About Us

Established in 1996, Buyers Choice Home Loan Advisory is a leading national broker group.

The Buyers Choice business model provides members with a secure, low cost, efficient and comprehensive business operating platform which supports our national network of Diploma qualified, experienced and accredited Mortgage and Finance Brokers.

Buyers Choice is a business built by “loan writers” for the benefit of “loan writers”. Membership extends to all major capital cities, also many provincial centres and is available to qualified mortgage professionals who desire to provide quality services and advice to their clients and uphold the highest standards of the Australian mortgage industry.

All Buyers Choice advisers are full members of the Mortgage and Finance Association of Australia (MFAA) or Finance Brokers Association of Australia (FBAA); they carry professional indemnity insurance and CIO membership (Credit and Investments Ombudsman Service) for their business operations. Buyers Choice is a full member of the MFAA and is the largest group member of the Professional Lenders Association Network of Australia (PLAN Australia).

Benefits

Buyers Choice deliver a comprehensive support service including

  • Fully Branded Business model including marketing support with an extensive library of branded collateral.
  • Assistance with all the documentation required for the application process to obtain your credit representative appointment and lender accreditation.
  • Business planning and CRM support
  • You have full access to the Buyers Choice head office team for support and guidance
  • The Buyers Choice network of members (incl. Facebook private Group “Buyers Choice Member Network”) is an active and supportive community providing valuable real-time assistance.

Once you have decided to join Buyers Choice, you can be ready to trade and provide credit advice for customers within 8 weeks of joining our program and completion of all requirements for appointment as a Credit Representative. If you have customers requiring assistance prior to your appointment as a Credit Representative, we can connect you with another licensed broker within the group to assist.
You can choose to leverage our branded model and trade using the Buyers Choice name, or you may choose to design and establish your own brand.

For those wishing to save time and money Buyers Choice provides a comprehensive branded business solution.

By choosing our company branding your initial business set up timeframe and costs are reduced by leveraging the Buyers Choice Mortgage & Finance trading name.

Under this model, you receive:
  • Authority to trade using the Buyers Choice Mortgage & Finance brand
  • Personalised Business Cards for the life of your membership
  • A personalised website landing page
  • A personalised email account & cloud storage solution
  • Automated document collection software
  • Branded presentation folders
  • An extensive range of marketing materials
  • A regular electronic newsletter
  • Property valuation reports
  • A branded business shirt and access to a branded business wardrobe
  • Licence and Lender accreditation support
  • Access to web-generated leads
  • Access to credit reports
If you choose to proceed with your own branding the cost of developing the brand is your expense.
Our aggregation service provides a comprehensive solution which is packaged into one simple fee which is charged on a commission sharing basis. For new entrants this is the most attractive model as the timing and amount of your business costs match the timing and amount of your commission income.

Mortgage & Finance Broking is a commission renumerated industry and it takes a number of months for your commission income to flow. The Buyers Choice commission split model provides members with a variable cost aggregation service which avoids you having to pay high fixed monthly fees at a time when you can least afford them.

Buyers Choice have an excellent long-standing relationship with PLAN Australia, one of Australia's largest and most respected aggregation firms. As part of our arrangements, a PLAN Australia Business Development Manager is also available (in addition to the Buyers Choice team) to help support you on the ground for many of your everyday service needs.

The Buyers Choice head office team will assist you with all the documentation and application process to achieve credit representative appointment and lender accreditations. You are also provided professional marketing support, business planning guidance and easy telephone and email access for all and any support you will need in your business.
Our Members’ incomes are secured, managed and paid via our independent Trustee arrangement with Tower Trust direct to your nominated bank account at no additional cost. The trustee structure is separately funded and administered to provide security and continued distribution of all commissions to Members regardless of continuing membership of the Buyers Choice group.

