MPA 23.06 by Key Media

NATION’S BEST BROKERS Top 100 Brokers for 2023 revealed

MPAMAGAZINE.COM.AU ISSUE 23.06 22.04

INDUSTRY ROUNDTABLE How non-banks and brokers deal with a challenging market AUSTRALIAN MORTGAGE AWARDS Celebrating this year’s inspiring award winners

THE FUTURE OF BROKING Christian Stevens Shore Financial

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Residential Broker of the Year shares his strategies for success

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DECEMBER 2023

CONNECT WITH US

CONTENTS

Got a story or suggestion, or just want to find out some more information? twitter.com/MPAMagazineAU facebook.com/Mortgage ProfessionalAU

UPFRONT 02 Editorial

04 Statistics

New home listings, dwelling approvals on the rise

FEATURES

06 Opinion

Non-banks and brokers talk key industry issues such as the mortgage cliff, broker diversification, digital technology and green lending

FEATURES

NON-BANKS ROUNDTABLE

Recognising broker successes can be motivational

There needs to be a smoother process for switching lenders, says the MFAA

16 Marketing your brokerage

LMG and Lendi Group offer insights into the most effective marketing strategies to keep customers coming back

68 Managing stress

SPECIAL REPORT

TOP 100 BROKERS

MPA presents this year’s Top 100 Australian brokers who have paved pathways to success by staying ahead of the curve and providing exceptional client service

12 FEATURES

BIG INTERVIEW

DIVERSIFICATION

CHRISTIAN STEVENS

Two industry leaders discuss the opportunities for brokers to grow their businesses by diversifying into commercial lending

Shore Financial senior credit adviser and AMA Residential Broker of the Year Christian Stevens explains the strategies that have driven his success and the rapid growth of the brokerage

Stress management tips to help small business owners avoid the risk of burnout in today’s challenging environment

PEOPLE 70 Brokerage insight

Entourage Mornington director Vincent Moore has a goal to become the go-to broker in his community

72 Other life

For Blackfish Finance director Leah Busby, basketball and her kids are her top passion

FEATURES

MPAMAG.COM/AU

Revealing the inspirational mortgage professionals who took home the trophies on the biggest night of the industry calendar

NOW ONLINE:

AMA WINNERS

Our daily newsletter. Keep on top of property market trends, business strategy, and what industry leaders have to say.

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24/11/2023 8:28:43 am

UPFRONT

EDITOR’S LETTER

Celebrating broker successes is vital

he mortgage and finance industry is full of hard-working people who are passionate about helping their customers turn their dreams into reality. Many pour their heart and souls into the job, putting in long hours to build successful businesses, foster great relationships with their clients and network partners and keep on top of all latest changes to finance policies, products and technology. To make it as a broker, you can’t be a shy wallflower – you need to be self-confident and be able to easily converse with people from all walks of life. But at the same time most brokers don’t enter their careers seeking glory and adulation; they do it because they love the vital role they play in assisting customers to reach their financial goals. It’s important to recognise and celebrate the achievements of individuals and companies within the industry because it inspires and motivates others to strive for excellence and demonstrates what’s possible. In October, the 2023 Australian Mortgage Awards were held in Sydney, drawing a record crowd of 713 to honour top-performing brokers, brokerages, lenders, aggregators and BDMs. In the December edition of MPA, we bring you full coverage

Recognising the achievements of individuals and companies inspires and motivates others to strive for excellence and demonstrates what’s possible of the AMAs, including a full list of all the winners and Excellence Awardees. We also feature an interview with the winner of the FBAA Residential Broker of the Year award, Christian Stevens, who shares some of the strategies he has used to achieve success. There are an increasing number of brokers dipping into commercial finance as activity in the residential mortgage market slows, and this is highlighted in our commercial diversification feature, which provides some useful guidance for brokers. In our Sector Focus on broker marketing, we also explore the best marketing strategies and platforms brokers can use to give their businesses a competitive edge. How non-banks have fared over the last 12 months in a challenging market is detailed in this issue’s coverage of the 2023 Non-Banks Roundtable, while the Top 100 Brokers for 2023 are also revealed. MFAA CEO Anja Pannek also outlines the key issues brokers have raised with the peak body and what the organisation is doing to lobby on their behalf. The team at MPA wish all of our readers and clients a happy, relaxing and safe Christmas and New Year. Antony Field, editor, MPA

www.mpamag.com/au DECEMBER 2023 EDITORIAL

SALES & MARKETING

Editor Antony Field

Publisher Claire Tan

Writers Kim Champion, Mina Martin

CORPORATE

Contributors Roxanne Calder, Anja Pannek

Chief Executive Officer Mike Shipley

Lead Production Editor Roslyn Meredith

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ART & PRODUCTION

Chief Commercial Officer Justin Kennedy

Designer Cess Rodriguez

Chief Information Officer Colin Chan

Customer Success Manager Isabella Concepcion

Chief Revenue Officer Dane Taylor

Customer Success Executive Shara Cruzat

Director – People and Culture Julia Bookallil

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The level of professionalism, dedication, and the shared vision for success was immediately evident. Fabian Restaino FINANCE INDUSTRIES AUSTRALIA

1300 303 382

specialistfinancegroup.com.au

Australian Credit Licence No. 387025

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23/11/2023 1:41:00 pm

UPFRONT

STATISTICS AUSTRALIAN PROPERTY MARKET IN NUMBERS

$10.1trn

INCREASE IN NEW HOMES FOR SALE New home listings rose by 4.5% in September compared to the previous year, with the three most expensive capital cities in Australia – Sydney, Melbourne and Canberra – experiencing the most significant year-on-year growth in new property listings, PropTrack reported.

Combined value of residential real estate in Australia

YOY GROWTH IN NEW 50% 40% 30% 20%

21.3%

10%

9.9%

10.1% 10.9%

-4.2% -8.5%

-10% -20%

39,216

NSW

Vic

Qld

Total property sales in September – slightly below five-year average

DWELLING APPROVALS ON THE UP

30 days

Dwelling approvals increased 7% in August following a 7.4% fall the previous month. This was driven by a 5.8% rise in private sector houses and a 9.4% increase in private sector dwellings excluding houses, the ABS reports. The value of total buildings approved also bumped up by 0.5%, mainly due to a 3.2% surge in new residential building values, although non-residential building values dropped 1.5%.

DWELLINGS APPROVED: AUGUST KEY FIGURES

Median amount of time it took to sell a property in the September quarter

Number of dwellings

Monthly change

Yearly change

Seasonally adjusted Total dwelling units approved Private sector houses Private sector dwellings excluding houses

140,524

New listings observed over the four weeks to 8 Oct

Source: CoreLogic Monthly Housing Chart Pack, Oct 2023

13,647 8,635 4,779

-22.9%

5.8% 9.4%

-15.2% -34.1%

-0.4%

-15.8%

0.2% -1.4%

-14.9% -18.8%

Trend Total dwelling units approved Private sector houses Private sector dwellings excluding houses

13,603 8,304 4,996

Source: ABS Building Approvals Australia, August 2023

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HOME LISTINGS, SEPT 2023

VACANCY RATES HIT RECORD LOWS Capital cities

Regional areas

Rental availability continued to tighten in September, with vacancy rates plunging to record lows, despite worsening affordability easing the pace of rental growth, CoreLogic reports.

VACANCY RATES IN CAPITAL CITIES, SEPT 2023 2.5%

2.0%

1.5%

1.0%

0.5%

41.9%

1.2%

Sydney

0.8%

Melbourne

1.1%

2.1%

5.9%

5.4% 1.3%

0.7%

4.9%

2.3%

Brisbane

4.5%

0.3%

Adelaide

-0.3% -11.3%

-12.8%

0.5%

Perth

2.5%

Hobart

Tas

Canberra

National

TOTAL

1.6%

Darwin

1.8%

Canberra Source: CoreLogic

Source: PropTrack; realestate.com.au listings, September 2023

CITY PROPERTY PRICE FORECASTS RAISED

CHEAPEST RENTS NEAREST CAPITAL CITY CENTRES

NAB upgraded its property price forecasts for capital cities in the near term due to stronger-than-expected outcomes over the past quarter. It now expects prices to rise 8% by year-end and a further 5% in 2024.

CoreLogic listed suburbs within 20km of CBDs with the lowest median rents as of September 2023. It said previously unpopular areas could now attract high-income professionals due to scarce rental options in city centres.

NAB DWELLING PRICE FORECASTS

CHEAPEST MEDIAN WEEKLY RENTS WITHIN 20KM OF CAPITAL CITY CBDS Houses

Location

2023 forecast

2024 forecast

Sydney

11.6%

Melbourne

4.7%

5.5%

Brisbane

12.1%

6.5%

Adelaide

8.6%

6.2%

Perth

11.9%

1.2%

Hobart

-3.3%

Capital city average

7.9%

5% Source: NAB Residential Property Survey Q3

Units

Suburb

Median rent

Suburb

Median rent

Sydney

Auburb

$648

Berala

$486

Melbourne

Albanvale

$441

Albion

$366

Brisbane

Woodridge

$501

Woodridge

$352

Adelaide

Salisbury

$473

Salisbury East

$361

Perth

Girrawheen

$491

Midland

$433

Hobart

Bridgewater

$485

Claremont

$411

Canberra

Higgins

$597

Lyons

$468

Darwin

Moulden

$539

Bakewell

$457 Source: CoreLogic

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23/11/2023 7:25:20 am

UPFRONT

OPINION

GOT AN OPINION THAT COUNTS? Email antony.field@keymedia.com

Let’s make it easier to switch lenders Whether it’s helping clients refinance or grappling with clawbacks and cashbacks, the MFAA provides a strong voice for brokers, says CEO Anja Pannek FAR FROM an uneventful year, 2023 has seen significant shifts in the economic environment: headlines have been dominated by interest rates; home loan refinancing has reached record levels; inflation is at its highest in a generation; and the cost of living has raced ahead of wages. It’s in this environment that the value of mortgage and finance brokers has continued to shine, through brokers demonstrating an unwavering commitment to finding solutions for their clients as they navigate these changing circumstances. Even before the end of 2022, we started to see the beginning of the refinancing wave – or cliff, depending on your perspective – which took refinancing to unprecedented levels in Australia. Brokers have been at the coalface of this activity, helping their clients understand their options, including preparing them for refinancing in an environment of heightened serviceability constraints. This surge in refinancing has highlighted the value of brokers to Australians. When the MFAA surveyed our members in July, 95% told us that they’d had clients using a broker for the first time to help them refinance. This tells me that Australians want to know their options in the current environment and are looking for guidance and the support of an expert to understand their options – and that’s exactly what brokers are delivering. We also need to acknowledge that there are stressed borrowers out there. The RBA has noted that mortgage payments now account for close to 10% of total household disposable income, a level that’s not been seen before. It’s critical that Australians should have

access to the support, guidance and expert knowledge of brokers so they can make the right decisions about their home loans. It’s also important that the home loan lending ecosystem operates in a way that allows borrowers to access a more suitable product or

and vocal in the industry on both cashbacks and clawbacks. We welcome the dissipation of cashbacks, which in my mind were unsustainable and opaque. Addressing the fairness of clawbacks for brokers is an area I committed to working on with the industry when I joined the MFAA last September. Since I publicly addressed this issue at our ‘Looking Ahead’ professional development events in February and in industry conversations, we have witnessed more progress on clawback structures than in the past decade. I strongly urge all lenders to consider moving to a fairer model – away from the harsh-cliff nature of practice now. With the constantly moving landscape in which the industry operates, this year has once again highlighted the agility, adaptability and resilience of mortgage and finance brokers. The MFAA remains committed to elevating

At roundtables across the country, the MFAA’s members have made it clear that there needs to be a smoother transition process for borrowers switching lenders a lower-cost loan, particularly with the cost of living pressures Australians are experiencing. At a series of roundtables the MFAA held across the country, our members have made it clear that there needs to be a smoother transition process for borrowers switching lenders. They said their clients had been put under unnecessary strain and stress due to complex discharge processes and lenders’ retention tactics that had only served to add confusion to what should have been a straightforward experience. Simplifying the process of switching lenders for both brokers and their clients has been a point of focus for the MFAA since the Home Loan Price Inquiry in 2019. We stand by the recommendations we made then: that there should be consistency in the loan discharge form, as well as maximum time frames for processing discharges. We’re advocating for regulation to address this as soon as possible. Over the last year, the MFAA has been clear

the profession, driving innovation and positive financial outcomes for Australians. I’ve always been impressed by the positive outcomes brokers deliver for Australians every day, and I firmly believe the future holds great promise for our industry. The broker channel remains as relevant today as it has ever been, if not more so. While we can’t say for certain where interest rates and inflation will take us next year, it’s likely that economic challenges will persist. As this past year has proven, these challenges won’t shift the commitment brokers have to their clients, and they will remain systemically important to the Australian economy, to access to choice and competition.

Anja Pannek is CEO of the MFAA. She has over 20 years’ experience in the finance sector and a proven track record of leading successful businesses within the third party channel.

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PEOPLE

BIG INTERVIEW

CHRISTIAN STEVENS: EXPLORING THE FUTURE OF BROKING Australian Mortgage Awards Residential Broker of the Year Christian Stevens explains what strategies drive him and how technology is shaping the industry FOR SOMEONE who hasn’t had a long career in mortgage broking, what Christian Stevens has been able to achieve in the past six years has been astounding. The senior credit adviser at Sydney brokerage Shore Financial became an accredited broker in 2018. But Stevens’ hard work and adaptability, as well as his ability to connect with customers and build a large social media following, has generated rapid growth and productivity. Stevens surpassed $1 billion in loan settlements in September 2022, reaching this

Bank Brokerage of the Year (Over 20 Staff ) category not just this year but also in 2022 and 2021. It’s the second major award in a row received by Stevens at the AMAs; last year he was named Equity-One Broker of the Year – Productivity. Shore Financial has also regularly appeared in MPA’s annual Top Brokerages list, featuring in 2019 and from 2021 to 2023. Stevens is thankful for industry acknowledgements, especially the AMA Broker of the Year awards. “These accolades represent

“Through platforms like Facebook, LinkedIn and Instagram, I have been able to connect with diverse audiences at scale, share my knowledge and, most importantly, humanise the process of mortgage broking” mark in under five years and one of the fastest in the industry to do so. When it comes to accolades, the awards Stevens and his team have chalked up so far are impressive. Stevens was named FBAA Broker of the Year – Residential at the 2023 Australian Mortgage Awards, while Shore Financial was an Excellence Awardee in the Commonwealth

more than just individual achievements,” he says. “They are a testament to the commitment, dedication and collective effort of my entire team. “For me, they symbolise the journey we have undertaken, the challenges we have overcome and the countless hours spent ensuring that our clients find the perfect mortgage solution.

