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UPFRONT
02 Editorial
Diversify, or stay in your lane?
04 Statistics
The post-COVID surge in home values
06 Opinion
Self-regulation is key to brokers’ success, argues CAFBA’s CEO
FEATURES
14 e road to diversification
TOP COMMERCIAL BROKERS 2025
Australia’s best commercial mortgage brokers have become indispensable business partners to their clients by delivering tailored financial solutions
FEATURES COMMERCIAL LENDING GUIDE
How mortgage brokers can boost their own businesses by tapping into commercial finance
Diversification into commercial property can be a natural evolution
20 e broker-SME relationship
Simplicity Loans & Advisory’s co-founder on stepping back, mentoring new talent and empowering his team to drive the brokerage’s next growth chapter
SME lenders highlight broker expertise and the demand for tailored solutions
26 An invaluable asset
Asset and equipment finance is an essential piece of the diversified broker’s pie
FEATURES NON-MAJOR BANKS ROUNDTABLE
30 Financing the future of health
BOQ backs healthcare professionals as funding partner for growth
34 Aussie property hub
At the heart of the shift from transactional to relationship-driven broking
68 Shaping sales strategy
Four essential habits to fuel sustainable, consistent sales growth
PEOPLE
72 Other life
Non-majors state their case as champions of broker-first innovation, flexibility and service 50 PEOPLE BROKERAGE
Where finance meets design: broker Katherine Persoglia transforms ordinary spaces
have to say.
Going beyond the buzzword
There’s no sense in being a people pleaser if you end up pleasing no one. That’s a harsh reality facing Australia’s 22,000-plus mortgage brokers in the age of, for lack of a better buzzword, ‘diversification’.
Diversification has followed me everywhere I turn in 2025. It’s been a constant talking point among brokers, lenders and aggregators alike. Such is diversification’s prevalence in the broking space that it was the central theme of LMG’s Growth Summit in April, when industry leaders shouted from the rooftops about how critical diversification is if you hope to thrive in today’s ultra-competitive market.
Customers have been the driving force behind the diversification trend. They are an increasingly needy bunch; not content with having the best home loan rates o ered up on a silver platter, free of charge, they now expect their broker to guide them through the complex, risky world of commercial and asset finance.
So as the role of the broker rapidly evolves, the number of hats they are expected to wear multiplies. On the one hand, this is a boon for brokers – more potential deals mean more potential commissions, after all. But stepping outside of your wheelhouse can be daunting, particularly when reputations and large wads of cash are on the line.
Commercial finance is a whole new ballpark, replete with due diligence assessments, cash flow analysis and a whole bunch of other things I probably should have paid more
Stepping outside of your wheelhouse can be daunting, particularly when reputations and cash are on the line
attention to in high school economics. Perhaps more importantly, commercial brokers must understand that every business loan has a story behind it – an individual’s lifelong passion that they desperately want to see come to life. A bakery perhaps. Or, to use an example from this edition’s Commercial Lending Guide, a plumbing business.
Thus, the conversation must turn from ‘you must diversify’ to ‘how are you going to diversify?’ Multiple schools of thought arise in this edition.
We hear from CAFBA chief executive David Bushby, who clearly believes education is the best route to diversification. In his view, you, the broker, must equip yourself with the knowledge to service all your clients’ needs (it just so happens CAFBA can help with that).
Yet as aggregators create increasingly sophisticated referral networks, resi brokers have more access to existing commercial finance experts than ever. Maybe that’s a better route than spending time and resources on diversifying your brokerage.
As I was curtly reminded in this issue’s roundtable meeting of five leading non-major banks, it’s up to the broker to decide how to go about diversifying their business.
So, stick to your lane or flick your indicators on? That’s up to you, but this latest edition of MPA is as good a place to start as any.
and Asia MortgageProfessionalAustralia is part of an international family of B2B publications and websites for the mortgage industry
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T +44 203 868 3406 MAY
BROKERS BREAK RECORDS IN 2024
HOME VALUES SKYROCKET, AFFORDABILITY SUFFERS
Highest-ever market share of mortgage brokers – achieved in Q4
Australian housing values have soared post-COVID, outpacing wage increases and severely impacting a ordability. By September 2024, a ordability metrics hit record highs. Regional areas saw a 56.3% rise in property values compared to 33.6% in capitals, with significant early gains in lifestyle regions, CoreLogic reports.
$115bn
Value of new resi home loans settled in Q4 – the highest in a single quarter
22%
Year-on-year increase in new lending value, Q4
72%
Percentage of mortgage broker business from repeat clients and referrals
PERCENTAGE CHANGE IN HOUSING VALUES SINCE MARCH 2020
BENDIGO BANK TOPS HOME LOAN SATISFACTION RANKINGS
Roy Morgan’s data shows Bendigo Bank leading in home loan
credited to excellent service. ING and Macquarie Bank followed, praised for
at
and low fees. Suncorp Bank achieved the most significant improvement, rising 5ppt to 79%. In contrast, Bankwest saw a sharp decline, dropping 17.2ppt to 72.2% due to branch closures in WA.
Source: Roy Morgan, March
Source: CoreLogic, March 2025
SLIGHT RISE IN
QUARTERLY
HOME VALUES
In Q4 2024, Australia’s residential dwellings rose in value by $26.4 billion to $11 trillion, the ABS reports. Annual growth was relatively flat at 4.4% due to stock additions o setting slight price drops. State variations showed gains in Qld and WA and declines in NSW and Vic.
HOME DEPOSIT SAVING TIMES VARY
Saving times for a 20% home deposit vary widely across Australian capitals, from three years and five months for houses in Darwin to six years and nine months in Sydney. Saving times for units also show big disparities, with the longest time four years and two months in Brisbane.
Source: Domain FirstHomeBuyerReport2025
BUILDING APPROVALS FALL SIGNIFICANTLY SHORT
In 2024, Australia issued only 162,071 of the needed 240,000 building approvals, a 32% shortfall on the number needed to meet the 1.2 million dwelling goal by 2029. The ACT is on track, while Darwin and Sydney face the largest shortfalls, at 79% and 45% respectively.
Source: Australian Bureau of Statistics, March 2025
Source: ABS; prepared by InvestorKit
Sydney Melbourne Brisbane Adelaide Perth Hobart Darwin ACT
Why government should stay out of commercial finance
E ective self-regulation founded on strong education standards avoids the need for NCCP-style lending restrictions, argues CAFBA’s David Bushby
COMMERCIAL FINANCE
in Australia is experiencing a period of rapid change, with many new lenders and a surge of brokers diversifying into commercial broking.
Focused exclusively on commercial and asset finance, it is clear that the work the Commercial and Asset Finance Brokers Association of Australia does has never been more important. All CAFBA’s directors are active, customerfacing brokers, so CAFBA knows first-hand the current challenges and opportunities. To navigate through this change, it’s vital that participants are professional and working in a regulatory environment that fosters excellence and enables integrity and innovation.
CAFBA seeks to shape and maintain the highest standards of knowledge, ethics and professionalism in commercial broking so that our industry continues to thrive responsively under a self-regulating framework and business borrowers can innovate and invest without the impediment of NCCPstyle lending restrictions.
So, what distinguishes good commercial brokers, what sets them apart and attests to their professionalism, knowledge, experience and capability? The answer is the standards created, set and enforced by CAFBA on its members – and, by extension, against which all participants in the sector will be judged.
CAFBA has the clear objective of demonstrating that commercial finance in Australia is so e ectively self-regulated that it completely negates any argument for government to step in. CAFBA maintains that a self-regulating framework, founded upon education, ensures
the best outcomes for commercial borrowers.
The MFAA report The Value of Mortgage and Finance Broking 2025 found that 75% of all new residential loans are now arranged through brokers. The current state of commercial and asset finance broking is less clear, although research by East & Partners in 2020 concluded that 72% of new commercial equipment finance is sourced through
new entrants, diversifying resi brokers or seasoned professionals.
PACE Premium takes this to a new level and delivers online courses through engaging, continuously updated educational modules designed to help industry participants stay ahead. They cover a broad spectrum of topics, from technical skills and regulatory updates to leadership strategies, ensuring every user finds content that is both relevant and insightful.
Seasoned finance professionals can also be awarded our Diploma of Financial Services based on recognition of prior learning, and our Bridging Diploma of Financial Services provides academic credit in recognition of the skills acquired by a mortgage broker.
CAFBA’s pursuit of certification under the Professional Standards Scheme (PSS) means that CAFBA commercial brokers will be recognised as professionals and CAFBA will e ectively self-regulate its own members. The PSS will bind CAFBA to monitor, enforce and improve the professional standards of its members, and protect consumers.
Delivering on professional standards is only
Commercial finance in Australia is so e ectively self-regulated that it completely negates any argument for government to step in
commercial brokers (up from 64% in 2017).
Due to its specialist nature, far fewer brokers work in commercial and asset finance than in the resi finance market. And this is where the opportunity arises for resi brokers seeking to expand into the commercial space. The skill set and experience required di ers from that gained through consumer finance. Accordingly, CAFBA works with potential new commercial and asset finance brokers to o er a clear pathway to the knowledge they need.
E ective, standardised education is a requirement for CAFBA membership. CAFBA o ers this through our industry-leading digital education platform PACE (Professional Attainment Centre of Education) and the recently launched PACE Premium.
PACE provides a structured educational pathway for all commercial brokers, whether
part of the work CAFBA does. Ensuring regulators are aware of those standards is also necessary. Through its e ective advocacy work, CAFBA works towards a regulatory environment conducive to growth, innovation and fair competition.
By actively setting and maintaining standards, self-regulating, participating in consultations and providing expert insights, CAFBA ensures that commercial and asset finance brokers operate in a flexible, professional and fair environment that delivers the best outcomes for their clients.
outcomes for their clients.
David Bushby was appointed chief executive of CAFBA in October 2023. Prior to that, he enjoyed a career in law, politics and as a senior diplomat.
JEAN-PIERRE GORTAN: CHANGING THE GUARD
After decades of writing huge volumes and amassing accolades, Simplicity Loans & Advisory’s co-founder has other goals in mind. He chats with MPA about mentoring new talent – and Simplicity’s insatiable appetite for growth
THE LAST six months of 2024 were quiet for Simplicity Loans & Advisory’s co-founder and managing director Jean-Pierre Gortan. By his count, he barely scratched $50 million in commercial loans between July and December. That’s a curiously low amount for a man who regularly appears on MPA’s Top Commercial Brokers list (2025 is no different in this regard).
“Historically, there’s been a pretty big reliance on me to settle a large portion of the business,” says JP. He has typically contributed up to 50% of Simplicity’s volume in previous years, so what’s changed?
