How much deposit is required for a bad credit mortgage?

Bad credit home loans tend to require a higher deposit because they're riskier for the lender. Mortgage insurers are less likely to provide cover for borrowers with bad credit history, and lenders see applicants without insurance as a potential red flag. By requesting a higher deposit, lenders take steps to protect their investment. What level of...

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4 unique marketing ideas for mortgage broker franchises

Potentially one of biggest benefits of joining a franchise agreement is the support you get in terms of marketing. With a national brand presence, your company benefits from recognition and the natural enquiries that generates. You also get a ready-made collection of lenders available to work with, without needing to market your services to them...

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What are the criteria of being approved for a prime mortgage loan?

Lenders are always looking for borrowers who fit their criteria for lending. In the prime loans market, the standard often includes meeting credit score requirements and being able to provide particular documentation.  However, one of the biggest challenges for borrowers is that no two financial institutions have the exact same criteria for their prime loan applications. As...

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Can a mortgage broker franchise opportunity really offer a six-figure income stream?

In short, yes. A six-figure mortgage broker franchise income stream is achievable with the right approach. Last year, Australia's top mortgage industry brokers earned $2.5 million each, while many more hit $1 million, according to Business Insider.  With options to reduce expenses by working from home and ditching the commute, as well as the benefit of...

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Why specialist lending is more lucrative

Specialist lending is a lucrative mortgage broker area because the tightening of the prime loan markets means more people are finding themselves looking for alternative solutions. In December 2017 the Australian government took the decision to form the Royal Commission, whose remit is to reduce irresponsible lending. As a result, banks and other providers are...

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3 steps to take when building a strategic plan for your mortgage broker business

Creating your strategic plan forces you to look at what you aim to achieve in your new mortgage broker business, and the steps you need to take to get there. It should be something you can refer to regularly to keep your decision making on track. It's therefore important that your strategic plan is put...

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Why new brokers need a different franchise business model

Being a broker is a great way to balance work with your other commitments. Using the right business model, it can also be a lucrative way to earn money, with a six-figure income a reality for the most successful brokers. However, around 50 per cent of new brokers fail within their 18 months because they don't adopt a business...

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Can you use an SMSF loan to finance commercial property?

Using your SMSF to buy commercial property is possible, and so is getting a lender to agree to a loan. There are a number of benefits to using an SMSF to purchase commercial property, as long as investment decisions are made wisely, and rules around SMSF investment are properly followed.  How do SMSF loans for commercial property work? The key thing to remember...

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