“In the broader sense, they bolster our standing in the industry, instil further trust in our clientele and motivate us to set higher standards for ourselves each year. They are also great for marketing.” Stevens is happy to share some of the secrets behind his success. “The foundation of my success rests on three pillars: a relentless work ethic, building and nurturing genuine client relationships, and the ability to evolve with the times.” In a digital age, social media has played a critical role in generating business, he says. “It’s not just about marketing but about creating conversations, educating potential homeowners and demystifying the mortgage process,” Stevens says. “Through platforms like Facebook, LinkedIn and Instagram, I have been able to connect with diverse audiences, share my knowledge and, most importantly, humanise the process of mortgage broking.” Stevens says this digital outreach has translated into more than 50% of his entire business, generating billions of dollars of organic enquiries, as well as cementing B2B relationships. For those mortgage brokers just embarking on their careers, he says the journey is both challenging and rewarding. “My advice remains the same: Stay hungry, not just for success but for knowledge. The landscape is constantly changing, and staying

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PROFILE Name: Christian Stevens Title: Senior credit adviser Company: Shore Financial Years in the industry: Accredited broker for six years Career highlight: “Being awarded Best Broker in Australia and Broker of the Year at all major industry award events. Another major highlight was settling $124 million in a single month” Career highlight: “The biggest challenge I have faced is understanding how to grow my business to the size it is in such a short period of time, without compromising the customer experience”

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PEOPLE

BIG INTERVIEW “My advice [to brokers] remains the same: Stay hungry, not just for success but for knowledge. The landscape is constantly changing, and staying updated is not a luxury but a necessity” updated is not a luxury but a necessity,” Stevens says. “Cultivate relationships with clients, referral partners and industry experts. Your network will often be your most valuable asset.” He adds that brokers must embrace technology. “The tools of today can exponentially amplify your efficiency and process. But remember, technology is just a tool; the heart of this profession is understanding and serving the needs of your clients.” Technology is the future of the mortgage broking industry, Stevens says. “In a world where clients expect quick, efficient and transparent processes, technology facilitates all three. “Whether it’s digital applications, electronic signatures or instant credit checks, technology accelerates these processes. Looking forward, as tech become more prevalent, integrating advanced technologies will be critical in maintaining a competitive edge.” The other crucial development in technology is artificial intelligence and automation. Stevens says AI and automation are not just trends – they are revolutionising the way we operate. “Imagine automating mundane, repetitive tasks, thus freeing up brokers to concentrate on business-generating activities. “AI can provide insights from data that were previously unseen or overlooked. For instance, predicting market trends or analysing a client’s financial behaviour to offer tailor-made solutions. This will minimise human error and offers a more personalised customer experience at scale. Brokers will be about to double their

businesses without doing any extra work.” So, what does Stevens think about the threat posed to brokers by direct-to-consumer digital loans? “While I acknowledge the efficiency and convenience of digital loans, I believe in the irreplaceable value of human touch,” he says. “A broker’s insight, experience and ability to advocate for clients goes beyond algorithms.” While a small segment of the market may gravitate towards purely digital processes, Stevens says many people will still seek guidance, assurance and the personalised touch that brokers offer. “I envision a future where digital tools enhance the broker’s capability, rather than replace it.” When it comes to highlighting an indispensable tech platform or tool, Stevens praises the CRM that Shore Financial uses. “In a profession where understanding and recalling client info can make all the difference, our CRM [SalesTrekker] serves as the centre of all client interactions. It’s more than just a database; it’s a tool that enables us to deliver personalised and efficient service at every touchpoint.” Stevens says another incredible platform the brokerage has recently integrated is Quickli, “which has decreased the packaging time of my credit team by 30%”. “These two tech platforms have revolutionised my business.” Open banking is another industry change that is set to redefine financial services, says Stevens. “By providing brokers access to a client’s comprehensive financial data instantly, it paves the way for more informed and customised advice. It will be like having a

THE SKILLED TEAMS THAT SUPPORT CHRISTIAN STEVENS A structure that facilitates doubling of business year-on-year, backed by 20-plus amazing staff across four teams: Strategic Partnership Team: SMSF, foreign income expats, first home buyers, professional investors, medico, CPA/CFP, legal, HNW and private banking Credit Analyst Team: Researches policy, populates product comparisons and repayment tables, delivers detailed proposals within 24 hours Back-office Processing (BOP) Team: Everything from compliance documents to settlement. Chases up assessors for MRIs and daily communication with clients Post Settlement Team: Ensures accounts are set up correctly. Regular repricing so clients always have the best possible interest rate

CMY

360-degree view of a client’s financial health. “This transparency means better-informed decisions, more tailored loan product recommendations and ultimately a faster and smoother application process. “We will also be able to do instant refinancing and repricing and automated preapprovals. The future is looking very exciting.” Asked about his future goals in broking, Stevens says “there is always another summit to conquer”. “I’m keen on expanding my team, reaching untapped markets and innovating our service offerings,” he says. “My last individual aspiration is to be the first billion-dollar annual settlement broker in Australia, something I will achieve by the end of 2025. “On a personal note, I am passionate about mentoring the next wave of brokers. It’s not just about passing on knowledge but ensuring the integrity of our industry lives on.”

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23/11/2023 12:21:44 pm

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Give it the non-bank test. C

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Scenarios scenarios@pepper.com.au All Applications are subject to credit assessment, eligibility criteria and lending limits. Terms, conditions, fees and charges apply. Information provided is factual information only and isn’t intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser. Pepper Money Personal Loans is a brand of Pepper Money Limited. Credit is provided by Now Finance Group Pty Ltd, Australian Credit Licence Number 425142 as agent for NF Finco 2 Pty Limited ACN 164 213 030. ©Pepper Money Limited ABN 55 094 317 665; AFSL and Australian Credit Licence 286655 (“Pepper”). All rights reserved. Pepper is the servicer of home loans provided by Pepper Finance Corporation Limited ABN 51 094 317 647.

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23/11/2023 12:22:06 pm

FEATURES

SECTOR FOCUS: COMMERCIAL DIVERSIFICATION

Opportunity knocks for brokers Mortgage brokers wanting to offer a greater array of loan products and solutions to their customers are diversifying into commercial lending, which helps with client retention and business growth HIGHER COMPETITION for home loans and a need to offer customers a wider choice of lending solutions is driving mortgage brokers to take up commercial finance. The MFAA Industry Intelligence Service 16th Edition report, covering 1 October 2022 to 31 March 2023, shows that the total loan book value of commercial lending for mortgage brokers continues to grow, reaching a record high of $73.11bn. Period-on-period, the value increased by $3.06bn, or 4.36%, while year-on-year it grew by $6.41bn or 9.61%. It’s estimated that only about 30% to 40%

of all commercial loans are written by a broker, providing a large untapped market for the third party channel. To get some insights into the commercial diversification opportunities for brokers, MPA talked to Blake Buchanan, general manager of aggregator Specialist Finance Group, and Zeb Drummond, chief operating officer at Gateway Bank.

More brokers looking to diversify Buchanan says it’s typical in cooling markets for businesses to look to capitalise on wider

opportunities and potentially replace revenues. It’s also true that many brokers are looking for a more holistic approach to assisting clients. “As lenders evolve their commercial offering and appetite for broker-introduced business, brokers are finding it easier to take the steps to learn about and offer their clients services in the commercial, business and equipment fields,” he says. SFG is always looking to serve the needs of its brokers, Buchanan says. This includes providing education and access to commercial providers, and progressing digital development to ensure brokers can offer leading products, services and technology for an excellent client experience. Drummond says diversification is often born out of challenges in traditional markets. “It appears as though the challenges in the residential sector, driven by the increasedrate environment, have led to residential brokers looking for new niches and sectors to support their business growth,” he says. “The other driver will be customer demand. At Gateway, we’re seeing increased enquiry through our direct channel as borrowers are looking to take advantage of opportunities in the market.”

Industry needs to encourage diversification Drummond says there remains some mystique and opacity around the commercial lending sector, particularly around pricing and what will and won’t constitute a deal. For those brokers who only see a commercial deal every so often, this can be a barrier as the perceived challenges and complexity prevent them from pursuing the opportunity. “Across the industry we would like to see more education, transparency and collaboration to help remove the barriers for residential-focused brokers looking to diversify into commercial lending,” Drummond says. While commercial deals can be more complex, Gateway knows that working closely with brokers who haven’t had much exposure to the sector gives them the knowledge and confidence to look for more oppor-

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tunities and come back for repeat business. Buchanan says commercial finance is a specialty that requires significant learning but also experience for brokers to be able to execute well. “Commercial share is lagging behind residential, particularly on the digital side. Much

a commercial broker who might also take your residential business,” he explains. “Diversification is a two-way street. As residential brokers increasingly look to capitalise on commercial opportunities, so, too, are commercial brokers looking to complement their model with residential services.”

“Brokers should invest in education and become aware of the opportunities to assist clients first. Engage with your lending partners and mentors in this space for quality advice and assistance, and invest the time to develop yourself ” Blake Buchanan, SFG work is being done here, and we are already seeing the benefits of advocacy of this channel with an upswing in commercial broker market share.” For brokers looking to enter this space, Buchanan says the best advice is they should “invest in education and become aware of the opportunities to assist clients first”. “Engage with your lending partners and mentors in this space for quality advice and assistance, and make sure you invest the time to develop your business in this field.” Buchanan encourages brokers to consider entering into a referral relationship with a commercial specialist or employing one in their business. “It’s rare to find an expert residential broker who is also an expert commercial broker,” he says.

The benefits explained Apart from the revenue boost, Buchanan says diversification serves brokers’ clients well by offering them a more holistic service, reducing the need for them to approach multiple people for different financial transactions. It also assists with client attrition. “If you can’t identify your clients’ commercial finance need nor manage it, your client will likely go to

Buchanan says brokers employing or partnering with a commercial specialist have the immediate benefit of expanding their services and client management – “also increasing the value of your business should you look to exit”.

Drummond points out that diversification can help build a more sustainable business and loan book as different lending sectors can have very different drivers of opportunities and challenges. “It also offers brokers’ clients a broader service proposition, helping drive more business and referrals from their client base.” Opening up new markets offers brokers obvious growth opportunities, Drummond says. It can also bring in new referral partners, benefiting new and existing elements of brokers’ businesses.

Growth areas in commercial lending Gateway is solely focused on commercial property lending, Drummond says. “We’re seeing strong demand in this segment of the market, with clients looking to utilise equity in their commercial properties, along with investors taking advantage of opportunities to build and diversify their portfolios. “Gateway’s commercial offering is competitively positioned, and we’re also seeing strong demand for refinance to deliver savings in an increasingly challenging economic environment.”

MORTGAGE BROKERS’ COMMERCIAL LOAN BOOKS KEEP RISING IN VALUE $80bn $70bn 66.7

$60bn $50bn $40bn $30bn

38.1

40.1

41.6

Apr 18– Sep 18

Oct 18– Mar 19

43.1

45.5

48.9

52.5

70.1

73.1

54.2

$20bn $10bn $0bn

Oct 17– Mar 18

Apr 19– Sep 19

Oct 19– Mar 20

Apr 20– Sep 20

Oct 20– Mar 21

Apr 21– Sep 21

Oct 21– Mar 22

Apr 22– Sep 22

Oct 22– Mar 23

Source: MFAA Industry Intelligence Service 16th Edition, 1 October 2022 to 31 March 2023

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FEATURES

SECTOR FOCUS: COMMERCIAL DIVERSIFICATION “Across the industry we would like to see more education, transparency and collaboration to help remove the barriers for residential-focused brokers looking to diversify into commercial” Zeb Drummond, Gateway Bank Buchanan says many businesses are looking to improve cash flow as interest rates rise and affordability dwindles. This can be achieved in many ways, such as by financing an existing or new asset or using the many bona fide SME options available on the lender panel. “Commercial specialists often think outside of the box,” Buchanan says. He gives the example of a baker who bakes 400 loaves of bread per day and usually runs out by 11 a.m. “They are feeling the pressure of higher interest rates and higher costs of goods. They seek out a commercial broker to refinance their debts or get a loan to improve cash flow.” But a commercial specialist might suggest financing a new oven for the baker “who now produces 800 loaves per day and subsequently increases their cash flow”.

Training and support SFG proudly hosted its inaugural Commercial Convention in August. “This highlighted our fantastic commercial partnerships, talent and systems of the future to make diversification into commercial easy to understand,” Buchanan says. “We highlighted the opportunities and the resources available that brokers should be tapping into,” he says. “SFG takes a unique and individual approach to our members’ businesses and the strategies that we [use to] assist; we know that each brokerage is different to the next.” Gateway has a dedicated commercial banker who works closely with brokers, particularly those new to the segment,

throughout the application process and until settlement, Drummond says. In this role, they also work closely with the bank’s residential BDM team, running workshops and training sessions and educating brokers on commercial opportunities as well as Gateway’s offering. “We’ve tried to make our product as simple and borrower- and broker-friendly as possible,” Drummond says. “We’ve integrated the application process into ApplyOnline, giving brokers a consistent digital experience in line with their residential experience. We’ve also enhanced our broker portal to enable applications to be simply and easily lodged with us.” Combining this digital experience with a collaborative personal service assists all brokers, he says. Gateway offers a 30-year loan term, which combined with competitive rates provides real cash-flow benefits to borrowers, he adds. Commercial loans vary from $250,000 to $10 million, with a range of fixed, variable and interest-only options. The bank recently launched a green commercial property loan with discounted interest rates for properties with certified energy-efficiency ratings.

What brokers need to know Drummond says brokers should be aware that there’s often more complexity in commercial lending due to ownership structures, security types and revenue fluctuations. “None of these are insurmountable, and with a collaborative approach from a BDM

or commercial banker, these can all be worked through,” he says. “From Gateway’s perspective, we require a separate commercial accreditation to be completed in order to write commercial deals.” Buchanan says that while additional qualifications are not usually required, industry bodies are lifting the qualification requirements to trade in the commercial space, which SFG supports. Commercial lending is specialised because the securities, structuring and the way they operate are “vastly different”, he says. “You only need to google ‘commercial finance types’ to see how broad of a church commercial lending is in comparison to residential, and this is why it takes commitment to learn and understand commercial finance to ensure great results for clients. “Great client results provide great commercial broker dividends such as increased awareness and market share.”