Far from having a duff year, JP has become more of a leader than ever. He has taken a step back from writing his usual volumes as he evolves into more of a mentor to the new guard climbing the Simplicity ranks. It speaks to the high regard he has for the younger generation that JP is increasingly entrusting the baby he co-founded in 2017 to them.
“It’s about creating space for the next generation to step up, bringing fresh energy and perspectives to the business,” he says in an interview after once again making MPA’s Top Commercial Brokers list. “I want to help them become the next guns of the industry – leaders who drive results and redefine what’s possible.
“My focus is now on leadership, business development and helping our team grow into their potential.”
There is certainly no shortage of talent for
JP to mentor. He rattles off the team members’ strengths with ease, namedropping Joshua (“sharp, process-driven and fast becoming one of the most trusted names in the business lending space”); Isabella (“exceptional with complex transactions, particularly in the property and development space. Great instincts and deep understanding of structuring”); Anthony, Izzy, Josh, David, Danny, James… the list goes on.
waves these up-and-comers make in the industry as they lead on bigger deals and earn client trust.
It’s a legacy-building exercise, according to JP. “Helping others succeed means the business succeeds long after you’ve stepped back.”
Shifting
gears
Any major career inflection point like the one JP is facing is bound to be bittersweet.
“Helping others succeed means the business succeeds long after you’ve stepped back”
“The bench is deep, and the hunger is real,” says JP. “These guys are the future –each brings a unique strength that elevates the collective. And it’s not just the senior team. Our associates like Joshua Hanshaw, Kye and Harrison are already showing real promise. You can see glimpses of greatness in all of them, and it’s exciting to watch them grow.”
They will certainly need to tap into this greatness to fill the void JP is leaving. He is hoping to build each broker up to achieving a couple of hundred million dollars in loan volume annually.
Through his evolution into a commercial broking mentor, JP has discovered that there is nothing more rewarding than seeing the
Thankfully, he looks back on his achievements with beaming pride.
“I’ve hit many of my career milestones, and the business is in a strong place,” he says. “We’ve built an amazing team, and it’s time to give them the room to lead.”
Although writing deals has been incredibly satisfying for JP, he concedes that “after 20 years, it does take its toll”.
“The last 12 to 24 months have been possibly the most difficult of my career,” he admits. “Combining that with trying to jointly run one of Australia’s largest brokerages made it clear it was time to shift gears. I want to focus on the broader picture –strategy, national expansion and scaling our systems and partnerships.”
PROFILE
Name: Jean-Pierre Gortan
Title: Co-founder and managing director
Company: Simplicity Loans & Advisory
Years in the industry: 20
Career highlights: Hitting $1 billion milestone in settlements; building Simplicity from a small team to one of the most respected commercial brokerages in the country; raising tens of thousands for causes like the Women’s Resilience Centre and the CEO Sleepout; building a resilient, values-driven and high-performing team
Jean-Pierre Gortan (front, centre) with the Simplicity team
BIG INTERVIEW
Discussing the biggest achievements of his career, JP highlights hitting $1 billion in settlements as a major milestone. But there is far more to be proud of than just numbers.
JP speaks of building Simplicity from a small team to one of the most respected commercial brokerages in the country, while raising tens of thousands for causes like the Women’s Resilience Centre and the CEO Sleepout.
Mostly, though, he is “proud of the team and culture we’ve built – resilient, valuesdriven and high-performing”.
“I’ll always love the art of the deal, but I’ve found even more fulfilment in helping others do it at scale,” he says.
Besides, he still intends to be involved in the business’s complex or legacy client transactions, “but the day-to-day is no longer where I’m needed most”.
industry, Simplicity is also making it easier for residential brokers to do business with the company by fleshing out a curated referral network of trusted specialists.
Simplicity’s Marketplace referral platform allows resi brokers to handle commercial leads as they emerge without having to send business elsewhere.
It’s going gangbusters by the sound of it. According to JP, Simplicity is seeing between 80 and 100 leads come through the platform every week. This has necessitated some heavy investments in technology, including end-to-end workflows, automation, dashboards and business intelligence tools, all tailored for commercial finance.
“It’s e cient, transparent and scalable,” JP says.
As a pure-play commercial brokerage, Simplicity is also in a good position to help resi brokers with commercial, asset and
“I’ll always love the art of the deal, but I’ve found even more fulfilment in helping others do it at scale”
Expansion plans
JP’s deal-writing days are perhaps winding down, but as a brokerage, Simplicity is only going from strength to strength. The business is expanding its footprint with physical o ces in Melbourne and Brisbane, while the established team in Victoria is “hitting great numbers and continuing to grow”.
Further up the east coast, the Queensland o ce “is already sprouting green shoots despite only being open for a few months”, says JP.
This is being made possible through an interstate joint venture model, whereby Simplicity brings the systems, training and tech in combination with local relationships and what JP calls “a hunger to lead in every market we enter”.
Aligning with the theme of diversification that’s so prevalent in the broader broking
development finance deals without fear of clients being poached.
Simplicity’s vast network of business development managers also plays a crucial role in keeping the group at the top of its game. “Our BDMs are not just introducers; they’re educators, mentors and problem-solvers,” says JP. “They help scale our brand, nurture new brokers and keep our pipeline strong.”
Regardless of the technologies, regional expansions and referral networks that Simplicity is rolling out, they all serve the purpose of future-proofing the brokerage for the new guard. JP now wants to help this new guard get the recognition it deserves.
MPA’s Top Commercial Brokers 2025 features six Simplicity brokers, but JP’s aim is to get that number closer to 10. “I think we’ll be successful at doing that,” he says.
SIMPLICITY MARKETPLACE: KEY FACTS
A curated national referral network of trusted specialists
Residential brokers can now refer deals they would normally walk away from –commercial, asset finance, development
Simplicity protects the relationship, handles the transaction and pays brokers well for the referral
IT’S A PEOPLE BUSINESS
Australia’s small and medium enterprises are a resilient bunch – never has that truth been clearer. Amid soaring input costs, skills shortages and, perhaps most aggravatingly, increasingly tight access to funding, SMEs remain open for business and primed for growth. This makes the opportunities for brokers – who, let’s not forget, are business owners in their own right – greater than ever
MPA’s latest Commercial Lending Guide brings together some of Australia’s preeminent financial institutions, non-bank lenders and aggregators to get the lowdown on the state of business finance in 2025.
The best and brightest from the likes of ANZ, NAB, Pepper Money and SFG paint a picture of a market in rebound mode, yet one that is still contending with a wishy-washy level of business confidence across the country.
Historically high vacancy rates – though improving – continue to dog the CBDs, with the extent varying from city to city. Meanwhile, high construction costs and labour shortages are presenting additional roadblocks to recovery. Neighbourhood shopping is a bright spot in the retail space, although the bugbear of online shopping cannot be ignored.
There is an observable ‘flight to quality’ across the commercial property space in general, as developers opt for prime and super prime projects, although that has proved little comfort for hard-pressed Victoria.
Nonetheless, the experts in these pages discuss the emergent opportunities for the broker channel to level up their own businesses by tapping into the SME lending,
commercial property and asset and equipment finance sectors. They touch on diversification and the various ways residential brokers can go about approaching the commercial space.
One common thread weaves through the following case studies, data sets and interviews – behind every transaction, whether that’s securing funding for a fleet of excavators, purchasing a new warehouse or opening a pub, lies someone’s passion.
While that may have always been the case, it’s never a bad time to remember that this is a people business after all.
The challenges for these business owners are real, but so too is their resilience. With help from their trusted advisers, they continue to soldier on through the post-COVID environment, despite persistent struggles in securing access to funding.
Small businesses are the lifeblood of Aussie commerce, and flexibility has never been more important for them. However, flexibility should not come at the expense of simplicity. After all, business owners don’t want to spend all day managing loans – they want to focus on running their businesses.
All eyes on prime
Australia’s biggest banks are seeing a flight to quality in the commercial office space and a mixed bag of sentiment in the retail sector. While the market is hardly in top gear, broker opportunities are there for the taking
FEW WOULD accuse Australia’s commercial property market of going gangbusters right now. Commercial office vacancy rates remain in the mid-to-high double digits, and while the trend line is moving in the right direction, returning to pre-COVID vacancy rates of 9% or less feels like wishful thinking.
Yet while the country’s capital cities continue to battle the post-pandemic headwinds, ANZ’s associate director of property, Daniel Gradwell, has observed a bouncebank in 2024/25.
“Sentiment appears to have improved quite significantly over the past year in the CBD retail space,” Gradwell tells MPA.
The slow and steady march of city workers back to the office, alongside “a sizeable rent adjustment”, has made for a more attractive environment for businesses to start up in, he adds.
“It’s getting there,” Gradwell says of commercial office property. “Return-to-office mandates are increasingly widespread, but the return is still sluggish in Sydney and Melbourne. Rents are now stabilising, but vacancy rates remain high across these cities, although it should be noted that the likes of Brisbane, Perth and Adelaide are faring much better.
“But there is still a great deal of uncertainty around the outlook, which is weighing on confidence in the office sector.”
Gradwell highlights environment, social and governance (ESG) as another factor creating uncertainty in the commercial office space. He says, “Most government tenants,
and many large corporates, are now only signing new leases for highly energy-efficient buildings, which is driving demand in the higher-end prime sector.
“On the other hand, secondary stock needs to take into account the likely tenant profile when current leases expire, and understand any potential renovation or uplift costs involved, heightening the risk profile of the segment.”
NAB’s executive commercial broker and equipment finance sales head, Chris Thomas, points out that sentiment turned positive for
office property for the first time in three years in the fourth quarter of 2024. Confidence was particularly high in SA and the NT but remained exceptionally low in Victoria.
“The recent RBA interest rate reduction has been well received by borrowers in this sector, and, with further cuts forecast, we are optimistic for further improvements in sentiment,” says Thomas. “The financing opportunity in retail property remains customers with current, or projected, quality tenancy profiles. Capacity to borrow continues to be determined by the cash flows derived from their rental schedules,
LION’S SHARE OF OFFICE LEASINGS IN 2024
NSW WON
“The Gold Coast in particular is benefiting from increased comfort around the stability of the local market, both from locals as well as interstate developers and investors”
Daniel Gradwell, ANZ
underpinned by performing retail tenants.”
The real rebound in confidence is undoubtedly occurring outside of the city centre. Gradwell says, “We continue to see strong levels of demand for neighbourhood shopping centres, which are somewhat protected from economic volatility due to the presence of large anchor tenants [Coles, Woolworths] and the non-discretionary retailing on offer.”
Strip malls, however, remain softer due to the influence of online retailing. Gradwell notes that there are high vacancy rates across
a number of strip retail locations, “providing a challenge for potential transactions”.
