I often use the NAB even though they apy a fraction of the brokerage others do. Why? They are often more understanding when a deal is a little unusual.
I think they are great.
My priority is to get the loan placed with the lender that best satifies the clients needs. I usually get paid something down the line but sometimes nothing if the lender doesn’t use a broker. But what goes around comes around and I always find my clients referring others to me.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Yes Simon, NAB were allright when they were lending 85% without mortgage insurance.
That LVR together with a credit card or overdraft plus driveby valuations did get many clients over the doorstep.
Pisces
More than half of our business is placed with the NAB. Sure, I am missing out on a very significant amount of trail commission but they offer the best deals (often discount well above normal levels). I suspect they can do this because they don’t pay me a trail commission. In any case my ethics tell me to act in clients best interests or don’t act at all!
Cheers
Stu
Do mortgage brokers have to have any qualifications or belong to a professional body?
kay henry
>>Do mortgage brokers have to have any qualifications or belong to a professional body?
<<In principle they do not have to have any qualifications nor membership of a professional body in order to work as a broker that I am aware of.
In practice I think that you will find that more and more brokers are joining one of the two professional bodies which exist because of many lenders’ requirement for brokers to be members in order to obtain accreditation from the lender.
Most lenders also insist that the broker carries Professional Indemnity insurance.
These professional bodies also have requirements for people who want to join (including a police check) and a requirement to have passed some examinations dealing with ethics and regulations.
You will find that as time goes by the lenders will require more and more education whilst the institutional education organisations are catering for these.
Organisations like the S.I.A. (Securities Institute of Australia), Tafe, the University of Western Sydney (I think) (and there may be others as well)] do run courses which prepare would be brokers for their job.
The larger broking companies also run in house training.
Most lenders also regularly run training sessions relating to product knowledge.
If you are thinking of becoming a broker Kay think again. Their are easier jobs around. Part of a broker’s gigantic task to to keep abreast of constantly changing product details.
You are ultimately working for yourself, need to pay your overhead expenses, and you don’t have a regular stream of clients (borrowers) unless you yourself generate these somehow.
If you are actually seriously thinking of changing jobs email me and I will be able to assist you with some further information.
Regards, always your friend [inlove],
Pisces
Pisces- don’t worry- I’m not gonna become competition! I’m quite happy workin’ for the man! [goatee]
[hair2]
kay henry
I was just thinking of perhaps being able to sell you my run. [grrr]
Pisces
I am a mortgage broker and i charge no fees what so ever…..and i dont understand why any do. the banks commission per loan is entriely adequate.
I don’t recommend seeing any brokers that charge fees at all. no good broker needs to charge extra.
cheers,
Will
Mortgage BrokerWhen finding a broker always make sure they have AT LEAST MIAA AMC accrediatation. which stands for Mortgage Industry Assosciation of Australia Accredited Mortgage Consultant. Having their AMC means they abide by the rules and ethics of the MIAA and have at least 2 years experience or at least the educational requirements. All AMCs will have Indemnity Insurance too.
Will
Mortgage BrokerWhen I walked into my local Commonwealth branch requesting an investment loan they politely showed me the door.
“Sorry dear but it’s too risky for you. You only work part time. We’d hate to see you lose your house but come back and see us when you have paid off your mortgage.”At the time my house was worth $500k and i had a mortgage of 13k.
I found a broker. He has since arranged 2 IP’s for me with that very same bank! I have no idea what his commission was but if he got cartons of merlot, tickets to the footy, a trip to Dunk Island and a big kiss from me……I dont give a bugga! He deserves it all I say. [thumbsupanim]
Milly
You must be logged in to reply to this topic. If you don't have an account, you can register here.
