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Mortgage Broker

Mortgage brokers offer free advice to people wanting to buy a house or property. This involves finding the mortgage options best suited to the client, and arranging finance on the client's behalf.

 

Tasks & duties

Mortgage brokers may do some or all of the following:

  • assess whether a client is eligible to borrow money for a house/property
  • explain the different types of mortgages to the client
  • discuss the mortgage options available from various banks
  • discuss any specials on offer from banks such as no application fee
  • 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
  • fill out an application form and collect supporting documents, such as bank statements and information of liabilities and assets, and submit the application to the bank
  • inform the client if their home loan has been approved or not
  • help to organise other home loan requirements such as building reports and a valuation of the client's home
  • help to organise insurance

 

Skills & 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
  • maths skills
  • computer skills, including a familiarity with computer accounting programs
  • good communication and listening skills
  • sales and persuading skills
  • organisational and time management skills

 

Entry requirements

To become a mortgage broker it is recommended that you are a member of the New Zealand Mortgage Brokers' Association (NZMBA). You also need to have a driver's licence and your own car, and must not have any criminal convictions.

 

Secondary education

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

 

Tertiary education

A degree in valuation and property management may be useful.

 

Training on the job

Skills are gained on the job. Some large mortgage broking companies run comprehensive in-house training programmes with exams.

 

Useful experience

Relevant work experience, such as work in real estate, is important in this industry. Useful experience also includes life experience, work in finance, accounting or banking (particularly in lending), sales experience, management roles or valuation and property management work.

 

Related courses

Real Estate

 

For more information, please refer to Career Services.

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