In regional terms, Southeast Queensland “remains very active”, according to Gradwell. This aligns with the wider state’s overall outperformance in growth, both economically and in terms of population. “Importantly, this story is no longer about Brisbane … The Gold Coast in particular is benefiting from increased comfort around the stability of the local market, both from locals as well as interstate developers and investors.”
Biggest roadblocks
Construction costs and skills shortages “are absolutely still a roadblock” to getting projects up and running, particularly in the residential segment, says Gradwell. “The root cause of both of these issues largely comes back to the incredible volume of publicly funded infrastructure currently under construction around the country.
“While these multibillion-dollar road and rail projects are largely necessary – and in many cases should have been built decades ago – they tend to vacuum up a lot of the available resources and labour. This increases the cost base for other projects and makes it harder for builders to attract and retain the necessary workers and skills.”
There is unfortunately no easy solution to the problem, Gradwell concedes, “given the infrastructure projects generally take a number of years to reach completion, and upskilling a younger workforce similarly takes time”.
Developer customers are telling Thomas that the housing construction sector remains under
COMMERCIAL LENDING GUIDE
pressure, influenced by factors like presales, regulation and higher construction costs.
“Notwithstanding this, and noting the current chronic undersupply of new dwellings, NAB is actively working with developers on finding solutions that can work,” Thomas says.
Road to diversification
Diversification is on everyone’s lips in the mortgage finance space. Primarily a customer-driven trend, the emphasis has been on retaining customers by offering the full suite of financing options – not least commercial property. For mortgage brokers, this means either hiring in top commercial talent or establishing a robust referral network to keep borrowers satisfied.
In many ways, it’s a natural evolution of the market. According to the latest government data, there are currently more than 800,000 sole operators in Australia. Most already use brokers for their home loans and are seeking
Andrew Muller, senior broker manager at ANZ. “From a product diversification perspective, commercial property is a great introduction to commercial lending and can be a natural progression for mortgage brokers.
“As brokers become confident and competent in commercial property, they may then further diversify into other commercial lending opportunities.”
Muller sees the groundswell in broker diversification as a positive trend, highlighting that around 30% of the existing mortgage broker client base are likely to be self-employed.
“Diversification is a sound option for brokers to reduce the risk of concentrating on one income stream, and it’s a great way to broaden your client base,” he says.
However, he does see some common mistakes made when brokers first enter the commercial lending space. Deals are often more complex than a standard home loan, yet brokers don’t always engage and workshop with bankers to get the deal across the line.
Muller says the regulatory environment may be simpler than in home lending, but
“From a product diversification perspective, commercial property is a great introduction to commercial lending and can be a natural progression for mortgage brokers” Andrew Muller, ANZ
the convenience of a one-stop financing shop for their business needs.
The opportunities are immense for brokers: while the third party channel commands more than 75% of the home loan market, its share is closer to 40% in the commercial finance space. That equates to some $60 billion in commercial loans still written directly by banks.
“Yes, we have already seen an increase in commercial property finance transactions introduced through the broker channel,” says
“borrowing requirements are generally bespoke in nature to suit the business, its cash flow requirements and capital position”.
“Investing in your professional development to build your commercial knowledge and skill set is crucial,” he adds. “Partnering with an ANZ Broker Account Manager and working with our bankers will help build your confidence and knowledge.”
While commercial property deals can be more complex, Muller points out that many
Sources: Ray White, PIMS, Real Capital Analytics
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of the fundamentals are the same as for residential. “They are both bricks and mortar –land is the main component, and location is critical,” he says.
In Thomas’s view, “now is the perfect time for brokers to support business customers with their banking needs. To be truly e ective, brokers must go beyond commercial property lending and assist clients with a range of challenges, including growth, consolidation and change.”
He sees 2025 as a landmark year for commercial brokers to strengthen long-term partnerships with their clients “by guiding businesses through the current market cycle and positioning them for future success”.
“We believe there will be further investment by many broker firms in commercial broking, and this will attract more finance professionals with the right skill set to the industry,” Thomas adds.
Market megatrends
According to NAB’s Market Megatrends 2024: Navigating the Future report, there are six longterm themes shaping Australia’s markets and
“To be truly e ective, brokers must go beyond commercial property lending and assist clients with a range of challenges, including growth, consolidation and change” Chris Thomas, NAB
broking environment: housing accessibility; intergenerational wealth transfer; businesses investing for growth and decarbonisation; property investment; advances in technology; and an increasing need for cybersecurity.
“Each of these areas presents commercial brokers with opportunities to work with business customers,” says Thomas. “For example, commercial brokers working with developers can help to unlock access to funding that supports an increase in housing supply to alleviate housing accessibility challenges Australia is facing.”
Further NAB research shows that nearly six in 10 SMEs are planning to invest and
expand in the coming months. “Businesses in some sectors are thriving, while others are finding conditions more challenging,” Thomas says. “In this environment, brokers can add real value by deeply understanding business customers and helping them to secure the finance they need to be successful.”
Thomas touts NAB’s education and training programs, including face-to-face credit skills workshops running through May, as ways the bank works to forge stronger ties with brokers.
“As Australia’s largest business bank, the strength of our relationships enables us to support brokers in meeting all their customers’ lending needs,” he says.
The unwavering resilience of SMEs
To gauge the pulse of SME lending, MPA talks to four leading non-bank lenders. They paint a picture of steadfast resilience and shine a spotlight on brokers who bring real expertise to the table
FOR A NATION of over 2.5 million small businesses, Australia’s plumbers, decorators, bakers and retailers certainly get the short end of the stick when it comes to securing funding. According to the Reserve Bank of Australia, lending to small businesses has been effectively flat since 2019, while larger businesses have seen their credit availability escalate.
Small business owners have expressed frustration with lenders’ increasingly strict lending criteria, which force them to either put their properties up as collateral or sell equity in their businesses.
To make matters worse for SMEs, the RBA’s latest Small Business Economic and Financial Conditions report found that soaring input costs have significantly impacted small businesses – especially in discretionary sectors such as hospitality.
“Access to finance is undeniably the most significant factor affecting SMEs today,” Paul Evans, Prospa’s national sales manager, tells MPA
“In particular, the ability to manage cash flow has never been more crucial in our current economic landscape. SMEs, as the backbone of our economy, play a vital role in how businesses choose to utilise their cash flow, largely influenced by the specific challenges they face in the market, many of which are exacerbated by soaring interest rates.”
“Access to finance is undeniably the most significant factor affecting SMEs today” Paul Evans, Prospa
And yet, despite the headwinds, small business insolvencies in 2025 remain thankfully below pre-COVID levels – a testament to the resilience that emerged as a recurring theme in discussions with lenders. For Evans, the resilience small businesses are showing in the current environment is nothing short of “remarkable”.
SMEs, by their nature, are also “nimble and
adapt quickly to change”, says Matthew Heinnen, group manager at non-bank lender Liberty. “This intrinsic quality helps businesses create their own demand in any environment.”
Heinnen adds that brokers continue to play a crucial role in helping small businesses “meet demand and fuel growth by providing access to a broad range of lenders and tailored funding”.
Evolving broker partnerships
Lenders have witnessed the broker-SME relationship become more collaborative than ever as diversification is increasingly ingrained in the industry. According to Heinnen, this has led to an unprecedented level of knowledge of commercial finance among brokers.
“Each business is unique, so their cash flow solution should be too – that’s why professional advice is crucial,” he says. “Brokers now help small and medium businesses navigate the complex lending landscape and guide them in securing the financing that supports their growth goals.
“Liberty has long championed the broker distribution model, providing our broker partners with continuous education and support to ultimately help more businesses put their plans into action.”
Barry Saoud, general manager of mortgages and commercial at Pepper Money, is seeing brokers acting not just as intermediaries between borrower and lender but also as strategic advisers to their clients. “This relationship has grown stronger, with brokers
“Liberty has long championed the broker distribution model, providing our broker partners with continuous education and support to ultimately help more businesses put their plans into action” Matthew Heinnen, Liberty
helping SMEs navigate complex financial landscapes and secure the best deals,” he says.
Providing flexibility without this complexity is another quality SMEs place a lot of value on.
As Saoud puts it: “Small business owners want to spend their time running their business, not managing their finances.”
According to George Lyall, head of origination at Millbrook Group, brokers are also becoming more attuned to the progressive funding solutions available via the non-bank sector. “Consequently, more and more SME borrowers tend to be working with brokers to solve their financing needs,” he says.
Lyall places a strong emphasis on educating
BUSINESSES STRUGGLE TO SECURE LENDING
brokers on how to properly structure a project and assess its feasibility. “It’s very important to understand all the costs involved in the construction process and how they are to be funded,” he says. “This not only helps the broker but also the client throughout the construction process. This is something brokers should be looking at when placing construction loans, as these products are not set and forget.”
For Evans, brokers are essential in helping SME clients stabilise cash flow, adopt technology and protect emergency cash reserves. “With the proper guidance from brokers –backed by lenders – SMEs can transform uncertainty into opportunity, particularly with anticipated interest rate reductions. This preparation will help ensure they navigate challenges in 2025 and achieve long-term success.”
Evans adds that product innovation is “a key component in how brokers deliver effective solutions for their customers efficiently”. In his view, the adoption of technology “is not just crucial, it’s empowering, giving SMEs the tools they need to navigate the financial landscape”.
Non-banks to the fore
Despite global uncertainty and economic headwinds, the demand for SME finance is rising, with non-bank lenders increasingly becoming the go-to option for credit. But why?
“SMEs are turning to non-bank lenders because of their flexible and tailored lending solutions,” says Heinnen. “We recognise there is often more to a business’s story than what’s in their application. Liberty prides itself on spending time with brokers to better
COMMERCIAL LENDING GUIDE
“We work with SMEs to understand their situation and create solutions that give them the breathing room they need while positioning them for future growth” Barry Saoud, Pepper Money
understand the unique circumstances of businesses and find solutions that meet their specific needs.”
Since no two businesses are the same, lending solutions often need to be out of the box and creative. In Heinnen’s view, the willingness of non-banks like Liberty to accept alternative types of income verification makes them ideal for delivering on these needs.
Saoud explains how Pepper Money takes a business’s overall financial health into account, “rather than just the numbers on paper”. In his view, SMEs are increasingly turning to nonbank lenders like Pepper Money because of faster approval processes, more flexible terms
and a better understanding of their unique needs. “Non-banks can often provide tailored solutions that traditional banks can’t,” he says.
This gives Pepper Money the ability to offer higher loan-to-value ratios and bespoke loan terms; these are particularly helpful when SMEs are contending with ATO debts and other complex financial obligations.
“We work with SMEs to understand their situation and create solutions that give them the breathing room they need while positioning them for future growth,” says Saoud.
Simply put, non-banks are better placed to understand borrowers’ needs and therefore provide tailored solutions accordingly.
Saoud continues: “Whether it’s providing working capital, funding for business expansion, or helping businesses navigate cash flow and tax debt, our options are designed to be as dynamic as the businesses we serve.
