Kaitakawaenga Pūtea Taurewa
Mortgage brokers offer advice to people wanting to buy a house or property, and find mortgage options and finance for clients.
Mortgage brokers who are permanent employees usually earn
$50K-$84K per year
Source: MBIE, 2015.
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. Find out more about the sources of our pay information)
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
- sales skills.
- 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.
What's the job really like?
Maria Pereira had worked a few different roles in banking before deciding she needed a change. "Mortgage broking appealed to me because it involves assisting people, and I could draw on the skills and experience I'd gained from working in a bank."
Closing a deal is the best part
Maria's favourite part of the job is closing a deal for her customers. "I always get a buzz out of helping clients, whether it's a first-home buyer or someone that's buying their tenth investment property. It's very satisfying to see the look on a person's face when their mortgage has been approved and they know they're going to get the house they really want."
Mortgage broking has its peaks and troughs
Maria admits that the job does have its drawbacks, particularly in times of economic doom and gloom. "There's a lot more hours, a lot more time advising people these days. A lot of people don't realise that the banks have tightened up credit, so it can be a bit of a challenge."
But even if they don't end up buying a house, Maria says she knows that the advice she's given still holds value. "To feel that I've done the best I could for the client gives me huge satisfaction. If you give people the time of day, they will remember you when they're ready."
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.
There are no specific secondary education requirements to become a mortgage broker. However, useful subjects include maths, economics, accounting and English.
Mortgage brokers need to be:
- good at maths
- 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.
You need to be good with your time management. You also need be very flexible and able to assist clients after hours, because a lot of people prefer to make evening appointments.
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.
To practise as a mortgage broker you must be listed on the Financial Service Providers Register.
Find out more about training
- Strategi Group
- 09 414 1300 - www.strategi.co.nz
What are the chances of getting a job?
Demand for mortgage brokers is good because:
- low interest rates are encouraging first home buyers to seek mortgage advice
- banks are competing to get home buyers
- Auckland's housing shortage is likely to continue for five to 10 years
- Wellington and Christchurch also have short supplies of housing.
According to the Census, 1,596 mortgage brokers worked in New Zealand in 2018.
Sales and relationship-building skills key for mortgage brokers
Chances of finding work as a mortgage broker are better if you:
- can build relationships easily
- have excellent sales skills.
Mortgage brokers work for brokerages or are self-employed
Many mortgage brokers work for national chains of brokers or smaller independent mortgage broking agencies.
Mortgage brokers can also be self-employed.
- Colliers, 'Colliers International Property Predictions for 2016', 22 January 2016, (www.mortgagelinkhawkesbay.co.nz).
- Edmunds, S, 'New Years Resolution: Buy a House', 11 January 2016, (www.stuff.co.nz).
- Edmunds, S, 'REINZ Data Shows Property Market Heat Spread Nationwide', 18 December 2015, (www.stuff.co.nz).
- Harris, C, 'Auckland Housing Shortage to Continue Despite Reforms', 19 March 2015, (www.stuff.co.nz).
- Ministry of Business, Innovation and Employment, '2006-2014 Occupation Data' (prepared for Careers New Zealand), 2015, (www.mbie.govt.nz).
- Ministry of Business, Innovation and Employment,'Occupational Outlook – Financial Advisers and Brokers', 2016, (www.mbie.govt.nz).
- Nichols, L, 'Mortgage War Heats Up', 2 May 2015, (www.nzherald.co.nz).
- Stats NZ, '2018 Census Data', 2019.
(This information is a guide only. Find out more about the sources of our job opportunities information)
Progression and specialisations
Experienced mortgage brokers can buy their own franchise or move into property management.
Last updated 17 September 2020