Future trends Buchanan says he anticipates a lot of restructuring work being completed in the first half of 2024 as interest rate increases bite, which will affect commercial as well as home loan customers. “Businesses often also have debt, with the difference being that their costs of funds usually sit above home loan costs. This is why we need to ensure that access to commercial broker specialists increases in time and that we grow broker share. “I encourage brokers who want to expand into this space to make sure that they do it well and market it to create more awareness for this important channel.” Drummond says the outlook for commercial lending in 2024 will be heavily influenced by the progress made against inflation and the interest rate environment. “Forecast continued strong population growth should continue to underpin resilience in the economy and support a positive outlook for the year ahead,” he says. “The commercial sector remains a significant opportunity for brokers to increasingly diversify into and support their clients’ needs.”

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FEATURES

SECTOR FOCUS: BROKER MARKETING

How to build your brand Robust and effective marketing strategies are crucial for brokers to not just reach new customers but also strengthen existing client relationships. LMG and Lendi Group share their insights on this important aspect of broker businesses

works all hours of the day and night and is the precursor to a sales conversation. It’s about communicating a value proposition in a compelling way so potential clients want to engage with the business to learn more.” Cobb says marketing helps brokers build credibility and brand awareness and attract new clients. “Focusing on their local area helps Aussie brokers establish and maintain a strong presence in their local community and build their reputation as a reliable and knowledgeable expert in the local territory,” she says. “Word-of-mouth referrals and local networking events can also be highly effective in attracting new clients.” Cobb says Aussie and Lendi brokers have a strong national brand behind them that consistently spends and optimises in channels that drive results to their bottom line, through social media advertising, email campaigns, digital banners, display ads and more. “This combination of local and national tactics helps local brokers reach a wider audience and build a strong brand presence, boosting their reputation both online and offline,” she says.

Setting up a marketing strategy

IN A highly competitive mortgage broking industry, brokers want clear and effective strategies to attract new customers and then keep them coming back. The competition from other brokers and banks that target customers directly through cashback refinance offers is immense. With home loan lending volumes diminishing due to rising interest rates, brokers need to stand out from their competitors. One of the ways they can achieve this is through marketing. To gain insights into the

best marketing strategies, MPA spoke to Angela Tracey, director of broker success at LMG, and Zara Cobb, chief growth officer at Lendi Group.

Why marketing is vital for brokers Tracey says marketing is essential for brokers wanting to grow their businesses. “Finding new clients, extending their lifetime value and minimising client churn are the three desired outcomes of marketing for brokers,” Tracey says. “Consistent marketing

Cobb says brokers should decide what they are trying to achieve. “Too often brokers think marketing can solve all problems all at once – awareness, acquisition, trust in a single billboard; it can’t,” she says. “An advertisement gives you about 30 seconds with a customer, so it’s important to make that time count by being focused on the single most important thing you want them to take away. Then build out from there.” Tracey says marketing and prospecting go hand in hand, fuelling a broker’s pipeline with qualified prospects, but providing a positive customer experience is just as important. “Brokers who consistently delight their customers at every touchpoint will see their book grow. Happy customers lead to more happy customers by referring their friends and family.”

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A multichannel approach to reaching potential customers Digital resources, online search and automation have radically altered the way prospects find a broker, says Tracey. On average, she says it takes six to eight touchpoints to educate, inform and nurture a lead to an initial meeting with a new prospect. “Most interactions before the first engagement with a broker will come via social media, Google, blog articles, podcasts, online reviews, YouTube and more. Therefore, brokers should use a multipronged approach.” Tracey says a comprehensive strategy encompassing social media marketing, email marketing, SEO, search engine marketing and content marketing is critical to reaching potential customers. “The more a brand is seen regularly and consistently, the more likely the potential customer will choose to engage with that brand when they are ready to, versus a brand they’re not as familiar with.” A broker’s marketing activities should include posting to Facebook, Google and Instagram, she says, as well as publishing regular newsletter and blog articles. They should optimise their website for conversion, have a strong local SEO strategy including

BROKER MARKET SHARE OF RESIDENTIAL HOME LOANS, JUNE QTR 2023 Between April and June 2023: • mortgage brokers wrote 67.2% of all new residential home loans » a 0.8 percentage point decline from June quarter 2022 » an 8.2 percentage point year-on-year increase from 59% market share in June quarter 2021 • mortgage brokers settled $88.62bn in home loans » a quarter-on-quarter increase of $10.03bn » a 7.8 percentage point year-on-year decrease from $96.08bn settled in June quarter 2022 Source: MFAA and Comparator data, June 2023 quarter

platforms – radio, out of home etc. – and embrace emerging spaces and technologies – TikTok, socials, Instagram – even if these make them a little uncomfortable. “These areas are where you can access new customers, engage in interactive exchanges and build your brands organically.”

“The more a brand is seen regularly and consistently, the more likely the potential customer will choose to engage with that brand when they are ready to, versus a brand they’re not as familiar with” Angela Tracey, LMG five-star Google reviews, advertise on Facebook with video content, and use marketing automation to nurture leads and existing clients. Cobb says the approach depends on the broker and their customer base. “Brokers need to think beyond the traditional above-the-line

Measuring success Cobb says brokers should keep it simple and look at their cost per acquisition (CPA). “Simply divide investment into marketing with your new customer growth. Look at this on many levels too: CPA of customers you will be nurturing for a while, CPA of

customers who are ready to transact and CPA of returning customers.” Marketing is not just for new customers, Cobb says. It’s also an important retention and re-engagement tool. Tracey says a good strategy needs to strike a balance between short-term tactical results and long-term sustainable brand awareness. “Every campaign can be measured according to its goals, from website visits, brand impressions, click-through ratios, and the list goes on. There is no shortage of metrics to track in digital marketing.” But Tracey says the ultimate measure of long-term success is a sustainable lead flow delivering a strong return on investment. “Businesses that utilise attribution modelling to identify how much each of their marketing channels has contributed to sales efforts will get a holistic view of their marketing return on investment.”

Marketing tools and support Tracey says every LMG service plan includes marketing for brokers. Brokers on the LMG Member service plan get access to email marketing automation to nurture prospects for deals and also extend their client lifetime value through stay-in-touch automated email journeys. “Monthly residential, business and RBA update newsletters are provided for brokers so they can stay top of mind and deliver ongoing value to their clients.” The LMG Partner service plan provides an industry-leading suite of marketing solutions to help broker businesses get measurable results from online marketing, Tracey says. It includes a fully optimised business website, a customer satisfaction and review platform and a personalised lead capture and qualification tool. Brokers can save time and stay on brand with LMG’s social media marketing programs, including branded post content (Instagram, Facebook and Google Business) and costeffective Facebook advertising packages. For high-touch “done-for-you” marketing support, and to leverage the power of a collective brand, Tracey says brokers can also choose

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FEATURES

SECTOR FOCUS: BROKER MARKETING to operate under the trusted Loan Market consumer brand, which taps into Australia’s largest real estate referral network, Ray White. Cobb says that at broker level, Lendi Group has a self-service approach, providing brokers with platforms to access materials, templates, assets and guides that support 90% of their day-to-day marketing needs. “This empowers brokers to easily customise and execute their own marketing campaigns,” she says. “For the remaining 10% of non-standard marketing needs, our brokers have access to our broker marketing team and the wider growth team. This enables collaboration to ideate and execute customised marketing strategies tailored to their unique requirements.” Cobb says Lendi Group’s approach ensures that brokers have the flexibility and resources necessary to promote their premium service, and the tools and support to create impactful marketing campaigns that resonate with their target local audience to drive business growth. “At brand level, we invest heavily across traditional and digital mediums to raise brand awareness and generate leads for our brokers,” she says. Brokers who opt into the fully supported Platform Plus operating model also benefit from Lendi Group’s industry-first Journeys program. Cobb says that through this program, customers who aren’t ready to transact are placed into specialised nurture journeys for ongoing, bespoke communications, with the aim of bringing that customer back into a broker’s pipeline when they are ready. “Up to 50% of our Lendi business comes from customer re-engagement,” Cobb says, “and we’re excited to see the results take shape for our Aussie brokers now that they are fully operational on Platform.”

Using AI to write marketing material Cobb says using AI is a balancing act as what a customer wants to see in a broker’s marketing is them and their personality. “ChatGPT can give brokers the template of comms, but they should always add their own personal language and approach – the

output is only as good as the brief that goes into it. It’s important that we use AI technologies as tools and not solutions.” Tracey says using ChatGPT can save brokers significant time when it comes to content ideation. “Whilst it provides a great shortcut, brokers should always take the time to rewrite the copy into a human-generated version. AI content generators can sometimes produce content that is poorly

uncertainty about income and cash flow from one month to the next,” she says. “Most prospects who get referred to a broker will only want to deal with that broker. This means when looking to expand the business and grow the team, relying on referrals alone is not enough.” Tracey says leveraging a broker’s book of delighted customers to find more customers, and building a solid pipeline of new client

“Focusing on their local area helps Aussie brokers establish and maintain a strong presence in their local community and build their reputation as a reliable and knowledgeable expert” Zara Cobb, Lendi Group written or unoriginal, which makes it unlikely to rank well in search engines.”

Word-of-mouth marketing Word-of-mouth referral is still the most effective tactic because it carries a high level of trust and credibility, Tracey says. However, relying on these types of leads alone is not enough to sustainably grow a mortgage brokerage. “Since referrals aren’t predictable; they can create a feast-and-famine cycle, creating

leads, is key to the continued success of any broker business. Cobb says word-of-mouth marketing is a powerful skill and a testament to the success of a broker. “Referral is by far the most successful of any customer acquisition channel as not only are they more likely to convert but they are more likely to come back time and again, becoming lifetime customers. But brokers need to put strategies in place to nurture and grow this alongside other marketing channels.”

GROWING POPULATION OF AUSSIE MORTGAGE BROKERS NUMBER OF MORTGAGE BROKERS IN AUSTRALIA

19,236 up to

19,456

BROKERS PER HEAD OF POPULATION (OCT 22–MAR 23)

1,350

Oct 22–Mar 23 Compared to 1 broker per 1,386 Australians in Oct 21–Mar 22 Source: MFAA Industry Intelligence Service 16th Edition, 1 October 2022 to 31 March 2023

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To grow your business in today's fast-moving market, you need a flexible lending partner. We’ve been working with brokers since 1985 to build better lending solutions that suit today’s borrowers. 1300 787 898

sales.support@resimac.com.au Resimac Group Ltd ABN 55 095 034 003 Australian Credit Licence 247829

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SPECIAL REPORT FEATURES

NON-BANKS ROUNDTABLE 2023

DIVERSITY OF SOLUTIONS ADDS VALUE Non-banks gathered for MPA’s annual roundtable to talk about the challenges and opportunities of the past year, including the mortgage cliff, cashbacks, broker diversification, digital technology and green lending

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IN A TIME when borrowers are feeling the effects of rising interest rates and higher inflation, non-bank lenders are adapting well to a changing market. Faced with intense competition from the banks, particularly for home loans, nonbanks have focused on what they always do best – helping specialist or non-conforming customers who fall outside the banks’ credit appetite. Non-banks have also strengthened their partnerships with brokers, who they rely on for most, if not all, of their lending pipeline. This has meant encouraging brokers to branch out into commercial finance and SMSF lending to diversify their customer base as residential lending slows. To gain an understanding of what’s happening in the sector, MPA held its 2023 Non-Banks Roundtable at Silks restaurant in Sydney. Participants included Cory Bannister, chief lending officer at La Trobe Financial; Calvin Cordle, managing director, RedZed; Tony MacRae, chief sales officer, Bluestone Home Loans; Chris Paterson, general manager distribution, Resimac; Steve Sampson, CEO, Prime Capital; Barry Saoud, general manager mortgages and commercial lending, Pepper Money; and Belinda Wright, head of partnerships and distribution, residential, Thinktank. Two brokers also attended: Dana Blewitt, director of The Lenders Club, and Suvidh Arora, founder and CEO of Cinch Loans.