“We look at ways to deliver flexibility without the complexity. From workshopping scenarios through to application and credit lodgement, there is a process that can deliver fast outcomes for brokers and their SME clients. We are also backed by a credit team that always asks, ‘how can we help this client and get this done?’ ”
In Lyall’s experience, “we often hear of ‘bank risk’ borrowers seeking to avail finance from non-banks due to the inflexibility of the major banks and elongated time frames to process applications”.
Like his contemporaries, Lyall sees demand for SME credit rising in the non-bank and private lending spaces as brokers become more familiar with the products providers such as Millbrook have to offer.
While these benefits tend to come with a higher interest rate, “SMEs are happy to pay a
slightly higher rate if they feel the lender is on the journey and wanting to work with them to succeed”, Lyall adds.
The benefits of flexibility in the non-bank lending space are echoed by Evans. He says, “What we are seeing at Prospa is an increase in your traditional banking customers who are coming to Prospa seeking flexible, fast and innovative solutions to meet their ongoing business needs.”
SMEs need solutions that are “fast, flexible and that work into the ecosystem of their businesses”, he says.
Like all credit providers worth their salt, non-banks also deploy teams of business development managers to keep businesses from drifting elsewhere.
“These relationships allow us to develop a deeper understanding of each business’s individual needs and therefore offer personalised solutions,” says Heinnen. “Our BDMs, credit teams and brokers will continue to work closely together to find ways for businesses to get a ‘yes’ and take the next step in their growth plans sooner.”
Lyall adds that “relationships are imperative to keeping clients on board. A client’s journey of borrowing money and meeting future obligations can change over time. With the help of a skilled relationship manager, the journey can be enhanced for all parties, particularly with better knowledge of a borrower’s circumstances.”
Cases in point
Pepper Money recently approved a commercial real estate loan for a plumbing supply business owner who was seeking to purchase the warehouse he was renting.
His landlord offered him the opportunity to purchase the warehouse, with repayments expected to be less than his rent. Sam, the business owner, intended to buy the warehouse to store stock and run operations.
Although Sam’s business was performing well and he had a strong credit record, “traditional lenders would not accept an accountant’s
“More and more SME borrowers tend to be working with brokers to solve their financing needs” George Lyall, Millbrook Group
letter for income verification, which Sam needed due to his incomplete tax return”, Saoud explains.
Pepper Money stepped in with an alternative solution, providing a near prime alt-doc loan on interest-only terms. The loan was approved at 70% LVR with a 30-year term.
The loan required income verification using a combination of a 24-month registered ABN, a 12-month registered GST, a declaration of financial position, and either 12 months of business bank statements or 12 months of business activity statements.
Just like that, Sam was able to pursue his business goals.
At Millbrook, Lyall recounts the case of a recent funding facility written against a pub that had been closed for renovations. Since the pub had no trading history, the borrower was unable to go down the traditional banking route. Yet after two years with Millbrook, the client was able to refinance with a major bank.
“This was rewarding as the client increased the trading and the value of the pub significantly. Also, it demonstrates the need for second-tier lenders,” says Lyall.
COMMERCIAL LENDING GUIDE
MORE THAN HALF OF AUSSIE BUSINESSES EARN LESS THAN $200K PER YEAR
In another recent deal, Millbrook provided bridging finance for a borrower who owned an unencumbered asset and wanted to purchase the next-door property before selling his current property. Although the borrower was rejected by the banks, Millbrook provided a cost-effective solution within two weeks from application.
At Prospa, Evans gives the example of a client who was seeking short-term capital to secure a new franchise licence. The client required the approval within hours, or they would have forfeited the opportunity.
“Working closely with the partner, our team of lending specialists and the customer, we were able to deliver a solution to ensure they could move forward with this new business opportunity,” says Evans. “The customer was so pleased he referred another customer to this partner.”
Going forward
“In the year ahead, we expect to see a greater focus on sustainability, as well as an increase in fintech solutions to streamline the lending process,” says Heinnen. Technology such as AI, meanwhile, “has the potential to reduce administrative tasks so we can reach financial solutions faster and easier”.
“At Liberty, our free-thinking approach to lending positions us well to embrace these trends, which we believe will create more opportunities for lenders, brokers and small to medium businesses,” Heinnen adds.
Refinancing of tax debt is another trend Saoud is seeing more of in the SME space. He says, “Brokers who understand these current economic conditions and are equipped to offer flexible, non-bank solutions will be best positioned to support their SME clients.”
For Lyall, a few more rate cuts from the RBA will hopefully trigger an uptick in confidence, especially in the development space. He is also feeling a stronger sense of competition among lenders in the SME space, though he welcomes it, “as it provides many options for brokers and relationship managers when seeking finance”.
From Evans’ perspective: “Despite the ongoing challenges that businesses face, we continue to see demand rise. SMEs have navigated these challenges admirably and are now strategically investing in acquisitions. They are seizing opportunities to enter new customer markets and injecting capital to enhance their capabilities and operational efficiencies.”
As 2025 marches on, Evans expects to see more companies seeking both cash flow stability and growth opportunities.
Keep it interesting
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You can bank on us
ASSET AND EQUIPMENT FINANCE
Specialist knowledge an invaluable asset for brokers
For
the diversified broker,
it pays to know the ins and outs of asset and equipment finance, but having a clear vision and understanding of where your strengths and weaknesses lie is crucial
ASSET AND EQUIPMENT (A&E) FINANCE
is becoming an essential piece of the diversified broker pie as customers demand a progressively broader offering from their trusted advisers. In fact, over 70% of asset finance sales in Australia are currently estimated to originate through brokers; not quite at the 76% levels seen in the mortgage finance space, but certainly close.
It’s a number that Mathew Clowes, head of wholesale at non-bank lender Resimac, believes will only continue to rise in the future.
Brokers “are increasingly benefiting from the rising demand for specialised advice and the broader range of financing products available”, Clowes says in a discussion with MPA. “More brokers are recognising the value in broadening their portfolios and offering solutions that span multiple sectors.”
In Clowes’ view, when brokers put effort into expanding their knowledge and becoming specialists in specific sectors, this “can help them deliver greater value to clients and differentiate themselves in a competitive market”.
The story is similar at aggregation business Specialist Finance Group, which has spent the past three years kitting out its commer-
cial finance services to complement breadand-butter residential distribution.
A&E finance “is off to a huge start” at SFG in 2025, says general manager Blake Buchanan, noting a nearly 30% surge in year-on-year volumes. “It certainly is exciting to watch the growth from a few different
customers seeking a comprehensive range of broking services through a single point of contact. It comes back to the buzzword du jour – diversification.
Convenience is undoubtedly a motivating factor, but there’s reason for brokers to be flattered by their increasingly diversifying
“As businesses continue to seek tailored solutions, brokers are well positioned to capture an even larger share of the market and further establish themselves as essential players in the asset finance space” Mathew Clowes, Resimac
angles as typical residential brokerages mature in their offer and diversify into this space,” he says. “Absolutely I see mortgage brokers grow their share as they evolve and become finance brokers to offer broader services to their clients.”
In speaking to these industry leaders, it becomes clear that the growing dominance of brokers in the A&E finance space stems from
profession. It indicates a substantial level of trust that their expertise goes far beyond writing standardised home loans.
At its core, Clowes sees A&E finance as part and parcel of offering the full scope of expertise to clients. “As businesses continue to seek tailored solutions, brokers are well positioned to capture an even larger share of the market and further establish themselves
as essential players in the asset finance space,” he says.
While diversification may feel like a predominantly post-COVID buzzword, Buchanan sees broker diversification as a trend that first kicked off some 17 years ago in the wake of the GFC, when businesses were “looking to create other income streams in uncertain times”.
“I would say that it’s not a trend but a constant part of a brokerage’s evolution,” Buchanan says. “Meaning that a broker joins the field, builds their model and, when ready, diversifies.”
Nonetheless, he has witnessed an acceleration of broker diversification more recently, “which is resulting in greater benefits to brokerages and their clients”.
Growing sustainably
Buchanan agrees that expert residential brokers can successfully diversify their models to offer expert assistance in this field, but he adds that brokerages are also
inclined to hire in or contract out to existing experts in the field.
This makes for a win-win situation, Buchanan explains, as they can “both tap into the broker’s existing database but also bring in new client types for a more holistic financial solutions relationship”.
Ultimately, it’s up to the individual broker how they want to grow their business, but Buchanan makes the important point that diversifying into A&E finance is not a decision to take lightly.
“Master your current craft before investing in diversification, rather than trying to be all things to all people but a master of none,” he says. “Investing can mean many things such as time, money, education and support. This industry is a giving one, so ask many questions of many people as they will be willing to help with your journey.”
Clowes stresses that brokers looking to dive deeper into asset and equipment finance must first become trusted advisers to their clients. “This means understanding their
ASSET FINANCE APPLICATIONS REMAINED SUBDUED IN LATE 2024
Year-on-year change since December quarter 2023:
unique needs, industry-specific challenges and financial goals so you can offer tailored solutions,” he says.
“Staying informed about the latest market developments, the diverse range of lender solutions and compliance requirements is essential in doing this.”
Regarding those lender options, Clowes says the flexibility in repayment structures, asset types and borrower profiles “means that brokers can find the right fit for their clients’ needs, whether they are looking for shortterm or long-term financing, secured or unsecured loans”.
He adds, “This diversity is crucial for brokers; it enables them to offer more bespoke solutions, improving their ability to meet a wider range of client requirements.
“At Resimac, we are proud to be part of this diverse range of lending options, providing brokers with the flexibility and support they need to deliver the best outcomes for their clients.”
However, a common mistake Clowes sees
BUSINESS CONFIDENCE TRENDING BELOW AVERAGE IN EARLY 2025
brokers make when entering the A&E finance space “is underestimating the broad range of lending options and the intricacies of the industry”.
Asset finance is not a one-size-fits-all solution, he warns. “There are various products to suit di erent client needs. Brokers who may not invest time in understanding these details can potentially mismatch these client needs and the products they o er.” Buchanan believes there is a healthy range of lenders now available, “but this space requires constant evolution due to the speed of the transactions combined with technology and trend advancements”.
What’s trending?
Auto lending has enjoyed particularly strong growth at Resimac, partly because of its recent acquisition of the St. George auto portfolio, but also due to organic expansion. As a result, Resimac has sought to fortify its consumer finance and novated lease range to capture growing demand.
belt when things get expensive and spend and grow when it’s less so”.
Many businesses have had to make “conservative decisions” about their A&E purchases amid rising costs of energy, transport and other fundamentals, says Buchanan, although “the outlook and confidence appears to be growing, and operators will also make financial decisions based on the outlook”.
