Ever wondered about a mortgage broker’s salary? According to the Mortgage and Finance Association of Australia (MFAA) data, mortgage brokers earn an average of $142,000 per year prior to costs.
Data on mortgage broker earning comes from the MFAA’s Industry Intelligence Service Report 3 (10 April 2017) and uses mortgage aggregator data collated by Comparator to produce business benchmarking and industry information for brokers.
The report compiled figures from 1 April 2016 to 30 September 2016 and found that brokers earn a national average of $83,000 in gross upfront commission and $60,000 in gross trail commission per year.
On a national level, brokers settled an average of $6.02m worth of loans each during the six-month period. This equaled an average number of 21 new loan applications and an average loan book of $37.5m per broker.
The average broker market share from July to September 2016 remained stable at 53.6%, a drop of 0.1% from the prior three-month period.
Nationally, the broker population was approaching 16,000 with 925 more brokers entering the industry in the six months between April and September 2016.
Another surprising finding from the report was that 18% of mortgage brokers did not settle a loan in the six-month period studied—an increase of 3% from the six months prior.
Are you thinking of becoming a mortgage broker or are you a mortgage broker that is struggling to find clients needing a mortgage? Oak Laurel may be able to help you! Our directory can provide you with jobs available now and also client leads to get you going in achieving a lucrative career.
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