Directory
Mortgage Choice Franchise Featured
#2 franchise Overall on topfranchise.com.au
#1 franchise in Rewards on topfranchise.com.au
#1 franchise in Rewards on topfranchise.com.au
Area: Financial Services
Business Established: 1992
Units/Locations: Over 300 franchises nationally
Initial Investment: $32,000 +GST + 6 to 12 months working capital
Agreement Terms: 5 yrs with 5 year option to extend
Training: Comprehensive training in Sydney including a compulsory Certificate IV in Financial Services
Marketing Support: No marketing levy, national and state advertisement provided
FCA Member: Yes
Awards: 2009 MFAA Retail Aggregator / Originator of the Year, topfranchise.com.au top 10 Franchises list, MFFA 2008 Best in Mortgage and Finance Industry, Australian Banking and Finance Awards Best Mortgage Broker in 2004, 2005, 2007
Multi-Unit Ownership Allowed: Yes
Average Set up time: 2 months
How many products or services: 500
Ratio of Support staff per franchisee: 1:20
Business Model:
Pure broking model - not a finance provider, the company pays the same commission to brokers regardless of the lender product chosen.
Main Costs:
motor vehicle
administration
telephone
administration
telephone
Main products or services:
residential mortgage broking
commercial mortgage broking
insurances
leasing
personal loans
commercial mortgage broking
insurances
leasing
personal loans
Comparitive store growth: Initially most franchisees operate from home and have the option of moving to retail premises when the time is right (after on average 2-3 years).
Last Surveyed: April 2010
Participation Rate: 52%
Survey Results
Description
DescriptionMortgage Choice is Australia’s leading mortgage broker, with a national network of more than 300 franchises supported by Group and State Offices. It provides professional home loan advice on, and choice of, products offered by an extensive panel of Australia’s leading lending institutions and its accredited loan consultants do not charge customers for their services.Mortgage Choice does not have its own products and franchisees are paid the same commission regardless of the lender or product chosen by the borrower*.
Mortgage Choice is a pure play distribution model with no balance sheet or funding risk, and consistently delivers strong profits and attractive yields. The financial results for the end of 2009 have recently been published, and the loanbook figure is $37.7 billion as at 31 December 2009. The company listed on the Australian Stock Exchange in August 2004 (ASX sign: MOC). View more financial franchise opportunities.
Future Plans
The Mortgage Choice business is built on a series of partnerships. A critical partnership is the one we have with our franchise network, a team of committed, entrepreneurial, independent business people who put enormous energy and time into meeting their customers’ needs and, as a result, grow their own businesses. Looking forward, the Company will continue to focus on key issues such as our franchise operations, learning and development for our franchisees, as well as our Rookie development and mentor program. At the same time, there will be a strong emphasis on helping franchisees to improve their productivity.
Testimonials
John Mancimelli NSWThe thing about Mortgage Choice is that you don’t need to reinvent the wheel to be successful as a mortgage broker. What you are buying into is a proven system with you at the centre controlling the levers. You replicate the system, take full advantage of the resources made available to you and learn from other experienced franchisees only too willing to help you.
Your success is then dependent on you and hard work. With the right attitude and willingness to do what it takes, there is simply no excuse for failure.
