Are you willing to pay a broker 1% +GST of the loan amount to secure you a loan/mortgage?

Hens Teeth

 

I didn't say anything about being the first. I said I can think of possible business ideas.

 

What?
Good luck with your venture

 

Salesforce/Applyonline apparently spent $30 Million on their CRM and broker application software, if you can create something that's better then that would be fantastic and it would potentially make you a bunch of money too.

 

Please share your ideas and I'll let you know if there is an existing model. Alternatively, let me know when you've developed something and I'll happily become a test dummy. I'm always looking for ways to become more efficient!

 

the guy i quote said monthly, so my head startings spinning.. now i have to delete my broker application form.

still if you do 20 year, you avg $180k..

12 a year which is 1 every month 108k gross,
i guess its self employed vs employment

 

Interesting to see how it all unfolds. I've consistently written between 4-5 loans a week for last 3 years.

 

On your own or with help???

Either I operate at a snails pace or there is clearly a processes/compliance gap between bankers and brokers.

There is no way I could write more than 2-3 deals weekly without help.

 

There's a huge compliance obligation gap between bankers and brokers.

The systems you deal with are streamlined, integrated and specific to the CBA. My systems have to cater to dozens of lenders, all of whom have both obvious and subtle differences.

You have a job. I run a business. There are literally hundreds of things I have to do that any employee anywhere doesn't.

 

back in the day when oversea income etc weren't a problem.. this is going back 2 years ? so not that long ago,

brokers with a 2/3 men team easy write 8-10 loans. a week.

agents also easily sells 4-5 apartments a week in sydney. loans gotto catch up

 

People are getting hung up on the headline top line numbers. For that example of $5K per week = $250k it is incredibly naive to compare that to $250k PAYG. I shouldn't need to explain why.

 

Have an 'assistant' who does help with auditing of files, chasing up paperwork, some contact with clients, opening of accounts, credit cards, insurance - a lot of the work that doesn't need me.

I'm not sure what extra compliance you have to go through.

As @Peter_Tersteeg mentions a lot is already streamlined. Profiles setup, employment, residency status, etc

I work in a branch where I've been for ~9 years in the same role. Put a fair bit of time into training staff.

I know CBA policy inside and out, know exact what can and can't get approved. Last week submitted 5 applications 3 outside of policy of which 2 were approved with the 3rd to be approved next quarter.

Most bankers write between 1-3 loans a week.

 

Lol.

Interesting...... If you don't mind me asking, what would the average banker earn if he was doing 3 deals a week?

 

All depends, all recently changed. Bonus previous uncapped, big focus on loan size x-sell.
But the continual shift is now very much customer service focused, x-sell focus completely gone. All based on customer needs.
If you're not giving good service there is pretty much no point writing a heap of business.
You will get paid alright, but don't expect anything more.

 

9 years in the same role with one of the Big 4 at the same branch
That says quite a bit in itself

 

Yeah I know someone up in QLD she's been at the same branch >20years I reckon. She writes ~$100M a year herself (plus 'assistant), bit over 5 loans a week.
She's pretty much the bank in the eyes of most around her. She knows policy pretty well also

 

According to a senior Bankwest executive over dinner last week...

About $90k base plus a variable component. I think he indicated the variable component was now a maximum of about 30% of base salary. Previously the high performers were able to make just under $200k. Apparently they've had a fairly big pay cut in recent years.

I have a 2016 payslip from a Big 4 credit officer. $91,884 per annum base salary.

I think the banks actually treat many of their employees quite badly on remuneration. I have a number of clients who work in the IT departments of various banks. I've been reviewing their payslips periodically for many years. Zero pay increases over the last 3 years. Other clients in similar IT roles are earning about 30% higher, I keep encouraging them to move jobs.

 

not sure about de bankers,

but got find a CBRE and meriton sales agents, how much the agents sells a week... 2-3 years ago before the slowdown starts, some sell 5 per release top guys sells 10-15, if u do 1 month your doing easier, 100 apartments per year per agent is nothing special

 

Remuneration is usually confidential so don't really know.

Believe would find bases between $70k-160k with variable between 30-60%

CBA has different tiers of Lender based on capabilities. Here's a tip if you're dealing direct and experience because you have something bit more complex ask to speak with an Home Lending Executive.

 

I don't doubt the sales volume.

I Lol'd at comparing selling 5 properties vs 5 home loans compliantly written.