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More Mortgage Brokers offices up for lease...?

Discussion in 'Off Topic' started by mmerlin, 2nd May, 2008.

  1. mmerlin

    mmerlin Member

    Joined:
    30th Oct, 2006
    Posts:
    10
    Location:
    Melbourne
    Hey I don't know if this is a sign of the times, or just a coincidence, but I've seen three mortgage brokers offices up for lease here in Melbourne in the past 3 weeks

    - X inc
    - Mortgage Choice
    - One other (can't remember the exact name...)

    I suppose I shouldn't jump to conclusions... perhaps they are upgrading to larger premises!
     
  2. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    It's a very competitive market and they're simply not able to stay in business. Same story up here- though I've also noticed a few agencies closing down/reshuffling/going under due to trust funds mismanagement and other reasons. More listings, less buyers, investor loans down....

    Plus the big banks cutting MB fees (eg Westpac) can't be good for business.
     
  3. Bob

    Bob Well-Known Member

    Joined:
    16th Aug, 2005
    Posts:
    131
    Where is that unemployment office??????

    I have just run across this post. On top of the share market going south, the good news is that my job is being made redundant and my last day will be aptly 11 November (rememberance day). The deal states that I can have $2500 worth of training in any field plus $500 worth of financial advice. Looks like a visit to Steve's office. I have already completed a wine appreciation course so I was thinking of doing a Cert IV in financial services (mortage lending) but after reading the above I guess I might take that off the list. I would like to drop out and was thinking of applying for a job on Sydney Buses but I don't think I could take to those packbackers and people who sit down the back of the buses that haven't taken their medication. Then I started to toy with book keeping. But I don't want to make it too easy for Nick. I have run out of ideas. I don't think I will be LOE seeing that after this distribution it is eating into capital. Maybe I can get a job with LE sweeping the office and change my LVR after everyone has gone home.

    Bob
     
  4. Billv

    Billv Getting there

    Joined:
    15th Jul, 2007
    Posts:
    1,796
    Location:
    Sydney, NSW
    Bob
    And you are not the only 1.
    Business activity is down and company profits will be down,
    There is a bad feel in the air and its a worry.
    Hopefully the RBA will wake up before the ship sinks...:eek:
    Cheers
     
  5. Bob

    Bob Well-Known Member

    Joined:
    16th Aug, 2005
    Posts:
    131
    Redundancy

    I know. On top of everything my wife is interstate and I have been eating Hungry Jacks - so I am going to end up fat as well

    Bob
     
  6. Billv

    Billv Getting there

    Joined:
    15th Jul, 2007
    Posts:
    1,796
    Location:
    Sydney, NSW
    Ok back to the topic now,
    One more reason for brokers leaving the industry is the lower commissions.
    I've heard that the lenders are reducing the commissions they give to mortgage brokers.
    Cheers
     
  7. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi BV,

    This is correct, the banks have realised that they don't have to throw silly amounts at mortgage brokers to get their loans to be used. A few may also leave as it's a very quiet time at the moment for lenders.

    Cheers,

    Dan
     
  8. lorrimer

    lorrimer Well-Known Member

    Joined:
    4th Jun, 2006
    Posts:
    193
    Location:
    Brisbane, Queensland
    At last, somebody else is "smelling the coffee".
    I was getting the feeling that most on here think that the RBA is doing a great job in killing the Australian economy (see my oil thread). But still the talk is of yet another hike in August!
    The only people still spending in Australia are those directly involved in the mining boom, everyone else is struggling