[Finance] WESTPAC LIVE Online Broker Update Wednesday 17th January
- September 6, 2023
![[Finance] WESTPAC LIVE Online Broker Update Wednesday 17th January](https://agents.oxbridge.com.au/wp-content/uploads/2023/09/westpac-300x263.png)
Dear Oxbridge Partners and Affiliates,
Hi All, We’re pleased to invite you to our first 2024 Broker Update with Damien MacRae, our Managing Director for Mortgages at Westpac Group and Ramez Habak, Head of Lending & Originations.
Join us on
Time and Date: Wednesday 17th January, 2023 11am AEST (10am QLD, 8am WA, 9.30am SA/NT)
to find out about some exciting changes to expect early in 2024, how the changes will improve the way we do business together and what it means for your customers.
- Updates to our Settlements Model
- Enhancements to our BrokerHub Pricing Tool
- Updates to our Broker Serviceability Tool/Calculator We’ll also be joined by our Head of Products & Servicing, Mirella Gallace and Executive Manager Pricing & Performance, Rachel Poole for a live Q&A session.
- MFAA and FBAA points will be allocated and provided at the end of the session.
1. To access the session, click on the following link on your computer or mobile device: Westpac Group – 2024 Broker Update (westpacview.com.au)
2. You will need to provide your first name, last name, and email address.
3. Once you have registered, your personalised password and link to the briefing will be emailed to you from ‘Westpac View (events@westpacview.com.au)’.
4. Please do not delete the Westpac View email as you will need to refer to the link and your password closer to the event time.
Mortgage Brokering is a phenomenal industry that offers truly passive income and the ability to build your book. The average income of mortgage brokers earns is $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 provides an excellent source of lead generation.
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)
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
