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To put some of the figures in perspective... Setup costs for an individual business will take about $15k-$20k. It also takes about 3 months if you move reasonably quickly. This is for a single broker, your friends could just let you do it all for them, or they'd cost at least another $5k...

Interesting idea, but other than getting the commissions from your own loans, what would be the point? Mortgage broking businesses aren't as simple to set up and operate as some people think. I'd agree that anyone can do it, but there are costs involved, minimum education requirements...

There's plenty of groups out there that will send you as many leads as you want. Some are better than others, but my experience is that they're simply not worth the time or cost. I know an MC broker and as his business matured he developed the opinion that buying leads from the franchise...

Agreed PistonBroke. Initially their formal support is quite good. Franchises expect a zero level of knowledge from new recruits and they charge an arm and a leg for it. They tend to have a glass ceiling too. Their support is great for entry level, but it's lacking at the middle to upper...

What is the average rate of commission at the moment? Upfront and trail? From my panel of lenders it's about 0.6 / 0.15 + GST. Even within an individual lender it can very periodically based on aggregator and individual metrics. Do any franchises other than Mortgage Choice offer a truly...