Clowes says, “When business owners are more confident, they are more likely to invest in new equipment, machinery or vehicles.”
Put simply, if and when business confidence starts to improve, so will the opportunities for the adequately diversified broker start to multiply.
Unfortunately, there is no crystal ball telling us where rates and business confidence are heading next, especially at a time when an immensely unpredictable leader of the free world is tossing out tari s like they are chocolate bars.
“Master your current craft before investing in diversification, rather than trying to be all things to all people but a master of none” Blake Buchanan, Specialist Finance Group
Sustainable finance solutions have also emerged as a priority, particularly in the electric vehicles and green technology sectors, which are “o ering brokers the opportunity to align with their clients’ eco-friendly goals”.
Buchanan has witnessed an emerging trend of customers cashing out against their assets to maintain cash flow through a highcost environment “or to gear up for the next chapter of growth” as inflation continues to trend lower, creating a positive interest rate outlook among customers.
In terms of the health of the asset finance space, Buchanan says it “often operates the same way as all consumers – they tighten the
The most recent data points to a subdued appetite for business credit and asset finance applications, while the NAB business confidence index was trending below average at the time of writing.
For the diversified broker business, perhaps the best course of action is to block out the noise and focus on making sure your brokerage has the necessary tools to thrive in a competitive market.
As Buchanan warns, “Brokers who are not in this space run the risk of losing clients to more sophisticated firms if they don’t have a plan or partnership in place to assist clients with these needs.”
A funding partner for long-term growth
BOQ Specialist’s knowledge of the sector underpins a lasting commitment to helping healthcare businesses in Australia tackle both opportunities and challenges
MEDICAL AND DENTAL professionals excel at patient care but often find themselves underprepared for the financial aspects of running a practice. When they need help, they require financial partners who understand the distinct needs and life cycle of healthcare businesses.
Supporting such an industry requires a long-term commitment. Any undue focus on quarterly growth or short-term targets can quickly torpedo plans to realise longterm, sustainable, organic growth that ebbs and flows with market cycles.
BOQ Specialist’s approach epitomises a nurturing role underpinned by a commitment that when times are tough it will go
the extra mile to provide health industry clients with superior service.
“We’re a long-term funder of medical practitioners,” says Karen Carter, general manager for commercial third party at Bank of Queensland. “We understand medical practitioners, we understand their life cycle, and we also understand their needs. BOQ Specialist has been a market leader in [meeting] those needs for many years now.”
This comprehensive understanding of the sector allows for more flexible lending arrangements that reflect the unique business models of healthcare practices at every stage of their development.
Growth opportunities in a changing market
The healthcare market is at a crucial juncture. Numerous opportunities currently exist for practices to grow and expand. Telehealth has emerged as a particularly promising avenue.
“There’s a lot of opportunity out there at the moment,” says Carter. Some GPs are engaging in telehealth, and that’s actually another revenue line for them.”
The expansion of telehealth services also addresses long-standing access issues in underserved areas. “It helps them reach the regional space as well, who are desperate for GP consultation.”
Specialisation represents another growth pathway for healthcare practices. Carter highlights the potential of “specialised services like dental, cosmetic procedures, chronic disease and management and mental health support”.
The integration of allied health services –provided by those who are not nurses, midwives, doctors or dentists – has become increasingly common, creating more comprehensive care o erings.
“A lot of practices these days do have some form of allied health in their practice – physiotherapists, dietitians, psychologists – and they have this multidisciplinary practice that they o er under one roof,” says Carter.
A trend towards larger, integrated practices helps independent operators remain competitive. “Sixty per cent or more of practices have six or more practitioners in them now, so they’re getting bigger, and that enables the practices to compete against the corporate practices.”
These larger practices benefit from economies of scale. “It reduces the cost. They’re sharing spaces; they’re sharing resources,” Carter explains.
Government incentives present additional opportunities, she notes, particularly for practitioners willing to serve in underrepresented areas. “They could also go to rural or regional areas and get incentives, because they are out there to attract people to go to those regional spaces.”
Tailored
financial
solutions for every career stage
BOQ has developed a suite of financial products that address the specific needs of healthcare professionals throughout their careers, beginning with entry into practice.
“We look at life cycle – there are grad packages that we actually o er graduates … they are designed to support the graduates with getting up and running,” says Carter. These packages typically include financial
purchase. That’s part of our niche o ering.” This high-LVR financing makes practice ownership accessible to professionals who might otherwise struggle to enter the market, especially in high-value metropolitan areas. Beyond practice acquisition, ongoing investment in technology and equipment represents a significant financial challenge for healthcare businesses. The rapid pace of technological advancement means that practitioners must regularly update their
“We’re a long-term funder of medical practitioners. We understand medical practitioners, we understand their life cycle, and we also understand their needs” Karen Carter, Bank of Queensland
products like credit cards and transactional banking services tailored to new healthcare professionals.
One of BOQ Specialist’s most distinctive o erings is its approach to commercial lending. “We o er commercial loans up to 100% LVR,” Carter says. “We’re there to help practitioners either buy into a practice through a patient base, or we will lend up to 100% to help them with their commercial property or medical practice
CHALLENGES FACED BY TODAY’S MEDICAL PROFESSIONALS
equipment to remain competitive.
“We do equipment financing, which helps with medical and dental equipment,” says Carter. “We can structure payments over the term of the loan to suit the needs of the practitioners’ cash flow. If the practitioners are looking to buy into a practice and wanting new equipment, we can structure the payments to make them less during the startup period and then increase the payments over time.”
• Workforce shortages
• Low Medicare rebates
• Burnout
• Telehealth limitations
• Heavy administrative burdens
• Economic pressure/inflation
• Regulatory costs
• Long training
• High patient costs
• Workforce imbalance
• Rapid tech advancements
• Complex care coordination
• Succession planning
• Economic pressure/inflation
• Regulatory costs
• High treatment costs
• Limited access in rural areas
• Business pressures
• Poor oral health awareness
• Occupational risks
• Economic pressure/inflation
• Regulatory costs
HEALTHCARE FINANCE
This flexible approach to repayment recognises the cash flow realities of new practices, allowing professionals to access cutting-edge technology without creating unsustainable financial pressure during the critical early months of operation.
While equipment and practice purchases form the core of healthcare financing, BOQ Specialist also addresses other aspects of business development. “Motor vehicle finance is available. Last but not least is fit-outs. We do offer a great fit-out product via an escrow limit, allowing clients to progressively draw down to pay builders and suppliers,” Carter explains.
The administrative support that comes with these financing solutions provides an additional benefit. “We will manage the administrative side of the escrow facility so the practitioners can get on with running their practice and not have to worry about loan admin.”
This comprehensive approach helps healthcare professionals focus on patient care rather than paperwork – a major consideration in an industry already burdened with administrative challenges.
Navigating industry challenges
Despite the opportunities, healthcare practitioners still face significant challenges.
For general practitioners, Carter identifies several key issues: workforce shortages; low Medicare rebates; burnout due to a lack of practitioners; telehealth limitations that are imposed; a heavy administrative burden.
Medical specialists have their own set of challenges. “For a medical specialist, you’re looking at long training periods, high patient costs, workforce imbalance and rapid tech advancement,” says Carter.
The pressure to keep pace with technological innovation presents both an opportunity and a challenge, she explains. “You’ve got to keep up to speed with what’s in the market, and complex care coordination is also something that they have to deal with.”
Dental clinicians experience similar issues, with some additional concerns specific to their field. “Dental clinicians, they’ve definitely got high treatment costs, limited access in rural areas as well. They’ve got business pressures,” says Carter.
Economic pressures are mounting across the healthcare sector, with expenses increasing
MEDICAL, DENTAL AND HOSPITAL SERVICES INFLATION
in multiple areas simultaneously. Rising costs affect all healthcare businesses, from general increases in wages and utilities to industry-specific expenses. Carter highlights “increased costs for surgical tools and advanced technology, professional indemnity and malpractice insurance premiums playing out”.
Regulatory requirements create additional complexity and expense. “Medicare and billing compliance with rebate and bulkbilling rules; you’ve got [the national health regulator] AHPRA and CPD licensing, telehealth and privacy. There’s strict data security and digital health regulations that have also been imposed,” Carter explains.
“There’s a lot that impacts them from a regulatory perspective, which adds cost to the running of the practice.”
Healthcare also must contend with widespread and rapidly evolving regulatory demand around data privacy as well as accessibility, including language translations, interoperability and security.
Technology and demographics driving sector change
Technological advancement continues at a rapid pace, with healthcare businesses adopting a range of new tools. Carter points to robotics, wearable and remote monitoring for the chronically sick, and 3D printing as fast-moving areas.
“You’ve also got e-prescriptions so that the patients get the ability to order online, and AI and automation is playing out with the supporting of diagnostics and decisionmaking,” she says.
Advances in genetic medicine are also creating new treatment pathways through “personalised treatments based on genetic testing”, Carter adds.
Lifting spend on IT in the health sector has become a widespread phenomenon in the wake of the pandemic, spurring investment in systems aimed at optimising operations and reducing clinician burden at a pace previously thought unfeasible.
At the same time, market fundamentals
“[Brokers] have got to be understanding of the challenges faced by the medical industry. They can’t just go and give a loan. They need to understand what that loan is for and how best to structure it” Karen Carter, Bank of Queensland
are significantly influenced by Australia’s changing population profile. “The ageing population is driving demand – that’s happening across the medical specialist and also the general practitioner world,” says Carter.
“But there’s also workforce shortages in the GP space, especially around that regional area and in medical services. There are workforce shortages in psychiatry, dermatology and ophthalmology.”
This combination of increasing demand and constrained supply makes a thorough understanding of the forces at play essential in making lending decisions for the sector.
The role of specialist brokers
Because specialised knowledge is so critical to navigating the unique financing needs of
healthcare professionals, brokers who cater to this niche play a vital role.
“There are some very good specialised medical brokerages,” says Carter.
Some have moved over from medical finance careers themselves. This background helps them better understand the specific needs of healthcare businesses.
“To have that knowledge in the broker world is really important so that they make sure that the cash flow needs are met with the loans that they’re providing,” Carter explains.
A deeper understanding of the industry context allows brokers to provide more targeted advice.
“They’ve got to be understanding of the challenges faced by the medical industry. They can’t just go and give a loan. They need
to understand what that loan is for and how best to structure it.”
The BOQ Specialist difference
Carter points to BOQ Specialist’s expertise and tailored approach as something that some competitors lack. “A deep understanding of the industry” is fundamental, she says.
This expertise allows for more flexible lending arrangements. “If you went to a standard bank who doesn’t understand, you’d probably be asked to give a security position [but not necessarily at BOQ].”
This approach makes financing more accessible. “We wouldn’t usually ask for the residential home to be put up as security,” Carter explains.
