Australian Broker 18.19

OCTOBER 2021 ISSUE 18.19

Excitement is growing for the AMAs The Australian Mortgage Awards 2021 will honour the best in the industry /18

High-flying brokers capture a niche Crew Financial’s pilots and cabin crew pivot to new career /22

v House price growth set to continue Property analyst Michael Matusik examines price trends /26

ALSO IN THIS ISSUE…

GERALD FOLEY National Mortgage Brokers is celebrating 20 years of being a trusted partner to brokers and helping them build successful businesses /14

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Opinion Lisa Llewellyn’s top tips on marketing during a pandemic /24 Big deal Broker Andrew Paterson turns to NOW Finance for a client solution /25 In the hot seat Broker Clair George explains why she loves complex loan scenarios /30

27/09/2021 3:26:08 pm

NEWS

IN THIS SECTION

Lenders Westpac CEO raises concerns over housing affordability /04

Aggregators Brokers urged to get ready for boom in property sales /06

Technology NAB now an open banking accredited data recipient /08

Market Cash flow problems affecting SMEs, says Apricity /10

www.brokernews.com.au OCTOBER 2021

GLOBAL WATCH What’s happening in the mortgage, broking and banking world in the United States and Canada? Here’s your snapshot of the news that matters most in North America

EDITORIAL

SALES & MARKETING

Editor Antony Field

Publisher/Sales Manager Simon Kerslake

News Editor Mike Wood

CORPORATE

Production Editor Roslyn Meredith

Chief Executive Officer Mike Shipley

ART & PRODUCTION

Chief Operating Officer George Walmsley

Designer Cess Rodriguez Production Manager Alicia Chin

US LOAN DEFERRALS AT LOWEST POINT SINCE PANDEMIC BEGAN in active forbearance (loan deferrals) in the US have decreased by 22,000, marking the first time the number of forbearances has fallen below 1.6 million since the start of COVID-19. Data from Black Knight’s report revealed that nearly 1.6 million borrowers remain in forbearance plans, representing 3% of all active mortgages as of 14 September. Overall, forbearances are down 156,000, or 8.9%, month over month. “Both new forbearance plans and plan restarts rose this week, with new plan starts trending higher since mid-August,” Black Knight said. About 218,000 borrowers exited forbearance plans over the first half of September. Meanwhile, plan extensions are at their lowest since the start of the pandemic, with only 45,000 plans extended this week.

MORTGAGES

Customer Success Manager Andi Zbojniewicz

Managing Director Justin Kennedy Chief Information Officer Colin Chan Human Resources Manager Julia Bookallil

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MAJORITY OF U.S. HOMEBUYERS REGRET PURCHASE – STUDY whopping 67% of American homeowners who have bought a home within the past five years have regrets about their purchase, according to a survey by fintech NerdWallet. The Home Regrets study polled 2,063 people across the US. Of those, 450 had purchased a home within the last five years. The study by Harris Poll suggested that a “win-at-all-costs attitude” among homebuyers, along with the scarcity of inventory and a bidding war for homes, may have contributed to the sense of regret. As of July, homes had typically been on the market for only 18 days, compared to 41 days over the past five years. The number of homes on the market had also fallen by 55% since September 2019. NerdWallet data analyst Elizabeth Renter said the market was “pushing people to make sacrifices and to bend in ways they normally wouldn’t, because it’s such a strong seller’s market”.

A

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DON’T EXPECT REVERSAL OF URBAN EXODUS, SAYS CANADA BROKER Canada slowly emerging from pandemic restrictions and office and retail spaces WITH reopening, it might be assumed that the so-called “urban exodus” will slow, or even see a reversal. Not so fast, according to Dwight Trafford, principal broker at Ontario-based brokerage The Mortgage Centre. While he said that an outflow of people from Toronto towards more remote, rural areas was a prominent feature of COVID, the success of work-from-home arrangements – and the likelihood that hybrid models would continue – could mean that most of those who left their city homes would decide against moving back. “Almost all of my staff are now working from home, and it hasn’t really affected their productivity at all,” Trafford said. “I think working remotely is positive for families and their lifestyle all round.”

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27/09/2021 11:58:36 am

NEWS

LENDERS LA MOULA TROBE JOINS FINANCIAL PANEL AT AIMS TO AGGREGATOR GO CARBONFAST NEUTRAL is celebrating meeting a carbon neutral milestone. The lender’s emissions activities are measured with the help of independent adviser Carbon Neutral, and it invests in projects that reduce greenhouse gas emissions.

Deputy CEO Chris Andrews said the aim is to be 100% carbon neutral by the end of 2030. “We are very proud of the approval of our carbon neutral footprint program. We recognise in today’s market that this is a key business metric.”

LA TROBE FINANCIAL

PEPPER MONEY UPSIZES SECURITISATION TO $850M

Peter King, CEO, Westpac

I-Prime 2021/2 securitisation was upsized from $700m to $850m last month. The A1 notes are at their tightest level since before the GFC and priced 10bps points better than its first I-Prime deal last March. “We are delighted to see the continued strong support from our new and long-term investors in debt capital markets for our prime and non-confirming issuances,” said CEO Mario Rehayem. It is the lender’s fourth public securitisation in 2021.

PEPPER MONEY’S

“When we look at housing affordability at the moment it’s pretty stretched … We’ve still got more demand than supply, so that’s pushing prices up” Peter King CEO, Westpac

HOUSING AFFORDABILITY A REAL PROBLEM, SAYS WESTPAC CEO Peter King, the head of big four bank Westpac, expressed his concern over the state of housing affordability during a federal parliamentary committee hearing CEO Peter King has told a parliamentary committee that housing affordability in Australia is “stretched” and a pressing concern for the economy.

King was speaking to the House of Representatives Standing Committee on Economics hearing on the four major banks, where he and other big four bank CEOs regularly appear.

“It’s at the worst level it’s been for some time,” King said of housing affordability. “When we look at housing affordability at the moment it’s pretty stretched.

“All asset prices have gone up, with low interest rates and WESTPAC

plenty of money in the economy.

We’ve still got more demand than supply, so that’s pushing prices up.”

NAB CEO Ross McEwan also addressed the issue, describing his bank’s “major concerns” that rising house prices in Australia would eventually make homeownership difficult for Australians.

The CEOs of Commonweath Bank and ANZ appeared before the committee at a later hearing on 23 September.

In the opening submission to the committee, King also laid bare the scale of mortgage deferrals that Westpac is dealing with.

“Currently we have $2.75bn of mortgages with repayment deferrals. To give this number some context, total deferrals last time peaked at $55bn,” he said.

“In small business loans, total deferrals are $70m, compared to a peak of $10bn last time.

“Small businesses are showing particular resilience. Many have pivoted or evolved their operations and supply chains so they can better withstand lockdowns.”

Leading independent economist Saul Eslake recently made a submission to the parliamentary inquiry into housing affordability and supply.

“Housing policy in Australia has been failing for 50 years,” Eslake told Australian Broker.

“We’ve seen a steady decline in the homeownership rate since it peaked at 72% in 1956 … to the point where the homeownership rate at the 2016 census was at the lowest it had been since 1954.”

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27/09/2021 11:58:51 am

ANZ & BROKERS

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ANZ Brokers * This LVR is for medical practitioners, specialists and dental practitioners who are existing ANZ lending customers (that have held an ANZ lending product for at least 6 months) with an owner occupier loan making principal and interest repayments. For other eligible customers, the LVR is up to 90%. Different LVRs may apply to other lending options, such as investment lending. Terms, conditions, fees, charges, and credit approvals and eligibility criteria apply to ANZ home loans. Please visit anz.com.au/promo/broker for the offer terms and conditions, including how to verify customers’ qualification/registration. © Australia and New Zealand Banking Group Limited (ANZ) 2020. ABN 11 005 357 522. Australian credit licence number 234527. Item No. 97528C 08.2021 WX248035

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27/09/2021 11:59:01 am

NEWS

A G G R E G AT O R S ‘SIGN HERE’ SAYS AUSSIE’S NEW AD CAMPAIGN has launched its first integrated marketing campaign since its merger with Lendi. ‘Sign Here’ celebrates the moment of signing on the dotted line for a new home loan or refinancing deal.

“Our brokers have helped over a million Australians achieve their home loan and refinancing goals by simply understanding them, being in their corner and providing straighttalking home loan advice to help them sign on the dotted line, on their terms,” said head of brand and marketing Sascha Hunt.

AUSSIE HOME LOANS

FORMER ASIC CHAIRMAN JOINS AFG BOARD has added former ASIC chairman Greg Medcraft to its board as a non-executive director.

Medcraft is highly experienced in the financial sector and previously held the roles of managing director at Société Générale and director of the Directorate of Financial and Enterprise Affairs at the OECD. AFG chairman Tony Gill said Medcraft was a first-class appointment and that his deep understanding of financial markets would bolster the board’s core skill set, broaden its diversity of experience and enhance its corporate governance capabilities.

Susan Mitchell, CEO – broker, REA Group

AFG

“I would encourage brokers to be prepared for a potential flurry of housing activity once lockdowns and restrictions come to an end” Susan Mitchell CEO – broker, REA Group

Commercial Loans

END OF PANDEMIC LOCKDOWNS COULD DRAW OUT PROPERTY SELLERS The floodgates could open in terms of real estate listings when pandemic restrictions finally lift, according to REA Group’s CEO – broker, Susan Mitchell should get ready for a “flurry” of housing activity when COVID lockdowns end, according to the CEO of aggregators Mortgage Choice and Smartline.

Susan Mitchell, REA Group CEO – broker, said once vaccination rates rise and lockdown restrictions ease, the economy is unlikely to shrink further during the December quarter.

