What does it cost to become a Mortgage Broker

1. Start Up Cost Matrix
EXPENSE OPTION 1: OPTION 2:
UPFRONT UPFRONT + LEASING
PAYMENT
COMPANY Pty Limited Company $420+ (approx) $420+ (approx)
SETUP
Insurance $1200 (approx) $100 - $120 per month /
• Public Liability 10-12 months
•Professional Indemnity
• Workers
Compensation
MFAA
- Compliance Pack $210 $210
- Membership start up $505 $505
fee
COSL $65 monthly $65 monthly fee –
(Credit Ombudsman fee – commences 4th month
Services Limited) commences 4th after contract is signed.
month after
contract is
signed.
EQUIPMENT Acer Laptop $2135 $300 per month / 12
months
HP Financial Calculator $75 (approx) $75 (approx)
TRAINING Diploma Cert IV $2145 $2145
(Finance/Mortgage
Broking)
TOTAL $6755 $3370 Upfront +
(approx) $420 per month (approx)
Ongoing expenses to your business will include renewal of registration with MFAA,
Insurance and COSL monthly fee plus other operational expenses.
All figures are approximations and cost amounts may vary or change.