Specialised products further differentiate BOQ Specialist’s offering. “We offer a selfmanaged super fund loan for medical practices that not many people do in the market, with up to 90% LVR.”
Tailored products like SMSFs and escrow specifically for medical professionals set BOQ apart in the market. “I think we have the products that align to the industry and their needs,” Carter says.
As healthcare businesses continue to adapt to changing demographics, technological advances and regulatory requirements, financial partners with specialist knowledge will remain essential to their success. BOQ’s focus on understanding the unique needs of this sector positions it to support healthcare professionals throughout their business journey, from graduation to practice ownership and beyond.
One platform, untold broker possibilities
Aussie Home Loans’ new property hub is helping mortgage brokers expand their role, supporting customers across the entire property journey and opening new opportunities for deeper relationships
EVERY INDUSTRY has its reckoning – a moment when the old scaffolding is torn down and something new emerges. For mortgage broking, 2025 could be that turning point.
Mortgage brokers stand at the edge of a radical transformation in how they connect with clients, moving from one-time transaction providers to comprehensive property partners. At the heart of this shift is Aussie Home Loans’ property hub, a development that could signal a Year Zero for the industry, marking a point in time when brokers stop being the people you call for a loan and start becoming the ones who guide you through
every twist of the property maze, from first open home to final settlement.
“This shift makes brokers central to how customers find, buy and own property, making the broker a key part of their clients’ long-term financial journey,” says Brad Cramb, chief distribution officer at Aussie Home Loans.
The traditional mortgage broking model has long been constrained by a narrow focus on loan transactions. Customers typically engaged with brokers only when seeking finance, creating a fragmented and disjointed property journey.
“For brokers, Aussie property hub represents a fundamental shift from a transactional
to a relationship-driven business model,” says Cramb. “Instead of only engaging with clients when they need a loan, brokers now have multiple touchpoints throughout the property life cycle.”
The shift will see Aussie changing from a broking platform to a buying and owning platform. Ultimately, this is expected to significantly boost customer retention.
“Today’s customers expect a more connected, end-to-end experience that supports them not just when they secure a loan but right from the moment they start searching for a property through to long after they move in,” says Cramb.
Aussie property hub represents a strategic response to these changing customer expectations. By integrating multiple services into a single platform, Aussie is reshaping the broker’s role from a financial service provider to a comprehensive property partner.
A holistic approach to property acquisition
Aussie began piloting the system with buyers’ agents in November and started a national rollout of Aussie conveyancing in the same month.
“We introduced the Aussie property hub concept at our flagship broker conference in March, unveiling a suite of integrated solutions, including Aussie Buyer’s Agents, Aussie for Agents, Aussie Local and a range of AI-powered tools designed to transform how brokers support their customers,” says Cramb.
“The response from our network was overwhelmingly positive, with brokers eager to leverage these innovations to enhance customer outcomes, drive business growth and unlock new opportunities.”
The barrage of new tools is designed to address the historical complexity of property acquisition. Traditionally, customers have been forced to navigate a maze of discon-
“The homebuying process has traditionally been fragmented, with customers juggling multiple providers across di erent stages,” Cramb says. “This complexity leads to frustration and ine ciencies, with buyers often making rushed decisions without the right support.”
But Aussie property hub removes these pain points. “By bringing all these services together in one platform, Aussie property hub ensures customers have a smoother, more transparent experience, ultimately saving them time, reducing stress and helping them make smarter property decisions.”
Empowering brokers across the property life cycle
Aussie property hub provides brokers with tools to significantly expand their service o erings. Instead of being limited to loan negotiations, brokers can now provide comprehensive support across the entire property life cycle.
“For brokers, this is a shift from being just a one-time transaction partner to becoming an essential part of their clients’ full property life cycle,” Cramb says.
“That’s a game changer for customer retention and business growth.”
“Aussie property hub represents a fundamental shift from a transactional to a relationship-driven business model. Instead of only engaging with clients when they need a loan, brokers now have multiple touchpoints”
Brad Cramb, Aussie Home Loans
nected service providers, from real estate agents to conveyancers and insurers. Each interaction requires repeated informationsharing and creates unnecessary friction in the property journey.
By staying close to their customers from property search to homeownership and beyond, brokers can become long-term partners rather than just one-o service providers. By o ering access to such services as buyers’
agents and conveyancing, brokers have an opportunity to capture more value from every customer interaction and unlock additional revenue streams.
“This is about future-proofing the broker model, building deeper relationships, o ering a broader suite of services and ultimately growing a more resilient, profitable business,” Cramb says.
While some may be apprehensive about a rapid expansion of responsibilities, Cramb views the redefined role of brokers in this system as more managerial than in-thetrenches. “Aussie property hub isn’t about changing what brokers do; it’s about expanding their impact,” he explains. “It empowers them to own more of the customer relationship without having to be a master of every craft.”
BROKER SUPPORT
Technology enabling a more strategic future
The development of Aussie property hub is clearly linked to advances in technology that have accelerated over the last few years; it integrates advanced tech solutions with human expertise. Brokers can leverage AI-powered tools and comprehensive data resources while maintaining their role as trusted advisers.
“We see this shift as having the potential to make our brokers’ businesses more valuable and more in demand than ever,” says Cramb. “With Aussie property hub, our brokers are no longer just helping customers secure a mortgage. They’re connecting them with the information, services and support they need at every stage of their property journey.”
But the platform represents more than a technological upgrade. It’s a fundamental reimagining of how property services can be delivered, with brokers at the centre of an integrated ecosystem.
“Amid a housing a ordability crisis, more Australians than ever before are turning to brokers for trusted advice,” Cramb says. “Now, technology allows us to deliver more for customers.”
By embracing the integrated approach available via the platform, brokers can transform from transactional service providers to indispensable property partners. Aussie expects more brokers to flock to its stable,
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“This is just the beginning. We have a pipeline of new features rolling out through 2025, ensuring the Aussie property hub continues to evolve alongside broker and customer needs” Brad Cramb, Aussie Home Loans
with a 20% increase in numbers by year-end.
Is it too much to say that by bringing together all the services homebuyers and
homeowners need into one place, 2025 will mark a Year Zero for the industry? A point in time akin to 2007 when the iPhone first hit
Conveyancing Legal requirements and paperwork for property settlements and transfers
Source:
the market, or 2022 when ChatGPT was first introduced – but for mortgage broking?
Cramb doesn’t seem to think so. “This is just the beginning,” he says. “We have a pipeline of new features rolling out through 2025, ensuring the Aussie property hub continues to evolve alongside broker and customer needs.
“The brokers who succeed in the future will be the ones who move beyond a transactional approach and position themselves as fullservice property advisers. Aussie property hub makes this possible.”
WIZARDS OF LENDING
MARKET-LEADING
performance and trusted client partnerships set Australia’s best commercial mortgage brokers apart.
In a sector that’s becoming more competitive, the number of mortgage brokers writing commercial loans rose 15.19% between October 2023 and March 2024. That translates to a total of 6,755 brokers, which equals 31% of all brokers surveyed, according to the 18th edition of the MFAA’s Industry Intelligence Service report.
That followed a 19.47% jump in the prior six months, marking a strong rebound after two consecutive periods of decline since April 2022. Notably, commercial loans reached their highest value of $20.31 billion during the 2023 to 2024 period, for a year-on-year increase of $3.81 billion or 23.12%
MPA’s Top Commercial Brokers of 2025 pride themselves on understanding every facet of their clients’ businesses and delivering long-term value.
“Truly professional brokers are relational rather than transactional, ensuring every facility o ered works within an overall strategic plan,” explains Commercial & Finance Asset Brokers Association (CAFBA) CEO David Bushby.
He adds that reliance on commercial brokers has steadily increased year over year for decades, to the point where many are now viewed as the alternative, often better resourced, business adviser. That’s because top brokers remain proactive in anticipating their clients’ needs, cementing the trust and reliance clients place in them.
Wendy Brown, head of broker sales at award-winning Macquarie Bank, agrees,
Biggest shi in the next 12 months?
Momentum. I expect positive sentiment from rate cuts and increased competition to drive strong lending activity from banks, non-banks and private lenders.
Game-changing mindset?
Focus on service – everything else follows.
Advice for brokers scaling up?
Be measured, stay close to funders and keep the client’s interests front of mind. And don’t be afraid to share knowledge because everyone bene ts.
LOAN TRENDS AMONG THE TOP COMMERCIAL BROKERS IN THE PAST THREE YEARS
Jon Gawley, Kanebridge Finance
FROM THE SPONSOR
La Trobe Financial congratulates MPA’s Top Commercial Brokers for 2025.
This prestigious list acknowledges the industry’s highest-performing brokers, recognising their exceptional contributions both to the sector and their communities.
In an era marked by evolving economic conditions and rising interest rates, these brokers have exemplified resilience and leadership, setting a new benchmark for excellence. Their achievements are particularly commendable in a rapidly changing landscape that continues to test the industry’s strength and adaptability.
At La Trobe Financial, we remain steadfast in our belief
saying, “Top-performing commercial brokers recognise their customers’ objectives, have deep industry knowledge and use their connections to lending partners across Australia to deliver solutions and achieve the best outcomes for their customers.”
Reinforcing the qualities exemplified by the best commercial brokers, Bushby and Brown note the following essential elements for success in this highly professional market:
• understanding of business fundamentals gained through education and the practical, daily experience of working within a small to medium brokerage
• superior product knowledge acquired by regular professional development, ideally through industry-led programs, to deliver the best possible outcomes
• adherence to the highest standards of ethics and integrity, such as those set by industry associations like CAFBA
• deep market knowledge of the commercial sector’s unique dynamics and requirements
• strong relationships with tier-one
that strong broker partnerships are key to success. For more than 70 years, we have nurtured relationships with our broker partners, allowing us to lead the market through periods of economic uncertainty, including recessions, inflationary pressures, regulatory shifts and the challenges presented by global events such as the pandemic.
We congratulate all the Top Commercial Brokers for their significant accomplishments and wish them success as they continue to shape the future of the industry.
lending partners to o er the best options
• using digital tools to streamline processes and improve e ciency and speed, ensuring customers receive timely and e ective service
Technology is a vital enabler for top performers, particularly in product delivery and customer experience.
Brown says, “Commercial brokers who are leaning into digital solutions are able to operate more e ciently and spend more time doing what really matters – spending time with their customer.”
Bushby agrees that tech is playing an increasingly important role in origination, partnerships, onboarding and e ciencies in execution. This is especially true in the case of smaller, less complex transactions, where speed and simplicity matter most.
“DocuSign is a simple example at the customer level, and AI can be an e ective tool in submission writing and performing complex financial ratio analysis instantly,” says Bushby.
Brown remarks that AI’s role in driving efficiency is a “game changer”, freeing up time for brokers to focus on high-value engagements.
