SEEKING ADVANTAGE

Delivering extra in a home loan business.

If 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.

This training covers everything from loan application scenarios and role playing, to prospecting and marketing, to compliance and risk management.

We also offer a variety of professional development sessions, including a fortnightly network-wide Zoom led by the CEO and executive team, a session with our lenders and franchisees held on the last Wednesday of every month, and an annual national conference.

Q: WHAT OPPORTUNITIES ARE THERE FOR FRANCHISEES TO EXPAND THEIR BUSINESS?

A: The options are virtually limitless; we have single operator franchisees, and franchisees that have more than 10 staff. If the demand is there, franchisees can increase the size of their teams to meet it.

Q: THERE ARE A LOT OF HIGHS AND LOWS PREDICTED AROUND HOUSE PRICES. HOW DOES THIS AFFECT YOUR BUSINESS AND WHAT CAN YOU TELL US ABOUT THE MARKET POTENTIAL OVER THE NEXT FEW YEARS?

A:

House prices rarely stay flat for extended periods and are generally either rising or falling. It is difficult to predict changes in residential property prices too far in advance, however market economists believe that the property market will stay very buoyant, in the near term at least.

However, the New Zealand Government recently introduced a series of measures to curb rising dwelling prices, and our Reserve Bank and

APRA (Australian Prudential Regulation Authority) are closely monitoring this.

Q: WHY IS MONEYQUEST WELLPOSITIONED TO TAKE ADVANTAGE OF THIS?

A: MoneyQuest brokers are well trained to adapt to changes in the property market. Activity levels continue to remain high and our franchisees have the knowledge and resources to assist clients regardless of whether the property market is rising or falling.

Q: HOW DO YOU SEE REGULATORY ISSUES AFFECTING THE BUSINESS? A: Our industry recently underwent significant regulatory change with the introduction of the Best Interests Duty and we do not anticipate any further significant changes to be made in the near future.