SPOTLIGHT ON HOME LOANS
VALUE ADDED
Q&A with home loans business MoneyQuest
I
f you see a home loans business as a value-add for your career, here is what you need to know about one of the players in the market. Michael Russell, managing director of MoneyQuest, answered our questions about the market and the brand. Q: HOW LONG HAS MONEYQUEST BEEN FRANCHISING? A: Five years. We launched our franchise model in May 2016. Q: WHAT DO YOU OFFER TO FRANCHISEES THAT MAKES YOUR BUSINESS A COMPELLING INVESTMENT? A: We offer the ability to earn an uncapped income while building a readily saleable asset. The nature of our remuneration – upfront commission at the time of settling a loan and an ongoing trail commission
paid monthly for the life of a loan – is commercially attractive when joining, throughout the life cycle of the franchise, and upon exiting. Additionally, we have waived our initial franchise licence fee of $9,500, and allow our franchisees to choose their working environment, whether it be a home office, an unbranded office, or a fully branded office. Q: WHAT QUALIFICATIONS DO FRANCHISEES NEED TO HAVE TO BUY A MONEYQUEST BUSINESS? A: First and foremost, prospective franchisees need to display a passion for helping others to improve their financial positions and realise their property dreams. Franchisees need a Certificate IV in Finance & Mortgage Broking FNS40815. They also need to obtain a membership with the Australian Financial Complaints Authority (AFCA), and join an industry association.
Once they are officially onboarded, MoneyQuest franchisees must meet the accreditation requirements of our approved lenders and suppliers, and within two years they need to complete a Diploma of Finance & Mortgage Broking Management FNS50315. Q: WHAT TRAINING DOES MONEYQUEST PROVIDE? A: It is imperative that our franchisees are well trained as they assist clients with making significant financial decisions and they handle sensitive information. So the training we offer new members is extensive, and importantly, ongoing, due to the ever-changing nature of the mortgage broking industry. Initially, new franchisees are required to complete an online induction course, which is accessible via MoneyQuest’s bespoke learning portal ‘eAcademy’ before one week’s face-to-face training at head office.
SURVEY REVEALS JOB SATISFACTION A recent survey of MoneyQuest franchisees reveals 96 per cent of those who responded describe themselves as either ‘totally happy’ or ‘mostly happy’ with their decision to become a mortgage broker. Mortgage & Finance Association of Australia (MFAA) CEO, Mike Felton, says this positive response is likely linked to the pivotal role mortgage brokers play in helping others to achieve their property dreams. “The fact that the vast majority of brokers are content with their choice of profession despite the trying circumstances of recent months and years is not only a testament to the resilience of those working in our industry, but also reflects the key role mortgage brokers play in the economy and the communities they serve. “Mortgage brokers play a critical role in providing access to credit, helping people to achieve one of life’s great goals in purchasing a property. This provides tremendous professional and personal satisfaction for brokers which I believe contributes to this survey outcome,” Mike Felton says. AUG/OCT 2021 | 57 | WWW.FRANCHISEBUSINESS.COM.AU
