mortgage brokers - how do they get paid ?

[beech]

hi guys just have question re Mortgage brokers.
i know they get paid by the banks just wondering how much and how often.
Say i borrowed 200k over 30 years what would his/
her figures look like?

thanks Darren.

[geoffw]

Darren,

I think that's a little like asking someone how much they earn. Asking the question may seem a little personal to some.

If a mortgage broker does a good job for me, it doesn't really matter how much commission that broker earns. It's a win-win situation.

[beech]

just curious Geoff.
i get a dollar a brick in case anyone wants to know.


Darren

[Rolf Latham]

Hiya Beech

How much do you get and how often does sound a little personal.

Oh, you mean commissions ?

Heck I dont have a problem with that, seeing we disclose these anyway.

Much depends on the volumes you do and the type of business you have.

A low volume franchised broker would receive around $ 800 bucks upront commission and say 200 a year in trailing commission with the trail decreasing over time.

A broker with their own business with low volume can get $ 1300 upfront and 500 a year in trail.

These are sort of middle of the road averages.

Ta

[beech]

thanks for that Rolf.
Was just hoping to get some idea, certainly wasnt after anyones yearly income or anything.
Much appreciated.


Darren.

[The_Husband]

I would like to become a broker. Can someone let me know how I can do this? I don't have any finance background, though love property investing.

TH

[Simon]

TH

Give me a call.