“However, it is difficult to determine what scars will linger, as some sectors will bounce back while others may be left behind in the recovery,” Mitchell said.

“I would encourage brokers to be prepared for a potential BROKERS

flurry of housing activity once lockdowns and restrictions come to an end. In NSW and Victoria, the spring selling season will likely step up a gear in the near future as vendors and buyers become more confident, while South Australia and Western Australia are already seeing increased sales volumes.

“Loan preference data is also showing us that borrowers are seeking certainty in their monthly home loan repayments,” Mitchell said.

Mortgage Choice monthly approval data had revealed a growing trend towards fixed rates, with the proportion of borrowers opting to fix part of their mortgage steadily increasing to 41% of all approved loans in August.

“The uncertainty caused by the ongoing lockdowns is pushing borrowers to chase better deals on their home loan.

“Mortgage Choice home loan approval data shows a growing trend towards refinancing since March this year, with 42% of loans for the purpose of refinancing – this is slightly higher than 12 months ago where 41% of loans were for the purpose of refinancing,” Mitchell said.

This was reflected in the latest ABS housing finance date, which showed that while new lending commitments slowed in July 2021, there was record growth in refinancing commitments over the month.

Realestate.com.au economist Paul Ryan said buyer demand remained high but seller activity had diminished during lockdowns.

“While COVID-19 restrictions remain in place, housing market activity will continue to be subdued, but I see this as only a delay. So it’s a pause rather than a hibernation,” he said.

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27/09/2021 11:59:16 am

02-13_

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27/09/2021 11:59:24 am PM 16/10/2017 2:07:04

NEWS

TECHNOLOGY TECH MOULA PARTNERSHIP JOINS PANELDRIVES AT LOAN-MATCHING AGGREGATOR FAST SYSTEM a first for Australia, Driva has partnered with CARS24 to provide a loan-matching system allowing customers to check out with finance in under five minutes. Indian e-commerce platform CARS24 recently launched in Australia with a $271m capital raise and a promise to disrupt the $55bn used car sector. With Driva’s AI technology, CARS24 can present the lowest used car rates based on a customer’s credit profile, eliminating the need for a long credit approval process.

IN

FBAA LAUNCHES NEW CRM SYSTEM FOR BROKERS FBAA’s new CRM system promises to simplify and accelerate the way brokers interact with the association. It will enable brokers to update their details, renew membership, handle documents and access certifications online. New memberships, according to the FBAA, will be completed in less than a minute.

“The days of manual processing are over, and our message to all brokers is to embrace it, learn it and make it work for you,” said FBAA CEO Peter White.

Howard Silby, chief innovation officer, NAB

THE

“NAB recognises the value in ingesting data as a key enabler to deliver faster, easier and more personalised products and services to our customers” Howard Silby Chief innovation officer, NAB

NAB ACCREDITATION ANOTHER STEP FORWARD FOR OPEN BANKING NAB, one of the biggest banks in the nation, has become an accredited data recipient under Australia’s new open banking system has joined Commonwealth Bank as an accredited data recipient, becoming the second major bank to attain the status.

NAB was accredited by the ACCC, allowing it to take financial data from accredited holders.

This is a big step forward for open banking in Australia, as NAB will join CBA and a host of other fintechs in having the accreditation, which allows them to receive data from other institutions as well as share it.

Brokers dealing with NAB will benefit as they will be able to access documents more quickly from banks that have better open NAB

banking facilities, reducing the time it takes for customers to submit applications.

NAB was listed recently in fintech Frollo’s report on open banking API response times.

It had the second-fastest time of the big four banks, just under one second, putting it just ahead of the Australian average in terms of the time it takes to provide data on request.

“We’re pleased our submission to become an accredited data recipient under the consumer data right has been approved by the ACCC,” said NAB’s chief innovation officer, Howard Silby.

“A competitive and innovative financial services industry is critical to ensuring great customer outcomes and the growth of the economy more broadly.

“NAB recognises the value in ingesting data as a key enabler to deliver faster, easier and more personalised products and services to our customers.

“We know it will take time for customers to develop familiarity, trust and understanding in using open banking; we have been developing several customer use cases for open banking, and we’re employing a test-and-learn approach to refine propositions that best meet our customer’s needs.

“We’re actively partnering to innovate faster with international non-competing banks, with big tech and fintechs, and looking beyond our domestic peers as the competitive benchmark.”

Greg O’Neill President and CEO, La Trobe Financial

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27/09/2021 11:59:37 am

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27/09/2021 12:00:00 pm

NEWS

MARKET WORKING FROM HOME COULD LIFT PRODUCTIVITY Productivity Commission report has revealed that 40% of Australians are now working from home, compared to 8% prior to COVID. Commission chair Michael Brennan said “significant gains” in productivity were possible if the flexibility of hybrid working was maintained past the end of the pandemic. “On balance, working from home can unlock significant gains in terms of flexibility and time for employees and could even increase the nation’s productivity,” Brennan said.

A

Linden Toll, CEO, Apricity Finance

CASH FLOW PROBLEMS HITTING SMALL BUSINESSES HARD – STUDY SMEs that were already struggling before the lockdowns are facing ongoing cash flow difficulties, according to an Apricity Finance survey of commercial finance brokers thriving small and medium-sized enterprises could be left vulnerable by a possible cash flow crisis brought about by COVID-related slowdowns, according to the latest research by invoice finance provider Apricity Finance.

Over 900 commercial finance brokers have revealed that their SME clients began to face significant cash flow challenges even before Victoria and NSW enforced its recent lockdowns.

These SMEs indicated that 77% of their cash flow had significantly deteriorated over the first half of 2021 – 77% of this was related to invoices and 27% to the imposition EVEN

of longer trading terms.

The results are in line with Apricity’s research in late 2020, which found that 45% of brokers were having to deal with longer-dated trading terms despite a rapidly recovering economy at that time.

“Sixty- and 90-day trading terms are tough at the best of times but are even more challenging at a time when nearly half the Australian population is under lockdown,” said Apricity CEO Linden Toll.

As many SMEs supply large companies in struggling sectors, Toll said timely payment of invoices becomes “even more essential” during economic slowdowns.

“A lot of businesses who are ostensibly healthy and wellmanaged, and who have lucrative contracts with government and some of Australia’s largest companies, may go to the wall simply because they can’t afford to wait three months after the work has completed to be paid,” said Toll.

About 44% of SMEs are unaware of other non-bank funding sources that could aid them during this period. They are also hesitant to opt for traditional finance and overdraft solutions, which are often perceived as expensive or inflexible.

“We could see a longer-term sting in the tail for the economy if this type of scenario stifles the growth ambitions of SMEs and makes them reluctant to take on the big contracts,” said Toll.

“I urge SMEs facing these cash flow challenges to talk to their brokers as soon as possible and explore the wide variety of solutions available to help them accelerate their invoice payments.”

AUSSIES STRUGGLING TO MAKE MORTGAGE PAYMENTS 40% of homeowners in Australia are finding it difficult to keep up with their mortgage payments, fintech True Savings reports.

Its research found that 1.5 million Aussies are in mortgage stress, particularly in areas of Sydney facing the toughest lockdowns. In NSW and Victoria more than 40% are in mortgage stress, with 75% struggling to meet payments in Sydney’s Liverpool and Campbelltown and in the City of Casey in Melbourne.

OVER

“I urge SMEs facing these cash flow challenges to talk to their brokers as soon as possible and explore the wide variety of solutions available” Linden Toll CEO, Apricity

BENEFICIAL ASPECTS OF WORKING FROM HOME, RANKED 1 TO 5 Source: Beck and Hensher, 2021. Survey was conducted 23 May–15 June 2020 and consisted of a representative sample of 1,457 people across all states and territories

Most beneficial

Least beneficial

No commute Flexible schedule Better able to complete work More time with family Other benefit 0% 10

20%

40%

60%

80%

100%

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27/09/2021 12:00:21 pm

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23/03/2020 9:24 AM 27/09/2021 12:00:46 pm

FE AT URES

TOK YO OLYMPICS

OLYMPIAN BROKER GIVES BACK TO ATHLETES Former Olympic 400m runner Sean Wroe, who runs a brokerage in Byron Bay, had the chance to attend the Tokyo Olympics and assist members of the Australian team knows what it takes to reach the pinnacle of sport – the Olympic Games.

The Byron Bay finance broker, who set up his own brokerage, Sakura Finance, four years ago, competed at the top level for 10 years as a 400m runner. The 36-year-old won gold in the 4 x 400m relay and silver in the 400m at the 2010 Commonwealth Games in Delhi.

Wroe competed in both events at the Beijing Olympics in 2008, placing 21st in the 400m and fifth in the relay. He was also part of the 4 x 400m team that won gold at the 2006 Commonwealth Games in Melbourne.

So it was an honour for Wroe to make a different contribution to the world of sport in 2021 by accompanying the Australian Olympic team to Tokyo as a volunteer with the Olympian services team.

He even found some downtime to settle a loan for a client and lodge three loans, despite working at least 17-hour days helping the Australian Olympians.

Australian Broker caught up with Wroe at the end of August after he had returned to Australia from Tokyo and completed quarantine.

Wroe said when he competed at the Beijing Olympics he didn’t realise just how much went on behind the scenes.

“As an athlete you’re oblivious because you’re focused on one job – to perform at the highest level in your chosen sport. Sitting on this side of the fence and going into the Tokyo Olympics, I didn’t realise how many staff are there to support you in achieving your goals.”

Wroe said he and the other staff in Tokyo were there “to do everything and anything”.

“There’s no job we couldn’t do – it was just a matter of getting the job done. No day was the same.”