It’s been a challenging 12 months with higher interest rates and inflation affecting mortgage holders, especially those coming off low fixed rates onto higher variable rates. How have you worked closely with brokers to assist these customers? Steve Sampson of Prime Capital started the discussion by saying that the increased cost of living and rising rates had created a challenge for the non-bank lender’s customers and brokers. He said, “Some customers have endured rate increases that have gradually

crept up and up. It’s not only those that are coming off the mortgage cliff, it’s those that have been on a variable rate that have also suffered. So every month their repayment changes, and I think that’s as much of a challenge as the mortgage cliff.” Prime Capital was proactive in communicating with brokers and customers, Sampson said. “We rejigged our whole customer contact program to let customers know before their repayments came up what it was going to be. If they hadn’t made that changed payment amount, we were SMSing and emailing customers and our brokers to make sure they were aware of that new payment amount.” Sampson said IDR (internal dispute resolution) was also “pumped up” to make it stronger for the customers’ benefit. At RedZed, Calvin Cordle said the impact of higher interest rates and inflation on customers had been more benign than expected. “That’s not to say there aren’t a lot of borrowers who have been challenged in the last 18 months in a stressful and difficult time, but equally, you plan for the worst,” he said. “We’re still going through the cycle; it’s got a way yet to play out.” Cordle said RedZed didn’t offer fixed interest loans, only variable. As a result, borrowers were experiencing interest rate increases on a regular basis, giving the nonbank a better view of mortgage stress. “You can be proactive and on the front foot with that. For brokers and borrowers, the key is to engage with your lender early so we can do something about it; we can help and support.” Tony MacRae said Bluestone Home Loans also reiterated early engagement when communicating with both customers and brokers. “I agree [with Cordle] – it’s been more benign,” he said. “The fi rst principle for us is that we’re a non-standard lender and we’ve looked at how we can help more people who find themselves in that space.” MacRae said Bluestone had expanded its credit policy so it could work with more

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FEATURES

NON-BANKS ROUNDTABLE 2023

THE PANELLISTS

Cory Bannister Chief lending officer, senior vice president, La Trobe Financial

Calvin Cordle Managing director, RedZed

Tony MacRae Chief sales officer, Bluestone Home Loans

Chris Paterson General manager distribution, Resimac

Steve Sampson CEO, Prime Capital

BROKERS

Barry Saoud General manager mortgages and commercial lending, Pepper Money

Belinda Wright Head of partnerships and distribution, residential, Thinktank

customers. “The reality is in the changing economy and with people under stress, more and more customers are falling into that nonstandard space, where the banks just won’t or can’t help them.” He said Bluestone had tried to open up avenues to help those customers and then regularly communicate with brokers about the non-bank’s offering, working outside of the lending restrictions that banks face. Cory Bannister, of La Trobe Financial, said the benefit of the non-bank solution was that it was tailored. “It’s going to be individualised; you can’t take a flat approach to any customer, whether it’s an existing customer or a potential new customer,” he said. “You need to understand their needs and requirements and tailor that solution accordingly.” Bannister agreed with the other speakers about early engagement with customers, saying La Trobe Financial “targeted who we thought was at the highest risk of

Suvidh Arora Founder and CEO, Cinch Loans

Dana Blewitt Managing director, The Lenders Club

stress and were proactively calling them before they called us. That was a really successful approach”. He also agreed with MacRae about providing solutions for customers who perhaps “are generally bankable but they just don’t fit the banks’ criteria at that point in time”. Belinda Wright said Thinktank had been actively supporting its existing customers to assist in the changing market conditions and repricing where needed. “If a customer does contact us for a review, we make sure we action the request within 24 hours. Some lenders can take days or even weeks, which is extremely frustrating for the broker and customer.” Wright said that, on the commercial finance side, when the Reserve Bank first started to move rates, Thinktank recognised a strategic opening to review existing policies. Consequently, the business was able to lower its ICR cover, improving

servicing opportunities for customers who were refinancing. She added that Thinktank did not require ongoing reporting covenants or annual reviews of its loans, and this protected customers from changes in conditions or recurring fees. “For customers who have a genuine sale need due to financial hardship or other personal pressures, we’ve reduced or waived our early repayment fee to support them with this event.” Barry Saoud of Pepper Money said it was a difficult time for borrowers and brokers. “It all comes back to what non-banks stand for, and for Pepper Money it’s about trust and transparency,” he said. The focus at Pepper Money had been on how it supported brokers, looking at product innovation and policy expansion and providing an accessible credit team to deliver a unique service proposition. “During these difficult times, you’ll see

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FEATURES

NON-BANKS ROUNDTABLE 2023

varied borrower profiles with different needs and requirements,” Saoud said. “So, in the last 12 months we’ve introduced a fixed rate with no break fees; 40-year loan terms; introduced a range of flexible policy options and opened up the doors for customers with alternative forms of income. “As an industry, we continue to look beyond the traditional borrower to support brokers with their real life.” At Resimac, Chris Paterson said that when considering new business, the non-bank looked at different solutions that could help customers with access to finance. “This includes reduced serviceability buffers and removing the loading on interest-only loans,” he said. “We also tailor our lending solutions to look at things like debt consolidation, overall repayments and the customer’s lifestyle, as opposed to just their mortgage debt.” He said some customers had been prepared for rising interest rates, while others hadn’t. “It’s about looking at customers as more than just a credit score. We take a holistic

view and for instance look at what they’re spending versus what they’re willing to borrow. This way we can really help them with their requirements.” Suvidh Arora said Cinch Loans had gone through its entire customer back book and proactively repriced over the last 12 months. “That’s helped the lenders retain those customers but also the customers avoid coming off the rate cliff or at least be able to manage their repayments and not have as much mortgage stress as was anticipated.” Dana Blewitt of The Lenders Club said her brokerage had found some banks were taking a long time to do repricing. “They’re taking 20 days to come back to you with a new rate, and then when you’re sending in a discharge, they’re taking 30 days to discharge a loan when it really shouldn’t be that, and you’re charging high interest rates.” Customers found this frustrating, Blewitt said, but most banks did look to bring interest rates down if a customer or broker requested it. “We’ve also been on the front

foot helping customers with their repayments and budgeting.” Cordle said non-banks all competed hard with each other, but the major theme was these lenders had a critical role to play in society as borrowers went through difficult times. “Particularly in the non-prime, near prime space. As I look forward over the next couple of years, I think that’s important.”

There’s been intense competition among lenders for home loan customers looking to refinance, and many banks were offering cashbacks. How are non-banks retaining customers, attracting new ones and competing with the big banks? Wright said she wasn’t a suppporter of cashbacks, and at one time there had been around 23 cashback offers on the market. “A consumer posted on a forum that they made $36,000 a year just by continually refinancing their loan with different lenders,” she said. “It’s not sustainable for any busi-

VALUE AND MARKET SHARE OF BROKER BUSINESS GOING TO NON-BANKS Value of non-bank lending

Non-bank lending as % of new home loans originated

$6bn

12% 11%

$5bn

8.9% $4bn

7.7%

9.6%

10%

9.2% 9.4% 8.7%

8.0%

8.3%

8.3% 7.6%

$3bn

5.5%

6.3%

6.0%

6.3% 5.8% 5.6%

6.3% 6.5% 6.4% 5.3% 5.0%

5.0%

5% 4%

$2bn

$0bn

$3.96bn

$4.31bn

$5.53bn

$5.68bn

$5.11bn

$4.90bn

$4.91bn

$3.11bn

$3.39bn

$3.26bn

$2.67bn

$3.11bn

$3.82bn

$3.64bn

$3.55bn

$3.37bn

$3.58bn

$4.21bn

$4.50bn

$4.12bn

$3.44bn

$1bn

$3.76bn

Oct– Jan– Apr– Jul– Oct– Jan– Apr– Jul– Oct– Jan– Apr– Jul– Oct– Jan– Apr– Jul– Oct– Jan– Apr– Jul– Oct– Jan– Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar 20 21 22 22 23 18 18 18 18 19 19 19 19 20 20 20 21 21 21 22 22 17

2% 1% 0%

Source: MFAA Industry Intelligence Service 16th Edition, 1 October 2022 to 31 March 2023

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ness. We are pleased that they [banks] have pulled back on cashbacks – it’s just a race to the bottom otherwise.” Wright said cashbacks could be compared to someone starting a new relationship and receiving flowers on their first anniversary: “you can be sure they are expecting more than flowers the second year”. “We need to consistently provide outstanding service to our customers not only when we onboard them but throughout the entire home loan life cycle.” For Thinktank, having great onboarding was important for customer retention, Wright said, but so was meeting the ongoing servicing needs of customers. She said 90% of Thinktank’s customers were self-employed, so the non-bank had focused on the challenges SMEs had faced over the past three years. “A big driver is policy. Thinktank does not necessarily seek to be a price-only lender, but we can adjust our policy to assist customers that may have to work harder to fit traditional bank policy. Additionally, as we saw more PAYG customers becoming self-employed, Thinktank reduced its ABN requirement to three months.” Wright said making slight policy adjustments helped borrowers and brokers understand that the non-bank’s offering was about more than just price. MacRae said the cashbacks came mainly from banks, and as a non-standard lender Bluestone did not view itself as competing with banks. “We target a different set of customers that have completely different circumstances than the banks. “For us, the answer is about making it easier for the customer and for the broker, ensuring that we’ve got a policy set that captures those customers, and then providing brokers with the right avenue to come to us.” MacRae said the great thing for brokers was that they could talk directly to Bluestone’s underwriters. “You’ll get confirmation from that person before you send [the loan application] in, so yes can mean yes in that scenario.

“Educating brokers about how to diversify into self-managed super funds and commercial is an essential part of how we assist brokers to grow their businesses” Belinda Wright, Thinktank

Giving a broker a chance to workshop with the person that’s going to approve the loan and then put it through is where we’re really competing as opposed to trying to battle cashbacks.” Cordle said that if a borrower could get finance from a big bank and it suited their needs and they could get a cashback as well, they should do that. He agreed with MacRae, saying RedZed also didn’t see itself as competing with big banks, and it had a different value proposition. “We were founded 17 years ago on a simple premise – that we’re very, very high

service – and we invest in that. We focus heavily on saying yes quickly. We also have this simple catchphrase, which is ‘we answer the phone’.” RedZed received thousands of calls from borrowers every month, and over 99% were answered within 20 seconds, Cordle said. “They may seem like simple things, but it’s about investing in quality service.” Prime Capital did not offer home loans or cashbacks, Sampson said. “We provide solutions, which is much more valuable than putting money into the customer’s bank account through cashbacks.”

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FEATURES

NON-BANKS ROUNDTABLE 2023

Sampson said non-banks took a solutionsbased approach to customers, especially those who didn’t “fit the bank”. “I think we’re in a V-shaped recession – there’s not ‘no light at the end of the tunnel’, and there’s a lot of customers out there that were bankable a year ago, but banks don’t want to know them now. “That’s where we come in; we look after those customers. We give them the solutions. We might be helping them to go back to a bank, but our proposition is much more valuable than a few thousand dollars in the bank.” Echoing others’ comments, Bannister said La Trobe Financial didn’t compete with the banks; it focused on providing solutions to borrowers who “sit just outside that automatable space”. “On cashbacks, my personal view is that I don’t think they make for great customer outcomes in the long run. Debt is an instrument to enable something; it shouldn’t be a potential tool that can be gamed to generate a short-term profit – it’s just not a good look.” Bannister said the non-banks’ biggest weapon when it came to promoting their value proposition to borrowers was the

options available and what they needed to do to return to a bank. “They don’t want to stay 30 years at a non-bank lender. For us it’s about shortterm lending and maintaining that relationship so when they are ready to move to a major or another bank, we’re able to help them with that.”

“Only 15% of self-employed borrowers speak to their broker as a first step in seeking a loan for their business, and given the complexity I would argue that segment needs a broker more than any other” Calvin Cordle, RedZed broker. “Brokers do an incredibly good job of explaining that to customers and selling that story and those benefits on behalf of non-banks.” Blewitt said she used non-bank lenders for short-term lending. She explained to customers in that space, especially the selfemployed, about all the great non-bank

In terms of customer awareness of nonbanks, Blewitt said it was up to brokers to know the lenders’ products and policies and the best options for their customers. Arora said everyone wanted to pay the lowest possible amount for a mortgage, but it was also about providing a solution for a client and educating them on the options.

“What also helps us spread awareness about non-bank lenders is the other diversified products they offer, such as SMSF lending, which many banks don’t offer.” Saoud said the competitive advantage of the non-bank sector was its focus on solutions and service. Looking at customer retention, he said the cash rate rises meant Pepper Money was focused on supporting customers and their brokers. “Given the rising rate environment we are in, we continue to proactively work with customers to ensure those that need support receive it,” Saoud said. “So far that cohort is small, and we also proactively work with their brokers to better support their customers.” To understand the customer’s requirements and objectives, he said Pepper Money provided flexibility across a range of options. “If a customer has a good repayment history for six to 12 months, they should be able to qualify for a different type of product at a lower rate.” Paterson said Resimac offered some low-LVR, low-risk prime products that could compete with the banks. “We didn’t go down the cashback path because we saw that as taking value away from brokers. Customers go to brokers for recommendations and advice on what loan is suitable for them in the long

S 26

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EXTERNAL REFINANCING BY BORROWER TYPE* Total refinancing

Owner-occupier refinancing

Investor refinancing

*Seasonally adjusted $25bn

$20bn

$15bn

$10bn

$5bn

$0bn

Sep 05

Sep 08

Sep 11

Sep 14

Sep 17

Sep 20

Sep 23

Source: ABS Lending Indicators, September 2023

term, taking into account a lot of different variables. We saw [cashbacks] as making the broker’s job harder,” Paterson said. Resimac increased commissions on certain products for brokers to offset the cashback offers of the major banks, he said. “We saw that as a better way – recognising the additional value that brokers were providing certain types of customers and compensating them accordingly.”

Broker question from Dana Blewitt: With a big increase in residential and commercial purchases through SMSFs in the last one to two years, where do see this market heading, and what are you doing about the growing number of competitors in this space? Saoud said Pepper Money saw SMSF lending as a good target market, given it was a space that the banks had retreated from. “We saw it as a really good opportunity to provide both

solutions and service into that space. We launched a pilot three months ago and tested the product with a select group of brokers.” Pepper Money had recently launched its SMSF lending product for residential and commercial securities. “We’re really pleased with the product and the feedback from brokers to date,” Saoud said. “We think there’s an underserved segment, and non-banks play really a good role, and we’re here to tap into that and support brokers in that space.” MacRae said Bluestone had introduced SMSF lending late last year, and “it’s been one of the real success stories for us, as a number of banks have exited that space”. He said it was also an opportunity for brokers to be introduced to non-standard lending because the concept of SMSF was well recognised and understood. Bluestone had invested in educating brokers, with an SMSF specialist conducting broker seminars and webinars to explain how

SMSF lending structures work and how to set them up. “It’s education on SMSF first, then Bluestone product … we think we have a wellpriced product and a really slick process and can do that well,” MacRae said. Wright said Thinktank had been active in the commercial and residential SMSF space for 10 years now. Many residential brokers had told Thinktank they weren’t seeking to offer SMSF or commercial loans, but in increasingly challenging times when they weren’t writing as many residential loans, their focus was turning to diversification. “Educating brokers about how to diversify into self-managed super funds and commercial is an essential part of how we assist brokers to grow their businesses,” Wright said. “We have a dedicated team of relationship managers who are able to support our broker partners with joint visits to their financial planner or accountant referrers to assist with deeper conversations around SMSF and commercial client needs.”

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Once the structuring and process were explained, Wright said, writing SMSF loans was straightforward, especially for a refinance. Blewitt agreed that refinances were easy now, with online banks coming in and competing, offering low rates and easy refi processes after 12 months. However, nonbanks weren’t competing in this space. “They just used to sit on our books; we wouldn’t refinance them. But now, with so much competition online, they are starting to refinance,” Blewitt said. Wright said digital mortgages were popular three years ago, with fears they would replace brokers, but this had not yet eventuated. “From previous research, only about 5% of the market can refinance easily [online],” she said. “Every loan has its little quirks; customers want the assistance of someone they trust, with mortgage brokers the best placed [to provide this], which is why third party market share has grown so much in the residential space.” Wright asked Arora and Blewitt if borrowers had reported bad experiences with online loan providers. They said this hadn’t occurred, and Blewitt added that it was probably due to clients having to get all their financial documents prepared each year for their tax return, meaning they could refinance easily. “I’m finding that people are becoming way more savvy in that space and deciding to refinance even after eight months. The competition online – it’s hard to compete in that space,” Blewitt said. It was not just the independent online lenders, Arora said. “It’s also the online arms of existing vendors that are cannibalising the product. We’ve had instances where the client has gone online, and the rate offered by the online version is 25 or 50 basis points lower than we can offer, and there’s no negotiation – when we go back to the lender they say ‘we can’t do anything’.” MacRae said 100% of Bluestone’s loans came from brokers, and “we want to avoid any forms of channel conflict”. “We only exist because brokers refer business to us.”

