Hi gang, great forum I've really learnt a lot from you all.
As for me, I'm just setting up as a broker and was not going to bother with a mentor (already checked it out, its permitted) as I have an interest in a car dealership thus a ready source of deals.
However I would like to move into mortgages at some stage as a sideline venture and without utilising a mentor I am unable to access the big 4 with my aggregator until after 2 years.
Is anyone aware of a broker who would accept a fee only, no commision split and allow me to use them basically in name only to access the big 4?
Thanks again
Big risk to take for a fee?
Only one of the big 4 that require two years experience is the CBA unless things have changed or it it may just be your aggregator.
I started with AFG and could write deals from the get go with he other three.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Hi Will
Have to agree with with Colin I would never take a fee merely for access to a particular lender or 4.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks again Colin and Richard.
Completely agree with you both on the risk factor.
As it stands Im booked for a meetup with AFG in January to evaluate their software currently test driving a trial version of Loankit.
Do you folks or anyone happen to know what AFG's fees are?
And if they offer a pay per use fee like your Loankit? If yes how much please?
AFG software is called FLEX. The only people that think its any good is the people who don't use it!
It gets the job done but usually takes a fair bit of trial and error to get used to the idiosyncrasies.
It is a $60/month fee for the privilege. The only other fees are your PI, COSL and MFAA or FBAA membership.
You will be on a split with the aggregator based on volume. Typically an 80/20 split to start.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Thanks Colin much appreviated old mate.
Hi Will,
Completely respect what your saying about not needing a Mentor. A good friend (or probably a few actually) paid $X for a mentor without achieving much. Personally I currently have a mentor and a 'system' which I roughly follow and having great results. The Mentoring/Coaching I'm receiving is providing a massive ROI.
Is there a lack of good Mentors out there? What if you had a great one for just a limited time.
PS. Im not a Mentor, I am involved in Coaching.
Adrian Cahill | AdrianCahill.com Personal Development Expert
http://adriancahill.com/from-investor-to-coach/
Email Me | Phone MeHere since 2002, however things have evolved over the years.
Hi Will
An excellent mentor one of the keys to succeeding in this industry. If you can find someone that writes decent volumes and is willing to take you under their wing then you're chances of succeeding will increase dramatically.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I have three mentors that all specialize in different areas of the finance business. Commercial, business and property investment, my favorite being the latter.
I'm for the most part autonomous across all three but still great to get a different perspective when required.
Wouldn't be where I am with out them and I know they enjoy watching me succeed. Win win as they say.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Thanks folks perhaps Ill investigate this mentor stuff a bit more incidentally how did you guys find your mentors?
Via my aggregator, AFG.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
As Colin said via your Aggregator.
Personally I am with FAST so get charged a fee per deal but understand AFG charge 20%.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I'm with AFG and started out similar to Colin as my mentor who was a friend of mine was with them, and was willing to help me enormously while I was finding my feet.
Agree that the FLEX software isn't the easiest to use and my biggest gripe is that not all the information you enter transposes across to the specific lenders application so you need to enter information twice.
They do however have a great support system with their relatively recent Broker and Knowledge HQ systems.
Cheers
Tom
Broker HQ is great like google for finance.
Connective seem to be the best value as an agregator so may be worth exploring further.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Thanks folks I’ll investigate further. Please tell me more about broker HQ it sounds interesting?
And may I ask is anyone aware of the fees involved with Connective?
My mentor was my mortgage broker years ago. I showed some interest in the industry – he told me what I needed to do to get set up….and the rest is history. He also introduced me to his network of industry buddies – so I was very lucky to gain a lot of support from some of the countries best brokers.
I'm with Choice aggegregation on a percentage split that I've negotiated with them.
Connective seem like a really good option. They have an excellent set fee model which works out well for decent volume writers. They're software seems pretty good too.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Will Skelly wrote:And may I ask is anyone aware of the fees involved with Connective?My company, The Loan Experts Pty Ltd, is with connective. $680 per month plus $110 per month per loan writer plus GST.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Im with Connective. They charge a flat fee of $748 per month + ~ $120 per broker per month regardless of volume/deal and you take 100% commission.
Regards
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
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