[MFAA] WEBINAR: FROM AI HYPE TO HYPER-GROWTH: TURNING BUZZ INTO BUSINESS OPPORTUNITIES
- September 6, 2024
Dear Oxbridge Partners and Affiliates,
Event Details
Date and Time: Thursday 10 October 2.00 – 3.00pm (ACT, NSW, TAS, VIC) 1.30 – 12.30pm (SA) 12.30 – 1.30pm (NT) 1.00 – 2.00pm (QLD) 11.00 – 12.00pm (WA)
RSVP: support@oxbridge.com.au
Key learning outcomes:
1. Understand AI basics in mortgage broking: Grasp fundamental AI concepts relevant to the mortgage industry, including automation, predictive analytics, and customer insights.
2. Identify real-world AI applications: Learn about specific AI tools and technologies that can streamline operations, such as interest rate tracking, chatbots for customer service, process automation, customer data collection automation.
3. Leverage AI for business growth: Discover strategies to use AI to enhance lead generation, personalise client experiences, and optimise marketing efforts.
4. Navigate ethical, safe, secure and compliant considerations: Learn how to implement AI solutions responsibly to keep your customers data safe.
5. Develop an action plan for AI adoption: Leave with actionable steps to begin integrating AI into their business operations, including identifying the right tools, setting realistic goals, and measuring impact.
About the presenter
Adam Grocke
Founder and CEO of Fintech startup Sherlok.
Adam Grocke is the founder and CEO of Fintech startup Sherlok.
After 14 years as a mortgage broker (and winner of awards like Broker of the Year and Top 30 Brokers Under 30 in Australia), he was sick and tired of banks offering better interest rates to new mortgage customers while existing customers were being charged a ‘loyalty tax’ (a higher interest rate the longer they’re with the bank). So, he developed a solution: Sherlok uses AI to predict client churn, track interest rates and reduce a clients home loan interest rates if it’s too high. Available only via mortgage brokers to help their clients, Sherlok helps build higher value relationships with clients, reduces client churn and automates manual processes to save time and money.
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://www.afr.com/companies/financial-services/inside-the-unstoppable-rise-of-australia-s-mortgage-brokers-20240524-p5jg8b). 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