Cordle said RedZed planned to introduce SMSF lending very soon – a residential and commercial full-doc and an alt-doc SMSF product – because the opportunity is significant for self-employed borrowers. Raising the issue of the federal government’s proposed capital gains tax ruling on SMSF

example, you’ll have to find the cash for this.” Bannister said La Trobe Financial had a competitive edge in SMSF, a segment it had been involved in for 11 years. “We’ve seen it grow and competition come, and I think that’s great. We’re actually looking forward to more players in the space.

“The non-standard market is growing; more and more customers are falling into that space. There’s non-standard lending, and there’s non-standard customers, and we want to help those customers and deliver for them” Tony MacRae, Bluestone Home Loans balances greater than $3 million, Cordle said this could mean that SMSFs would have to pay tax each year on property capital gains above that amount, even if they were unrealised. “This is something we have to watch out for. If you’re a self-employed borrower, for

It’s a case of a rising tide lifts all boats.” Bannister said the investor market had a bright future, with “value coming back to the market over the last 12 or 18 months. Selfmanaged super funds are a great vehicle for people to access the market … for people with an

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established super fund with capital to deploy.” With an undersupply of property and rents likely to increase, the fundamentals for an SMSF investor to capitalise on property were very strong, Bannister said. “It’s also what Australians know, like and love, so why shouldn’t they choose to invest in properties? We think there will be strong growth in the SMSF sector, so additional players in the space are welcomed to service what we expect will be a fast-growing market.” Sampson agreed with Bannister’s assessment. “Prime Capital has always looked at the market and the gaps that can be filled, so when the banks started pulling out of SMSF, we brought an SMSF product out,” he said. “When the banks started pulling out of the foreign investor market, we brought a foreign investment product out.” SMSF lending had been part of Prime Capital’s offering for a number of years, Sampson said. “We’re fast and simple. SMSF can be pretty rigorous, but we don’t have an application form. We will issue approvals, and then the solicitors will handle everything with the client from there.” Sampson said that while SMSF was not a big product for Prime Capital at present, the lender would consider investing more into this space, given the growth occurring.

What’s the current state of the non-bank sector in Australia? Where do you see growth occurring in the future, especially in commercial lending, and how will your partnership with brokers help drive this growth, especially when it comes to better technology and processes? Bannister said the non-bank sector was in an “incredibly healthy state”. “We’ve had a very pleasing last 12 months in terms of volume. Growth has certainly exceeded our expectations, particularly when you overlay the macroeconomic backdrop. To grow in those conditions against the grain is a very strong story. “ Times of challenge and complexity often provided opportunities for brokers and espe-

“Resimac offers some low-LVR, low-risk prime products that can compete with the banks. We didn’t go down the cashback path, because we saw that as taking value away from brokers” Chris Paterson, Resimac cially non-banks, Bannister said. “Conditions over the last 12 months were a strong tailwind for the non-bank industry, and I think that also carries forward for the next two to three years. You’re going to see a lot of customers that are going to need the support of brokers and non-banks. The future’s very, very bright.” The opportunities were in both residential – for customers dealing with credit, job or cost of living challenges – and also in commercial. Bannister said La Trobe Financial was excited about the commercial lending opportunities, given that high-quality customers were failing to meet banks’ technical ratios. Paterson pointed out that the cost of funds was normalising, whereas previously the banks had been supported by different cost of funds approaches.

“There’s a lot of competition in the non-bank sector, and it’s continuing to grow. Non-banks are providing solutions and options for customers in different segments at different times,” he said. “Non-banks have the flexibility and agility to tailor their products towards customers who might have needs that are outside the norm, whether it’s investors, self-employed customers or SMSF borrowers. Our value lies in being flexible enough to adjust our policies and product niches for them.” Paterson said all of Resimac’s products were sold through brokers. “We see investing in broker education as being very important, as customers go to brokers for that knowledge and expertise.” Cordle agreed with Paterson regarding

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broker education. He added that RedZed was focused on self-employed borrowers, a market segment that was growing quickly. Cordle said, “If you ask self-employed borrowers, they’re not doing it for the money, they’re doing it for the freedom, the passion, the joy. “Only 15% of self-employed borrowers speak to their finance broker as a first step in seeking a loan for their businesss, and given the complexity I would argue that segment of the market needs a broker more than any other.” He said brokers had a massive opportunity to help self-employed borrowers get finance, adding that RedZed had recently launched its Self-Employed Broker Academy, a fivemodule training program on understanding self-employed borrowers, their finances, how to structure loans and find the solutions they need. Cordle said the program was free for accredited brokers and aimed to educate brokers who partnered with RedZed and were

they could talk to their customer base about commercial lending. “If brokers have written a residential loan, they may expect commercial to be just as fast,” Wright said. “Commercial processes did not evolve as quickly as residential during the COVID period. So the current challenge we are facing into is how we as commercial lenders work on digitising the process that still tends to be quite manual, in addition to providing that human support to add value with structuring and assist brokers through the loan process. “The fundamentals are the same, but the process is quite different.” MacRae pointed out that non-bank lenders were far more nimble. “Banks are burdened down by legacy systems, legacy platforms, legacy networks that we don’t have, so we have that opportunity to be far more nimble in the marketplace. “The non-standard market is growing – more and more customers are falling into that space. There’s non-standard lending and

“Commercial lenders or self-employed borrowers want the money quickly and want it to be simple. A survey last year showed 48% of those clients go to a non-bank because they want fast, simple finance” Steve Sampson, Prime Capital unfamiliar with self-employed borrowers. “It’s an opportunity for brokers but also an opportunity for us to grow, particularly on the commercial side. Often the self-employed might want to own the property they operate out of because that gives them security and financial freedom.” Wright agreed with Cordle about the commercial opportunities, pointing out that only about 20% of commercial loans went through brokers. She said there was a need to assist brokers who wanted to diversify so

there’s non-standard customers, and we want to help those customers and deliver for them.” MacRae said the segment included creditimpaired, SMSF and self-employed customers and people transitioning into retirement, a market worth about $400 billion. “The loans we collect are only a small fraction of that, so there’s a real opportunity to tap into this. Embracing education and helping brokers grow their business is absolutely key.” He added that Bluestone was also focused on simplifying and digitising its loan process

SELF-MANAGED SUPER FUNDS IN AUSTRALIA Key SMSF stats, June 2023 quarter

610,287

1,130,640

SMSFs

members of SMSFs

$876.4bn total estimated assets of SMSFs

TOP ASSET TYPES HELD BY SMSFs (BY VALUE)

listed shares (30% of total estimated SMSF assets)

cash and term deposits (17%)

SMSF MEMBERS

53% male, 47% female

87% are 45 years or older Source: ATO’s SMSF quarterly statistical report, June 2023

to provide brokers with a quick answer. Sampson said commercial or selfemployed borrowers wanted two things: “They want the money quickly and want it to be simple. There was a survey last year,

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where 48% of those clients go to a non-bank because they want fast, simple finance. “More non-banks are digitalising; we certainly are,” he said. “We’re trying to make things as fast as we can for the applications, for processing the loan and documentation. Home loan lenders have had that for a long time, but I think we’re catching up.” Sampson said non-banks had to decide how far they wanted to go down the credit curve. Banks were “infiltrating” the non-bank space, courting self-employed borrowers because the margins were better. “What was probably a traditional nonbank self-employed customer, the major banks are now chasing … so as a non-bank how do we keep those revenues, service and keep our customers?” As a specialised lender, Prime Capital focused on managing risks as well as returns, Sampson said. “If non-banks manage their risks well, they can move down that credit curve a bit more, and there’s a big space for non-bank lenders there.” Saoud said Pepper Money had a positive view of the non-bank sector, which was in a healthy state. “We think that the borrower demographic is only going to change more rapidly in the future. We will see more and more selfemployed; different types of demographics around multiple incomes, multiple jobs, casual income or different types of new asset lending.” Saoud said the demand for non-bank lending should increase, and it was great that non-banks were diversifying into commercial and asset finance. A bigger choice of products and greater serviceability were good for non-banks and meant brokers could build stronger and deeper relationships with their customers. While brokers wrote about 40% of commercial loans, Saoud said this was still “underwhelming” and ideally it should be around 60%. Given the banks’ legacy systems, nonbanks had an opportunity to shine, he said, being nimble and agile enough to support

different policies, product expansion and a better broker experience. Saoud said digitising the loan process was important, but even more powerful was leveraging data through open banking and positive credit reporting to create “a seamless transition, accessible credit and fast SLAs”.

Broker question from Suvidh Arora: With AI and machine learning gaining more traction, what use cases are you seeing in terms of not just credit decisioning but also helping brokers and clients get better outcomes? How are you competing against the bigger banks that are trying to utilise technology to their advantage? Paterson said Resimac’s research had shown that “you need to be relevant from a digital and

tech standpoint” to compete with the majors. “You need to be supported by technology to be efficient in how you operate. But there also needs to be human interaction – the value of a credit assessor picking up the phone and talking to a broker to get a deal across the line; the benefit of brokers having their BDM on speed dial to talk through any client scenarios. We see that as really important. Continuing to invest in the quality of our people is paramount. “We don’t have the budget that the majors do, so we have to be smarter about deploying technology where it’s relevant to our business,” Paterson said. “AI will evolve over time as well. Resimac won’t be a leader in that space, but we’re continuously watching the market in terms of digital transformation and will invest in the right solutions that deliver volume or efficiency benefits.”

“Digitising the loan process is important, but even more powerful is leveraging data through open banking and positive credit reporting to create a seamless transition, accessible credit and fast SLAs” Barry Saoud, Pepper Money

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Wright said non-banks had to look at where they needed human interaction as well as to “just get things done quickly”. “We’re making significant investments and committing resources to our commercial proposition – for resi brokers who may not have written commercial loans before. We’re here to support brokers through the process, and we’re already seeing increased volumes. “We are focusing on giving our people the time to get out on the road and see more brokers, because that’s what brokers have been responding to, and we want to see them more often to discuss and workshop deals.” Wright said it was all about ensuring a balance in terms of the useful deployment of technology in the business “so you don’t inadvertently arrive at a no when the deal has the potential to become a yes”. “You need that speed to service but also to have your people go out and workshop and speak to brokers. We know that brokers want and need that human interaction; relationships are the differentiator in this industry.” With the rise of chatbots and ChatGPT, Wright said many banks would be asking, “Do I want someone that automated talking to my customer about what may be one of the biggest decisions of their life? Probably not. “I think using people and technology together and working where we can to solve pain points for our brokers is really important.” Sampson said Prime Capital’s main customers were brokers, so digitisation was focused on them. “We’ve just recently released

“We think there will be strong growth in the SMSF sector, so additional players in the space are welcomed to service what we expect will be a fast-growing market” Cory Bannister, La Trobe Financial a web form that sits on a lot of aggregator websites, and it’s fairly simple. It can just be picked up, requires a certain amount of information to be filled out, and then it comes straight through to our system in-house, which is called Loan Power. It’ll assess the loan – if it fits our parameters, it will send the approval back; if it doesn’t, it will go to a credit panellist and there’ll be a call from there.”

Sampson said there needed to be a dual digital channel for brokers and customers. Pepper Money agreed that it was important to leverage technology, Saoud said. “We’re also into generative AI, and we’ve looked at how we can deploy that in our own operations and how we can use it from the broker network as well. “To Chris’s point, we definitely think that

THREE KEY AREAS IN WHICH AI STRATEGIES AND GOVERNANCE MAY IMPACT BANKING BUSINESS FRANCHISE DIFFERENTIATION

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there’s a balance with both digitisation but also human interaction to make sure we’re giving the right level of service to the brokers and the customers.” Saoud said Pepper Money had used generative AI to automate much of its credit decisioning, to get faster decisions and the right outcome for brokers. AI had also been used to make it easier for brokers to get quick answers when searching through Pepper Money’s guides. “[Generative AI] has also been given to our BDMs to support them and give them confidence in their decisions and answers for brokers, and that’s worked out really well,” Saoud said. Pepper Money aimed to enhance and optimise its use, and “once we’re really comfortable with that as a tool, we’ll take that out to the broker network as well”. Saoud said the industry needed to be cautious with the implementation of AI.

and effort on those fringes to the rail.” MacRae said he had worked in digital mortgages back in 2006 with another organisation. “The US was well ahead of us at that stage; they were in low-single-digits penetration. They’re now still in mid-single-digit penetration on digital mortgages.

“I use non-bank lenders for short-term lending. I tell customers in that space, especially the self-employed, about all the great non-bank options available and what they need to do to return to a bank” Dana Blewitt, The Lenders Club “We’ve seen Chatbot failures where false information is provided; we’ve got to ensure it’s giving the right answers to the broker.” MacRae said the focus should be on technology and data. “We want to get the technology right, but we want to make better use of the data that’s available. Non-bank lenders haven’t always used all the data available. “What we’re trying to do is better deploy some of that data and then become really clear what the rails are for a Bluestone loan and give a broker the confidence that if it sits within that, it’ll flow through frictionless. Then we’ll deploy our human energy

“Brokers and human interaction in a mortgage will always be absolutely critical. We need to blend those things [digital and human interaction] and get them right. Eliminate, simplify and digitise in that order, because if you try and digitise rubbish processes, it might be quicker, but it will still be a rubbish process.”

