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How much does a mortgage broker earn per loan?
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Entry Education RTO No: 41529
Hey everyone, welcome to Entry Education! Today, we're diving into the world of mortgage brokers, their earnings, and how you can step into this rewarding field.
First things first, what exactly does a mortgage broker do? Simply put, they're the superheroes who help individuals find the right mortgage for their dream property. They leverage their extensive knowledge of the mortgage industry to navigate through a plethora of loan products offered by different lenders, ensuring a perfect match for each client's unique situation.
In Australia, there's a variety of lenders, each offering distinct advantages. As a mortgage broker, you'll sift through these options to present your clients with the best-suited solutions, tailored to their needs.
Now, let's address the big question: How much does a mortgage broker earn per loan? Typically, mortgage brokers are compensated through commissions from the lending institution that provides the loan. These commissions come in two types: upfront and trail commissions.
The upfront commission usually ranges between 0.5% to 0.7% of the loan value, plus GST. For instance, on a $1,000,000 loan at a 0.7% commission rate, a broker could earn $7,000 plus GST.
The subsequent payment type is referred to as a 'trail commission.' These are minor payments typically falling within the range of 0.165% to 0.275% of the loan amount.
These commissions are computed as a percentage of the mortgage principal throughout the duration of the loan.
Now, you might be wondering, 'How do I become a mortgage broker?' The minimum requirement is a Certificate IV in Finance and Mortgage Broking. At Entry Education, we offer a comprehensive course covering essential topics like client needs identification, financial product knowledge, and professional practices in the industry.
Our course equips you with the necessary skills and knowledge to excel in this field, whether you prefer self-paced online learning or interactive face-to-face workshops.
Entry Education
1300 799 447
Hey everyone, welcome to Entry Education! Today, we're diving into the world of mortgage brokers, their earnings, and how you can step into this rewarding field.
First things first, what exactly does a mortgage broker do? Simply put, they're the superheroes who help individuals find the right mortgage for their dream property. They leverage their extensive knowledge of the mortgage industry to navigate through a plethora of loan products offered by different lenders, ensuring a perfect match for each client's unique situation.
In Australia, there's a variety of lenders, each offering distinct advantages. As a mortgage broker, you'll sift through these options to present your clients with the best-suited solutions, tailored to their needs.
Now, let's address the big question: How much does a mortgage broker earn per loan? Typically, mortgage brokers are compensated through commissions from the lending institution that provides the loan. These commissions come in two types: upfront and trail commissions.
The upfront commission usually ranges between 0.5% to 0.7% of the loan value, plus GST. For instance, on a $1,000,000 loan at a 0.7% commission rate, a broker could earn $7,000 plus GST.
The subsequent payment type is referred to as a 'trail commission.' These are minor payments typically falling within the range of 0.165% to 0.275% of the loan amount.
These commissions are computed as a percentage of the mortgage principal throughout the duration of the loan.
Now, you might be wondering, 'How do I become a mortgage broker?' The minimum requirement is a Certificate IV in Finance and Mortgage Broking. At Entry Education, we offer a comprehensive course covering essential topics like client needs identification, financial product knowledge, and professional practices in the industry.
Our course equips you with the necessary skills and knowledge to excel in this field, whether you prefer self-paced online learning or interactive face-to-face workshops.
Entry Education
1300 799 447
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