All Topics / Help Needed! / Seeking Broker/Mentor information

Viewing 3 posts - 1 through 3 (of 3 total)
  • Profile photo of bigdallabigdalla
    Participant
    @bigdalla
    Join Date: 2010
    Post Count: 1
    December 11, 2010 - 2:42 am

    Hi all im new to this site.
     
      I have just completed certificate 4 mortgage broker and to obtain my own credit licence i must seek a broker mentor as i have had no previous experience in the industry and i believe that there is a minimum of two years experience required.
       
       If there is anyone out there that is a broker and has had a good mentor i would love to know about your experiences.

       I have spoken to quite a few and im having a hard time coming to grips on what is a fair commision split between myself
       and the chosen mentor.
       Some have offered there service at $150 per month mentor fee plus $500 admin $100 per month software and 80/20
       on commision while another firm has offered me $900 for all legal requirements and fees and 60/40 split.
        
       Does anyone know what is fair and just when it comes to commision splits on mentored brokers and does anyone know 
       who are the good ones and who are the ones to avoid?.
       
        All constructive feedback will be very much appreciated.
       

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    December 11, 2010 - 6:18 am

    Hi Bigdalla

    With getting your own credit licence, I'm pretty sure your two years mentoring would have to be completed by June 2012 (therefore you would have to of started your mentoring program in June 2010). I could be wrong but I'm fairly sure this is the case. You could still be a credit rep of a licence holder though.

    While the comission splits between yourself and your mentor are important, even more important is the quality of your mentor – choose wisely because this is likely to be the most important decision you make when entering the industry.

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Michael.CalamMichael.Calam
    Member
    @michael.calam
    Join Date: 2011
    Post Count: 1
    January 9, 2011 - 9:32 pm

    Hi There,

    We've been offering mentoring services since 2004 through our business Vision Mortgage Solutions.  Our website http://www.brokermentor.com.au has the full details of our offering, but in summary:

    * We cover you as a credit representative and provide our software to you at no extra cost.
    * Our fees are $950 to join and $440 per year thereafter – no monthly fees.
    * Our commission split is 60/40 in your first year of being mentored, 70/30 in your second and 80/20 thereafter.
    * We offer several branding options including your own brand, our brand Vision Mortgage Solutions or you can use the brand of our publicly listed partner, "Homeloans".

    If you have any questions, please feel free to give me a call or email me.

    Michael CalamManaging DirectorVision Mortgage Solutions
    [email protected]
    M: 0401 609 113   F: 07 3337 9725P.O. Box 855, Beenleigh, Qld, 4207

Viewing 3 posts - 1 through 3 (of 3 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.