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Aussie casts out net for passionate brokers

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Australian Broker | 23 Jan 2017, 08:25 AM Agree 0
The mortgage franchise is on the lookout for “high calibre, dynamic and motivated” individuals to join its team
  • Mary | 23 Jan 2017, 09:24 AM Agree 1
    Does anybody believe a word that is written in this article. Aussie are well know to be the worst brokers in the Market. They are also well known to be the aggregator to go to if you have no industry experience and want to get your Diploma quickly. This article is more likely a realisation that their brand is becoming more damaged every day and hey now need some experienced brokers to come in and try and repair their brand.
    • | 23 Jan 2017, 02:07 PM Agree 1
      I'm sure Mary is the best broker in the market.
  • Cass | 23 Jan 2017, 09:36 AM Agree 1
    Haha this is fantastic! I was thinking the exact same thing. Good luck Aussie!
  • Brado | 23 Jan 2017, 10:03 AM Agree 1
    LOL... agree with the prior comments. and if Aussie are still keeping 60% or more of the upfront commission for themselves, how are they going to get high quality brokers... stop it!!!
  • Cubeman | 23 Jan 2017, 10:05 AM Agree 1
    I have always thought that brokers who start with Aussie assume that the smaller % of commissions are the same across the board - I don't know for sure, but assumed that's why their tenure of brokers was short.
    Having said that, full credit to Aussie who effectively started broking in Australia!!
    • Matty Mac | 27 Jan 2017, 09:03 PM Agree 0
      Mortgage broking was actually started in WA - by a couple of ex-AMP execs (AFG). It was well established in WA for at least a decade before the rest of the country started doing it and it became regulated nationally.

      Aussie were a (very) late comer to the game. They started the alternative funding model (funding supplied by Macquarie) that most now use. But that changed the market, lenders had to adapt and competition grew as a result. So Aussie, having been successful, no longer had the standout business as a lender offering the cheapest rates in the market, diversified by establishing their own broking arm and buying Wizard. Their broking model is geared towards new starters to industry with a heavy focus (99%) on their franchise model.

      If you were experienced or established you'd choose a hole in the head over Aussie.
  • Jaclyn | 23 Jan 2017, 07:48 PM Agree 1
    Well done Aussie.
    A great company to work with having the best supported brokers in the industry which I am proud to be part of.
    Balancing solid commission with the streams of customers that walk in my shop was an easy decision for my family.
  • Oak Laurel | 23 Jan 2017, 09:34 PM Agree 1
    Good luck to them. They are going to need it. We all need quality brokers. What makes this a newsworthy story?
  • Sami | 24 Jan 2017, 03:12 PM Agree 1
    An amazing company to work with and with the Aussie brand and benefits I settle more business then I ever did at my previous aggregator 6 years ago. Love both the Symonds men who have been legends in building this industry. Cant speak more highly of my experience here with their training and support being light years ahead of where I was. Thanks Aussie
  • Ruth | 25 Jan 2017, 12:47 PM Agree 0
    I always love a generalisation based on ignorance, unless you've been with Aussie you have zero idea of what you are talking about - if not for their willingness to take on someone without experience - unlike almost every other aggregator - the absolute best of the best would not even be brokers - 20% of the top 100 I believe?? All of whom were not experienced when they started. After 5 years in the industry I can say I would not be where I am without their help and support - but I guess if you are only focused on dollars you would be going elsewhere, thankfully I see commission as a part of the picture, not the whole picture.
  • Matty Mac | 27 Jan 2017, 09:21 PM Agree 0
    It's a good model for those starting out new to industry.

    However it provides no benefits to anyone who know's their trade.

    Aussie own everything you ever do and you can never leave with your book or trail nor sell it to anyone. You must work 10 years before you may retire from industry and have your trail paid ongoing (but not if you go to a competitor).

    The max you can ever earn is 70% and that's if you generate all your own leads/business - of which Aussie will own anyway after you write it.

    Their commissions are also tiered, meaning you'd have to settle $3.3mil a month for a max 70% pass through, and your book would have to be $100mil plus to earn a max 50% on your trail.

