[Outsource] New Lender Launch – Autopay
- September 6, 2023
![[Outsource] New Lender Launch – Autopay](https://agents.oxbridge.com.au/wp-content/uploads/2022/04/OutSourceLogo-300x180.png)
Dear Oxbridge Partners and Affiliates,
outsource Fianancial is thrilled to announce that MONEYME is launching its consumer and commercial motor products to our Members. They will showcase their product range and recent changes that could benefit you and your clients. This session will cover Autopay, MONEYME Personal Loans and SocietyOne Personal Loans.
- MONEYME Autopay’s credit score lowering to 550
- MONEYME Autopay increased discount for property owners
- MONEYME Personal loans homeowner new pricing matrix with reductions of up to 6.71% compared to previous pricing
- Increased loan amounts offered to property owners
- A new upfront commission paid on settlement for SocietyOne Personal Loans
Register for the webinar, where Alex Luther, Autopay’s Partnership Director, and Richard Bray, Chief Marketing and Sales Officer will run through these changes with the opportunity for Q&A.
With an impressive portfolio of over 5,500+ live listings, generating a substantial number of leads each day, Oxbridge is committed to supporting our members on this exciting journey into mortgage and private finance brokering through dedicated business mentorship.
Date and Time: June 12th, 2024 2:00pm-3:00pm AEST
Register: https://us02web.zoom.us/webinar/register/WN_JYEUO92lQtK8ZWufR_mklQ
ABOUT THE MORTGAGE BROKERING BUSINESS
Mortgage Brokering is a phenomenal industry that offers truly passive income and the ability to build your book. The average income of mortgage brokers at Oxbridge is an impressive $188,046 (https://www.brokernews.com.au/news/breaking-news/how-much-do-australian-mortgage-brokers-earn-280893.aspx) whilst top brokers can earn over $2m a year often in passive income (https://au.finance.yahoo.com/news/cba-apos-top-200-mortgage-191804595.html). The best thing about finance brokering is the TRUE PASSIVE INCOME. Oxbridge Training (www.oxbridge.training) offers individuals to obtain their certificate and diploma in mortgage brokering in a short amount of time. Very few professionals are qualified in both real estate and mortgage brokering. The key to a successful mortgage broking business are the leads. With over 4,500+ online listings and another 1,000 off market listings the Oxbridge Real Estate business side provides an excellent source of lead generation
Although the details around when and how brokers receive commission varies from lender to lender, generally speaking: Upfront commission: 0.65% (+GST) to 0.85% (+GST)
The upfront commission is the largest component of the commission. The broker receives this once your loan settles. Trail commission is what the broker receives every month for the life of the loan. Usually, this trail is set at 0.15%-0.40% per annum based on the remaining loan amount each year. To be clear, mortgage brokers don’t work for the banks, although there are some mortgage brokerages that are partly-owned by banks and larger lenders. Oxbridge is always 100% independent (e.g. Aussie is owned by Lendi which is owned by numerous shareholders including CBA, 1835i (ANZ’s external venture capital partner) and Macquarie Bank, RAMS is owned by Westpac, REA owns Mortgage Choice etc)
Working on a typical loan size of $850,000 and writing 20 loans in the first year. The commission received by the broker would be
$750,000 (20 x 0.70% + 20* 0.45%) = $119,000 (upfront) + $76,500 (Trail) = $195,500
Top brokers in Australia (See https://www.mpamag.com/au/best-in-mortgage/top-100-brokers-2022/429801) receive well in excess each year of $3M upfront commission and at least 3x that in terms of trail commissions for the life of the loan. Several Oxbridge brokers are doing exceptionally well earning 6 figure income. Some Oxbridge members are dual qualified in mortgage brokering and real estate which is a huge competitive advantage in the market place. Trail commission is really true passive income
The Oxbridge Finance Team