As well as welcoming Aussie athletes to the Olympic Village and explaining how things worked, SEAN WROE

12

Sean Wroe in Tokyo with Australian skateboarding gold medallist Keegan Palmer and swimming gold medallist Cate Campbell

uniform swaps were a big part of Wroe’s role, assisted by former Hockeyroo David Guest, former 110m hurdler Kyle Vander-Kuyp and Australian Davis Cup manager Kathryn Oyeniyi. “We would have to get those uniforms, store them and make sure they went out to the respective athletes,” he said.

Wroe spent a lot of time assisting the Australian Boomers basketball team. His mother is Japanese and he can speak Japanese – on one occasion he was called on to translate for the Boomers team doctor who was assisting a player in hospital.

Among the perks was being a spectator at some incredible events – the Opals match against the US, Aussie runner Peter Bol’s 800m final, Australian boxer Harry Garside’s bronze medal match, and the men’s high jump and 100m finals.

“We would have tambourines and drums, because there were no crowds.

My role changed to being part of the cheer squad, clapping and smashing the drums and supporting the team.”

Wroe also got to hang out with C1 canoe slalom gold medallist Jessica Fox and gold medal-winning swimmer Cate Campbell.

Being in Japan didn’t stop him from helping his brokerage clients.

“I had my phone with me 24/7, and emails were coming through on that so I could monitor them. I could pretty much broker with a mobile phone, which was awesome.”

When it was announced the Olympics would be held in Tokyo, Wroe said he knew he wanted to be involved somehow. He said when he retired from sport in 2014 and was living in Melbourne, he did a lot of work for the Victorian Olympic Committee and the Australian Olympic Committee (AOC), fostering some strong relationships.

Wroe went to Japan in May 2019 with the AOC to promote the Australian Olympics team. Being fluent in Japanese and with a good understanding of the culture, he was invited by the AOC to be one of the Olympics volunteers in Tokyo.

Reflecting on his races at the Commonwealth and Olympic Games, Wroe said he loved competing.

“There’s some athletes that are very good trainers, and they clam up and get a bit nervous at the competition and don’t perform as well as they could, and there’s some athletes that love competing and will just produce something out of nothing – that’s probably where I fell.

“I loved being on the big stage.”

Wroe said it was good being back in a high-performance space in Tokyo. “It’s probably something that I’ve missed a lot. Since I retired from sport I hadn’t gone to a highperformance athletics competition.”

He said the Australian athletes in Tokyo were one of the most close-knit teams he had seen, with COVID restrictions confining them to the village.

“It shows, too – the performances we had as a collective were just amazing; seeing fresh, new faces in sport was amazing, such as the skateboarders.” AB

www.brokernews.com.au

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27/09/2021 11:08:07 am

INDUSTRY UPDATE

NON-BANK WELCOMES NEW HEAD OF RESIDENTIAL PARTNERSHIPS Belinda Wright is Thinktank’s new Head of Partnerships and Distribution for Residential, working alongside Peter Vala. Wright brings with her 22 years’ experience in finance from her previous roles at Westpac, St. George Bank, ANZ and RAMS After more than eight years at the Westpac Group, you’ve taken a role with a non-bank lender. Why? Banks are huge companies A to work in, and to make changes can be quite a task and culture can get lost.

The opportunity of building and growing a business whilst being agile and working within an organisation that values its people and customers has great appeal.

While Thinktank remains a leader in commercial lending, my appointment as Head of Partnerships and Distribution for Residential is reflective of the significant expansion of our SMSF and residential portfolios. A recent marker of this expansion was the successful closure of Thinktank’s first residential mortgage-backed securities transaction for $500m, which takes the value of total bonds to $2.5bn (the first six issued were commercial mortgage-backed securities).

I’m looking forward to working closely with Peter Vala, Thinktank’s General Manager Partnerships and Distribution, to support our brokers and team in expanding our residential business. In drawing on my varied experience in third party home lending, marketing, commercial and institutional banking, I’m excited at the opportunity to build on this platform for long-term and sustainable growth, placing service and trusted relationships at the forefront.

We are committed to providing as much support as possible to assist, such as by exploring a number of alternative income verification products on both the commercial and residential front.

Q

How is Thinktank different from a major bank? What are the benefits for a broker using Thinktank?

Brokers are looking for A support, consistency and an alternative to the big four.

Thinktank offers brokers the opportunity to use a company that purely supports the broker and their customers. This support takes many forms, from dedicated Relationship Managers

Q

What is your advice for brokers in the market?

While the last 18 months A have seen brokers write significant residential lending volumes, it’s critical to keep a close eye on the retention of your customers and revenue. This is because now more than ever, customers are being pulled into the market with low rates and refinance offers, and have a greater chance of changing brokers and lenders in search of a better deal. With attrition rates accelerating industrywide, you need to be constantly touching base with your existing customers to make sure you retain them.

Diversification is another area to focus on. With the 12-month anniversary of BID approaching, it’s a good time for brokers to consider looking at their lender concentration ratios and how to best diversify their loan book from a lender perspective, not just diversification of income streams.

I have also come across a lot of brokers who need a reprieve from record lending volumes, constant emails, and on-screen work that lockdown brings. Don’t forget to take care of yourself and ask for help where needed. We just acknowledged and participated in R U OK Day, which once again reaffirmed the importance of checking in with each other to make sure you are OK every day.

Q

Belinda Wright, Head of Partnerships and Distribution for Residential, Thinktank

who workshop every transaction to arrive at the best solution for the broker and borrower, to a flexible range of set-and-forget lending options that remove arduous annual reviews and regular valuations.

We’ve also invested heavily in technology to make processes even more streamlined. This includes refreshed applications for SMSF refinancing, including a short-form loan option, through to improvements with SLAs that still support our approach of personally reviewing every loan application on its merits – we don’t credit score transactions.

As the majority of Thinktank loans are for the self-employed or SMEs, many of our solutions are geared to their unique needs. For example, our Mid Doc offering can cater for commercial loan exposures up to $3m with terms up to 30 years. Our funding options also extend to solutions for PAYG and SMSF borrowers.

What do you see as the key areas of growth and challenges in the year ahead?

I think the pandemic is on A everyone’s mind and how this will affect our market. From a residential perspective, we are experiencing a level of refinance and upsizing activity we have never seen before, and this is an immediate opportunity. One trend is that first home buyers are being pushed out of major cities due to rising housing prices, with many feeling that homeownership is becoming more and more out of reach. This has led to an increase in FHBs looking to investment property in other more affordable regions to gain a foothold on the property ladder, creating new opportunities for brokers.

Although we are seeing these growth opportunities, we are still acutely aware of the many businesses and customers that have been negatively impacted by the pandemic and supply of credit.

Q

How can brokers find out more about Thinktank?

You can contact us direct or A via your aggregator partner’s platform or BDM team. As a matter of transparency our website is unlocked and fully outlines all our products, rates and services. Please reach out to a Thinktank Relationship Manager who will gladly workshop any transactions you may have.

Q

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COVER STORY

NMB BACKS BROKERS TO BUILD BUSINESS SUCCESS Now in its 20th year, aggregator nMB is a trusted partner to hundreds of mortgage brokers with a proven track record of creating and sustaining successful businesses.

Australian Broker explores nMB’s remarkable achievements

National Mortgage Brokers launched in September 2001, little did managing director Gerald Foley know it would lead to the thriving and respected company that today has 500 brokers on its books.

“In a way, nMB came about through circumstances beyond our control,” says Foley.

“I had started working for the Johnson Taylor Potter stockbroking firm in 2000 to set up a mortgage arm as part of JTP building a multiservice financial group.

Kon Avramidis and Sal Cinque, who I’d worked with previously, soon came across to JTP as we established this new business.”

After about a year, Foley says, the trio had started to build its national broker team when JTP was acquired by then Bell Securities, forming what today is Bell Potter.

“Bell Potter was not interested in continuing the broader financial strategy, so we were faced with heading off in our separate directions or putting in place a management buyout.

“We chose the latter, with the support of two other backers, John Bignell and Rob Emmett, and relaunched as National Mortgage Brokers on 1 September 2001 and moved the model to wholesale aggregation.” nMB, which won the Australian Mortgage Awards Aggregator of the Year (Under 500 Brokers) award in 2020, has grown steadily over the years with a singular focus – to help brokers grow their businesses.

The company has offices in Melbourne and Sydney and has invested significantly in developing opportunities for its broker WHEN

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network, including lead generation, diversification and training, backed by nMB’s proprietary technology platform.

“Our ability to build and maintain long-term broker relationships has been a highlight,” says Foley.

“I’m also proud that we’ve been able to have change at an ownership level but still maintain our own identity and independence, at the same time giving our brokers greater corporate backing.”

In 2012, nMB was acquired by Aussie Home Loans, but since 2017

“We’re all about the brokerto-broker business journey,” Foley says. “Over the years we have focused on working with our brokers as they grow their businesses, providing support and guidance as required. It’s not a one-size-fits-all approach; every business is different and has its own needs.”

Technology and assisting brokers to achieve faster loan turnaround times are also important aspects of nMB’s value proposition.

“Tech is naturally an important

“We’re all about the broker-to-broker business journey. Our ability to build and maintain long-term broker relationships has been a highlight” Gerald Foley, managing director, nMB it’s been part of Liberty Financial.

“Having the balance sheet strength of a company that has built its business with the broker market as a focus means that we can continue our growth and support brokers every day with a trusted and proven partner.”

Foley says over time nMB has evolved its broker engagement around the 5 Ps – Planning, Partners, People, Premises and Process.

“Focusing on these covers all aspects of building a great broker business. At each stage we can provide guidance and tools to work with our brokers in these areas.

part of a broker’s arsenal. Since we started nMB we have built and developed our tech platforms, tapping into market solutions where appropriate. We’re looking forward to a new platform being rolled out during 2022.”

