen Waverley couple Najam Shah and Manija Zayee have also been charged over their alleged involvement in the scheme.

The County Court heard Mr Ahmed and Mr Hassan had worked at Myra, where 535 home loans totalling more than $170 million were drafted on behalf of Myra clients that relied on false documents, including fake pay slips, citizenship records, employment records and financial statements.