Thanks for everyones responses, they have been very helpful.

For myself, I am interested in a career change, away from the IT industry and I saw Mortgage Choice franchises for sale in The Age.

Initially, buying a franchise looked attractive. Firstly, I don’t have any mortgage brokering experience and they will train you and eventually become accredited. And secondly, I was hoping to run my own business but still have a franchise support system around if I need any assistance.

A bit about Mortgage Choice franchise and this is coming from the information pack they sent and the Franchise Manager I spoke too here in Melbourne.

– The franchise costs around $35000. That comes with training and advertising.
– The franchisees get paid 0.4% of loan value if successful and 0.2% per annum as trailing commission.
– Mortgage Choice itself gets paid upfront commission between 0.5% – 0.75% of loan value plus 0.3% per annum as trailing commission by the lender
– But the franchisees receive 3 forms of income
– Up-front commissions
– Loan Book Bonus
– Volume Bonus
– They have a call centre, so clients are referred to the appropriate franchisee. But the Franchise Manager said that most of the clients will eventually be word of mouth.
– They have around 22 lending institutions.
– And before I do sign anything, they recommend that I spend sometime with an existing Mortgage Choice franchisee to see if it is for me.

To picja1 and Mobile Mortgage, thanks for the magazine and website reference, I will take a look at them both.

Also, to Wolverine’s comment, if anyone else can give more information about business coaching/consulting, that would be of some interest to me too.

Thanks again to all responses.

Mark