We provide comprehensive support services to assist you in building and growing your broking business. Our support services include;
- Practical induction training, setup and advice.
- Participation in ongoing professional development days.
- We check and review your loan applications for compliance.
- Access to your experienced lending personnel.
- Hundreds of downloadable tools, marketing & support services.
- Assistance with loan scenarios.
- Assistance preparing loan applications.
- Ongoing phone and email access with mentoring personnel.
We have both a fully branded franchise broking model (franchise broker) and as well as an independent (member broker) model. Choose the model that suits your business strategy and goals.
No, There are two options in regard to licensing:
- Become an Authorised Credit Representative (ACR) under our licence (most brokers follow this option) or
- Hold your own Australian Credit Licence (ACL). (min 2 years experience in credit required)
Yes. You must hold and maintain your own Professional Indemnity Insurance cover. We have relationships with insurance provides that can provide you with highly competitive group policy premiums at discounted pricing to benefit your business.
Most of our models have no minimum volume requirements. Our objective is to ensure that you achieve consistent growth through volume increases, it is in both our best interests to ensure that you achieve consistent month to month settlements.
Yes, our lender panel includes general insurance and life insurance providers covering a wide range of insurances including home contents insurance, building insurance, landlord insurance, motor vehicle and life insurance (mortgage protection) policies, and deposit bonds. Our brokers also have access to our panel asset finance manager to provide finance for a range of assets including but not limited to cars, boats, trucks, machinery, plant and equipment.
All our brokers receive complimentary basic mentoring services to assist with your day to day business operation. Our approach to mentoring is highly flexible and provided on a case by case bases customised to suit your individual needs.
No, we provide maximum flexibility for you as a franchise partner with no territory restrictions. If you decide to operate from a branded fixed premises, approval for your location will be considered relative to the proximity of other existing fixed premise franchisees.
Under FBAA membership requirements, an applicant with less than 2 years experience (over the past five years) in the finance industry, must be nominated for membership by another member (or member’s representative) who undertakes to mentor (or ensure the mentoring of) the applicant (mentee) until they have had at least 2 year’s experience. When joining Redrock we provide you with this nomination.
How long the process will take will depend on what per-requisite requirements you have already met. Essentially in order to start writing loans the following is required, which form part of the application process;
- National police check
- Bankruptcy search
- Credit check
- Minimum certificate IV in finance and mortgage broking
- Membership with an approved external dispute resolution scheme Australian Financial Complaints Authority (AFCA)
- Membership with the Finance Brokers Association of Australia
- Professional indemnity insurance
All of the above steps have varying time frames for completion. We have ongoing affiliate relationships with many providers and we will assist you throughout in completing each process.
Our member agreement is for a minimum term of 2yrs to coincide with industry mentoring requirements for new to industry. Our franchise agreement has an initial term of 5yrs. This is to ensure that new to industry members receive the full breadth of support, mentoring and training required to gain the necessary hands on industry experience to successfully establish their broking business. At any time should you wish to exit, 30 days notice is required.
Yes, as an independent business operator you can charge brokerage/service fees for your time and advice as long as the fees are disclosed to your clientele and in accordance with any relevant compliance requirements.
We operate on a case by case basis when it comes to mentoring. Assistance and access to various educational, credit and compliance tools along with support from Redrock mortgage professionals is available for any ongoing assistance you require. Most of our brokers have business experience, whether it be in real estate, accounting, financial planning or similar. We realise that depending on your individual circumstances the levels of mentoring and/or assistance required will vary.
Yes, there are several commercial lending options available. Whilst commercial lending generally requires more experience and skill the opportunity for commercial mortgages and other commercial finance is available.
Mentoring is not a legislative requirement under NCCP for credit representatives. However, industry bodies such as FBAA require new to industry brokers to receive support and mentoring. When joining Redrock as a new to industry broker you will receive comprehensive training and ongoing support by experience mortgage professionals to give you the tools and knowledge to remain compliant and successful.
The minimum educational requirements required by the industry regulator ASIC to become a mortgage/finance broker is Certificate IV in Finance and Mortgage Broking. A Diploma level qualification is NOT required although you may choose to do this educational course if you so desire.
New entrants to the industry, as well as financial services professionals including Accountants, Financial Planners and Real Estate Agents wanting to add credit services to their business.
Yes. The information you provide in the joining process is strictly confidential and is only used for assessment and compliance purposes.
Buying a franchise, as opposed to starting a business from scratch, sets you up for success. The mortgage broking industry is a highly competitive marketplace, as a Redrock franchise owner not only will you have a professional branding and marketing support, you will also have instant access to the resources, knowledge, experienced personnel all within an established brand along with receiving loan enquiries each month to bolster your broking business development activities.
We don’t provide leads, however we receive a large number of loan enquiries from around Australia which we regularly distribute to our franchise partners.
Absolutely. We have a large and diverse lending panel including all the major banks to ensure you have access to the most competitive interest rates and flexible finance products in the Australian mortgage market.
Yes, working from home and being a mobile business owner is a viable option to reduce initial overheads and give you lifestyle efficiencies. You may choose to expand your business and lease an office in the future, but it’s not mandatory.
Your earning capabilities have uncapped potential. You can grow your business from a standing start to earn a significant six figure income, in just a few short years. With hard work, dedication and commitment our unique broking model provides you with more income opportunities per loan than most others. You can take a look at your indicative earning potential using our online calculators.
Mortgage broking is a personal relationship business, as a broker partner you’ll generate business through client referrals and repeat business as well as your network of personal contacts.
If you become a franchise partner with us you’ll also benefit from being part of an established and trusted brand in the mortgage market. You’ll be provided with professional branding on a range of collateral to give you a highly professional image and tools to help promote your business. In addition you’ll also receive loan enquiries generated from national marketing and promotional campaigns to bolster your sales pipeline.
A key benefit of owning your own business is having the ability to tailor your hours to fit your lifestyle. Your schedule is very much your own. If you decide to become a franchise partner our standard operating hours are generally between 9am and 5pm Mon-Fri, however on occasion you may be required to provide after hours service including evenings and weekends in order to meet clients when and where it suits them.
Your mortgage broking business can operate on a relative low ongoing overhead. In the first instance we recommend you set aside some additional capital to cover basic startup costs as well as running costs associated with promoting your business whilst you build your loan trail book.
Items to consider include provision for a laptop & or desktop PC, software, printer and scanner and mobile phone. The amount of capital required will vary considerably depending upon the nature of your business operation, budget and whether or not you have any support staff.
Formal qualifications include Certificate IV in Finance Mortgage Broking which forms part of our onboarding and accreditation process. A background in sales, customer service, banking, financial services, insurance, accounting, financial planning, real estate, consulting, conveyancing are highly regarded but not mandatory.