There’s a growing customer interest in green lending. How are you getting involved in this space and bringing brokers along with you? Saoud said Pepper Money was committed to

sustainability and financial inclusion for the non-bank’s brokers, partners and customers. “Pepper Money is actively assisting customers to achieve a lower carbon footprint through the construction and purchase of more energy-efficient and low-carbon homes, funded via accredited ‘Green Bonds’,” he said. “Last year, we issued a bond on green lending, and we got a warehouse out for about $330 million. “Pepper Money’s approach to sustainability aligns with our mission. We are focused on creating financial inclusion by challenging the way loans are designed and distributed.” Cordle said RedZed was Climate Active certified carbon neutral, and this was a longstanding value of the company and a critical part of its framework. “We don’t have a green home loan, but I sense we will soon, and we will be looking at that. It does require some thought, and it requires you to get your values straight around what you want to measure. “A lot of the big banks will look at age of a property and that’s it, but that is an incredibly blunt tool. In our view, that’s not the right way to look at it. I hope we’ll see something for RedZed in the next calendar year.” Cordle said he believed non-banks wanted to find the funding benefit of green loans before building the product. “Everyone wants to give a discount for a green home loan, and when you’re already operating on very fine margins, you want to get the funding benefits,

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you want to get the investors to recognise that it’s a green product.” Cordle said this made perfect sense, but the danger was that non-banks didn’t pursue green lending because it became a “chicken and egg” situation. His preference for RedZed was to discover what self-employed borrowers wanted and build the green loan product accordingly, and “then if we can get a funding benefit, that’s great, but we don’t have to do that first”. Wright said it was about listening to the community and what they wanted as more and more people sought out green products. “But it’s bigger than green for us; we’re approaching our ESG strategy from a broader perspective. At Thinktank, we believe that meaningful and impactful ESG goals and practices are fundamental to how we interact with our people, our customers, our business partners and the global community. “We’re in the process of developing specific green mortgage products designed for home-

“We went through our customer back book and proactively repriced over the last 12 months. That’s helped the lenders retain those customers but also allowed customers to manage their repayments” Suvidh Arora, Cinch Loans owners to build, improve and own environmentally sustainable homes,” Wright said. “It’s about addressing the customer need first and then going back to our wholesale funders and saying, ‘There’s a need here, there is a growing market; how can we mutually bring this to life?’ “From a community perspective, giving back is incredibly important to Thinktank and something we see as part of the way we do business. We donate $100 for every loan

that’s settled back to charities chosen by brokers and our staff.” Blewitt and Arora said customers hadn’t specifically asked for green loans, but Arora added that there had been a few enquiries about green and ethical loans. “For all our clients, for our corporate social responsibility as well as for their green initiatives, for every loan we do for a client, we plant 10 trees on their behalf in a reforestation program,” Arora said.

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SPECIAL REPORT

2023 Australia’s Top 100 Brokers have shown exceptional resilience and adaptability, rising to the challenges of a dynamic market

CONTENTS

PAGE

Feature article .............................................. 42 Methodology ................................................ 43 Top 100 Brokers 2023 ................................ 46

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SPECIAL REPORT BUSINESS STRATEGY

TOP 100 BROKERS 2023

CENTURY OF CHAMPIONS AUSTRALIAN BROKERS in MPA’s Top 100 of 2023 show no signs of slowing down, with many recording their best year up to 30 June by seizing new and prosperous opportunities, with almost half of the prestigious list being new entrants. While government statistics show the lending market may have cooled or stabilised,

this year’s best mortgage brokers live by the mantra that it doesn’t matter what the market is doing; it matters what they do. The Top 100 Brokers have achieved extraordinary success, as cracking the list required writing a minimum of $114 million, while the average total per broker was $175 million. As exemplified by four of the best mort-

TOP 100 BROKERS BY YEARS IN THE INDUSTRY Less than 5 years

14 6–10 years

“Whether I’m dealing with a client or industry partners, the most important thing I’ve always believed in is that I care more about what’s in it for them than what’s in it for me” Suvidh Arora, Cinch Loans

11–15 years

20 gage brokers, they have risen to the top by adopting a distinctive approach to these elements of their business:

16–20 years

5 Over 20 years

• prioritising client relationships • leveraging emerging technology • building expert-level teams • broadening their range of products and services

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FROM THE SPONSOR

Razia Khan General Manager, Third Party Banking, Commonwealth Bank

CommBank is incredibly proud to continue our sponsorship of the Top 100 Brokers for 2023. We want to congratulate you on continuing to set the standard for excellence within the mortgage broking industry and delivering exceptional outcomes for your customers. We are dedicated to giving you more confidence with CommBank, empowering you to achieve more for your customers. The team strives to be reliable, accessible, transparent and adaptable, so together we can continue to strengthen our relationship and support you to deliver excel-

Suvidh Arora – Cinch Loans Founder and chief solutions officer Word-of-mouth referrals from existing clients catapulted Arora and his award-winning mortgage brokerage to new heights. Ranking No. 1 Top Broker after writing $457 million, he attributes his success to various factors. “For me, it starts when the client reaches out to us, and it’s all about listening to what they want to achieve, not just for now but for the future,” Arora says. “We try to understand their goals for five, 10 or 15 years related to

lent customer outcomes. We would like to recognise the achievements of all Top 100 Brokers. Thank you for your incredible commitment to your customers, providing them with the best experience possible and supporting them to achieve their homeownership goals. Again, congratulations to everyone who made this list in 2023, and good luck for the remainder of the year and into 2024!

• embracing innovation and technology • giving back to the community • prioritising clients and their success Arora says, “We constantly stay in touch with our clients to find and correct any issues, helping us to maintain optimum operational excellence and make things a breeze for them. Our big mantra is that if you do well by the clients, they’ll ensure your business stays in good health. When clients get a premium experience, they give us word-of-

“You need to have good relationships with clients, staff and the banks; build that trust, and you’ll continue to grow”

METHODOLOGY To find the Top 100 Brokers in 2023, MPA asked brokers across the industry to submit the total value of loans they had written over the last financial year. Brokers were also asked to state the number of loans they had written so MPA could determine their average loan size. The Top 100 list was determined and ranked based on the value of loans written between 1 July 2022 and 30 June 2023.

$175m Average value of residential loans

Thaer Burbar, Greenline Home Loans

$457m property and mortgages and build that backwards to create a strategy for them.” Arora’s volumes have increased substantially over the past two years, driven by a solid base of referral partnerships, industry connections and positive client reviews. Other business approaches that have propelled him into the top spot include:

mouth referrals, which is why our volume keeps going up and up.”

Thaer Burbar – Greenline Home Loans Director With a laser focus on client communication, Burbar helps clients navigate the dynamic lending landscape. Ranking

Highest value

$114m Lowest value

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SPECIAL REPORT BUSINESS STRATEGY

TOP 100 BROKERS 2023

No. 9 after writing $258 million, he proactively keeps clients apprised if plans change, fostering trust and confidence. “Nothing gets overlooked by my team and me,” Burbar says. “I feel like our clients understand that we genuinely want to help them, and we’ll do everything in our power.” Strong relationships with lenders enable Burbar to find solutions to a client’s unique scenario, and a dedicated client manager also works with them throughout the process. “We believe in building relationships, not just for the first transaction but as the client returns for future needs,” he says. The factors driving Burbar’s growth include:

TOP 100 BROKERS BY STATE

Qld

13 brokers; top value: $452m

4 brokers; top value: $227m

1 broker; top value: $136m

NSW

48 brokers; top value: $407m

• diversification into strategic planning and realty • tailored mortgage management products

ACT

Vic

3 brokers; top value: $240m

30 brokers; top value: $457m

Tas

1 broker; top value: $131m

“I love this job and have passion for the industry, and I genuinely like helping people achieve their goals” Ming Yang, Ming Finance

Diversifying has propelled Burbar’s growth by widening the base of potential mortgage clients. For example, when recognising the client’s need to find the ideal investment property, he adapted quickly and partnered with property experts to provide all-encompassing support. Burbar says, “Quality relationships and offerings are important, but so is helping clients understand their scenarios, what the options are and educating them simultaneously.”

Ming Yang – Ming Finance Mortgage broker It can’t be overstated how important a strong team and teamwork are to being recognised as one of the best mortgage brokers, asserts Yang, who ranked No. 15 after writing $227 million. She relies on her dedicated staff to support the personalisation of client service, the foundation, for which her thriving business has become well known. “Clients don’t come asking what the next step is because we have done our job prop-

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erly to keep them informed during the whole process,” says Yang. “We use technology to increase efficiency, so we have time to look after every client’s needs.” The main factors fuelling Yang’s growth include: • exceptional client service and experience • offering a lifetime customer support policy “We never tell someone we can’t help them; we always try to create a plan to help them achieve their goals,” she says. “We offer something and give them hope because I truly believe everyone deserves to have their own home.”

aries of customer service. Under his leadership, the team broke up the end-to-end home loan process, allocating staff to serve clients at every step of settlement. “When you have expert staff in these key areas, the customer gets a premium experience,” says Bice, who ranked No. 89 after writing $120 million. “I live and breathe the facts found at the beginning, and the client feedback we’ve gotten is how well the process goes from there.” The more than 150 positive online reviews are a testament to the effectiveness of the streamlined process. “There are no distractions for the client concerning banks or solicitors; we structure the deal correctly and submit it,” Bice says.

“Work to your strengths, and what I do well is connect with the client; if you can communicate and speak confidently about what you’re doing, you’ll have success” Tony Bice, First Choice Mortgage Brokers

A full-time customer care officer differentiates Yang by delivering top-tier service, resulting in a robust referral business from satisfied clients. Her attention to detail keeps her connected to clients; she gifts them novelties to celebrate the Chinese New Year, for instance.

Tony Bice – First Choice Mortgage Brokers Director After more than three decades of visionary leadership at the brokerage he founded, Bice prides himself on pushing the bound-

The factors behind Bice’s growth comprise: • a long-established SEO strategy • diversification into financial planning “I’ve become a risk specialist as well, and I found that referrals based on diversifying have pushed up our growth,” he says.

How the best mortgage brokers ensure success Economic uncertainty and other pressures may have shaken confidence in the

mortgage industry. Still, the best mortgage brokers have paved pathways to success by staying ahead of the curve and providing exceptional client service. Upon reflection, Arora says, “The key here is adaptability, and what we’ve done well is adapt to the situation and develop strategies to help the clients. We’re innovatively structuring their loans, using data analytics and relying on our strong relationships with lenders and industry partnerships.” Burbar muses philosophically about recent challenges. “The last year was not easy; we had high interest rates, and it was tough to get money. But our clients need money, and we have to find solutions. If someone who came out of the last 12 months showed growth, then the future looks good for them.” Yang expresses the importance of always being prepared. “You need to be a quick learner, and for myself and my team, I encourage them to enjoy the changes. I believe there’s opportunity in every change, and you must be alert to find it.” For Bice, his long mortgage industry tenure has helped him weather the ebbs and flows. He says, “I remember difficult financial periods, and, as a broker, I had to bulletproof myself by diversifying my business. Every conversation I have now about a home loan includes the free risk service.”

Words of wisdom from the Top 100 to aspiring best mortgage brokers Arora: “Find your strengths and build a good team around yourself.” Burbar: “Focus on helping people find a solution and do that well.” Yang: “Do the right thing and do your best to enjoy the journey, including the difficulties and hard work.” Bice: “Always put the client first, giving them advice you’d give yourself.”

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24/11/2023 8:30:31 am

SPECIAL REPORT BUSINESS STRATEGY

TOP 100 BROKERS 2023

TOP 100 BROKERS 2023 Name

Company

State

Total value of residential loans 1 July 2022–30 June 2023

Total number of residential loans 1 July 2022–30 June 2023

Suvidh Arora

Phone: 0458 872 992 Email: suvidh@cinch.loans Website: cinch.loans

Cinch Loans

Vic

$457,000,000

700

Graeme Holm

Infinity Group Australia

Qld

$451,515,150

862

Stephen Michaels

Catalyst Advisers

NSW

$406,640,000

274

Insight Property Finance

NSW

$312,800,000

790

Jordan Beh

Email: jordan@insightfinance.co.au Website: insightfinance.com.au

Mark Davis

The Australian Lending & Investment Centre

Qld

$306,526,699

697

Chris Bates

Blusk

NSW

$275,200,174

267

Anthony Alabakov

My Mortgage Freedom

Vic

$274,599,180

375

Vishal Gupta

Unique Finance Services

NSW

$274,526,110

461

Thaer Burbar

Phone: 1800 705 505 Email: tburbar@greenlinehomeloans.com.au Website: greenlinehomeloans.com.au

Greenline Home Loans

NSW

$257,929,700

541

Colin Mason

Mason Finance Group

Qld

$250,785,791

438

Gerard Tiffen

Tiffen & Co

ACT

$240,000,000

386

Mark Churchill

Kizmet Capital

Vic

$236,800,451

169

Daniel Zarkovic

Loan Market Narellan

NSW

$229,188,090

355

Deslie Taylor

Mortgage Choice

Qld

$226,857,575

576

Ming Yang

Phone: 0432 829 830 Email: ming@mingfinance.com.au Website: mingfinance.com.au

Ming Finance

$226,803,414

550

Kin Wong

One Solutions

NSW

$223,170,100

322

Parag Dixit

Nfinity Financials

NSW

$218,000,000

347

Peter Ha

Mortgage Pros

NSW

$215,000,000

420

Daniel Green

Green Finance Group

Qld

$210,044,083

155

Fabio De Castro

Oxygen Home Loans

NSW

$209,955,923

390

Thomas Jiyun Tang

AUSUN Finance

Vic

$208,924,238

311

Daniel O’Brien

PFS Financial Services

NSW

$208,610,954

299

Jonathan Valentino

Catalyst Advisers

NSW

$204,086,149

216

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TOP 100 BROKERS 2023 Name

Company

State

Total value of residential loans 1 July 2022–30 June 2023

Total number of residential loans 1 July 2022–30 June 2023

Christopher Raymond

Unconditional Finance

NSW

$200,251,037

448

Parth Shah

Jabsons Finance

Vic

$198,186,271

406

Florence Yuen

Wisdom Finance Consultants

NSW

$194,057,999

Mark Moenting

DPN

NSW

$193,970,277

330

Thomas Hawley

Azura Financial

NSW

$192,265,500

152

Alex Veljancevski

Eventus Financial

NSW

$183,559,263

293

Daniel Gold

Long Property

Vic

$183,357,415

251

Sarah Thomson

Loan Market Geelong City

Vic

$182,344,669

398

Balpreet Bal

Loan Market Bal & Associates

$178,752,628

447

Matthew Oughtred

Francis Rose Finance

NSW

$178,583,917

416

Elie Ayoub

Invictus Finance Solutions

Vic

$177,230,461

190

Keith Ho

Email: keith.ho@jkksolutions.com.au Website: jkksolutions.com.au

JKK Solutions

Vic

$175,840,600

202

Onur Kocabay

Build Invest Grow

NSW

$174,403,698

214

Kevin Agent

The Australian Lending & Investment Centre

Vic

$170,437,281

379

Harry Cui

Mortgage Pros

NSW

$170,000,000

248

Rajan Khatak

Domium

NSW

$168,385,000

178

Toby Edmunds

Loan Market Razor

Vic

$166,745,255

293

Sonny Singh

North Coast Financial Solutions

Qld

$166,493,668

183

Jacob Decru

Loan Market One Network Broking

Vic

$166,183,423

305

Sean Murphy

My Mortgage Freedom

Vic

$164,725,400

299

Petro Trianta

Podium Money

Vic

$160,895,778

100

Andrew Mirams

Intuitive Finance

Vic

$160,889,378

279

Vikram Kataria

Port Group

Vic

$156,410,008

262

Hasitha Dharmasena

Jett Finance

Vic

$155,925,357

317

Jordan Giltrap-Ryall

Kelston Capital

Qld

$154,992,266

256

Ben Hawley

Azura Financial

NSW

$154,748,540

174

David Thurmond

Mortgage Choice

Vic

$152,615,661

324

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SPECIAL REPORT BUSINESS STRATEGY

