The property market is still a booming industry in Australia at the moment with prices going up in main cities. There has been a long-standing debate about housing affordability, market crash and strict regulations on lenders.
With so much uncertainty and chaos in the market, there is a greater requirement for a qualified mortgage broker to work more professionally by making a significant difference to their clients in the best feasible way to meet the mortgage lending needs.
How to get into the profession?
Research
Do your research before stepping into the field. Know the property rates, know the loan schemes, know the bank and its regulation and ways in and around loan obligations. Listen to podcasts of skilled and experienced brokers.
It is true that experience is the best teacher, but it doesn’t have to be your time in today’s age. Learn from experienced brokers, get in touch with them.
Licence
You’ll have to work as a representative of a licence holder for the first two years of your career. Then you can apply for a credit licence only after completing a minimum education requirement that is FNS40815 Certificate IV in Finance and Mortgage Broking. Then you can decide whether to continue as a representative or get your own credit licence.
Employment
Finance or mortgage broking can be exercised both as a service to a company or an independent sole-trader business. There are hundreds of jobs advertised at a given moment in Australia, but how do you secure one?
Well, an effective resume and a passionate cover letter is a good start along with the right guidance and network.
Once you have the foot into the door, then your hard work and dedication will take you places where you will be able to realise those million dollar dreams when dealing with mortgages of million-dollar houses.
Education
Think Academy of business and Technology provide you with the essential educational requirement for the industry with world-class E-learning experience. Our FNS40815 Certificate IV in Finance and Mortgage Broking is intended and is ideal for novice brokers in the mortgage broking industry. This qualification is also well-suited for those individuals who are already practising services in mortgage broking and are seeking to get qualified formally to meet the requirements of education as is outlined in ASIC’s 206.
How much does a mortgage broker make?
A mortgage broker takes an average commission ranging from 0.3% – 0.5% of the loan value.
With housing prices over the roof, for example, a housing loan for $850,000 mortgage, a 0.3% commission would amount to approximately $2,550 in the broker’s pocket, and that is a small deal.
*The average salary for a Mortgage Broker is $79,583 per year in Australia. Salary estimates are based on 171 salaries submitted anonymously to Indeed by Mortgage Broker employees, users, and collected from past and present job advertisements on Indeed in the past 36 months.
Source: https://au.indeed.com/salaries/Mortgage-Broker-Salaries
