First you need to what a Mortgage Broker basically does:
A mortgage broker acts as liaison between credit providers and borrowers. He provides his clients with contacts and information and assists them through the complicated procedure of getting a loan. Their basic purpose is to save their clients from all the confusion and hassle. A broker would always attempt to reduce his client’s legwork. They aim to find the most suitable loan for their clients. A broker should know the needs and circumstances of his clients and should be able to evaluate the most appropriate deal for them.
Now that you have an idea about what a broker does, the next step is to get started.
First of all you need to gain access to a vast network of lenders. But how do you do that?
Some mortgage brokers have direct agreement with lenders; however, some experienced lenders often set up volume standards are difficult for brokers to achieve themselves. To reach their target volume, most brokers turn to aggregators who are the wholesalers of finance industry. Through them the brokers reach out to reputable lenders and keep up their accreditations. Aggregators also offer extra services like CRM, training and mentoring, compliance support etc.
The next thing you need to do is research, comprehensive research!
To become a successful mortgage broker Melbourne you must work really hard. Try to collect as much information as you can about mortgages, finance and sales. Take the help of newspapers and magazines such as mortgage Professional Australia or your mortgage magazine etc. Go through the yellow pages in Finance, Mortgage finance etc. Talk to different brokers who have enough experience in the industry. Ask them how they work what channels they operate through. More explained in this post: http://www.reagentinatx.com/finding-a-commercial-mortgage-broker-online/
Tip: Google can be your best friend in such a case!
Contact different lenders, ask them questions regarding their products, and ask them about their accreditation procedures. Talk to various aggregators; find the one who’s offering a package that goes with your requirements.
The last and MOST IMPORTANT step is to get qualified.
You need to hold an Australian Credit License or be recognized under a license holder (mostly aggregators or companies you work with). You also need to attain Cert IV in Finance and Mortgage broking.
Join a reputable associated such as MFAA or FBAA. If you choose MFAA you will also need to get a Diploma in Finance and Mortgage Broking Management. The last thing you have to do is get yourself a professional indemnity usually with lowest amount of $1000,000/claim and $2000,000 on aggregate.
Get as much experience as you can!
Before you start working on your own try using services of an established franchise or a reputable company. Work with them, get some training, and know how things work in the industry. One good way of learning is by looking at other established mortgage brokers Melbourne. Mortgage brokers services as example in the mortgage industry. You surely would want to become as successful as mortgagebrokers247.com.au so better start working NOW!