METHODOLOGY
To nd and recognise the Top Commercial Brokers for 2025, MPA invited brokers from across the country to submit their gures from the past year.
e online form asked for details such as the total value of commercial loans settled, the number of commercial loans settled and the proportion of loans in the following areas: commercial real estate, equipment and asset nance, SME lending, debtor nance, unsecured business lending and development nance.
Brokers also supplied information such as the number of support sta on their team, their number of years as a commercial broker and their aggregator details. Aggregators were then required to verify the details submitted. e nal ranking of the top 35 brokers, each of whom settled over $100 million, was determined by the total value of commercial loans they originated during the 12-month period.
MPA’s Top Commercial Brokers for 2025 is proudly sponsored by La Trobe Financial.
“For the broker community, it’s crucial to embrace these digital advancements and consider how new features can help scale their business while still delivering exceptional customer experiences,” she adds.
Cory Bannister
Chief Lending O cer, La Trobe Financial
TOP COMMERCIAL BROKERS 2025
Quick take
Biggest shi in the next 12 months?
$3.3 billion in direct value added and $800 million in indirect value added
$4.1 billion in economic activity to the Australian economy in FY2023
37,349 direct and indirect jobs supported through broking activity
Source: MFAA, The Value of Mortgage and Finance Broking 2025 Report
MPA’s best commercial brokers playing a bigger
game
The best commercial mortgage brokers in 2025 stood head and shoulders above the competition, with the entry threshold for MPA’s prestigious list nearly doubling to $100 million in settled loan volume compared to the year prior.
After a comprehensive review of close to 60 submissions, including aggregatorverified figures, the MPA team ranked the top 35 brokers by total commercial loan volume over FY24.
Submissions detailed loan settlements, the number of deals closed and lending activity across key areas such as commercial real estate, SME lending, equipment and debtor finance, unsecured business loans and development finance.
MPA’s survey data reveals several standout trends:
• sharp rise in deal value at the top end of the market , with the median loan volume per broker climbing from $124 million in 2023 to nearly $159 million in 2024, a 28% year-on-year increase
• remarkable leap in volume by the top broker , who more than doubled their settled loan total from $471 million to $1.25 billion
• shift in deal patterns , as the average number of loans per top broker dipped from 130 to 98, while the highest individual deal count surged to 547, nearly triple last year’s peak
These results suggest the commercial market is now largely shaped by brokers who are capable of managing high-value, complex deals, underscoring clients’ growing need for tailored, strategic finance solutions.
New benchmark setters
As more brokers expand into commercial and asset finance to meet ever-complex client needs, a smaller cohort is setting the benchmark for excellence.
While hard data on broker activity in the commercial and asset finance space remains limited, major aggregators report
Hopefully, a drop in rates and a rebound in demand for o ce, retail and other commercial sectors, alongside be er cash ow for properties.
Game-changing tool?
AI. It’s a huge opportunity for insights and e ciency, but only if used responsibly and aligned with customer privacy.
Advice for brokers scaling up?
Invest in relationships. You need great people around you, such as partners, clients and team members. That’s how you grow.
Quick take
Biggest shi in commercial lending?
Tech adoption is streamlining small-scale commercial deals, but larger, complex deals still need a hands-on approach. I expect a continued demand for higher gearing and bespoke funding solutions.
Game-changing strategy?
Know the full capital stack – senior, mezzanine and everything in between. And build resilience. It doesn’t always go your way.
Advice for brokers scaling up?
Don’t rush growth; focus on quality. Surround yourself with people who have deep expertise.
annual growth of 20% or more in commercial volumes, Deloitte’s Broker Survey (2024) shows. On average, commercial loans still make up just 10% of residential loan value, but 13% of brokers are now writing a quarter or more of their business in this space.
The report found that support from industry groups and aggregators continues to fuel interest and expansion. In this environment, the Top Commercial Brokers distinguish themselves through strong lender relationships, strategic deal structuring and a solid grasp of their clients’ businesses.
Jonathan Roël, Versatile Capital
Mark Stutz, Qua ro Finance & Advisory
Jon Gawley Kanebridge Finance
Building on a legacy over two decades in the making is no small feat, but that’s what Jon Gawley has done since Kanebridge Finance rebranded in 2024 after its visionary founder and CEO stepped down to focus on the company’s media division.
As managing director, the No. 25 ranked top commercial broker has spearheaded complex loan transactions while putting together a high-performing team to ensure continued success after the internal shift.
“The biggest factor over the past year has been establishing the team and getting some good runway after the change within our business,” he explains.
With that stability, Gawley and his team have refocused on clients and leveraged their industry expertise to strengthen relationships with funders.
“We’ve had great success with multiple loan types and have been able to grow our team, which has been positive, and with further expansion plans, it’s an exciting time.”
largest bank and supported by a team with equally in-depth banking expertise, Roël has helped shape the brokerage’s strategic edge. The team’s inside-out understanding of lenders’ operations allows them to position deals e ectively and bridge the gap between clients and funders.
“When we speak with lenders, we’re speaking their language,” Roël reflects. “And when we talk to business owners, we can o er upfront clarity about what’s likely to get approved and what’s not.”
Biggest shi in commercial lending?
Rate cuts could drive more activity and help the commercial property market recover. Economic and political factors will keep lenders on their toes.
Game-changing mindset?
Be proactive, not transactional. Anticipate client needs, o er real value, and stay agile. The brokers who adapt will thrive.
Advice for brokers scaling up?
Build strong relationships and deliver consistent value. Trust and reputation are the foundation of growth and referrals.
Mark Stutz Quattro Finance & Advisory
Fresh o being named one of MPA’s Rising Stars of 2025, Quattro senior associate Mark Stutz cracked the Top Commercial Brokers’ list at No. 27 for his top performance in property development and construction finance.
Stutz’s success has been built on meaningful relationships, where he guides clients throughout their often years-long projects, from development to investment.
By prioritising flexible, bespoke solutions rather than off-the-shelf products, Stutz delivers for clients and helps them steer through any obstacles that come their way.
“We like to have a problem-solving mindset when challenges arise and focus on finding an e cient solution,” he adds.
Paul Frazis
George Capital Finance Solutions
Jonathan Roël Versatile Capital
For the No. 33 ranked Top Commercial Broker who launched Versatile Capital at the end of 2022, success comes down to one factor: relationships.
“As a broker, you have three key relationships – with customers, lenders and sta ,” explains director Jonathan Roël. “Managing all three well ensures clients know the service they’ll receive, lenders understand the type of business you bring them, and your team is working towards the same goals.”
Drawing on eight years at Australia’s
“When a new funding requir ement comes up, we already know the client, putting us into the best position to assist,” he explains. “The same goes when hurdles arise, as they always do in commercial. We’re ready to respond and help solve the problem because we understand it in intimate detail.”
The second element is partnering with top-tier commercial and property development finance lenders, particularly in the growing non-bank and private credit lenders space.
“That’s been critical because it’s a tough construction finance market right now; clients are seeking tailored solutions,” Stutz says. “Being able to workshop transactions with lenders we know and trust us has been invaluable. We wouldn’t have been able to put together some of our funding solutions without those relationships.”
A mix of reputation, knowledge and experience has propelled brokerage director Paul Frazis to the No. 5 spot on MPA’s Top Commercial Brokers list. He calls the hard work to get there a labour of love that has powered the success of the business founded by his brother, George.
“We love what we do, helping family businesses succeed and achieve their goals. It’s a passion of ours,” he says.
Known for his reliability and transparency, Frazis has built long-term relationships by guiding clients through the complexities of commercial finance. With 20 years of experience at several major banks and a regional lender, he brings invaluable insight into lending strategy and market trends.
“In this space, nothing is ever straight-
Paul Frazis, George Capital Finance Solutions
TOP COMMERCIAL BROKERS 2025
forward; you have to be able to navigate the inevitable challenges that come with the job,” Frazis adds.
In asset finance, where brokers often serve as a “real-time” barometer of business sentiment, activity has been slightly subdued. That dip reflects wider caution in the SME space, with sentiment still recovering amid economic uncertainty.
Quick take
Biggest shi in commercial lending?
Competition is rising as more lenders enter the market, which is great news for clients, but it means brokers need to stand out.
Son Pham Rethink Financing
Broker and managing director Son Pham has secured a place on MPA’s Top Commercial Brokers’ list for four consecutive years, ranking No. 10 in 2025.
Pham’s competitive edge lies in the strength of his lender relationships and the quality of his deal submissions. He and the Rethink Financing team’s close ties with credit managers and BDMs mean they can secure support on complex deals that others might not get across the line.
Pham has built his reputation by consistently delivering solutions in the most complex, high-pressure lending scenarios, a skill that’s earned him the nickname “Mr Fix-It” from his business partner.
“I always say education is the biggest piece,” he explains. “You must always be open to learning and never say no to a deal. It’s about solutions.”
Getting the initial finance approval is just one step towards a much broader goal, grounded in understanding what clients want to achieve long term. Pham excels by focusing on the bigger picture, helping clients acquire assets, build wealth and generate long-term value.
He’s also scaled his business, hiring more brokers and mentoring them with the same solution-oriented mindset. The team is now delivering strong results across the board, with momentum continuing to build.
Balancing pressure and excellence
The challenges of the past few years can’t keep the best commercial mortgage brokers down. Australia’s broking elite have faced sector-specific pressures and broader business headwinds over the past year.
Meanwhile, rising cybercrime and sophistication are creating operational challenges across the board. Bushby says, “This activity requires brokers and lenders to be more vigilant with document verifications and the security of their CRM systems.”
Brown says scams and fraud remain a challenge. The commercial brokers she deals with use multi-factor authentication tools, such as Macquarie Authenticator, which provide detailed alerts and actionable notifications to verify or decline an account activity in real time.
“Keeping customers’ information secure is front of mind for brokers,” she says. “When we talk to brokers out in the market, we know that they are focused on ensuring that their businesses remain vigilant and that they have protection in place against any threat actors.”
In commercial property, market sluggishness is just as tricky. “The slow underlying real estate market, with limited transactional activity, is a major challenge,” says Brown.
For brokers like Gawley, an oftenoverlooked challenge in commercial lending is managing relationships with banks and private lenders, especially in complex deals where trust and problem-solving are essential.
“The biggest issue is understanding your client’s needs, but also matching them to the right funder, whether that’s a major bank, second-tier or even private funder,” he explains. Gawley notes that accurate, up-to-the-minute information from lenders and clients drives better outcomes.
Turning experience into edge
Roël flips the question when asked about the challenges brokers aren’t talking about enough. For him, it’s more about untapped possibilities.
“Commercial lending in Australia is far less rigid than the home lending market, which is great because there are more opportunities
Game-changing mindset?
The human touch. So ware helps, but trust, communication, and personal value are what set you apart.
