Mortgage Broking Business - part time

Interested to hear from anyone who operates their own mortgage broking business with a mortgage aggregator who is also employed part time or even full time.

It’s obviously easier to be a full time broker but can it be done part time and are there any reputable mortgage aggregators out there with low entry costs?

 

When I started I took a casual job to make ends meet for about a year. The brokers I've mentored also had a second job for a period of time.

If you're halfway successful, it becomes a full time job. If you're not in it full time after 2 years, you need to ask yourself what you're doing. The days of mortgage broking part time as a bit of extra income are long gone.

The last time I looked (and it's been 3 years) a non-franchise aggregator costs less than $1k to join. The problem is you've then got all the other costs. Licensing, compliance, insurance, professional memberships, training, etc. Start up costs probably run to about $15k - $20k these days and most of these costs are ongoing, before you write a single loan.

Hence not really being a side gig these days.

 

I think you’ll find that it’s quite a bit more work than many think. These days the compliance requirements are quite time consuming . You’d want a second income source and plenty of spare time to try and get up and running part time

 

Part time will work if you're looking to run a business at a loss purely to offset tax for another business you run