Foley says turnaround times are a regular discussion point in nMB’s supplier engagements.

“I understand that at times some lenders will hit speed humps; however, these often seem to drag on too long. Any disparity between broker and bank direct also needs to be addressed where it occurs.

“We made several changes when BID was implemented to make

sure our brokers could manage customer expectations around loan processing times.

“The first was to bring forward questions along the lines of ‘how soon do you need an answer on this loan?’

“Borrowers will usually be prepared to wait for a refinance, especially when there is a cashback involved. Where a lender’s current processing times don’t align with the borrower’s expectation, those lenders will be removed from the selection process.”

Foley says nMB has also moved away from the industry norm of service level agreements, or SLAs. “We now refer to ‘loan processing times’ – or LPTs – and convert to calendar days, on the basis that a contract of sale is also based on calendar days, not business [days], so it made sense to align the expectation.”

Despite the difficulties created by the coronavirus pandemic, nMB reached the milestone of 500 brokers in February.

“FY21 was a challenging year on so many levels. The move to meeting online rather than in person was a big change. What we found very quickly, not dissimilar to brokers and their customers, was that meeting online often created far more opportunities and accessibility.

“We introduced over 140 new brokers into our business, through a combination of new businesses and existing brokers growing their teams.”

Loan settlement growth has also been impressive in FY21.

“We closed settlements 35% up year-on-year. There were

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In partnership with

NATIONAL MORTGAGE BROKERS: 20 YEARS IN BUSINESS

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Gerald Foley, managing director, nMB AUG

several factors driving this across owner-occupiers and investors, including upsizers/downsizers, tree/sea changers; first home buyer incentives; refinance opportunities; and, it seems, many FOMO buyers.”

Foley says the aggregator’s plans for the next 12 months are to keep building its broker numbers through new business partnerships and working with existing brokers to build their teams.

The broker experience Alex Martin, a director of Melbourne specialist mortgage broking and finance consultancy business Premium Lending Group (PLG), has the proud distinction of being nMB’s first broker and is still part of its broker network today.

“I had worked in banking for many years, including a stint at Westpac Commercial in the ’90s when I met Kon Avramidis, one of the founders of nMB,” says Martin.

“When Kon started out at Johnson Taylor Potter in 2000

and was looking to grow a team of mortgage brokers, it presented a great opportunity to work with him again and within a stockbroking company.”

After Avramidis, Cinque and Foley set up nMB, Martin says “it presented as a great time for me to move into my own broking business”.

“Asset Plus Finance was launched the same day as nMB, and I was very happy to be their first appointed broker.”

In 2014, after a four-year contract providing broking services to The Pharmacy Guild, Martin says he was looking at what the next stage of his business might look like.

“A lot had changed since I started in 2001, and I felt the need to be part of something a little bigger than being just me.”

PLG, founded in 2006 by Michael Umbers, Peter Catramados and Tim Donohue, was aggregating with nMB, and the aggregator

suggested Martin have a chat with Umbers as PLG was looking at growth opportunities.

“I knew Mick well through our nMB connection, so we had a discussion. It just fell into place that we could merge our businesses to provide greater capacity to help more clients and share resources and experience.”

Martin says it’s great to have been part of the nMB story since day one.

“The support has always been there, and I have met so many good people along the way. We’ve shared so many important events, including weddings, new family members and, sadly, funerals.”

So, what sets nMB apart in the industry?

“What stands out the most is the commitment to helping us grow and develop our business,” says Martin.

“The support is always there, with all the team available to help out. Our partnership manager,

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National Mortgage Brokers is established Places 15th in BRW Fast 100 nMB acquires Mosaic Financial Services Loan book passes $5bn nMB is acquired by Aussie Home Loans Loan book passes $10bn nMB Broker Benchmarking Program is launched nMB-Pro is launched, providing true point-of-sale broker software Multiple medal winner at MPA Aggregator Awards nMB acquired

by Liberty Loan book passes $15bn Wins MPA gold medal for Accurate and On-Time Commission Payments Wins AMA award for Best Aggregator (<500 Brokers) Passes 500 brokers Loan book passes $20bn

nMB celebrates 20 years in business

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John Quinn, and Terry Walker, head of sales, are always available and happy to assist, as are all the head office team.

“If we have questions around loan scenarios, marketing, commission queries or compliance, the team will always take a call and assist. Having that support network is highly valued by us and allows our company to concentrate on continuing business.” nMB’s communication with brokers is also first-class, says Martin.

“Each day we receive a summary of the day’s supplier changes and updates. This makes it easier for me to have one reference point to all the changes that take place through a day or week. As key market events occur, nMB keep us up to speed with any change that impacts on us.”

The aggregator is a trusted advocate for brokers in the mortgage finance industry. “nMB and Gerald Foley have been heavily involved in this industry for as long as I can remember,” Martin says. “With the speed of regulatory change, it’s hard for brokers to be across it all. It’s reassuring to know that nMB is reviewing and advising us of the changes we need to consider in managing our ACL [allowance for credit losses] and changing obligations.”

While PLG operates under its own brand and organises its own marketing, nMB provides the brokerage with access to its CRM, content, and third-party relationships that it can use.

“Being part of the nMB Broker Benchmarking Program has been a good way to identify where we can increase our marketing activities and opportunities through analysing our activity levels, loan portfolio and lead sources and identify areas for improvement for our business.”

Martin says although all the brokers within nMB run their own businesses, there is a great sense of camaraderie.

“We all enjoy catching up for the PD events – and the afters – and other events on a regular basis.

Many of us get together outside of nMB events as well for lunches, and we regularly check in and support each other when needed.

“This support crosses over from business needs to life events where we can help a colleague through a business-related matter or just through a tough time.”

Although it hasn’t been a live event for the past two years due to COVID-19, nMB’s annual national 16

Alex Martin, director, Premium Lending Group

“nMB is the right aggregator partner for new and experienced brokers. They have a great, supportive culture and are always able to assist” Alex Martin, director, Premium Lending Group broker conference is a highlight.

“There is an automatic connection with the other nMB brokers from all over the country and a great sense of team.

“PLG has also been recognised in the nMB first 11 for several years now. This is a great opportunity to catch up with a smaller group of high-performing business owners to learn and share best practice.”

Martin encourages new-toindustry brokers to partner with nMB as their aggregator. “nMB is the right aggregator partner for new and experienced brokers. They have a great, supportive culture and are always able to assist through the various stages of building your business,” he says.

“At the start of your broker journey, the benefits of long-term

partnerships may not be high on your list of priorities. Trust me, if you’re going to make a success in this industry, this experience and support provided by nMB is invaluable.

“Ultimately it’s up to you to have a red hot go; it’s not easy, but the benefits and rewards can be fantastic. Good partnerships and friendships are such an important part of this.” AB

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Supporting brokers to build successful businesses has

always been our focus. So, as we celebrate 20 years in business, we invite you to join us so we can help you achieve greater success in yours.

Contact an nMB Partnership Manager today. nmb.com.au | 1300 668 662 National Mortgage Brokers Pty Ltd ACN 093 874 376 Australian Credit Licence 391209.

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AUSTR ALIAN MORTG AGE AWARDS

CELEBRATING THE FINEST IN THE INDUSTRY This year marks the 20th anniversary of the Australian Mortgage Awards, recognising the best brokers, brokerages, aggregators, banks and non-banks across the nation.

On 15 October, at 5:30 pm, the awards will be revealed

the country may be in lockdown due to the pandemic, but that won’t stop the mortgage industry coming together to celebrate the Australian Mortgage Awards 2021.

Hundreds of entries have been received for the 28 categories, and the judges have announced the 215 excellence awardees (finalists) who will be vying to win the most prestigious and coveted awards in the industry.

There are 15 categories dedicated to brokers and brokerages, along with awards for aggregators, banks and non-banks, business development managers and fintechs. There are also awards for best industry service and best industry marketing campaign.

For the full list of finalists, see pages 20 and 21.

The individual broker and brokerage winners chosen on the night will also be in the running to win the national titles of Westpac Australian Broker of the Year and Liberty Australian Brokerage of the Year.

While COVID means the Australian Mortgage Awards will again be a virtual event, excitement and anticipation is building for the industry’s biggest night of the year.

TV and radio presenter Erin Molan, who anchors NRL shows Friday Night Footy and the Sunday Footy Show on Channel 9, as well as the 2DayFM breakfast radio show with Hughesy and Ed, will host the awards presentation.

Molan, one of Australia’s first female rugby league broadcasters, is also a passionate supporter of many charities, including Bowel Cancer Australia and Tresillian.

The AMAs have again received the generous backing of leading industry companies, including event partner Westpac.

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Warren Shaw, head of third party distribution, Westpac

“This is the 12th year Westpac has proudly partnered with the Australian Mortgage Awards, and we’re delighted to continue our support and celebrate the

Erin Molan, host of the Australian Mortgage Awards 2021

is a key time to celebrate brokers’ important role in helping customers navigate the homebuying journey.

“After a challenging year, I encourage the industry to come

“After a challenging year, I encourage the industry to come together to celebrate excellence at this year’s AMAs” Warren Shaw, head of third party distribution, Westpac outstanding industry achievements over the past 12 months,” says Westpac’s head of third party distribution, Warren Shaw.

“2021 has continued to test the resilience of Australians, and this

together to celebrate excellence at this year’s AMAs.” The 2021 Australian Mortgage Awards will take place virtually on Friday, 15 October, starting at 5:30 p.m.

It’s your opportunity to honour the best of the best and support the mortgage industry in what has been a tough year.

To watch an exclusive stream of the awards presentation, you just need to register for free at australianmortgageawards.com.au.

There will be opportunities to network and reconnect with your peers online through live chat and peer-matching functions.

