Mortgage Broking Career Outlook? - Aussie Stock Forums

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  1. #1

    Default Mortgage Broking Career Outlook?

    I was wondering if there is still any bucks to be made as mortgage broker? I'm currently studying a degree at the moment via distance learning, and I was playing with the idea of doing the courses required to becoming a mortgage broker, and hopefully being able to write a few loans for a little bit of income? Does this sound feasible or is it a foolish idea?

    If anybody with any experience on the topic has some input that would be very much appreciated.


  2. #2
    Money can't buy Poverty Glen48's Avatar
    Join Date
    Sep 2008

    Default Re: Mortgage Broking Career Outlook?

    The next market is going to be selling in market where there are no buyers, the best thing is to contact banks and see about looking after there forecloser properties.
    The OZ market is where USA was in 2007/8

  3. #3
    Mmmmmm 2nd breakfast Knobby22's Avatar
    Join Date
    Oct 2004

    Default Re: Mortgage Broking Career Outlook?

    My Dad used to do mortgage and insurance broking as an independant business - did OK.

    Definitely worth thinking about if you want to go that way.

  4. #4

    Default Re: Mortgage Broking Career Outlook?

    Run like the wind Bullseye and dont look back at Sodom.

  5. #5

    Default Re: Mortgage Broking Career Outlook?

    This is my opinon.. I dont think its worth doing on the side.. You are wasting your time and wont make enough $ to make it or do it worth while. It is worth doing full time.

    I would say this is possible the best career lifestyle wise you can get yourself into ..
    I have outlined it as I see it.. I havent worked in the industry but have in realestate and also have many colleagues in broking..

    The Pros -

    1.) Work for self
    2.) Easy work.. (building client base is the hard part)
    3.) Residual income with no real maintenance / ongoing work
    4.) Work from home, very low overheads
    5.) Lifestyle choice, you can head away on holidays etc whenever you like etc for as long as you like, keep getting residual income and very little maintenance of your business whilst away required. Can refer to associate if you wish whilst away..

    I have been giving this serious consideration.. I currently own a reasonable size property management business which i consider similar however there is a huge amount of servicing / maintaince in retaining clients, servicing the business and overheads.. And its very hard to escape from for lifestyle..

    Morgage broking I see I can run from home -
    Close to zero overheads
    Have a nice car to see clients in without being too flashy
    Meet clients at cafes etc near them, their homes, or have them to mine whilst still appearing professional..
    Work easy hours that suit me..

    What is required -
    Join an aggregate lender who you can access loans through
    Accounting software to keep track of your incomes
    CRM software to keep in contact with your clients
    Email newsletter to keep intouch with your clients

    The hard part -
    Building your database and client base..

    What to do -
    Start database of everyone you know and make sure they know what your doing
    Speak with a couple of realestate agents and see if you can tage along with them every saturday to their open homes.. stand at the open homes and introduce yourself to buyers.. You can build up a database of a couple of hundred in no time..
    Familiarise yourself with all aspects of realestate and conveyancing and valuation.. If you can help people from go to whoa they will refer their friends to you.
    Dont give to much info say these are the best three loans for you. This has lowest rate, this has lowest penalties this has fixed rate. I recommend this what do you want to do. Know how much people can approximately get for finance before they apply. And tell the quick and straight..

    Good luck if you decide to do it ..
    Let us know how you go..

    Forget about good of bad market talk.. Good or bad people need finance or to refinance..

  6. #6

    Default Re: Mortgage Broking Career Outlook?

    I really like the idea of mortgage broking! Hard work but in the long run i think i can be a high paying and very flexible career. I do agree that it is something that you have to jump into.. if its just a part time it would be hard to find enough time and dedication to make it work.
    Could be a good idea to work for a local mortgage broker and get your name out there then start your own business or buy a franchise.

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