Mortgage brokers salary | mortgage brokers earn $142k on average per year

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Ever wondered about a mortgage brokers salary? According to the Mortgage & Finance Association of Australia (MFAA) data, mortgage brokers earn an average of $142,000 per year prior to costs.

Mortgage brokers salary | mortgage brokers earn $142k on average per year

Data on mortgage broker earning comes form  the MFAA’s Industry Intelligence Service Report 3 (10 April 2017) and uses mortgage aggregator data collated by Comparator to produce business benchmarking and industry information for brokers.

The report compiled figures from 1 April 2016 to 30 September 2016 and found that brokers earn a national average of $83,000 in gross upfront commission and $60,000 in gross trail commission per year.

On a national level, brokers settled an average of $6.02m worth of loans each during the six month period. This equalled an average number of 21 new loan applications and an average loan book of $37.5m per broker.

Average broker market share from July to September 2016 remained stable at 53.6%, a drop of 0.1% from the prior three-month period.

Nationally, the broker population was approaching 16,000 with 925 more brokers entering the industry in the six months between April and September 2016.

Another surprising finding from the report was that 18% of mortgage brokers did not settle a loan in the six month period studied – an increase of 3% from the six months prior.

Are you thinking of becoming a mortgage broker or are you a mortgage broker that is struggling to find clients needing a mortgage? Join Oak Laurel as a mortgage broker. Oak Laurel has jobs available now! Oak Laurel can provide you with client leads.

 

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Are mortgage brokers good? The shocking truth!

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Are mortgage brokers good? Yes, some are very good!

Are mortgage brokers good? The answer is YES, there are some very good mortgage brokers! Furthermore, as a general rule going to a broker is better than going direct to the bank. This is true even if you already know which bank you want to use. This is because a mortgage broker will look after you through out the process instead of leaving you up to the bank’s ‘system’. Moreover, with a good mortgage broker, like Oak Laurel, you get ongoing service so that if things change we can help you stay getting a great deal.

Advantages of using a mortgage broker

The advantages of using a mortgage broker include:

More choice of lenders and therefor more choice of loans than visiting a bank.

Bank staff can only recommend the loans that their bank has to offer so may try to convince you to get a product that does not suit you of is not as good as a loan at another bank or lender.

A good broker knows what the banks will not tell you about themselves so you can benefit from their advice.

A good broker will provide better service that what you get going direct to the bank and being pushed through the banks process.

Good brokers can have power in the bank system as the bank will not want to loose other deals by letting down the broker. If you are a single customer they are not as concerned as if they let down a broker who can send them lots of customers.

The loans do not cost any more if you use a mortgage broker.

Mortgage brokers provide a free service most of the time.

The shocking truth about using a mortgage broker vs going direct to the bank or lender!

The shocking truth about using a mortgage broker vs going direct to the bank or lender is…. By going direct to a bank, borrowers are cutting down their options to a small fraction of what they could have using a mortgage broker! Just based on probability, you are probably missing out on the loan that best meets your needs.

Are mortgage brokers good? They are if you use a good one!

So, are mortgage brokers good? Oak Laurel mortgage brokers certainly are!

 

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Are mortgage brokers free?

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Are mortgage brokers free? The answer is Yes & No

A common question that people have is “Are mortgage brokers free?” The answer is Yes & No. It depends on the mortgage broker and the situation.

Some mortgage brokers are free, in fact many are free. This is because the lender will pay a commission for the broker settling the loan. However, other specialist mortgage brokers will charge a fee. Furthermore, some mortgage brokers are free in some such as a standard home loan but then charge a fee in other situations, usually if the loan amount is small and/or the loan is complex and time consuming to arrange. Cash back brokers charge a fee but then give you back the commission. The fee structure of these brokers makes the fee similar to the amount of commission that the broker would have received.

Specialist mortgage broker

A specialist mortgage broker or finance broker is someone that has specialist knowledge in a certain area of finance. This could be a specialist development finance broker. They have specialist knowledge in that area, meaning that you are most likely to get a better result than if you just use a run of the mill broker. However, often these mortgage brokers are not free. They can charge an upfront fee that is usually a small % of the loan amount.

 

Small or complex loans

Mortgage brokers are usually paid a commission from the lender for settling the loan, the commission is a % of the loan amount. If the loan is small then the commission amount will also be small and be not worth the time it takes to arrange the loan. A similar situation occurs if arranging the loan will be time consuming and complex. In this case the mortgage broker may charge a fee to compensate them for the time to arrange the loan.

 

Cash back mortgage brokers

Cash back mortgage brokers give you back the commission but then charge you a fee (of a similar amount to the commission) to arrange the loan. Some people like this approach but it really does not make much difference to the client. In fact it can just cloud the fact that they broker is not really doing a great job for the client.

 

Need a good mortgage broker?

A good mortgage broker like Oak Laurel has a great team of mortgage brokers. Usually they don’t charge to arrange your loan but if they need to they will tell you what the cost will be in advance! Contact Oak Laurel today!

 

 

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Home & investment loans at 85% LVR | No LMI | No BAS | Self-employed | ABN holders

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Home loans and investment loans at 85% Loan to Value Ratio (LVR) | No Lenders Mortgage Insurance (LMI) | No Business Activity Statement (BAS) | Self-employed | Australian Business Number (ABN) holders

Oak Laurel mortgage brokers have a great solution for people who are either Self-employed or ABN holders who cannot provide the full documentation to demonstrate their current income.