Dress up and take a photo of yourself celebrating the awards in style. Share the snap using the tag #AusMortgageAwards and you will have the chance to win a $200 Westfield voucher.

Register for the AMAs 2021 at australianmortgageawards.com.au

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AMA21

Celebrating 20 years 15 OCTOBER 2021 • ONLINE

JOIN THE VIRTUAL CELEBRATION The entire Australian Broker community and all members of the mortgage industry are invited to the virtual Australian Mortgage Awards on Friday, 15 October at 5:30pm AEST. Join the celebration by registering now for free.

Here’s what you can expect on the day:

Enjoy the exclusive stream of winner announcements from anywhere

Show your support for mortgage excellence and the 200-plus outstanding awardees

Engage with any guest, reconnect with your peers and make new connections with our live chat and peer-matching function

Come decked out in your best black tie with your beverage of choice, or simply come as you are!

Get a chance to win a $200 Westfield voucher by sharing a #AusMortgageAwards photo of you celebrating in style on the day

To register now, visit australianmortgageawards.com.au

Event Partner

Award Sponsors

BROKER

Official Publications

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AUSTR ALIAN MORTG AGE AWARDS

James Boyle – Liberty, finalist, Non-Bank of the Year

Ian Rakhit – Bankwest, finalist, Bank of the Year

THE FINALISTS VYING FOR GLORY AT THE 20TH ANNUAL AMAS

The Australian Mortgage Awards 2021 marks the 20th anniversary of the industry’s most esteemed awards night recognising the best of the best every year. The anticipation is growing to find out who will win the top awards, to be announced on 15 October, at 5:30 pm, at a virtual event hosted by sports broadcaster Erin Molan. Here are the excellence awardees (finalists) in the running for the AMAs Renee Blethyn – NextGen.Net, finalist, Best Industry Service

Ryan Pappas – Mortgage Choice, finalist, Young Gun of the Year (Franchise)

Scott McWilliam – Resimac, finalist, Most Effective Digital Strategy

Brendan O’Donnell – Liberty Network Services, finalist, Aggregator of the Year (Up to 500 Brokers)

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BROKER AWARDS LA TROBE FINANCIAL BROKER OF THE YEAR — COMMERCIAL • Adrian Lee, Catalyst Debt Capital • Barry Thatcher, Thatcher Finance • Daniel Green, Green Finance Group • Ian Robinson, Robinson Sewell Partners • John Encina, Experity Capital • Josh Egan, Astute Melbourne City South and Gippsland • Kevin Wheatley, Bayside Commercial Mortgages • Melissa Ashcroft, AAA Mortgages FBAA BROKER OF THE YEAR — INDEPENDENT • Abdulrasool (Russell) Munfaredi, Mortgage Pros • Anthony O’Flynn, IFA Mortgages and Finance • Chris Hill, Smartmove Professional Mortgage Advisors • Damien Roylance, Entourage • Jordan Beh, Insight Finance • Karen Bashford, South Coast Business and Financial Solutions • Kris Menon, KM Finance • Louisa Sanghera, Zippy Financial • Mark Davis, The Australian Lending & Investment Centre • Stephen McClatchie, Loans Australia Pty Ltd PEPPER MONEY BROKER OF THE YEAR — SPECIALIST LENDING • Ditte Westbury, Viking Mortgages Pty Ltd • Jodie Wolfenden, Loan Market Gold Coast • Mark Davis, The Australian Lending & Investment Centre

• Marwan Rahme, Kanebridge Capital • Matthew Punter, The Savings Centre • Mhairi MacLeod, Astute Ability Group • Thomas Morison, Smartmove Professional Mortgage Advisors • Will Hamer, Loan Market South Yarra EQUITY-ONE BROKER OF THE YEAR — PRODUCTIVITY • Ben Walker, BW Finance Solutions • Daniel O’Brien, PFS • Daniel Pym, Loan Market Double Bay • Jacob Decru, Loan Market – One Network Broking • James Chee, Ding Financial • Jenish Manandhar, Home Loan Experts • Josh Bartlett, Mortgage Advice Bureau • Michael (Xin) Jin, Mxj Finance Pty Ltd • Prakash Rai, Home Loan Experts • Xijing (Vivian) Wu, Ayers Financial Group BROKER OF THE YEAR — REGIONAL • Fiona Erquiaga, Smooth Sailing Finance Consulting Pty Ltd • George Mihalopoulos, Connected Finance • Heath Williams, Loan Market Newcastle • Jason Cuerel, Mortgage Innovations • John Contarino, Mobile Finance Broker • Karen Bashford, South Coast Business and Financial Solutions

• Mhairi McLeod, Astute Ability Group • Paddy O’Sullivan, Mortgage Choice Nowra MFAA YOUNG GUN OF THE YEAR (FRANCHISE) • Alyssa Russo, Loan Market Mermaid Beach Qld • Luke Whitbread, Mortgage Choice Erina NSW • Ryan Pappas, Mortgage Choice Sydney NSW ADELAIDE BANK YOUNG GUN OF THE YEAR — INDEPENDENT • Andrew Hadjidemetri, Australian Financial & Mortgage Solutions • Elodie Blamey, Clover Financial Solutions • Lalit Parmar, Smart Loans & Conveyancing • Luke Oxenham, Empower Wealth Mortgage Advisory • Manish Devnani, Deals Mortgage • Matt Spears, Evoke Capital • Pallavi Laroia, Excel Mortgages • Steven Korner, Glass Financial Group BROKERAGE AWARDS RESIMAC BROKERAGE OF THE YEAR — DIVERSIFICATION • Ayers Financial Group • Bayside Commercial Mortgages • Birdie Wealth • Empower Wealth • Experity Capital • Loans Australia • Momentum Wealth • Money Merchants • Successful Ways

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EVENT PARTNER

AWARD SPONSORS BROKERAGE OF THE YEAR (1—5 STAFF) • Exceller8 Financial • IFA Mortgages and Finance • Loan Market Double Bay • Mortgage Choice Elsternwick • Numero Uno Finance • PFS Financial Services • Stoneturn Pty Ltd • Thatcher Finance • Zippy Financial BROKERAGE OF THE YEAR (6—20 STAFF) • 1st Street Financial • Ayers Financial Group • Hejaz Financial Services • Mortgage Advice Bureau Melbourne • Mortgage Choice – Northern Beaches and Hornsby • Mortgage Choice Melbourne • Mortgage Pros • XIN Mortgage Pty Ltd CBA BROKERAGE OF THE YEAR (>20 STAFF) • Astute Melbourne City South and Gippsland • Empower Wealth • Home Loan Experts • Loan Market – One Network Broking • Redrock Group • Shore Financial • Simplicity Loans and Advisory • Smartmove Professional Mortgage Advisors • The Australian Lending & Investment Centre BROKERAGE OF THE YEAR — REGIONAL • Astute Gippsland • Aussie Launceston • Carol King, Loan Market Buderim • Loan Market Geelong • Punters Savings Centre Group • South Coast Business and Financial Solutions • Sphere Finance • Wealthfolio Financial Services NEXTGEN.NET NEW BROKERAGE OF THE YEAR • Crew Financial • Ding Financial • Everlend • Excel Mortgages • FirstPath Financial Group • MoneyQuest Burwood • Ortus Financial Pty Ltd BOQ BROKER BEST CUSTOMER SERVICE FROM AN INDIVIDUAL OFFICE • Entourage • Loans Australia • MoneyQuest Penrith and Blue Mountains • Mortgage Choice Ormeau • No Fuss Home Loans • Premier Financial Advocates • Shore Financial • Smartmove Professional Mortgage Advisors • XIN Mortgage Pty Ltd • Zippy Financial MOST EFFECTIVE DIGITAL STRATEGY — BROKERAGE • Birdie Wealth • Carol King, Loan Market Buderim • Ding Financial • Entourage

• Link Advance • Mortgage Choice Ormeau • Shore Financial • Zippy Financial INDUSTRY AWARDS BEST INDUSTRY MARKETING CAMPAIGN • 86 400 • AFG • Bankwest • La Trobe Financial • Liberty Financial • Mortgage Choice • Pepper Money • Suncorp BEST INDUSTRY SERVICE • Affordable Staff • Broker Essentials • iLOAD Loans • NextGen.Net • Nodifi • Sherlok • Social Broker • Wikibroker AGGREGATOR AWARDS PRIME CAPITAL AGGREGATOR OF THE YEAR (UP TO 500 BROKERS) • Centrepoint Alliance Lending • Liberty Network Services • MoneyQuest • Purple Circle Financial Services ONDECK AGGREGATOR OF THE YEAR (OVER 500 BROKERS) • Astute Financial Management • Aussie Home Loans • Finsure • Loan Market • Mortgage Choice • outsource Financial • Specialist Finance Group BDM AWARDS BANKWEST BEST AGGREGATOR BDM • Angela D’Angelo, Choice Aggregation • Greg Cooke, PLAN Australia • Hannah Carter, SFG • Heather Gallagher, outsource Financial • Kavish Kamal, Connective • Mark Lewis, FAST – Finance & Systems Technology • Noushig Megerditchian, Finsure • Patrick Clarkson, FAST • Patrick Moore, Loan Market • Tracey Najjar, Centrepoint Alliance Lending BEST MAJOR BANK BDM • Blake Hauber, Westpac • Derani Gaustella, NAB • Heidi Hayward, Commonwealth Bank • Kevin Skafte, ANZ • Lesley Klaege, ANZ • Sam Tang, Westpac • Tracy Smith, Westpac BEST NON-MAJOR BANK BDM • Adam Livas, MyState Bank • Ava Aso, Adelaide Bank • Aysun Portoglou, 86 400 • Grant Roden, Bankwest • Jess Stevens, Adelaide Bank • Milenko Novakovic, ING

