Mortgage Broker
Careers New Zealand
New Zealand
1d ago

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
  • organise insurance.
  • 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.
  • Entry requirements

    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.

    Secondary education

    There are no specific secondary education requirements to become a mortgage broker. However, useful subjects include maths, economics, accounting and English.

    Personal requirements

    Mortgage brokers need to be :

  • motivated
  • unbiased and honest
  • good communicators
  • good at persuading people
  • well organised, with good time management skills
  • able to work to deadlines and under pressure
  • able to keep information private.
  • Useful experience

    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)
  • sales experience
  • valuation and property management work
  • managing others.
  • Registration

    To practise as a mortgage broker you must be listed on the Financial Service Providers Register.

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