[Finance] Referral Finance Income for Non-Brokers
- March 17, 2023
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Dear Oxbridge Partners and Affiliates,
Oxbridge is one of the largest mortgage brokers in Australia with over 100+ mortgage and private finance brokers attached to Oxbridge Finance and Oxbridge Capital. If you are thinking of becoming a mortgage broker this session is not to be missed. There are a few professionals within Oxbridge that hold the unique combination of mortgage brokering, migration agent and real estate full license qualification.
One of our partners in finance is Valiant Finance, who now offer a simple all-in-one quoting and application platform for asset & business finance. On top of this it offers franchise finance, working capital and car finance. For non-mortgage broker you will receive up to 75% of the commission for simply referring a client. We have the pleasure of inviting Jackline Trajkovski (Sales Director) to speak about this to our members. After this session we will create your own login so you can earn finance and trail commission income.
Date and Time: Tuesday 11th July, 2023 12.30pm AEST (WA:10.30am, SA/NT: 12:00pm)
Zoom: https://zoom.us/j/6806901300
ABOUT THE MORTGAGE BROKERING BUSINESS
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)
The key to a successful mortgage broking business are the leads. With over 4,100+ online listings and another 1,000 off market listings the Oxbridge Real Estate business provides an excellent source of lead generation.
Working on a typical loan size of $750,000 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%) = $105,000 (upfront) + $67,500 (Trail) = $172,500.
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 and Oxbridge Capital Team