• Nicholas Ganis, Macquarie Bank • Omar Moussa, St. George • Rick Cavanagh, Suncorp • Tes Anderson, Bankwest MORTGAGE CHOICE BEST NON-BANK BDM • Belinda Gray, Bluestone • Christopher Rayner, Firstmac • Glen Gillespie, Better Mortgage Management • Joel Harrison, Thinktank • Linette Laverdure, Moula • Lydia Li, Prime Capital • Matthew Hall, Liberty • Michelle Rose, La Trobe Financial • Samantha Kyriakidis, Pepper Money • Stacey Madejewski, La Trobe Financial

BROKER

LENDER AWARDS MSA NATIONAL BANK OF THE YEAR 86 400 Bankwest ING Bank Macquarie MyState Bank St. George Banking Group Westpac NON-BANK OF THE YEAR • Better Choice Home Loans • Firstmac Limited • Heartland Reverse Mortgages • La Trobe Financial • Liberty • Pepper Money • Prime Capital • Resimac LOAN SERVICES TEAM OF THE YEAR • 86 400 • Bankwest • Better Choice Home Loans • Resimac MOST EFFECTIVE DIGITAL STRATEGY — LENDER • Bankwest • Firstmac Limited • Heartland Reverse Mortgages • Moula • Resimac • St. George Banking Group • Westpac FINTECH LENDER OF THE YEAR • 86 400 • Butn Ltd • MoneyPlace • Moula • OnDeck • Wisr NATIONAL AWARDS WESTPAC AUSTRALIAN BROKER OF THE YEAR • The finalists in this category are the winners of the individual broker awards, and the Broker of the Year will be announced at the AMAs on 15 October LIBERTY AUSTRALIAN BROKERAGE OF THE YEAR • The finalists in this category are the winners of the brokerage awards, and the Brokerage of the Year will be announced at the AMAs on 15 October www.brokernews.com.au

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AMA FINALIST IN FOCUS

CREW SOAR TO SUCCESS ON NEW FLIGHT PATH Crew Financial is a finalist for New Brokerage of the Year at the 2021 Australian Mortgage Awards. Staffed by pilots and cabin crew, the brokerage has grown at a time when COVID has cruelled the aviation sector. It focuses on loans for airline industry employees

has more than 20 years’ experience in the finance industry, but since he was a child all he’s ever wanted to do is fly planes.

However, after achieving that goal at 18 and going on to become a Qantas Airbus 330 pilot, Garner has now combined his passion for flying with helping fellow aviation staff secure loans through his Brisbane brokerage, Crew Financial, established in 2018.

Garner’s team of mortgage and finance brokers are all from the aviation industry. As well as Garner, there’s Virgin Australia international flight attendant Marita Baracz, Qantas pilot Matt Clarke, Jetstar A320 pilot first officer Daniel Jones, and broker and former Virgin Australia Boeing 777 pilot Matt Symons. Only Garner RICK GARNER

Victoria, and his love of aviation started early.

“I was in love with [planes] when I first saw them flying around as a child,” says Garner. “I never wanted to be a fireman or an astronaut or a policeman. I only ever wanted to do one thing, which was fly planes.”

At 16, Garner and his family moved to Canberra, and he was able to study aviation in high school in Years 11 and 12. He gained his restricted pilot’s licence at 18, then his full licence. At 20 he had his commercial pilot’s licence, and at 26 he was granted an airline transport pilot’s licence.

In 2012, Garner was flying 130-seat Boeing 717 jets domestically for Cobham Aviation (QantasLink), and in 2018 he got a full-time job at Qantas as an A330 international pilot.

“Being able to give some customers positive outcomes when other people have told them no is really rewarding” Rick Garner, senior lending adviser and director, Crew Financial and Jones have previous finance industry experience.

The team’s journey to becoming successful brokers is a remarkable testament to their ability to transition into a new role in a different industry.

What’s even more impressive is that most are combining careers, continuing to fly planes and serve airline passengers while also finding loans for their clients. Garner and Jones still work as pilots, Clarke is a flight simulator instructor, and Baracz is a part-time flight attendant.

Garner, 45, grew up in regional 22

“Flying these machines is just amazing,” says Garner. “It’s quite exhilarating. It’s technically challenging – there’s a lot to learn.

There’s always training and personal growth involved.”

It was through flying that Garner got his start in finance. After leaving school, he worked as a junior at a charter airline.

“I ended up being promoted to operations manager – it was a pretty senior role in the company. The CEO encouraged me to get involved in the business transactions of the airline. This led to me growing some contracts and financing some of the

new aircraft they were requiring.

“I was getting my commercial [pilot’s] licence at this time, and I had this job as a senior person in this charter airline … I just wanted to fly planes, but he nurtured that.”

Garner says he started a commerce degree, and he also educated himself on the stock market and property investment.

After leaving the airline and moving with his young family to Sydney in 2002, he says it was difficult living on a co-pilot’s income of just $36,000 a year.

“I didn’t think the airline industry was going anywhere at that time, which was a mistake, but I thought, what am I going to do? I had acquired these financial services skills from the airline business.”

Garner secured a role at AMP as a financial planner, and then he became a broker in 2003, setting up his own brokerage and financial advice business, Reliance Capital Financial Group, in 2004.

After 10 years running Reliance Capital, Garner decided to refocus on flying.

“I was having a good time in financial services; it was a good business, and I liked serving clients, but I’d flown turboprops but never a jet aeroplane … it felt like something I hadn’t completed in my life.”

He says as a Qantas pilot he would be asked questions by his colleagues when he told them about his finance background.

“I couldn’t give people financial advice, because I was no longer licensed to do so, but a lot of people were reaching out and wanting information. They would tell me they’d go to a broker or a banker, who would always say they really didn’t understand how their [airline] pay worked – it was very confusing to them.”

Garner says this is because there are many different and complex industrial agreements in aviation.

He realised airline staff were having poor customer experiences because brokers and banks couldn’t comprehend their income.

“I thought, I could do this really well – I’m going to start up a business that just caters for this niche, because it’s a niche I know well, and I can get better outcomes.

So I started Crew Financial.”

His intention was just to provide a secondary income to his pilot job, but the brokerage took off.

It now employs five brokers, five full-time support staff and three BDMs who are being trained to become brokers.

Garner says there’s been a great response from aviation clients, who are relieved they can finally talk to brokers who understand their payslips.

“Being able to give some customers positive outcomes when other people have told them no is really rewarding.

“We had a greater than 400% increase in the last 12 months.

We went from a part-time broking business doing not a lot in March 2020 to settling just over $86m in FY2021.”

Aviation workers bring transferable skills to broking, says Garner. They can follow tight systems and procedures; they have empathy from working in small teams, a great customer focus and are outcome oriented. The areas the team had to learn included developing sales plans and working for commission rather than a salary.

Garner says he created robust automated systems for the Crew Financial brokers to follow and that allowed them to provide a great customer experience. For example,

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Crew Financial senior lending adviser and director Rick Garner and mortgage broker Marita Baracz

“Communication is key in aviation, and that directly correlates [with broking], plus the ability to build quick connections” Marita Baracz, mortgage broker, Crew Financial the brokerage’s scalable proprietary technology platform enables brokers to put a deal together in two hours instead of 10.

“We’ve taken away a lot of the admin tasks so we as brokers can focus on the face-to-face customer experience.”

“We’re really, really proud of what the team’s been doing, how they’ve adapted and invested in their own personal growth. There’s a lot to learn in broking; it’s not as simple as everyone thinks it is, so they’ve really stepped up to that challenge, and it’s starting to pay dividends for them.”

While Crew Financial has pivoted well during COVID-19, Garner says anyone can do it.

“It’s really about executing a plan, having some clarity about what you’re trying to do and who you’re talking to and how you’re going to deliver that.”

He also praised Qantas and Virgin for encouraging staff to pivot and reskill.

“The airlines have been really supportive in being flexible with regard to how people deploy themselves during periods of stand-down.”

So, how does an international pilot find time to operate a brokerage?

“I’ve set the business up so that I can actually do both,” Garner says.

“That’s why we have five full-time support staff in place, including a

dedicated settlements coordinator.

“We know that flying is going to return – we’re not leaving our aviation jobs, because it’s fun and we like it.”

Garner says he wants to grow Crew Financial even further, hiring more brokers and targeting the government, defence, essential services and medico sectors.

Marita Baracz combines careers Baracz began her aviation career at Virgin Blue in 2004 and has lived in a number of countries. She joined Crew Financial as a broker in September 2020, six months after moving back to Australia from Sweden just before the pandemic hit in March.

“It’s a unique job where you develop the ability to form genuine connections with people very quickly,” says Baracz.

She says she has always been interested in finance.

“My father owned a real estate office, so I was surrounded by property and finances growing up.

He encouraged us to buy property and save for the future.”

When she returned to Australia,

Baracz was ready to resume her job as a long-haul flight attendant, until COVID decimated the industry.

“It was the open door I needed to pursue my other passion. During the initial broker course, the stars aligned, and I sat next to another long-haul pilot, Matt Symons, who had joined the group at Crew Financial.”

Baracz says broking allows her to research and discover new properties and has really provided an “insight to the other side of the coin”.

“Communication is key in aviation, and that directly correlates, plus the ability to build quick connections,” she says.

“Aviation is also very procedure driven for obvious reasons. While there are laws and procedures for compliance here, learning the unique way each lender does things has been insightful.”

While Baracz recently returned to working at Virgin part-time, she says broking provides the option to juggle her family and work life.

