HI guys, I am thinking of a career change and the idea of Mortgage Broker sounds appealing. Could anyone give me any tips or advice on what is involved in this profession? I would like the honest opinions of existing broker and not the sales talk of a recruiter for a company telling me how good it is to get you in.
What are the:
Hours?
Training?
Income PA?
Ammout of Comms per loan?
How many leads do you get if you work for say Aussie?
Anything Else?I have just signed up for a loan and but was appalled by the TERRIBLE service I got from the first 3 brokers I tried. I know I can do a LOT better. I was thinking of working for AUSSIE or RAMS but I have read a lot of you HATE RAMS. Who should I be looking to work for?
Thanks.
Hi ScottyTav,
Anyone you talk to is going to be biased one way or the other. having said that, I've been a broker for years and would not do anything else – I don't do it for the money, more the personal satisfaction I get from a service industry environment.
Starting out you need to get experience & ideally work with others that know the ropes. You can't learn Mortgage Broking from books. While the literature is a useful guide, the really useful stuff is not written down. I would work with any of the larger firms that have an effective training regime & provide leads.Some specific answers are hours are long, for training refer MFAA & FBAA websites, income will depend on your employer choice – it will take a year to get established on commission only, the banks pay 0.7% of the loan amount upfront & 0.25% trail – your employer & aggregator will want some of that, numbers of leads will depend on your employer – some are better marketers than others, the anything else category could go on for hours.
Your comments about terrible service are typical for the industry. Many banks have no intention of providing service and seem to delight in drawing the process out. When I started doing mortgages 30 yrs ago it took 1 to 2 weeks to get a mortgage loan. Now it takes 1 to 2 months typically depending on the lender, their staffing levels, their systems, their attention to detail etc. This is not an industry for the feint hearted, be prepared to get stuck in and fight for your clients because you will need to to get results and make any money.
Good LuckAnd you do you have any lending experience? I get a lot of clients go to Aussie and then come to be saying they are atrocious, so if you go there make sure you get some decent training. Find a broker you respect and learn from them on commission only. For someone who has been a broker for 5 years your biggest step up is to learn from someone who knows GREAT service and KNOWS their products – rather then go for a place that offers the best 'deal' on the outside. If you want to be a great broker that makes lots of money spend 12-24 months learning the ropes from a master.
To answer your questions
Hours? When I started I did 4 hours a day, now I work 15 hours a day sometimes, minimum of 9 sometimes 6 day weeks too
Training? Get your MFAA course Fin Cert IV or something like that, pick up the phone and call them
Income PA? Depends how hard you work – how long is a ball of string, are you on retainer + commission. If you go straight into commission you may earn nothing if you are on your own. You see a lot of brokers not survive the first 12 mths. Eventually if you do well you will have income past your desires.
Ammout of Comms per loan? Banks pay around -.65% of the loan amount, again, your head agreement can take between 10 to 50% of this depending on your comission. There is trail comission too though.
How many leads do you get if you work for say Aussie? I would say dont work for Aussie. How would I know anyway I don't work for them.
Anything Else? If you're out for a quick buck don't become a mortgage broker. If you want to help people get great service you will become a great broker earning a lot of money in a few years, but the first year or two could be very difficult. Take my advice and learn from someone positive, energetic, knowledgeable and well connected – find that person and work for them – nothing else will get you as far as this.have a look in here
http://www.becomingafinancebroker.com.au/also if you like I can set an appointment with our managers so they can answer all your questions…
check my website for more information and let me know if you want to be introduced to our office.Regards,
Vladimir
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