New Central Mortgage broker start up process and costs

  1. Interview with Central Mortgage to make sure you’re suitable to join our team Book your meeting with Central Mortgage today!
  2. Enrol and complete Cert IV in finance and Mortgage Broking (best to package with Diploma) http://www.financeinstitute.com.au/courses.html

- Enrol in Diploma in finance and Mortgage Broking (Note you must complete the Diploma within 12months of the Cert IV) http://www.financeinstitute.com.au/courses.html

$1,240.00 (2015) Estimated current cost for the Online Study (Total package)

  1. Enrol and complete MFAA Initial Compliance Pack https://www.mfaa.com.au/develop/Pages/courseregistration.aspx?CourseNumber=366021

$215.00 (2016) Estimated current cost for the Online Study

  1. Set up “Your Name Pty Ltd” All brokers trade under “Central Mortgage Pty Ltd” Your new company is for compliance and to receive future Commission Payments.

$650 (2016) Estimated current cost for set up of your company Pty Ltd

 

  1. You provide to Central Mortgage the following:

$45.00 (2016) Estimated current

$Free (2015) Estimated current

  • 100 Points Certified ID including Drivers Licence photo
  • Certificate of IV in finance and Mortgage Broking
  • Certificate of Diploma in finance and Mortgage Broking (Within 12 months of starting this process)
  • 2 Nominated Lender / Character References
  • Name of your Pty Ltd, ABN, and date of GST registration
  • Bank account in name of your Pty Ltd for your Commission & Trail Payments

 

  1. Central Mortgage provide the following to you:
  • Central Mortgage Broker, credit representative and Mentor agreement.
  • $Paid by Central Mortgage Pty Ltd
  • Induction into Central Mortgage business procedures and business planning
  • $Paid by Central Mortgage Pty Ltd
  • Central Mortgage add your name to our Professional indemnity insurance policy
  • $Paid by Central Mortgage Pty Ltd

 

  1. You provide to Central Mortgage the following Membership Certificates:

 

  1. Central Mortgage provide the following to you:
  • Your ASIC Credit Representative licence number, for commencement of Mortgage Brokering.
  • $Paid by Central Mortgage Pty Ltd. Note: If you have not supplied us your Town, State & Country of birth, please provide as ASIC will ask this question.
  • Initiation of Training Register for ASIC requirements.
  • Initiation of Refers Register & Agreements for ASIC requirements.
  • Application to Aggregator agreement, commission & trail book application.
  • Lender accreditation, education & training in products
  • On-going mentoring as a mortgage broker in Central Mortgage
  • On-going business management training, marketing, planning & support.
  • Central Mortgage website Broker page
  • Central Mortgage email address
  • Central Mortgage business Cards x 1000
  • $140 (2015) Estimated cost of business cards.

 

  1. You provide to Central Mortgage the following Annually:
  • All current membership renewal documents from above
  • Updated monthly training register
  • Updated monthly refers register

 

Total Estimated Costs from Above

$3012 Estimated total set up costs in education and compliance from above.

$605 Estimated total annual cost in renewals from above (Not including your tax accounting)

Note:  These charges are not from Central Mortgage, but estimated charges from the relevant training body or supplier. Ongoing you will also need a windows based lap top with office 365 to service your clients. Like any new business you will not succeed if you're not prepared do all of the above and to look after your clients going forward. However if you do all of these things and provide a caring helpful service for your clients, mortgage brokering can be a very rewarding career.

 

 

Join the Central Mortgage Broker Team