“Crew Financial is one example of utilising one skill set into another, and I feel fortunate that it was a direction I love.” AB www.brokernews.com.au

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FE AT URES

OPINION

KEEP COMMUNICATING WITH YOUR CLIENTS

The pandemic has made marketing more important than ever, and there are many ways to connect with your audience and enhance your brand. Former finance journalist Lisa Llewellyn, who runs PR/content creation agency Llewellyn Communications, provides some helpful tips our home loan interest rate. He showed empathy and provided support, and it really helped strengthen the relationship.

Your communication with clients should:

years ago, when I made the jump from property/finance journalism into public relations, we were just coming out of a year-long recession, the official cash rate was 10.5%, variable rates were still stubbornly high at around 12–13%, and house prices in Sydney and Melbourne were hit hard.

During this volatile time, my boss gave me some wise advice: “Now is not the time for bells-and-whistles PR, now is the time for solid editorial work and connecting more closely with your audiences”.

While the environment has changed, and we’re now in a different period of volatility, my former boss’s words still ring true. Only now, ‘editorial’ has morphed into ‘content’. Different wording but same premise – and many more platforms and opportunities.

PR has always been a vital part of the marketing mix, but the pandemic has made it more important than ever, and there are plenty of ways to create or enhance your brand’s recognition.

Brokers and lenders are now faced with having less ‘face time’ (in the true sense of the word) with prospective and current clients. However, it doesn’t mean you should take your foot off the pedal and cruise till the pandemic ends, or be lulled into a false sense of security with the housing market booming in many regions.

It’s a great time to refocus your efforts, target potential new clients and stay in touch with current clients.

THIRTY

acknowledge the impact the pandemic is having on our daily lives assure them you’ll be there for them provide an update on any changes the pandemic has brought about in the sector and how these might affect them reassure them they can expect quality service doing business with you 2. Create content. Whether it’s a blog or a video for your website, an e-newsletter, updates on your business’s social media platforms, or opinion editorials placed with your target media,

24

Media releases: If you have something strong or new to talk about, put it in a media release and pitch it to target media outlets or individual journalists.

Surveys: The media love stats! If you have solid statistics around a strong topic, it could provide fodder for a media release, or be given to a specific journalist as an exclusive and used in blogs, newsletters and for social media.

It’s a great time to refocus your efforts, target potential new clients and stay in touch with current clients there are plenty of opportunities. Create content that tells a story and addresses key questions your audiences might have as they navigate the pandemic.

It positions you as a thought leader and helps convince customers why your business is the one to choose. Content development also enhances your search engine ranking.

Seven top tips for marketing during the pandemic 1. Communicate. Now more than ever is when you should be checking in with your clients. It shows you’re sensitive to what’s going on and that you empathise with them. While many of us can’t currently meet with clients, why not pick up the phone, send them an email, or organise a Zoom/Teams call? My partner and I were hugely impressed when our broker emailed us recently to check in and say he’d taken the opportunity to renegotiate

5. Public relations (PR). This is an excellent way to build and enhance brand awareness and establish consumer trust.

Earned media can provide third-party validation, which can achieve a stronger result compared to traditional advertising. People who read positive stories about brands are more likely to engage with them. Following are some of the PR tools you could use:

3. Amplify your presence via social media. Update your LinkedIn profile, engage with relevant contacts and brands, and develop new content for your various social platforms.

Lisa Llewellyn Principal, Llewellyn Communications

4. Review and refresh your website.

If you have a website, then check it’s up to date and that the copy is keyword rich to enhance your Google ranking. If you don’t have a website, now’s the time to create one.

Newsjacking: Keep an eye on compelling news stories and where you can add something ‘new’ to the story (eg stats, anecdotal evidence or case studies), then drop the journalist a line.

7. Review, don’t eliminate, your marketing budget. If your cash flow has been impacted by the pandemic, there are still affordable solutions, such as email marketing and engaging with your audiences on social media. There are plenty of great, free tools with excellent templates, such as Canva. You could even shoot a video message on your smartphone. It’s important to keep promoting your business – but adjust your messaging as needed and be sensitive to the current environment.

8. Plan... for when business returns to ‘normal’, with a strategy for the next 12 months and beyond. AB

www.brokernews.com.au

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PEOPLE

Have an interesting deal?

Have a particularly difficult or interesting deal? Why not share it with us? Email:

antony.field@keymedia.com

BIG DEAL Personal loans can provide the missing link when borrowers need extra financial support to achieve their homeownership goal. Broker Andrew Paterson of Geelong’s Aussiewide Financial Services found that NOW Finance offered the ideal solution for his clients THE FACTS

Client Married couple, both aged 33

Loan size and term $25,495 over seven years

Goal To consolidate three debts into one loan to free up cash flow to service a home loan

Location Armstrong Creek, Victoria

As a licensed mortgage broker with over eight years’ experience, Andrew Paterson is well placed to guide clients through financing and purchasing property.

Recently his expertise was called on to help a young couple realise the dream of buying their first home, as he explains below.

Aggregator AFG

THE SOLUTION

To get the couple back on financial track and help them achieve their goal, I proposed a two-step process.

Firstly, I reached out to Heath Mackay of NOW Finance, a specialist provider of personal loans for consumers looking for convenient, value-for-money, easy and

THE SCENARIO

I initially met with my customers – a married couple with two young children – on the recommendation of their builder.

Their dilemma was a familiar one.

Then renting for $420 per week, the pair hoped to secure a house and land package in the local area for $550,000. However, while they were earning a solid combined income of $150,000 per annum, on the downside they had limited savings of just $5,000 to put towards a home loan deposit, and they were not optimistic about obtaining the bank’s approval to buy their first home.

I investigated how the couple could finance their initial home loan deposit.

The provision of a limited guarantee by their parents to support their mortgage application, plus their eligibility for the first home buyers guarantee and their stamp duty exemption as first home buyers of a property for under $600,000, ensured that they overcame this issue.

However, in my first meeting with the clients, I quickly identified their next – and biggest – challenge. A car loan and two credit cards, each with outstanding balances, left them with an ongoing combined commitment of $980 per month, which, on the face of it, suggested they might struggle to service a mortgage for the full amount they were seeking.

Lender NOW Finance

lenders mortgage insurance, which was fantastic.

Definitely the best part of the whole process was sharing the good news with the clients. They simply couldn’t believe it when they were told their loan had been approved. On the face of it, they had thought they were years away from owning their own home. But as the deal I was able to negotiate with the help of NOW Finance proved, sometimes it takes multiple steps to arrive at the perfect solution.

Construction was completed in August, and the couple are now happily settled into their first home. Even better, a rising property market in Geelong has seen the value of their property increase by $100,000 to $650,000 since they first purchased their house and land package in October 2020.

THE TAKEAWAYS

We’re a solutions-based business, and we really pride ourselves on working with lenders like NOW Finance to provide clients with outcomes they are happy with.

That means taking the time to really look

The best part of the whole process was sharing the good news with the clients.

They couldn’t believe it when they were told their loan had been approved

Andrew Paterson Mortgage broker, Aussiewide Financial Services

hassle-free personal finance solutions to help them achieve their goals and maintain financial control.

In consultation with Mackay, I helped the couple apply for a $25,495 personal loan at 11.95% interest for 84 months, to enable them to consolidate three of their existing payment obligations. Approved and settled within just 24 hours, the personal loan with NOW Finance reduced their monthly commitment from $980 to just $462 per month. In turn, this freed up $512 per month for the couple to put towards their home loan with the Bank of Melbourne.

The bank then approved an application for the entire amount sought by the couple at a competitive rate of interest, supported by the limited guarantee provided by the couple’s parents, and without the imposition of any additional requirements like the need to take out

at a client’s particular circumstances and consider how we can structure a loan and utilise complementary products to bring their dreams to fruition. In this instance, without access to NOW Finance debt consolidation, the clients would still be renting.

In the words of Mackay: “As this situation clearly demonstrated, it’s important not to simply take things at face value and assume a transaction cannot be done. It’s always worth digging a little deeper and looking outside the square to seek the right solution for your client, recognising that sometimes it might take a few additional steps to get there. Here, this involved restructuring and consolidating the clients’ existing commitments via one facility to allow them to successfully apply for another, confident that they would be able to meet their mortgage repayments comfortably.” AB www.brokernews.com.au

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27/09/2021 10:22:59 am

DATA

PROPERT Y MARKET ANALYSIS

SURGE IN HOUSE PRICES SET TO CONTINUE With over 30 years of experience in property research and project advice, independent property analyst Michael Matusik outlines where he thinks Australian house prices will be heading over the next six months know that much of the housing market’s current heat is being driven by cheap money, easy finance and recent government incentives.

Also, house sales are rising while stock listed for sale is declining, adding another string to the housing market bow.

The current lockdowns are giving people time to investigate buying, while keeping supply tight.

Owner residents and especially first home buyers have led the charge with – as explained in the last issue by Tom Uhlich of Boss Money – investors now joining the fray.

New construction has been the big winner, and, in this space, detached houses are beating attached dwellings.

House prices have been rising, with median values lifting by around 17% on average across the country during FY21, according to the ABS. What we don’t know is, will this price growth continue? And if so, by how much?

When asked such questions, I reach for my chart (at right), which helps explain the likely short-term direction of Australian house prices. The chart shows the relationship between the annual change in housing finance (brought forward by six months) and the annual movement in house prices.

This chart suggests that house prices are likely to surge further over the next six months.

If the past relationship between housing finance and house prices plays out over the next six months, then it’s possible that the annual rate of price growth for the year ending September could be around 25%, while the yearly growth rate for calendar year 2021 looks like it could come in at around 38%.

Yes, 38%!

If this price growth takes place, then the median Australian house price would be in excess of $1.135m by the end of this year. It was $825,250 in December 2020.

