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Leaving the bank to become a Mortgage Broker...

I’ve recently published articles around how much easier it is to become a mortgage broker today, with the internet and technology levelling the playing field when it comes to competing with big brands. I’ve also written about how brand perception is changing and we are becoming less emotionally attached to working for, or using, a big well-known brand. Added to which, rates are low, and everyone is chasing the Australian dream of owning a house, so it is fair to say now is the time to be a broker. 

I often speak to mobile lenders and the like about making the move to become a Finance Broker. I’ve helped a few make the jump and what I've found to be consistent is their frustration dealing with an intricate matrix of the banks KPI’s, the confidence, self-belief and long term vision. 

Mobile Lenders don’t have the opportunity to build trail; they aren't paid per deal but instead paid quarterly bonuses that are contingent on customer reviews, volume and a range of other things. However, what is attractive is the salary and flow of leads that come from sitting under a bank’s banner. But, their product range is limited, as is the way they conduct business, and so is their opportunity to grow.

Now imagine a role very similar: a big well-known brand; a stream of leads supplied to you with no expectation of bringing in your own business but paid higher if you do; the opportunity to build trail which guarantees more money in your pocket year on year; a huge range of products from an extensive panel of lenders; no KPI’s in the first year; ongoing training and support from a dedicated team of experts; an uncapped commission structure that sees you paid per deal, rewarded for your efforts and if you work twice as hard, you earn twice as much.

Sounds good, right? But, this opportunity is only available to those that back themselves and have the drive, ambition and confidence to step out of their comfort zone, away from a banks salary and into a role that could pose short term pain but promises long term gain. 

I’ve seen on many an occasion mobile lenders step out into a broking role and it pains me to see them 6 months down the track looking for another move because they did not receive the right support. They were misled about the leads they'd receive and the money they'd make. 

I’m currently working on an opportunity with an award-winning brokerage in NSW. Not only are they recognised by industry bodies as a top innovator and customer service provider, HR groups have also rewarded them and named the group as one of the top employers of choice in Australia. 

Their offering is second to none, a real chance to step into the mortgage broking world and become a success. With a lead stream that is sufficient to keep 50 brokers busy currently being serviced by 20 brokers, there is a demand for experienced lenders to join the team. 

If you're an experienced lender looking to take the step into Mortgage Broking but are unsure about where to start get in touch and I can point you in the direction of a broker group that offers training, support, and leads from the get go, as well as financial support to help support you through the move.