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sounds good in theory but as always the devil is in the detail. However in the short term a good move.
It is a lot of work due to professionalism of being a broker in this day and age – i have been in banking for 15 years / 8 of these as a broker.
Full time is really the only way this can be done due to regulation and not to mention proper service to the clients. If you are part time you can not be across all lenders and policy. Some have the pet lenders but this is not being a broker this is being a order taker and it is definatley not one shoe fits all.
MFAA or FBAA is the best to source your information from and this will then give you the tools to be a professional broker.
You will need to show the 5% genuine savings for a few lenders- looks like you have that which is a great acheivment. LMI can still be cap with the right lender (you may need to look around but this is possible). The issue will be your stamps and misc costs. You are going to be looking around 14K for misc (govt costs) – you will need to have this in additional to what you have. Gov't fees are a imovable rock – if your property has gone up already you may want to consider this as a option to raise the extra funds – can still keep it seperate but need to check a few things.
Qualfication will need more information – but remember most LMI providers will require a nominal amount for rent/board even if you are not paying it.
Paul Collins
Oriel Finance / AU.
