Becoming a mortgage broker

Discussion in 'Introductions' started by Moist, 17th Dec, 2015.

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  1. Moist

    Moist Well-Known Member

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    Hi guys,

    I'm hoping to obtain some advice on possible career prospects in finance and brokering.

    Is it feasible to become a part time broker while working in a full time day job? Given I would be able to speak on the phone intermittently through the day?

    Is mortgage brokering a flexible profession in the sense that one could broker deals when one gets the time? Sorry I don't know a lot about the profession but love finance and numbers.


    Cheers.
     
  2. Terry_w

    Terry_w Structuring Lawyer and Finance Broker - all states Business Member

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    Yes it is feasible.

    Very flexible.
     
  3. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    There's a recent post on here that discusses the pros/cons of the industry. Euro in particular made some great points. I'm on my phone and can't find the link - sorry
     
  4. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Most brokers starting their own business also have another job. Keep in mind you generally don't get paid until about 3-5 months after you've done the work, and at first you won't get paid much at all. It can be years before you start enjoying a regular income.

    That said, a full time job is probably the biggest impediment to a new brokers success. Initially finding business is very hard and those with a good income often give up and stop trying if they don't see short term success. I've seen lots of people who'd make great brokers fail because their day job was so much easier.

    You'll also find that you do sometimes need to be available during the day. Borrowers are generally okay to meet after hours, but the lenders aren't.
     
  5. House

    House Well-Known Member

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  6. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    I think most of us start out on the side of a full time job. It's not ideal but is workable. The shorter the period lasts, the better.

    As Peter points out, clients are generally ok with before/after hours. Lenders, not so but it you can solve that puzzle it's very dooable. :)
     
  7. Moist

    Moist Well-Known Member

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    that's great, thanks for all your feedback!
     
  8. Tony Fleming

    Tony Fleming Well-Known Member Business Member

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    Sorry to hijack the post. This is something I've been looking at doing. How do you select your lenders for your panels, do you need to pay to have their services available to you? Is there any special software program you need etc.
     
  9. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    @The Dark Knight, there are a few "aggregators" out there to choose from. You pick one, sign up, they take a small % on commissions you earn and in turn you and gain access to their panel of lenders + a software platform for lodging deals with lenders.

    When you're on board with an aggregator you must get accredited with each lender individually before you can do any deals with them.
     
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  10. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    You can also have 'off panel' lenders (not running through the aggregator), but you'll need your own ACL to sign these on. The panel availability is fairly homogenous between the aggregators, with subtle differences between some aggregators offerings.
     
    Tony Fleming likes this.