Mortgage broking
- Thread starter Realist90
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Blue&White
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Yep, I'm in this industry. My own business. Personally I focus on commercial and construction and development funding. One of my employees writes the residential loans.
pillow
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Not filling your potential clients with a wealth of confidence there lol
Hahaha it was literally a fluke job I wasn't even thinking of becoming one, they're gonna train me up and everything so I'm pretty excited but would like to know if people with experience or know the industry like the job and that.
thanks bro, I literally have no idea how I ended up with the job haha I have no experience in it or in that department but they'll train me up. So looking forward to it.
Yeah I heard there is huge money in commercial and construction. Is it a good job to potentially earn a lot of money?
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Don't mortgage brokers usually have fancy haircuts and fake smiles?
Or is it only real estate agents who do that?
Or is it only real estate agents who do that?
Wolfmother
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How do mortgage brokers get paid? Is if upfront application fees or is it a kick back from the lenders ? Just curious , I think these days there are no fee start up loans
Mr Invisible
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Banks have completely fucked the mortgage industry at the moment by clamping down that much on lending, and insisting on shit like 80% LVR.
Hahahaha I hope it's not mortgage broking, I think that would be more real estate agents lol.
Wolfmother
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I know it's bloody insane 20% is like 140k CASH wtf ???
how do people save up that kind of money?
Bad Billy
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I think the bank that they procure the loan from, pays them ?
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I've worked in finance for many years. After being out of the industry and doing something different for the last 5 years I sold my business decided to come back into finance but wanted to work for myself.
I looked at a lot of different aggregators and joined one earlier this year. I've updated all my qualifications as they were all out of date. Expect a long process to become accredited with the borrowers and a lot of courses.
If you're paying someone to get you accredited be careful. Many will promise you the world and once you're part of their group everything changes (eg you will be given leads/customers from us then they don't give you any). Some also charge you a lot of money to get you accredited and it is much cheaper to do via other avenues.
Expect a hard road and many many months before you see any money. The industry runs mostly on commission only roles and you don't get paid when a loan is approved it is when it settles. If you don't know a lot of people and can get business via word of mouth/referrals its hard to make a living.
And thanks to the last labour govt if you want to do residential loans there is red tape/procedures galore now not like when I was last doing it.
I looked at a lot of different aggregators and joined one earlier this year. I've updated all my qualifications as they were all out of date. Expect a long process to become accredited with the borrowers and a lot of courses.
If you're paying someone to get you accredited be careful. Many will promise you the world and once you're part of their group everything changes (eg you will be given leads/customers from us then they don't give you any). Some also charge you a lot of money to get you accredited and it is much cheaper to do via other avenues.
Expect a hard road and many many months before you see any money. The industry runs mostly on commission only roles and you don't get paid when a loan is approved it is when it settles. If you don't know a lot of people and can get business via word of mouth/referrals its hard to make a living.
And thanks to the last labour govt if you want to do residential loans there is red tape/procedures galore now not like when I was last doing it.
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With this job I get a base salary or I wouldn't have taken the job.
But yeah to make any significant money it'll be a while but I feel I'm with the right company
I've started to hear the 110% are back. So I hoping for crash so I can actually buy a house again.
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Yeh I copped that, they told me if I didn't have 20% initially, I'd have to pay some bullshit mortgage insurance and have higher interest rates.
Seemed really fucking dodgy, ended up just giving them 20% and saving the head ache.
Not sure how people are expected to come up with 20% nowadays, it's hard enough to come up with 10%.
I'm looking at buying other properties and letting them pay themselves off, because it's almost certain that by the time my kids want to buy, they'll need a miracle to come up with 20% of whatever ridiculous prices the houses will end up rising to by then.
El_Magic
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The lvr at 80% doesn't mean you HAVE To have 20% deposit. Just means that if you have less than 20, you have to pay mortgage insurance. Not sure what it is now but when I done it, we only had to pay a few grand extra for it. It definitely worked out alot cheaper than saving the extra for a deposit
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