Hi Guys
I am currently about to take the plunge into mortgage broking and am in the hunt for an aggregator and mentor that will enable me to start opperating under my own business name.
Is anyone able to recommend any aggregators/companies that favour this approach as opposed to operating under the mentors umbrella company?
regards
pete
Your picking a bad time to start broking! Clients are down and so are commissions while regulation is increasing.
Most aggregators require MFAA membership which in turn requires 2 years history in the industry.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Could try someone like Aussie but as Terry mentioned entry requirements are getting harder.
Richard Taylor | Australia's leading private lender
As outlined above it is definitely getting harder. Try Aussie or there is a firmnot sure if I remember their name but they will mentor you, aggregate etc for a bigger cut of commission I think it is 40%….
Terry/Richard what do you think of the tightenting of regulation?
Spiro
Regretfully nowhere near tight enough.
As a Financial Planner the hurdles we have to jump over make the Mortgage Broking requirement look like childs play.
If i had my way would be a minimum of say 5-10 year in the industry, degree qualified and bloody hard exam to get over.
Richard Taylor | Australia's leading private lender
Tightening is good.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Not when you have a degree in Commerce with major in Financial Planning and you find entry into employment non-existant.
I have had dealings about two years ago with the company link below but couldn't meet the sales volume they required for their previous mortgage development program.
Its the same as becoming a lawyer. You still need 2 years acting under supervision before you can go out on your own.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Personally I agree changes arte nowhere near tight enough. It seemed like everybody with a loan calculator was a mortgage broker you could be delivering pizza's one day and writing loans the next.
One of the things concerning me about the industry was the lack of professionalism (of some operators) who tarnished the reputation of others.
As someone starting out, i also agree the regs aren't tight enough. I'm aware that now is a hard time to start but you have tostart somewhere, i already put it off several months to see what the changes would be, turns out it wasn't worth waiting for.
Will take a look at aussie thanks guys. I'm just wondering what percent range a new starter could expect to earn in commission. From what i've seen it's around 60% with the remaining 40% split betwen the mentor and aggregator.
Is this standard?regards
pete
From memory Aussie have a floating scale, so the more your write the greater the commission %. Have you gone to one of their information evenings?
Thanks Spiro,
I have not gone to one of their evenings yet but hope too.
I'm currently trying to reach their HR so far with little success. will let you chaps know what they say.
cheers
pete
Hi,
I have an opportunity in QLD.
Let me know
Mandy GAre you trying pass off on Richards name?
QLDs007 v QLD007Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Ah Terry i might be Sean Connelly and we have a Timothy Dalton in the room.
By the way I dont know Mandy so anything she posts is her own opinion and nothing to do with the real Qlds007.
Richard Taylor | Australia's leading private lender
Thanks Mandy G,
Will send you a message shortly.
Regards
Pete
Two 007s in Queensland,
"I must be dreaming'
Hello all
I am another one looking to take the plunge into mortgage broking and just wanted to know if anyone has heard of http://www.brokersite.com.au/
They will mentor and you can start part time which suits me but never heard of them. Any news good or bad would be very much appreciated.
Nic
Nic
Must say i have never heard of them but couple of things:1) They should be aware that GST registration is required where Turnover is over $75,000 and nothing to do with Income.
Good start for an organisation advising others.2) If their model is based on the fact that you offer referrers 50% of the upfront commission you are going to have to go some to make any money yourself.
Richard Taylor | Australia's leading private lender
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