TOP 100 BROKERS 2023

TOP 100 BROKERS 2023 Name

Company

State

Total value of residential loans 1 July 2022–30 June 2023

Louis Kovanis

Genius Loan Solutions

NSW

$151,307,800

Adam Rakowski Ortus Financial

NSW

$151,210,617

Phone: 0407 455 553 Email: adam.rakowski@ortusfinancial.com.au Website: ortusfinancial.com.au

Total number of residential loans 1 July 2022–30 June 2023

Natasha Choi

The Australian Lending & Investment Centre

Vic

$151,070,586

242

Matt Pongrass

Certe Finance

NSW

$148,088,000

Nick Jones

Aussie

NSW

$147,038,035

289

Youeil Shol

Loan Market Youeil Shol

Qld

$146,937,677

215

MTA Mortgage Brokers

Vic

$146,762,513

188

Kerry Kalendra

Phone: 0411 316 747 Email: kerry@mtamb.com.au Website: mtamb.com.au Vaibhav Kamlesh Shah

Phone: 0420 987 390 Email: vee@mtamb.com.au Website: mtamb.com.au

MTA Mortgage Brokers

Vic

$146,762,513

188

Paul Hixon

Loan Market New Farm

Qld

$145,003,619

254

Mel Wright

Zest Mortgage Solutions

Qld

$144,492,843

283

Richard Khuong

Simple Easy Finance

NSW

$143,524,257

229

Luke Mansour

Legal Home Loans

NSW

$143,300,000

211

Sakib Manzoor

Secure Finance

NSW

$143,000,000

255

Marvin Coleman

Mortgage Choice

Vic

$142,996,517

310

Joe Azzi

Lending Leopard

NSW

$142,408,227

161

Paddy O’Sullivan

Mortgage Choice

NSW

$141,310,962

325

Hank (Hoa) Hong

Mortgage Pros

NSW

$141,174,604

230

Luke Coates

Aussie

Vic

$141,058,536

231

Nathan Aird

Universal Mortgage Experts

NSW

$140,738,942

280

Matthew Mannaert

Acceptance Finance

Vic

$140,179,411

271

Lee Rosenfeld

Innovative Home Loans

NSW

$140,000,000

188

Maximillian Harris

Azura Financial

NSW

$140,000,000

126

Andrew Algie

Addisons Advisory Group

NSW

$138,325,232

214

Michael Xia

Mortgage Channel

NSW

$136,341,120

434

(tie)

71 (tie)

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TOP 100 BROKERS 2023 Name

Company

State

Total value of residential loans 1 July 2022–30 June 2023

Total number of residential loans 1 July 2022–30 June 2023

Anthony Roddy

MortgageWorks

NSW

$135,932,283

201

Scott Marshall

The Loan Arranger

$135,694,046

265

David Thomas

Phone: 1300 657 132 Email: david.thomas@trilogyfunding.com.au Website: trilogyfunding.com.au

Trilogy Funding

ACT

$134,428,676

260

Adam Donald

Capita

$133,400,000

273

Christopher Wilson

Sunshine Coast Financial Solutions

Qld

$132,100,000

296

Kirsty Dunphey

Up Loans

Tas

$132,090,000

431

Redom Syed

Confidence Finance

NSW

$131,200,000

283

Amelia Pignone

Lendx

NSW

$129,868,152

149

Charles Hemmings

Shore Financial

NSW

$126,988,475

105

Ben Robinson

Inovayt

Vic

$126,358,000

222

Sean Wellman

Wellman Finance

Vic

$125,000,000

198

Zain Peart

ZEP Finance

NSW

$121,400,000

335

Alex Nochar

Shore Financial

NSW

$120,735,850

Cheney Chen

Original Wealth

Vic

$120,321,298

150

Tony Bice

Phone: 0404 856 282 Email: tony@firstchoicemortgage.com.au Website: firstchoicemortgage.com.au

First Choice Mortgage Brokers

NSW

$120,000,000

150

Peter Corta

Aussie

Qld

$118,862,057

205

Evan Christie

Phone: 0417 677 186 Email: evan@capefinancegroup.com.au Website: capefinancegroup.com.au

Cape Finance Group

NSW

$118,586,677

116

Trevor Ryan

Aussie

Qld

$118,521,735

249

Luke Camilleri

Mortgage Choice

NSW

$118,177,220

188

Damien Roylance

Entourage

Vic

$117,264,360

Scott Adams

Aussie

NSW

$116,622,596

153

Daniel Hustwaite

Aqua Financial Services

Vic

$116,211,368

195

Nitish Kumar

Loan Market Canberra

ACT

$114,764,576

169

Josue Jaramillo

Legal Home Loans

NSW

$114,400,000

170

Marc Ventura

Creative Financial Solutions

Vic

$113,810,203

305

100

Jenni Adams

Mortgage Choice

$113,642,980

290

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SPECIAL REPORT BUSINESS STRATEGY

TOP 100 BROKERS 2023

SUVIDH ARORA, CINCH LOANS

fter suffering a life- and limbthreatening injury following his arrival in Australia in December 2013, Suvidh Arora was told he might never walk again. That devastating news ignited a fire within him, as he was determined to recover so he could play with his children and help care for them as they grew up. Through sheer will and resilience, Arora got back on his feet, and after some soul-searching he founded his Victoria brokerage, Cinch Loans. He combined his finance, strategy, educator skills and out-of-the-box thinking to create an award-winning business from scratch. Arora clinched the No. 1 spot in MPA’s Top 100 Brokers of 2023 after writing $457 million in the 12 months ending 30 June. The chief solutions officer prides himself on believing that every problem has a solution, and his job is to find it. “The single biggest achievement of my career has been building what I call the Cinch family, where diversity is not a buzzword for us; it’s something we openly seek and embrace,” says Arora. “We don’t just have gender diversity within the team; we are also diverse in age, religion, ethnicity, educational background, languages we speak and even our sense of humour.” Arora has fostered a thriving culture at Cinch, underpinned by the close-knit

team who work collaboratively in the best interests of their customers while stepping up to help each other in times of need. “This translates into the entire team treating our customers as our extended family, and we become close friends who work together and achieve our clients’ goals, celebrate their achievements like our own and keep delivering value to our extended Cinch family,” he says. With a reputation for bringing a sense of calm to challenging situations and a profound empathy for the client’s journey, Arora ensures excellent client results by staying focused on finding solutions. Consistently delivering exceptional client outcomes can be challenging. Still, Arora and his team have devised strategies to ensure they remain at the forefront by creating a culture of continuous learning that prioritises improving their knowledge, processes and technology. New team members who come aboard share similar values, passion and a laser-sharp focus on achieving the best possible customer outcomes. Arora’s remarkable success is due to his unwavering commitment to customer service, a strategy he affirms as the best, with 90% of new business coming from word-of-mouth referrals over the past three years.

Being proactive in meeting the client’s needs starts from day one, as Arora and his team set out to uncover goals and long-term property acquisition plans to build a forwardthinking strategy for them. “I always try to ensure that I am one step ahead in providing proactive advice to my clients,” he says. “The key reason for achieving this recognition and success has been consistency, whether in customer service, our processes, continuous improvement, dealing with lending partners or messaging about our value proposition.” There is no limit to what Arora will achieve in the future since he eschews setting big targets or goals to embrace the challenges of a dynamic and fastmoving mortgage market. His focus remains on striving to do better today than yesterday and improving by 1% daily, unlocking his potential for unlimited growth. Aggregator:

outsource Financial Total value of residential loans FY23:

$457,000,000 Number of residential loans FY23:

700

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23/11/2023 12:32:02 pm

CommBank’s Razia Khan (right) presents the trophy to Top Broker Suvidh Arora

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EVENT PARTNER

PREMIUM PARTNERS

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23/11/2023 12:06:45 pm

It hasn’t been an easy year for borrowers as interest rate rises and a cost of living crisis have hit hard, but the top performers in the mortgage and finance industry have stepped up yet again, showing their ability to help customers find solutions. Their superb skills were recognised at the 2023 Australian Mortgage Awards IN JUST the second live event since the end of COVID, a capacity crowd of 713 turned up at The Star Event Centre in Sydney for a black-tie night of glamour, fun and celebration. Industry professionals from across the country came together to honour the best brokers, brokerages, lenders, aggregators and BDMs. Organised by Key Media, the Australian Mortgage Awards are supported by MPA and Australian Broker. The AMAs featured 25 awards across six areas: broker awards, brokerage awards, industry awards, aggregator awards, BDM awards and lender awards. There were also two major national awards: Westpac Australian Broker of the Year and Liberty Australian Brokerage of the Year. Australian comedian and presenter Merrick Watts, well known for taking part in Channel 7’s gruelling SAS: Australia show, had everyone laughing with his off-the-cuff remarks. He didn’t even miss a beat when a fire alarm briefly interrupted proceedings, keeping everyone amused until the problem was sorted out. New features of this year’s AMAs included Oscars-style footage of each winner as they went up to accept their award, accompanied by the music of SongDivision. Guests were also treated to the magical dance and quick-change act of Soul Mystique. Westpac was the Australian Mortgage Awards event partner for the 14th consecutive year, with NAB and PRPTY 360 the event’s premium partners. Warren Shaw, head of mortgage broker distribution at Westpac Group, said that over the past year the industry had witnessed the amazing resilience of people across the breadth of the nation. “This year has seen that resilience again at the fore, as many consumers faced a momentous change in the cost of

living and borrowing for the first time,” he said. “Throughout all of this, the independent help, guidance and advice that Australian brokers have provided has helped millions of people navigate the best possible financial path – we love that and thank you all for the difference you make.” Shaw said that in a shifting economic environment, Westpac was more committed than ever to supporting brokers to help more Australians into their homes. “Our third party distribution channel continues to contribute strongly to the growth of the Westpac Home Lending Portfolio, and this is a testament to the solid and steadfast relationships we have built with our brokers. We’re listening to what our brokers need, and we’re committed to service excellence, which means we’re continually looking for new ways to improve the broker experience across product, policy, process and support. “Congratulations again to this years’ Excellence Awardees and winners. We applaud your achievements and thank you for your commitment to our customers and the Australian mortgage industry.” Other sponsors included Adelaide Bank, ANZ, Bankwest, Bluestone Home Loans, Commonwealth Bank, Equity-One, the FBAA, Firstmac, Gateway Bank, Hays, La Trobe Financial, LBH, Liberty, the MFAA, Mortgage Choice, Mortgage Street, OnDeck, Pepper Money, PropTrack, Q2, Rate Money, Resimac and ubank. FINSTREET was the VIP post-awards event sponsor and PRPTY 360 the champagne sponsor. Fifo Capital was the photo booth sponsor, Maxiron Capital the social media sponsor and SongDivision the entertainment partner. Read on for a full list of winners as well as photos from the most celebrated event on the mortgage and finance industry’s calendar.

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EXCELLENCE AWARDEES

Bankwest

Broker Essentials

JETT Finance

Birdie Wealth

Deposit Assure

Loan Market Canberra

Mortgage Choice

FINSTREET GROUP

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LoanQ

Mortgage Choice (St Peters)

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EVENT PARTNER

UBANK

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RATE MONEY

WINNER

BOUTIQUE AGGREGATOR OF THE YEAR

AGGREGATOR OF THE YEAR

NON-BANK OF THE YEAR

Money Quest Group

Mortgage Choice

Liberty

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Liberty Network Services

Finsure

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BANK OF THE YEAR

WINNER

The Westpac Group

FIRSTMAC

BEST AGGREGATOR BDM

WINNER

BEST MAJOR BANK BDM

WINNER

Haley Bellamy AFG

Lily Parle Westpac

EXCELLENCE AWARDEES

Bank of Sydney

Anne-Marie Deieso, Loan Market

Anita Crawford, Westpac

Bankwest

Anthony Wick, National Mortgage Brokers

Anthony Gravina, NAB

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HAYS

BEST NON-MAJOR BANK BDM

WINNER

MORTGAGE CHOICE

BEST NON-BANK BDM

WINNER

Tes Anderson Bankwest

ADELAIDE BANK

YOUNG GUN OF THE YEAR

WINNER

Jimmy Hou

Brighten Home Loans

Kim Bui

Lending Hub Co.

