Part Time Mortgage Broker

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  airzone on 06/05/2015 - 13:57

  Company rego is ~1500 for an accountant to do it for you. About half if you do it yourself, and about 10 times more if you get a lawyer to do it.

  As someone who has dealt with brokers before, I expect them to work to my schedule and be contactable when I make a call. If you are only available half the time, then I am not going to use you. Sorry for this harsh advice, but 11th hour problems do occur, and the reason I engage with a solicitor and broker is so that they can quickly fix them with their professional experience.

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    usmanyousaf on 06/05/2015 - 22:57

    Hi airzone,
    I agree what you saying and completely agree with what you have said. It is not harsh I say it straight forwardness.

    Now, I understand people call anytime and need a broker available anytime they want. This is the best case but unfortunately, i need to support myself and family. I therefore, will continue my current job. However, If I get a good response, I would love to start this full time. In addition, mostly (assuming) first couple of meetings are must to build relationship. Later, you can always do the work over the phone to make customers satisfy.

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  sweefu on 07/05/2015 - 09:14

  +1

  Resi broking is very much a numbers game, and there is a lot of competition among brokers.

  How are you going to get clients? Do you have a solid referral source? ie. Family members or friends who are accountants/solicitors/financial planners/real-estate agents etc? If not, you're going to struggle to find clients.

  Having said that, if you do have a referral source, and you can have a bit of flexibility in your regular job you could have a crack. Once you get systems in place to manage all the compliance requirements it's not difficult to write a loan.

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  Mrlai2 on 04/05/2016 - 10:53

  Sorry to bring back an old thread but did you ever go through the course?

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  Sofie519 on 15/05/2018 - 00:39

  Just like any other business, Mortgage Broking has ongoing costs involved in sustaining your Credit Authorization. Most aspiring brokers I meet who start doing it part time … FAIL.
  It is very different when you see a part time broker who has probably spent years already developing the business full time, has a client base, active referral system and trail commissions to sustain the business.

  Certificate IV in Financial Mgt & Mortgage Broking (Cost $1200 - once off then annual CPD requirements)
  FBAA/MFAA Membership ( Cost ~approx $500 annually)
  Company registration ( do it online yourself prob $600)
  Professional Indemnity Insurance (Cost approx 800pa)
  Financial Ombudsman membership (cost approx $300per year）
  Authorised Rep Fee (Cost approx 180per month)
  Program fees (Cost approx $80per month)
  Mentor Fee for 2 year minimum (depends who you get and how much support you expect in return)
  Business Operations (phones, stationary, meeting clients, printing, attending industry events, administration etc)

  So if you are going to spend all of the above, most of which you will be paying regardless of whether you are writing loans, wouldnt you want to be seriously involved to ensure you make a return on your investment? Unless you are going to be dedicated in building a Broking business, so that one day you can sit back and enjoy the passive income, I would highly recommend that you contact a broker, and set up a referral arrangement instead.