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The first loan I wrote was for my sister in law. With my mentors guidance (Rolf Schaefer) it was a piece of cake. The first loan I settled was for an interstate client, on a military pension earning extra money running a P0rn search engine (not kidding), wanting to purchase an investment...

That pretty much says it all. You don't know what you don't know. Even if you do get a loan approved and a happy borrower, without some guidance, would you even know where to start to ensure you're compliant with all the regulations? Would you even know how to submit the loan for that matter...

To the best of my knowledge, commissions paid by lenders are the same regardless of the aggregator. I don't have any proof of this, but it is supported by various industry journalists which like to publish articles whenever a particular lender is offering a change in commissions structure...

Most brokers here either had prior relevant experience to setting up their own business (working for someone else or in a bank), or they found a good mentor to help them get started. If you don't have at least 2 years prior experience, a mentor is a pre-requisite for the MFAA or FBAA and most...

What sort of commission split are Mortgage Choice taking?

That's easy. Rolf Schaefer. He retired recently. :)

Broking is a very competitive industry, you only need to look at these forums to realise that. There are some brokers that hit the ground running and make money almost immediately. They tend to come to the industry with a lot of good networks, they tend to be very outgoing and very good in...

To operate as a broker you need: * Cert IV * Diploma (for the MFAA only) * PI Insurance * EDR membership * Police check * Copy of your CRAA * A mentor if you don't have industry experience * AML accreditation (usually done as part of MFAA or FBAA membership) * Professional body...

The diploma is certainly useful, but new entrants simply don't have the experience to tackle it effectively given they have little context for it. The problem with both the Cert IV and Diploma is that the case studies are asked in such a way that suggests the training organisations have no...

The MFAA requires its members to hold a Diploma. The FBAA doesn't. Personally I think the diploma requirement is a bit over the top for new entrants. It's more realistic to complete this after you've actually written a few loans. The MFAA will waive the requirement for 12 months if you're...