EXCELLENCE AWARDEES

Aysun Portoglou, ubank

Belinda Gray, Bluestone

Helen Bozikis, Bankwest

Chris Maamoun, Funding.com.au

Baz Khan, Mortgage Advice Bureau Sydney

Kim Lau, Suncorp Bank

Dragan Latincic, Firstmac

Bradley Donnelly, Green Finance Group

Madeleine Papathanasiou, Bank of Melbourne

Harry Stewart, Pepper Money

David Lucas, Indigo Finance

Jaime Aplin, Prospa

Jyh Kao, JD Capital

Jo Oliver, Resimac

Morgan Bushell, Full Circle Finance

Liz Mollica, Resimac

Nicholas Hakim, Smartmove Professional Mortgage Advisors

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EQUITY-ONE

LA TROBE FINANCIAL

FBAA

BROKER OF THE YEAR – PRODUCTIVITY

BROKER OF THE YEAR – COMMERCIAL

WINNER

Mohit Lal Pradhan

BROKER OF THE YEAR – RESIDENTIAL

Jean-Pierre Gortan

Christian Stevens

EXCELLENCE AWARDEES

Andrew Hadjidemetri, Australian Financial and Mortgage Solutions

Daniel Green, Green Finance Group

Alex Veljancevski, Eventus Financial

George Karam, BF Money

Chris Bates, Blusk

Isabella Constantinou, Simplicity Loans & Advisory

Chuyu (Kiki) Feng, AUSUN Finance

Home Loan Experts

Ben Walker, First Finance Solutions – BW Finance Solutions Christopher Raymond, Unconditional Finance

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Chuyu (Kiki) Feng, AUSUN Finance

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Josh Egan, Astute Melbourne City South, Gippsland and Newstead

Hasitha Dharmasena, JETT Finance

Kevin Wheatley, Bayside Residential & Commercial Mortgage

Louisa Sanghera, Zippy Financial Group

Son Pham, Rethink Financing

Mark Davis, The Australian Lending & Investment Centre

Leah Busby, Blackfish Finance Parag Dixit, Nfinity Financials Suvidh Arora, Cinch Loans

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Vivienne Than, Home Loan Experts

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NAB

PEPPER MONEY

BLUESTONE HOME LOANS

WINNER

BROKER OF THE YEAR – REGIONAL

Liz McRae

Loan Market Geelong City

BROKER OF THE YEAR – SPECIALIST LENDING

Helen Avis

Specialist Mortgage

MORTGAGE MANAGER OF THE YEAR

Mortgage Ezy

EXCELLENCE AWARDEES

Brenden Lowbridge, Money Links

Hayden Turner, KeyStart Finance

Better Mortgage Management

Duane Mengel, Mortgage Choice Coffs Harbour

Mark Anyon, Green Finance Group

FINSTREET

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Michael Maiolo, The Melbourne Mortgage Company

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BANKWEST

NEW BROKERAGE OF THE YEAR

WINNER

Entourage Mornington

PRPTY 360

BROKERAGE OF THE YEAR – DIVERSIFICATION

WINNER

The Australian Lending & Investment Centre

ANZ

BROKERAGE OF THE YEAR – REGIONAL

WINNER

Loan Market Geelong City

EXCELLENCE AWARDEES

Cinch Loans

AUSUN Finance

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Core Finance Co

Birdie Wealth

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Lending Hub Co.

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Infinity Group Australia

Go Mortgage

The Happy Finance Company

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EVENT PARTNER

MFAA

BROKERAGE OF THE YEAR (1–5 STAFF)

WINNER

Bayside Residential & Commercial Mortgages

RESIMAC

BROKERAGE OF THE YEAR (6–20 STAFF)

WINNER

COMMONWEALTH BANK

BROKERAGE OF THE YEAR (>20 STAFF)

WINNER

Specialist Mortgage

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EXCELLENCE AWARDEES

MoneyQuest Penrith and Blue Mountains

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Birdie Wealth

Entourage

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Green Finance Group

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EVENT PARTNER

PROPTRACK

WESTPAC

LIBERTY

WINNER

FINTECH LENDER OF THE YEAR

AUSTRALIAN BROKER OF THE YEAR

AUSTRALIAN BROKERAGE OF THE YEAR

Jean-Pierre Gortan

Empower Wealth Mortgage Advisory

EXCELLENCE AWARDEES

Butn Limited

Christian Stevens, Shore Financial

Funding.com.au

Helen Avis, Specialist Mortgage

Bayside Residential & Commercial Mortgages

Prospa

Liz McRae, Loan Market Geelong City

Wisr

Mohit Lal Pradhan, Home Loan Experts

ubank

Simplicity Loans & Advisory

Entourage Mornington Loan Market Geelong City Specialist Mortgage The Australian Lending & Investment Centre

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EVENT PARTNER

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FEATURES

MANAGING STRESS

How SME owners can handle the pressure Running a small business can be all-consuming, and business owners need to be able to successfully cope with the challenges. Author and recruitment agency boss Roxanne Calder shares her stress management tips

EVER SINCE the pandemic, the world has touted the importance of managing stress and pressure and improving the wellbeing of our employees. So we should. It is morally critical and commercially vital. Healthy, happy and long-tenured staff are fundamental to good business performance. Business owners, too, are central to business performance. But post-pandemic, I wonder just how our small business owners are faring? Not that great it seems. Small business owners face more mental health challenges than the general population, and Australian small business owners have the second-lowest level of wellbeing. When 97.5% of all businesses in Australia are small businesses (0–19 employees) and are responsible for employing 42% of the private sector, up from 41% in pre-COVID times, we should be concerned. So, what is the key to managing stress for small business owners?

think twice the next time you browse ‘holiday destinations.’ And if you are tied directly to service delivery and away, add the inevitable loss of revenue. Your holiday cost just quadrupled. Is it any wonder that 34% of small business owners take less than four weeks’ holiday a year, and 14% can’t recall the last time they took annual leave at all.

Business owners must be mentally nimble, adjusting on the spot and sometimes midpivot to stop and change again. Have you accepted the new reality, or are you waiting for the old normal to return? That’s undue stress right there, accompanied by a sprig of disillusionment and an invitation for continued pressure. Accept, adapt and redivert your fight-or-flight stresses to energies to reinvigorate and inspire your business.

Stress in today’s environment It’s different. Small business owners are accustomed to business pressure. It is inked invisibly into their job description. But

Good or bad long hours? The debate is aplenty. As is the research. Tell a motivated person not to put the effort in.

Regardless of the advice, some of you just prefer to do everything yourself ... You need to let go. Alleviate the workload by upskilling and reskilling your employees

Not a day off A lovely thought from the well-intentioned. Every business owner knows you pay dearly for any time off. Even when you delegate, you can’t distribute all the work. It piles up, waiting impatiently for your return – and, to make sure you never leave again, it somehow balloons in size and consequences. Just enough for you to

today’s environment is a cardiac test, even for the strong-hearted. Chasing revenue, countering rising costs, the hyper-focus on health and welfare, the struggle to find staff, rampant resignations, remote work or not, business efficiencies, cyberattacks, technology advancements and much more.

It doesn’t work. Equally so is the suggestion to an inspired business owner not to work long hours. But a demotivated business owner, that’s another story. Of course, putting in longer hours has its costs. But it’s not a clear-cut translation, an ‘extra work = decreased wellbeing’ equation.

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Small business owners are accustomed to business pressure. It is inked invisibly into their job description. But today’s environment is a cardiac test, even for the strong-hearted

Rather, focus on recovery. Spend quality, not quantitative time on wellbeing and restorative sleep, creating the buffer against stress and the risk of burnout.

tough but not insurmountable. Look to use specialist recruiters; outsource, or upskill your existing employees. Patience and training are necessary ingredients to counter current hiring conundrums.

The skills shortage and stress This could be your bad long-hours story. Nearly 40% of small business owners work over 60 hours a week. Press pause and ask yourself why? Your ongoing 60-plus-hour weeks is the equivalent of 1.5 headcounts. Are you doing someone else’s job? Hire the resource, or hold your staff member accountable. The skills shortage and record-low unemployment rates make the task of hiring

Are you the problem? Regardless of the advice, some of you just prefer to do everything yourself; 30% of you feel you are ‘the most capable’, 20% don’t have employees with the right skills, and another 20% are in a hurry to get the job done. You need to let go. Alleviate the workload by upskilling and reskilling your employees. Nearly 20% of you like doing the tasks, which I can’t disagree with!

I am a small business owner. I also fit into all the above statistics. Owning a business is tough, and at times a lonely place. Most people will never understand the weight of responsibility. Nor the intrinsic pleasure. But it’s our choice. Manage your stress the right way to continue the inspiration and motivation you first set out with for your business. This is a noble job. Roxanne Calder is the author of Employable: 7 Attributes to Assure Your Working Future and also the founder and managing director of EST10 – one of Sydney’s most successful administration recruitment agencies. For more information, visit www.est10.com.au.

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PEOPLE

BROKERAGE INSIGHT

Top-quality service drives growth A love of property and a chance to establish his own business have led broker Vincent Moore to achieve early success with brokerage Entourage Mornington

IT’S ONLY been just over a year since Vincent Moore helped award-winning Melbourne brokerage Entourage branch out into Mornington, and already the business is kicking some serious goals. Entourage Mornington, established in August 2022, was named Bankwest New Brokerage of the Year at the 2023 Australian Mortgage Awards in October, a major

Moore has been a shareholder in the company since 2019. He says that during COVID, he and Roylance discussed the opportunity of opening his own brokerage. “I love the Entourage business, so it made complete sense to continue in the business under my own banner,” Moore says. “And why Mornington? I actually bought a property myself and moved down here part-

“We’ll keep finding ways to innovate, support the local community and ensure we engage with the people who matter most – our clients” accolade for director Moore and his co-director Damien Roylance. It follows a number of AMA honours for Entourage Melbourne, which won the Liberty Australian Brokerage of the Year award in 2022 and BOQ Broker Best Customer Service from an Individual Office in 2021. Moore started his broking career in 2013 at Stratton Finance and says he had a choice to make: car finance or home loans. “The decision was an easy one – I love property, so I moved into a broking role and haven’t looked back since,” he says. “I joined Entourage in 2017 and have really enjoyed my time here. This year marks a decade in the industry for me, which is a huge milestone.”

time, splitting my week between the [Mornington] Peninsula and Melbourne. I love the lifestyle down here and want to help more clients and homebuyers make the move and enjoy a slower pace.” The goal for Entourage Mornington is growth, says Moore. “I want to grow my annual settlements, and I want to grow my

team, including hiring more brokers. Having a team that relies on my success for their income is a new experience for me and certainly puts into perspective the reasons we work hard. “I’ve never been a position where the work I do so directly affects the livelihood of so many.” Moore has been a finalist for numerous industry awards and a Loan Market premier broker many times, but winning New Brokerage of the Year at the 2023 AMAs was the icing on the cake. “It came as such a surprise. I didn’t think we’d done enough with less than 12 months behind us as a business. But I’m rapt that we’ve received the recognition so early in the piece; the AMAs is such a prestigious national awards program and one we really value winning.” Moore sees it as “a nod that we’re taking care of the important things and it provides us solid momentum to keep doing what we’re doing – it’s working”. “We want to keep doing great things, so

BROKERAGE KEEN TO BACK THE COMMUNITY “Community is key for Entourage; it’s in our DNA. Whether it be supporting the local footy team, helping people to save money during tough times, or connecting through events and charitable contributions, the Entourage team are keen supporters of our local community.”– Vincent Moore, Entourage Mornington

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ENTOURAGE MORNINGTON AT A GLANCE Owners/directors: Vincent Moore and Damien Roylance Location: 1/5 Main Street, Mornington, Victoria

Service offered: Mortgage broking

Number of employees: 5

Group CEO at FINSTREET Boban Jurisic and co-founder and chief strategy officer Darren Liu

we’ll keep finding ways to innovate, support the local community and ensure we engage with the people who matter most, our clients. The award is a good motivator and something I’ll use to drive greater productivity, growth and success.” Moore says he started his career focusing on non-conforming lending – learning the hard way about the challenges of assisting clients in tricky situations. “It was great, though, and laid the groundwork for the kind of broker I am today. I don’t judge people on their financial situations, just work with them to find the right solution to aid them in achieving their goals.” Roylance has been a great mentor, says Moore. “We both have a competitive spirit, and under his guidance I’ve been able to

implement a strong process, hire a fantastic team to support me, and start my own business. I also try to take the best parts of some of the great colleagues I’ve had over the years and apply them in my own work.” Moore describes the team at Entourage Mornington as “awesome”. “We’ve got a mix of experience, including client service manager Kristel Ongoco, the 2022 National MFAA Loan Administrator of the Year. She started at Entourage back in 2017 when I first joined.” Other team members include client service manager Nick Fruewirth. “It’s very exciting, as we’ve even got staff from our Melbourne office moving down the Peninsula to work with the Mornington team,” Moore says.

The Mornington clients are typically upgraders or existing property owners, with much of the recent focus being on refinancing. Just a quarter of clients are first home buyers. “We bring the values and ethos from our parent brand to our office, with a Mornington twist of course. These include always putting the client first; stand out from the crowd; never be complacent; be honest; and focus on quality.” Moore says the team has built a really strong process to ensure clients “are never following us up”. “Whether it be automations based on deal status or regular phone calls at key stages, the team are all over every aspect of the deal. We are meticulous about ensuring our communications, branding and business are all aligned with our team goals and, more importantly, our client goals and in ways we can support our community.” Moore says the brokerage’s largest source of new enquiries is its existing client base, which refers on many friends and family. “We really focus heavily on client retention by providing fantastic customer service, ensuring their existing lending is taken care of, and the acquisition of new customers (almost) takes care of itself.” To generate new leads the brokerage nurtures referral partnerships, sponsors community events and runs competitions. “The big goal is to reach a point whereby when people think of buying property on the Mornington Peninsula, they think of Entourage to help finance it,” Moore says.

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PEOPLE

OTHER LIFE

TELL US ABOUT YOUR OTHER LIFE Email antony.field@keymedia.com

“I love being involved in the local basketball commu nity, a nd my kids love me being the coa ch a nd being involved”

Number of basketball teams Leah Busby is coaching

Number of times a week Busby volunteers as a coach

Years Busby has been coaching basketball teams

MUM’S GOT GAME

For this Blackfish Finance director, business is important, but her kids take priority GROWING UP in Adelaide, Leah Busby, director at Blackfish Finance, spent all her spare time playing and umpiring basketball at the local stadium. Fast-forward to today, and Busby now has an award-winning boutique brokerage in Glenelg, but everyone who knows her knows her babies and basketball come before her business.

Busby volunteers three times a week at the local school her kids attend, coaching their basketball teams. Her colleagues are also involved in the sports community – Blackfish’s conveyancer is a volunteer coach of the girls’ Australian football team. “We love sport,” Busby says. “The kids play in two basketball teams. They both

play soccer and football too. We get to as many 36ers and AFL games as we can.” Busby built her business and team to support the balanced lifestyle she had always planned when wanting to be a mum. She is well known for ducking out of an awards ceremony early to head to her kids’ games.

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