Pay for mortgage brokers varies depending on experience, reputation in the industry, and how much work they get.
Mortgage brokers who are permanent employees may earn between $50,000 and $84,000 a year.
Self-employed mortgage brokers may earn much more than this.
Most mortgage brokers earn commission.
Source : Ministry of Business, Innovation and Employment, '2006-2014 Occupation Data' (prepared for Careers New Zealand), 2015.
This information is a guide only. )
What you will do
Mortgage brokers may do some or all of the following :
assess whether a client is eligible to borrow money for a house / property
explain mortgage options and bank offers to the client
advise on the structure of mortgages and loans
calculate mortgage repayments
explain the home-buying process to the client
liaise with the bank on the client's behalf
liaise with other parties, such as lawyers, valuers and real estate agents, on the client's behalf
complete application forms for clients
organise building reports and home valuations
Skills and knowledge
Mortgage brokers need to have :
knowledge of the mortgage and home-buying process
knowledge of the different types of loans available
understanding of banks' home loan interest rates and mortgage-lending policies
an understanding of financial reports and statements
computer skills, including a familiarity with computer accounting programs
Mortgage brokers :
usually set their own hours according to the availability of their clients, and sometimes need to work evenings and weekends
spend most of their time working in an office environment
may travel to clients' homes or workplaces.
Mortgage brokers need to become Authorised Financial Advisers (AFAs). To become an AFA you need to :
gain the National Certificate in Financial Services Financial Advice (Level 5)
get authorisation to practise from the Financial Markets Authority (FMA)
join and register with a Dispute Resolution Scheme (DRS)
be registered on the Financial Service Providers Register (FSPR).
Some large companies run in-house training programmes for brokers.
There are no specific secondary education requirements to become a mortgage broker. However, useful subjects include maths, economics, accounting and English.
Mortgage brokers need to be :
unbiased and honest
good at persuading people
well organised, with good time management skills
able to work to deadlines and under pressure
able to keep information private.
Relevant work experience, such as work in real estate, is important for mortgage brokers. Other useful experience includes :
work in finance, accounting or banking (particularly in lending)
valuation and property management work
To practise as a mortgage broker you must be listed on the Financial Service Providers Register.