When breaking down the housing WE

26

ANNUAL CHANGE IN HOUSING FINANCE AND HOUSE PRICES – AUSTRALIA Source: Matusik Property Insights; ABS and Domain, as at June 2021

HOUSING FINANCE

90%

FIGURES ARE FORWARD SIX MONTHS (EXCLUDES REFINANCING)

80% 70% 60% 50% 40% 30% 20% 10% 0% -10% -20% -30%

HOUSE PRICES

-40%

PAST ANNUAL GROWTH

HOUSE PRICES

POSSIBLE ANNUAL GROWTH

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

market by capital city, our work – again based on the relationship between finance and house prices – suggests we’ll see the following median detached house prices by the end of calendar year 2021: • Sydney • Melbourne • Brisbane • Adelaide • Perth • Canberra • Hobart • Darwin Michael Matusik Director, Matusik Property Insights

$1.64m $1.29m $790,000 $705,000 $849,000 $1.40m $825,000 $710,000

With such heat in the market it isn’t surprising that media headlines are warning of APRA’s imminent tightening

of the lending screws. However, the Reserve Bank is adamant that it isn’t concerned about the housing market, and claims that it will not tighten the cash rate any time soon.

From my point of view, if we see a somewhat calm transition between the current state of play and the opening of Australia’s internal and international borders before the end of the year – well, at least for those who are double vaccinated – and there’s a surge in economic activity post lockdowns, like we have previously witnessed, then 2022 could see further hikes in Australian house prices.

To keep up to date with my weekly thoughts on the Australian housing market, visit www.matusik.com.au.

www.brokernews.com.au

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ADELAIDE

BRISBANE

Total auctions

216

Cleared

113

Uncleared

CANBERRA Total auctions

47

Cleared

33

Uncleared

9

20

Clearance rate

85%

Total auctions

186

Cleared

128

Uncleared

27

Clearance rate

Clearance rate

82.6%

78.6%

PERTH Total auctions

18

Cleared

9

Uncleared

1

Clearance rate

MELBOURNE

90%

Total auctions

565

Cleared

216

Uncleared

167

Clearance rate

56.4%

TASMANIA SYDNEY

Total auctions

7

Cleared

2

Total auctions

796

Uncleared

1

Cleared

570

Uncleared

123

Clearance rate

n.a.

Note: A minimum sample size of 10 results is required to report a clearance rate.

Clearance rate

82.3% Source: CoreLogic

CAPITAL CITY AUCTION CLEARANCE RATES WEEK ENDING 19 SEPTEMBER 2021 There were 1,835 homes taken to auction in the week to 19 September, up from 1,453 over the previous week and 915 this time last year. Of the 1,419 results collected so far, 74.6% were successful. The previous week saw a preliminary auction clearance rate of 72.3%, revised up to 73.7% at final figures, compared to 67.6% last year.

In Melbourne, 565 homes went to auction this week, down -10.2% from the 629 scheduled. There was a preliminary auction clearance rate of 56.4%.

The previous week 386 auctions were held, with a clearance rate of 55%.

With one-on-one property inspections now permitted across Melbourne, the withdrawal rate fell to its lowest level since the week ending 15 August.

In Sydney, 796 auctions were held, compared to 661 over the previous week, making it the busiest auction week for Sydney since late June; 82.3% of these auctions were successful. Perth had a preliminary auction clearance rate of 90.0%, followed by Adelaide (85%), Brisbane (82.6%) and Canberra (78.6%).

www.brokernews.com.au

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..

DATA

NATIONAL MARKET RE VIE W

LOCKDOWNS HAVE LITTLE IMPACT ON PRICES – REPORT

The rate of growth in property values across Australia has slowed, but CoreLogic’s Tim Lawless says this has little to do with the coronavirus lockdowns MONTH -ON-MONTH CHANGE IN DWELLING VALUES, AUG 2016–AUG 2021 Source: CoreLogic Hedonic Home Value Index, August 2021

Combined capitals

Combined regions

3.0% 2.0% 1.0% 0.0% -1.0% -2.0% Aug 2016

Aug 2017

Aug 2018

Aug 2020

Aug 2019

Aug 2021

CHANGE IN DWELLING VALUES, YEAR TO AUGUST 2021 Source: CoreLogic Hedonic Home Value Index, August 2021

Region

August

Sydney

1.8%

Melbourne

1.2%

6.4% 4.0%

Past 12 months

20.9% 13.1%

Brisbane

2.0%

6.1%

18.3%

Adelaide

1.9%

5.3%

17.9%

2.3%

Hobart Darwin

-0.1%

7.2% 2.4%

24.5% 22.0%

Canbera

2.2%

7.3%

22.5%

Regional NSW

2.0%

6.5%

24.8%

Regional Vic Regional Qld Regional SA Regional Tas

28

3 months to August

1.3% 1.5% 0.6%

48% 5.1% 2.3%

2.9%

7.7%

Combined capitals

1.5%

5.2%

Combined regionals

1.6%

5.4%

Australia

1.5%

5.2%

20.3% 20.8% 14.3% 26.1% 17.5% 21.6% 18.4%

housing values continue to rise across the board, but this has more to do with a shortage of properties than the disruption caused by the pandemic, according to CoreLogic.

Its national home value index shows that dwelling values rose by 1.5% in August, a rate of growth that’s still well above average but is the lowest monthly rise since January.

The lift in housing values continues to be broad-based, with every capital city, apart from Darwin (-0.1%), recording a rise in values in August. CoreLogic has withheld the Perth and Regional WA index results pending the resolution of a divergence from other housing market measurements in Western Australia.

The August home value index provides further confirmation that the rate of price growth is moderating after moving through a peak in March. At that time, national home values had risen 2.8% in a month, led by Sydney, where dwelling values increased 3.7%.

AUSTRALIAN

“Housing prices have risen almost 11 times faster than wages growth over the past year, creating a more significant barrier to entry [to the market]” Tim Lawless, research director, Corelogic CoreLogic research director Tim Lawless says the slowing rate of growth probably has more to do with worsening affordability constraints than the ongoing lockdowns.

“Housing prices have risen almost 11 times faster than wages growth over the past year, creating a more significant barrier to entry for those who don’t yet own a home,” he says.

“Lockdowns are having a clear impact on consumer sentiment, however; to date the restrictions have resulted in falling advertised listings and, to a lesser extent, fewer home sales, with less impact on price growth momentum.

“It’s likely the ongoing shortage of properties available for purchase is central to the upwards pressure on housing values.”

The August report shows that national housing values were 15.8% higher over the first eight months of the year and 18.4% above levels of a year ago. In dollar terms, the annual increase in national dwelling values equates to approximately $103,400, or $1,990 per week.

Lawless says this is the fastest annual pace of growth in housing values since the year ending July 1989. Meanwhile, Australian wages are rising at the average annual rate of 1.7%.

www.brokernews.com.au

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27/09/2021 2:51:41 pm

..

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27/09/2021 2:51:51 pm

PEOPLE

Aggregator nMB

IN THE HOT SEAT

Clair George has 19 years’ experience in the finance industry, including working at Aussie Home Loans. The mortgage broker and her close friend Jasmin Wilson set up The Avenue Home Loans in Bondi Beach five years ago to achieve a better work-life balance

Why did you become a broker?

As a young 21-year-old with not a lot of career direction, I was A offered an opportunity to work in a family friend’s mortgage broking franchise. Looking back, I realise I had very little understanding of what the job entailed or what a life-changing decision I was making.

My second position with another business was instrumental in developing my passion for the industry and working with customers to achieve their homeownership and financial goals. I’ve been lucky enough to work with some amazing and incredibly successful people who have inspired and supported me along the way.

Q

You started up The Avenue Home Loans brokerage with Jasmin Wilson. How did that come about?

A Jasmin and I have been close personal friends for quite a while.

We were both mortgage broking in a large, busy office, but when we had our first babies we realised the need for a more casual, baby-friendly work environment, so we decided to form our own business and workspace. It’s allowed our business to ebb and flow around the needs of our young families, although with a casual environment, working from home, etc., it does mean that we are rarely not working!

Q

What do you enjoy about specialising in complex loan scenarios? course the challenge of getting a complex loan scenario set A Of with a lender is so satisfying. There is nothing better than workshopping solutions and getting a great outcome for my clients, whilst also keeping my finger on the pulse of lender policies that we don’t need to rely on every day. In saying that, even the most basic

Q

30

Clair George, mortgage broker, The Avenue Home Loans

deals that go straight through to approval can be just as satisfying if there is a happy customer outcome.

What advice would you give a broker setting up their own business? up our own business has been very rewarding. Having A Setting success whilst still hitting a great work-life balance has been exactly what we had hoped for when we set out. The downside is that when you work in a small group or on your own, it can be difficult to stay connected to the industry in general, so think about your personal work style and whether working in a more solitary way will be as rewarding for you.

We are very lucky now to be able to connect with our peers through, for example, Finance and Coffee and various other platforms, so take advantage of those resources.

Q

Where do you see your brokerage heading in the next five years? still fairly young children at home, the next five years I expect A With will be less a period of growth and more a period of keeping my current customers happy as I have aimed to do to for the last 20 years.

Q

www.brokernews.com.au

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Better together.

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Solution-focused lending We consider the circumstances of individuals and provide alternative servicing arrangements for customers with non-standard income or liabilities.

Complimentary Home Loan Compassionate Care protection We’ll support eligible Owner Occupied home loan customers by paying their home loan repayments for around 12 months, if the customer, their spouse or dependant passes away or is medically certified with a terminal illness.*

commbroker.com.au Things you should know: *Loan and age eligibility requirements and other limitations and exclusions may apply.

Applications are subject to credit approval. Terms, conditions, fees and charges apply. Commonwealth Bank of Australia ABN 48 123 123 124 Australian credit licence 234945.

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27/09/2021 9:55:15 am