This security is a key aspect appreciated by our membership allowing brokers to join the Buyers Choice Group knowing that ownership of their client base and income entitlements are guaranteed.
The Buyers Choice team can assist with your targeted marketing campaigns and ideas. We provide access to an array of marketing templates, Email Direct Marketing and other resources for you to utilise. These are ideal for local area marketing, targeted offers, referral campaigns, online marketing and consumer publications, helping you generate new business and stay in touch with your client base.
In addition to your mentor program, both PLAN Australia and Buyers Choice run a comprehensive professional development and events program including:
  • Multiple professional development days.
  • A heavily subsidised national conference.
  • Lender workshops
  • Webinars
  • Local based training and social events
  • Digital training options
  • Member Network online support group
Partnering with PLAN Australia, our members are provided with Podium 2.0,

Podium is an efficient, easy to use and functionally rich system designed to help maximise customer relationships and grow your business. In its design and ongoing development, extensive research was conducted to respond to the technology and CRM needs of the broker market. Automated marketing, business and compliance tools work together to provide an end to end experience for you and your customers. Enhanced modelling capability and a rapid data capture process make loan lodgement simple.
As a Credit Representative, you are provided with access to tools, resources, templates and training to assist in meeting your compliance obligations.

Regular audits are conducted to provide guidance to assist you manage your ongoing compliance obligations.
With an extensive panel of more than 30 lenders, Buyers Choice members are able to offer their clients a wide range of suitable and competitive loan solutions.

Our white label offering, PLAN Lending, is exclusively available to our brokers, delivering excellent value to both the customer and the broker.

We provide attractive options for experienced Commercial and Asset Finance brokers and also for our members looking to diversify income streams by referring this business through an internal referral program. Training and development pathways are provided to those members seeking to specialise in the Commercial and Asset Finance.

New to The Industry

At Buyers Choice we specialise in supporting new entrants to the industry.

Please take a moment to view this short video from our Managing Director.

We have been running this program since 2012 with great success; our trainees have successfully established their new Mortgage Broking businesses, generating strong and growing incomes.

New entrants can start with the minimum educational requirement of a Certificate IV in Financial Services – Finance & Mortgage Broking (FNS40811), which can be obtained through one of our recommended courses or from other MFAA Preferred Training Providers. Once this is obtained you are ready to commence your business Before commencing with Buyers Choice.

You may choose to complete Certificate IV in a classroom, online or by correspondence, some of our preferred training providers are:

AAMC Training Group
Ph: 1800 662 262
www.aamctraining.edu.au

Finance & Related Services Training Academy (FARSTA)
Ph: (07) 3368 2719
http://www.farsta.com.au

Walker and Miller
Ph: 1300 136 947
http://www.walkerandmiller.com.au

From our experience, “face to face” training is the quickest and most successful mode of training. It is more expensive however you receive greater support and a much quicker result.

When registering for your Certificate IV please advise the training provider you are with Buyers Choice and a discount may apply.

Following completion of your Certificate IV an Initial Compliance Pack is also required, this is an online course provided by the MFAA - www.mfaa.com.au/develop/Pages/courseregistration.aspx?CourseNumber=548172
Or by the FBAA - www.fbaa.com.au/broker-training-courses

The Diploma of Finance and Mortgage Broking Management (FNS50315) is the minimum education level required by the Mortgage and Finance Association of Australia (MFAA) and major lenders. As a member of Buyers Choice, enrolled in an approved Mentor Program, you may commence with Certificate IV and upgrade to the Diploma qualification within 12 months.

Much of the training you complete during the initial 12 months of your Mentor Program will assist towards obtaining your upgrade to the Diploma level.
At Buyers Choice we understand it can be difficult to transition from a salaried job to owning and running your own business. There are costs involved in the establishment of any business and given that this is a commission-based industry, it can be four to six months before any commission income starts to flow.

Our business solution has been designed to allow participants to remain in paid employment, commence with Buyers Choice and transition into full time business over an extended period (e.g. 6 to 24 months). A staged transition greatly reduces the initial financial impact and allows participants to focus on learning and developing a sound business foundation.

Buyers Choice provides participants with a clear structured pathway to becoming a professional Mortgage Broker.
Professional Mentoring (for 2 years) is an essential component of our program and is a requirement of the Industry. When commencing in the industry, new entrants are required to engage a Mentor to support them as a Mortgage and Finance Broker until they have achieved a two years’ loan writing experience.

