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Melbourne, Australia

Buying a Mortgage Choice franchise was the right decision

An Australian Franchisee Case Study


Why I chose franchising and Mortgage Choice franchise

Choosing franchising was to enable me to make a move out of the corporate sphere. I also wanted to build an asset which would provide long term value for me. Looking around there were various franchising businesses and business models that would allow me to achieve both of those goals.

When I did decide on Mortgage Broking, my enquiries showed the standing and longevity of Mortgage Choice plus their systems and support made the decision to go to the Mortgage Choice franchise the right one.

What I did before taking up your Mortgage Choice franchise

Prior to franchising, I had worked in large corporations in the United States, Europe and Australia. My last position was with a Japanese auto maker, here in Australia, where I was on the company board and responsible for business development, strategic development and corporate planning for the Pacific area.

How I raised the finance

The purchase of a “Greenfield Site” – creating a new business from scratch, allowed me to seek lower financing. I used lending I had against my home and sold some shares to fund my capital requirements. Capital requirements took into account both the purchase of the Greenfield plus funds required in the start-up phase of the business where income was expected to be low.

The training and support I receive from my franchisor

Introductory training involved a two week induction which provided the base for my on-going business knowledge.

Following induction, the state based (Queensland) administration assisted with training to enable accreditation with the various lenders that operate with Mortgage Choice. Now that I am accredited, the State organization continue to organize and host education sessions around the various lenders and their policies and products together with training relating to the use of proprietary loan tools and key matters of compliance and business management.

There is an excellent support base at the State level with assistance available on the marketing and franchise development side. I had utilized their help to help me improve what I do.

On a national level, support is set up in Sydney Headquarters, which assists on functions across lending support, loan accounting, marketing, public relations, learning and development, IT and more. One service that is especially important to me at present is the lending support helpdesk I can contact with matters relating to lending. I am also grateful for assistance provided for the use of Mortgage Choice’s proprietary broking and loan qualification tools and the excellent support from its IT Helpdesk who assist with both rudimentary questions of PC usage through to more complex software and hardware issues. I have found those various support points to be excellent, accommodating and patient.

The challenges I have faced

Starting a Greenfield site meant going without any form of income for a number of months, at the same time whittling down my available funds. A further detriment to this challenge has been the plateau and decline in lending generally and a downturn in the real estate market. Those matters just put a further stress on funding. My old corporate salary is sometimes a very appealing memory but I know this is only a short term issue and am determined to succeed.

Self reliance is a given; one has to ensure that you don’t forget any element of the business mix – marketing, selling, administration, financing, accounting – ensuring a focus in all these necessary areas is highly challenging

Has becoming a franchisee changed your life, if so how

Franchising has provided independence. Not being surrounded by physical support structures, being essentially a one person band, means my job has to be my first and main focus. While I am building the business I have worked almost every day of the last year – that takes time away from other important concerns and responsibilities. Striving to build income is extremely important, however, I must remember and take into account those other extremely important elements of my family and non-work life.

My advice to someone thinking of buying their first franchise

Over capitalize and if possible work in the industry or an industry franchise prior to purchasing a franchise.

Know what you don’t know about the industry, system and regulation around the industry.

My plans for the future

The future is about building income and asset value. My plans revolve around ensuring that aspect of work life.

Would you do it again?

Yes, and my prediction of the timing of a turnaround in the financing and real estate market will hopefully come true

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