    They win the yearly Advisor award - because they only enter the franchise category of which there is no real competitor.

    And because of their brand, there are significant restrictions on what you can do and what you must do. Aussie brokers (outside of the franchise model) are directed/expected to do work more akin to an employee than a broker.

    There's no doubt they help many into the industry that never would have got a start anywhere else, but as one senior manager once said to me - "if a broker is good, they leave, if they are crap they leave (or we make them), so does that mean we're just average"

    And as one bank BDM (frm Aussie employee) put it - it's a great model if you're lazy (eg: can't find your own business/leads)

    They are moving to a Franchise only model, while they would contest that, their actions and structure suggest there will be very little of the "mobile" channel left in a few years time - especially If you're adding 100 stores a year.

    And they take up to two months to pay you for deals settled.

    I'm a frm Aussie broker (with them for 2.5yrs) now on my own. The grass is very much greener.
  • Shaun | 30 Jan 2017, 11:26 PM Agree 0
    Matty Mac sounds like one disgruntled person and as an aussie broker, I know his facts are very much incorrect.

    Good to see the tall poppy syndrome is alive and well in this forum.

    Aussie has been amazing to me and my colleagues and I wish them the best of luck as without the foresight and investment of the Symons this industry would not be anywhere near the powerhouse it is today.


    P.S. If Aussie has ordinary brokers why are so many of them always placed as the top loan writers in the industry-period... funny Matty Mouth.. lol
    • Matty Mac | 01 Feb 2017, 03:09 PM Agree 0
      I've added some commentary & discussion regarding this post/article. For some reason you've not like it and decide to have a go.

      So, in response I's say that I listed several specifics in my commentary all of which are correct and can easily be established. They were no Donald Trumps facts in my post - you had nothing to counter other that low level insults?

      Aussie is not a market leader. It a very small player. It ranks well below the dominant players in the market in both size of settlements and numbers of brokers. There's nothing that could be claimed as a powerhouse.

      And yes there are Aussie brokers listed in the top 100. That's good recognition for those brokers but a measure of how good an aggregator?

      Instead of a vague measure of "so many" I'll list some specifics. There are no Aussie brokers in the top 10 in the country. There are however 2 in the top 20 (14th & 18th) and another two inside the top 50 (39th & 44th). All of them are franchises / store principles or loan writers. So, if you would like to invest $200k or so to buy an AHL franchise on a 5x5 year term, (and have a bucket load of cash in the bank to pay for the overheads for the first 2-3 years) then yes, it looks like you could be 1 of 2 inside the top 20 or 1 of 4 inside the top 50.

      Happy to debate on facts my friend. But not on poor personal insults. Aussie tells themselves and the consumer they are the best, but by every measure (both internally and externally) that is false.

  • Joe | 30 Jan 2017, 11:40 PM Agree 0
    The Aussie brand machine certainly put mortgage Broking on the map with consumers and they thankfully continue to lead the charge for all of us however it is common knowledge that John Bignell founded mortgage Broking as we know it in Australia.

    Get it right sour Matty Mac
    • Matty Mac | 01 Feb 2017, 03:27 PM Agree 0
      Hello Joe

      Thanks for the insult. John founded The Mortgage Gallery. Not sure that's the same as founding mortgage broking.

      Aussie re-positioned as an aggregator/broker in 2002. So not so much put the industry on the map, rather one of the last of the recognised groups to join.

      Hope that meets your standards. Sorry I don't have a retaliatory insult for you - maybe just google insult and pick the first one that comes up.
  • Former CBA/Aussie Exec | 31 Jan 2017, 08:59 AM Agree 1
    Why are you all talking about Aussie, it's CBA in purple.
  • SCBroker | 02 Feb 2017, 09:14 AM Agree 1
    Matty Mac's comments are thoughtful and insightful, and I admire his (her?) restraint in not stooping to the level of retaliatory insults.
  • Chris | 11 Feb 2017, 09:07 AM Agree 0
    Well said. Interesting the comments of those who are not Aussie that make remarks about the quality of the broker when it is Aussie that has raised the bar as far as beng professional and making the consumer centric.
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