Buyers Choice have long-standing partnership arrangements with trusted professional Mentors and mentoring groups for new entrant recruits to the Mortgage Broking industry. In addition, there are several other MFAA preferred mentor programs to choose from offering a range of solutions. The content, delivery, location and cost of mentoring (for the required 2 year period) varies greatly, so it is important that you select a mentor and mentor program that fits your business needs.

The Mentor is required to declare at the point of the Mentee's first and second MFAA membership renewal (or on attainment of two years' experience, whichever occurs first) that the Mentee has undergone a mentoring program which ensures the Mentee is able to operate as a 'competent' loan writer.

'Competent' means:
  • the Mentor is satisfied that the Mentee can satisfactorily conduct a client interview unassisted, (including, where relevant a First Home Buyer Grant) including completion of loan/finance application forms and carrying out stamp duty and LMI calculations;
  • the Mentee has completed a minimum of 12 settled loan applications vetted and signed off by the Mentor or a similarly experienced delegate;
  • the Mentee has maintained a log of all relevant loan writing activities during the Mentoring period;
  • the Mentee must have achieved the required CPD hours for the period of membership; and
  • the Mentee has completed a minimum total of two years loan writing experience gained within the previous five years through Mentoring including any previous relevant loan writing experience in that time.
Depending on your location and specific needs, Buyers Choice will assist you by providing guidance on which of our recommended MFAA Accredited and Buyers Choice Approved Mentors you may wish to consider.
Mortgage Broking is an inexpensive business when compared to many others. Apart from the initial costs of your 2 year MFAA Approved Mentor Program, all brokers have a number of normal business operating expenses. Below are listed the major costs you should consider in your budget and business plan.

Basic Equipment & Operating Costs
  • Mobile phone costs. We suggest you have a modern smart phone like an IPhone or Android handset with a data allowance to enable email etc.
  • Modern Laptop and/or Desktop PC with internet access via a broadband connection.
  • Multifunction Printer/Scanner/Fax
  • Motor vehicle expenses
  • Home Office or Serviced office setup
Required ongoing Professional Costs
  • Membership of an Industry Professional Association - MFAA (Mortgage and Finance Association of Australia) or FBAA (Finance Brokers Association of Australia). Approx. $450 pa
  • Membership of the Credit and Investments Ombudsman. Approx. $145 pa
  • Professional Indemnity Insurance - Buyers Choice leverage a discounted group policy. Approx. $50 pm
  • Credit Representative Fee. Approx. $170 pm
  • Total annual Professional Costs $3,235
Below is an example of approximate total costings per annum, over an initial 3 year start up period:

Ongoing annual costs –
YEAR 1
  • Credit Representative Fee: $2040
  • Professional Indemnity: $600
  • Industry Body Membership: $650 (inc App fee)
  • Ext. Dispute Resolution Scheme: $345 (inc App fee)
  • TOTAL (approx): $3,635
YEAR 2
  • Credit Representative Fee: $2040
  • Professional Indemnity: $600
  • Industry Body Membership: $450
  • Ext. Dispute Resolution Scheme: $145
  • TOTAL (approx): $3,235
YEAR 3
  • Credit Representative Fee: $2040
  • Professional Indemnity: $600
  • Industry Body Membership: $450
  • Ext. Dispute Resolution Scheme: $145
  • TOTAL (approx): $3,235
Other costs which may apply
YEAR 1
  • Cert IV: $600 - $1250
  • Diploma: $600 - $1250
  • Mentoring *: $6000 (approx)
  • Buyers Choice Branded package: $2178
  • Your choice of branding: Unknown
YEAR 2
  • Cert IV: $0.00
  • Diploma: $0.00
  • Mentoring *: $6000 (approx)
  • Buyers Choice Branded package: $1188
  • Your choice of branding: Unknown
YEAR 3
  • Cert IV: $0.00
  • Diploma: $0.00
  • Mentoring *: $0.00
  • Buyers Choice Branded package: $1188
  • Your choice of branding: Unknown
*Mentoring – Mentor fees vary depending upon your choice of program. These can range from $7800 to $14,000 over the two-year mentoring period.