Are you thinking about a career as a mortgage broker? Like any profession, it can have its downsides. The pros, however, could outweigh the cons—especially if you are looking for freedom, flexibility, and independence in your career.
On average, mortgage brokers have a lot of opportunities to earn a great income. So, what is a great income? Mortgage brokers earn on average roughly $188,000 per annum, says the Mortgage and Finance Association of Australia. That number is significantly higher than the national average of roughly $82,000 per annum, which was recorded by the Australia Bureau of Statistics.
Mortgage brokers are usually rewarded through a commission-based work model, which is an especially good way to realize your financial dreams if you are an ambitious person looking to excel. Trailing commissions are an excellent source of passive income. They are paid out every month as loans settle. This also gives you an excellent chance to grow your assets, when combined with other fees and up-front commissions.
Becoming a mortgage broker will provide you the opportunity to strike a good work-life balance, since most mortgage brokers schedule their working hours when it suits them best. Even pre-pandemic, you could be a successful mortgage broker working from home or an office anywhere in Australia. Mortgage brokering is also set up in such a way that you can ease yourself into a full-time position, as opposed to diving in headfirst from Day 1 onward.
Another perk is that the mortgage space offers many sectors to focus on, such as investment, residential, or commercial, among others. Choosing when and where you want to work—plus the sector you want to work in—makes finding a good work-life balance in this industry easier.
Unlike some industries, there is no need to have a degree to be a mortgage broker. You will, however, need to learn about the loan-approval process, ethical considerations, and industry regulations to become certified and work with lenders. But don’t worry. There are numerous mortgage organizations that will fully train and mentor you to help you get your career off the ground.
Mortgage brokers have an opportunity to help everyday people achieve their dreams to own a home, playing major roles in helping businesses, families, and whole communities. Because a lot of borrowers do not fully understand the differences between mortgages available, brokers are uniquely positioned to help find the right balance of lending institution, best lending product, and the best terms. With the guidance of a good mortgage broker, businesses, families, and communities find success.
Mortgage brokers get to be independent, relishing their freedom and their ability to nurture their own professional vision and goals. As a broker, you’re in the driver’s seat and use your style and personality to build your brand. If you partner with a brokerage house, you will gain access to educational, marketing, and business developmental tools. Through this avenue, you will be put in contact more easily with possible borrowers, maintain strong contacts, and eventually expand your business. You will also be exempt from the pricey overhead of multiple divisions of managers or corporate staff.
Because you can enter the industry with comparative ease, mortgage brokering can be a great option for a career change since you can get the certifications and qualifications without years spent studying on costly new degrees. Many mortgage brokers benefit from having experience and knowledge in other fields, industries, or sectors. To leverage more opportunities, in other words, mortgage brokers often use insights from previous employment.
If you are a people person, mortgage brokering could be the right career for you because you will be required to help customers choose the home loan or investment loan that best suits them. Because millions of Australians pin their financial hopes and dreams on investment properties, mortgage brokers act as a conduit. And what makes a successful mortgage broker? It is putting their customers’ needs top priority.
The mortgage broker industry is interesting because, while it offers almost total independence, it also requires you to maintain a sizeable network of groups and associations. If you develop your networking skills and make a habit of attending networking functions you will be able to get a better education in the industry as well as connect with other mortgage brokers. This will give you a professional safety net that you will be able to learn from and brainstorm with. You may even be able to procure a mentor to help you work your way through the industry.
