Home-based mortgage broker

Lenders pay you commission when a loan settles and then, in many cases, ongoing commission while it stays on the books. Clients generally don't pay unless you agree a separate fee up front.

Upfront commission on each settled loan, plus trail commission on loans that stay with the lender. Refinancing existing clients and referrals from agents, accountants and planners can build repeat work over time.

• Explaining money clearly and honestly
• Organised with paperwork and deadlines
• Building trust and networking
• Comfortable with numbers and loan comparisons

• You must be licensed or authorised as a credit representative to arrange credit, so check with ASIC before you take any clients
• Brokers must act in the client's best interests and keep good records, so check what compliance your aggregator requires
• Professional indemnity insurance and AFCA membership are normally arranged through your licensee, so check what is covered
• Income can be slow for the first few months because commission is paid only after settlement, so plan a cash buffer
• Aggregators and lenders can change commission and clawback rules, so read the terms carefully

Estimates suggest startup costs typically around $3,000 to $12,000, depending on your training, aggregator or licensee fees, software and home office setup. Check exactly what your licensee charges.

Monthly revenue is typically estimated at around $2,000 to $10,000, depending on how many loans settle and your commission terms. Income can be slow at first because commission is paid only after settlement.

You need to be licensed or authorised as a credit representative to arrange credit, so check with ASIC before taking any clients. Also check what compliance, professional indemnity insurance and AFCA membership your aggregator or licensee arranges.