Features:
100% offset account available
Categories 1-4 acceptable postcode
Unlimited Cash out up to 80% including business use
Fees can be capitalised for loans up to 85% LVR
Unlimited debt consolidation including paying out ATO debt
Purchase and/or refinance of owner occupied and/or investment property loans
Minor defaults considered (Bad credit)
Australian Business Numer (ABN) registered for at least 12 months
Goods and Services Tax (GST) registered for at least 6 months
Declaration of financial position plus one of the following
– 6 months Business Activity Statement (BAS)
– 6 months Business Bank Statement (BBS)
– Accountants declaration

 

Contact Oak Laurel to find out more!

Low doc home loans

As a self employed person, where you are unable to qualify for a full doc home loan or your income documentation does not reflect your income it may be better to apply for a low doc home loan. Find out more about low doc home loans here:

Low doc business loans

As business owner or self employed person it can sometimes be difficult get the required documentation to prove your business income? Find out about low doc business loans for when you don’t have the required income documentation for a full doc business loan.

Fast business loans

Get access to funds for commercial or business purposes quickly!

Contact us:

+614 30129662

Oak Laurel – loans made easy!

Oak Laurel Mortgage Broker

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Short term business loan for long term success

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A short term business loan can you with long term sucess

Get a short term business loan for long term success.

Business can be a dynamic environment. Sometime you can’t plan for all of the threats or opportunities that can arise. When one comes and it requires access to capital quickly a short term business loan may be a solution. Banks and other non-bank lenders can be slow to act, and often they have rigid requirements that prevent good business deals being financed.

If you need flexibility and a faster response than you can get from a bank, maybe we can help you!

 

ACCESSIBLE: No onerous process and complex criteria.

FLEXIBLE: We can help you borrow against the widest variety of property and other assets.

QUICK: We can help you get a loan offer and settle within 48 hours.

Generally interest rates start at 1% per calendar month but can be more expensive depending on the lender.

The maximum loan size is dependent on the value of your security.

Different lenders will take different types of security over the property including:

  • 1st mortgage
  • 2nd Mortgage
  • registered caveat

Contact Oak Laurel to find out more!

Fast business loans

Get access to funds for commercial or business purposes quickly!

 

Contact us:

+614 30129662

Oak Laurel – loans made easy!

Oak Laurel Mortgage Broker

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Development funding for SE QLD & NSW

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Residential property development funding for South East Queensland & Northern New South Wales

If you are a property developer who needs to fund a residential development project in South East Queensland or Northern New South Wales Oak Laurel may be able to assist you!

One of our private funders  may be able to fund your development as follows:

  • Maximum loan term is 2 years;
  • Finance of $1 million to $10 million (higher on case by case);
  • No pre-sales required prior to refinance/acquisition;
  • Up to 70% Loan to Value Ratio (LVR) on completion;
  • Up to 85% of the Total Development Cost (TDC); and
  • Interest rates starting from 7.5% up to 13% p.a. depending on risk profile

If this sound like finance that will suit your situation then please contact Oak Laurel!

 

Property development finance

Undertaking a commercial or industrial development project and need it funding? Contact us about getting your project funded.

Private equity funding for property development

Have a large project and need private equity to fill a gap in your funding? Contact us about getting your private equity funding.

Land development loans

Are you subdividing land to create value? You may need a land development loan. See here for information about land development funding.

How to get your property development financed

What you need to know about getting your project funded.

Oak Laurel – development funding made easy!

Oak Laurel Mortgage Broker

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Fast equity release for commercial purposes

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Fast equity release for commercial / business purposes

Do you need fast equity release for commercial / business purposes?

Oak laurel can assist you with same day equity release. Options include:

  • fast access (can be the same day) to a commercial line of credit against equity in property.
  • draw down and up as needed
  • interest capitalised on a short term basis
  • no fixed terms
  • no early repayment fees
  • daily interest calculation

We have options that are available for non-residents.

Access capital from your assets TODAY!

You can access funds quickly against the equity in their your assets with a loan that is like a line of Credit or Business Overdraft facility with without a fixed terms.

 

A fast equity release line of credit can be useful for:

  • funding a business opportunity that requires immediate funding; or
  • bridging finance where the traditional bank and non-bank lenders have said ‘no’ or take their time in getting back to you.

We have lenders that can lend on the valuation amount of property instead of the purchase price! This is particularly useful for property developers that have purchased land that has increased in value due to a development approval or if a property have been purchased at below market value.

Other issues that can require a quick equity release loan:

• General Business purposes

• Bridging finance for property purchase

• Cash Flow

• ATO Debts

• Commercial Notices to Complete

• Business Pre-Insolvency

• Wind up notices & liquidation

Generally interest rates start at 1% per calendar month but can be more expensive depending on the lender.

The maximum loan size is dependent on the value of your security.

A wide range of property can be used as security including:

Different lenders will take different types of security over the property including:

  • 1st mortgage
  • 2nd Mortgage
  • registered caveat

Contact Oak Laurel to find out more!

 

Quick business loans

Get access to funds for commercial or business purposes fast!

 

 

 

Contact us:

+614 30129662

Oak Laurel – loans made easy!

Oak Laurel Mortgage Broker

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