How to become a successful mortgage broker in Australia
The mortgage process has taken a turn since the entry of brokers into the system. The best thing you as a broker will ever have to offer to your clients is choice, something that will simply change their way of thinking about a purchase.
As a mortgage broker, you ease the confusion of customers by helping them compare and contrast among all the possible options that they have available to them.
The success of the mortgage industry can only is shown to you by statistics and as per the MFAA, about 12,000 brokers are working independently in Australia right now. You can become a part of this success by just checking on a few of the following points:
1. Get a license:
It is now mandatory to have a license under Australian Securities and Investments Commission (ASIC) and you will also be obliged to follow the rules as per the National Consumer Credit Protection Act.
2. Best be registered with an association:
You will need to hold membership with either MFAA or FBAA. For this you will need to meet certain educational requirements for instance, FBAA would need you to hold Certificate IV in Finance and Mortgage Broking while MFAA would require a Diploma of Financial Services or Mortgage Broking Management. You can choose between any of the two as per your liking and qualification.see post from http://www.yourmortgage.com.au/article/ailing-australian-housing-market-receives-help-from-chinese-buyers-214062.aspx
3. Stay ahead of the game:
Always do your homework and stay at par with all the possible deals in town. Hunt for more opportunities for your clients every day. Let not your customer get aware of a nice deal from someone else as this may lower your scores on their trust scale.
4. Keep communicating:
Communication is the key to success in all relationships and given that the process of borrowing a loan can be so demanding and tiring for your clients then you need to sharpen your skills and always keep them informed of every step. Always be prompt at responding to their messages and emails. Do not forget to stay in touch even after the deal has gone through and keep your clients posted on any new opportunities that may stir their interest.visit website here!
5. Do not hide any information:
Much as you work on a commission basis and may receive a large sum from the lender but always make sure you do not keep your clients in the dark. Disclose all information regarding all possible deals and give them a fair chance to choose. Also disclose any fees that the customer may have to pay towards your fees which may not have been included in the lender’s costs or as part of the loan.
Remember that the client is working with you on sheer trust basis and try not to work with them as a one-off transaction. Rather make contacts for life.
Not only is the pay rewarding, but the satisfaction of having fulfilled one’s desire of having their own house is beyond words and this would be your greatest motivation and also your mantra to success in the Australian mortgage world.