Advice for brokers scaling up?
Hire the right people. It might sting short term, but good team members li the business. The wrong ones slow it down.
to customise loans and financing packages,” he says.
That flexibility, Roël says, opens the door for brokers to step into a more strategic role that blends broking with commercial lending advisory to deliver value-added, high-quality service to commercial clients cost-e ectively.
“The challenge is to build a brand and understanding with clients that this can be achieved through the broker model,” he adds.
Heavy headwinds
From Stutz’s perspective, the property market, especially in Victoria, has had a tough few years. Since the pandemic, developers have faced rising costs, tighter compliance rules and more taxes.
Build costs have soared while property values have stagnated. Stutz notes that mismatch is making it incredibly tough to get some projects o the ground. On the broker side, transactions are taking two to three times longer to complete, with more hurdles, tighter margins and greater competition.
“Deals demand a lot more time and problem-solving to land the same result, and with that comes greater satisfaction,” he says.
Rising competition
Frazis has noticed a shift in the commercial lending sector, with more seasoned bankers stepping away from institutions and moving
Son Pham, Rethink Financing
into broking. Since so many bring proven experience and strong networks, the space is getting more competitive. But he’s not worried and feels there’s plenty of business to go around, especially as more clients turn to debt advisers and brokers for strategic support rather than just transactional help.
Staying ahead comes down to keeping relationships front and centre, something Frazis accomplishes by positioning himself as an extension of his client’s business.
“I’m not just doing a transaction and walking away,” he says. “I take clients on the journey, providing strategic advice and ongoing support. It’s not a set-and-forget approach. It’s about building and maintaining a relationship that lasts.”
Beyond the numbers
In Pham’s view, an inherent risk in commercial compared to residential is that brokers tend to see more deals fall apart as more variables are at play, such as the asset itself, valuations, leases, tenants and location.
“That’s probably the biggest challenge: doing all the work, and then the deal falls apart,” he explains. “But when that happens, I like to pull it apart and ask, ‘Why did it go wrong? How can we stop that from happening again?’ We always try to pick it apart to do better on the next one.”
He also takes a problem-solving approach when mentoring his brokers. Instead of focusing on deals already in motion, Pham urges his team to bring him the ones that are stuck. He walks through each challenge by applying the five Cs of credit.
“I want to hear about the deals they’re struggling with,” he says. “We question everything up front to, hopefully, reduce the risk of error.”
Built on trust, grown through referrals
The Deloitte report underscores brokers’ value, revealing that 72% of all broker business comes from existing clients or referrals. The introduction of the mortgage broker best
interests duty in 2021 has further strengthened consumer confidence, reinforcing the trusted relationships top commercial brokers have built with their clients.
Commenting on the findings in the landmark report, MFAA CEO Anja Pannek said, “More recently, in the midst of a heightened interest rate environment and cost-of-living pressures, brokers have helped borrowers navigate their options – for the better.”
While industry growth is measurable, the best commercial brokers say long-term success revolves around o ering solutions when banks can’t, taking the time to understand a client’s business inside out and investing in relationships even when there’s no deal on the table.
Advisory-led broking in action
Gawley notes that trust and rapport are the biggest factors in broking and in business more broadly. From his banking days, this was foundational to his success. Clients saw him as a trusted adviser who understood their needs and prioritised responsiveness and communication.
“In banking, it wasn’t always about price. It was about the solution,” he says. “That’s still the goal: to be a trusted adviser, not just for me but for our entire team.”
That philosophy has driven referrals and repeat business, which has been core to the company for 25 years.
“We provide solutions others can’t,” Gawley adds. “Many clients come to us after being turned away by banks, and we secure funding through private lenders, structured finance and alternative lending options.”
The power of peer referrals
Roël’s experience tells a slightly di erent story that’s rooted in networks and word of mouth. A robust referral pipeline has underpinned his success in the commercial space, strengthened by consistently showing clients he has their best interests at heart.
“Commercial clients talk to each other, whether they’re peers, competitors or industry
contacts,” he says. “If they trust you, they’ll refer others to you when they hear someone struggling with a financing issue.”
That trusted network has been a key factor in his firm’s early momentum. But Roël says earning trust takes time, particularly when clients work closely with various professionals, including accountants, lawyers and tax advisers.
“The thing is, those people often really value loyalty,” he says. “They’re sticky customers once you break through that trust barrier. The only way I’ve been able to do that is by proving that we will do what’s in their best interest, regardless of the outcome. And once you’ve got that trust, it’s yours to lose.”
Consistency throughout the journey
Stutz credits his success to the Quattro Finance & Advisory brand and its longstanding reputation in the market. While he’s only been broking independently for two years, he’s continued the firm’s legacy of professional service, strong technical knowledge and deep relationships.
Most of their new business still comes through word-of-mouth referrals from satisfied clients. For Stutz, the key is consistency, especially through the more demanding parts of the cycle.
“I attend a lot of meetings where I’m just sitting there as an ear; there may not be a transaction on the table,” he says. “The client just wants to workshop things and bounce ideas around. When the good times come again, which they absolutely will, we will be at the forefront as a trusted adviser.”
INSIGHTS
As part of our editorial process, Key Media’s researchers interviewed the subject matter experts below for their independent analysis of this report and its findings.
David Bushby Chief Executive O cer, Commercial & Finance Asset Brokers Association
Wendy Brown Head of Broker Sales, Macquarie Bank
TOP COMMERCIAL BROKERS 2025
Stamford Capital Australia’s executive director, Bill Moskovich (left), receiving MPA’s Top Commercial Broker award from Cory Bannister, chief lending officer at La Trobe Financial
BILL MOSKOVICH
Going from a rideshare driver to a billion-dollar broker in just eight years may sound like a pipe dream. But for Bill Moskovich, it resulted from showing up, staying sharp, and being ready when opportunity knocked – literally from the backseat of his vehicle.
“My career in commercial mortgage broking was completely by chance,” he explains. “After finishing a finance degree at university, I travelled through Central and South America, then returned home and started driving Uber while I explored what was next.”
Three days into driving, Moskovich picked up Michael Hynes, co-founder and group executive director at Stamford Capital, and they got talking. Hynes gave him a business card and suggested a coffee, mentioning he had a 6 a.m. flight the next day and that getting a ride at that hour was tough.
“I insisted he didn’t need to order a ride, and I’d be there,” recalls Moskovich. “That ride led to coffee, which turned into a few days in the office. The rest, as they say, is history.”
Since that serendipitous meeting, Moskovich has become the top performer in the country, ranking No. 1 on MPA’s prestigious Top Commercial Brokers list of 2025.
Writing over $1 billion in settlements in a financial year with his team marks one of his most significant career achievements.
“It was a long-term goal of mine, and it was a collective effort,” he says. “Next up is chasing down $2 billion in a fiscal year.”
Moskovich achieved those extraordinary results during one of the most volatile periods in Australia’s capital markets. Pandemic-era stimulus brought record-low interest rates, followed by aggressive hikes and skyrocketing construction costs. Recently, the market has seen the introduction of low- and mid-rise housing policy reforms, increased liquidity and growing
Executive Director, Stamford Capital Australia
expectations of further rate cuts in 2025.
“To stay ahead, I focus on relationships and adding value to the key stakeholder groups, such as clients, lenders, valuers, quantity surveyors, lawyers and planners,” he says. “That network enables us to move quickly and deliver with confidence, even in challenging conditions.”
Discipline, drive, and an ambition to lead the industry are at the heart of his approach.
“I combine deep technical understanding with commercial instinct,” he reflects. “I understand how lenders and developers think, how to structure a deal to meet lenders’ criteria, and how to position a client’s transaction to achieve a market-leading outcome.”
His ability to bridge between borrower and lender interests and create value for both has made him a standout in commercial finance. Above all, he credits consistency for settling top-of-the-chart commercial transactions and putting clients’ needs first.
“Showing up daily with focus, discipline and a commitment to delivering marketleading outcomes, no matter how challenging the task, have been key contributors to this success,” he adds. “It comes down to doing the fundamentals well: building deep lender relationships, structuring deals creatively and always adding value.”
For Moskovich, attracting and retaining clients comes down to reputation, results and consistency. He builds lasting relationships by:
• focusing on delivering results that speak for themselves; most new business comes through referrals
• treating word-of-mouth referrals as a signal of trust and a benchmark of performance
• making over 20 sales calls each week to stay connected, build a pipeline and open new doors
• positioning himself as a strategic adviser from day one
• aligning financing strategies to each client’s long-term goals
• building trust by showing up, delivering, and never losing sight of the best outcome
“Delivering means more than just getting a deal done,” he says. “Clients want certainty, transparency and market-leading rates and terms. I give honest advice, even when the answer is hard to hear, manage expectations tightly and communicate clearly throughout the process so there are no surprises.”
He treats every deal like his reputation is on the line because, in his view, it is. That mindset has led to repeat business, long-term relationships and a referral network that continues to grow. Ultimately, understanding what a client wants begins with asking the right questions.
“I want to understand the full picture: What’s driving the transaction? What’s their finance wish list? Where are they headed?” he says. “Taking the time up front to understand what motivates a client allows me to craft specific strategies that are commercially smart and outcome focused.”
Once he has that clarity, it’s about fast, focused execution and staying close throughout the process.
$1,253,727,656
Total value of loans settled
98
Total number of loans settled
8
Number of years as a broker
TOP COMMERCIAL BROKERS 2025
COMMERCIAL BROKERS 2025
0404 882
Phone: 0428 753 228
0402 110 025
0428 127 829
peter@worthfinance.com.au
worthfinance.com.au
Phone: +61 424 949 202
versatilecapital.com.au
GEARED TO BROKERS
WHEN MPA gathered five of Australia’s leading non-major banks and two prominent mortgage brokers around the table to discuss the topics of the day, a lot of emphasis was put on the advantages they bring to the hotly competitive Australian banking sector.
The non-major banks – comprising the second tier of lenders below the big four and Macquarie Bank – have the unenviable task
of competing for market share against the bottomless budgets and unrivalled brand power of the likes of Commonwealth Bank and NAB.
Yet it’s this precise drawback that in some ways becomes their biggest advantage. It creates an atmosphere of innovation and razor-sharp focus on customer outcomes while maintaining the flexibility in lending
options that can be lacking among the majors.
All roundtable participants spoke of distinct ways of maintaining their competitive advantages, but a common theme wove through all the responses over the course of an hour – there is no success in the challenger banking sector without brokers.
One need not conduct a roundtable to reach this conclusion – the numbers speak for them-
Up against the banking behemoths, Australia’s second-tier lenders reckon they take first place in innovation, flexibility and broker dedication. Five industry leaders from the country’s leading non-major banks state their case
selves. Whether we look at ING (represented here by head of mortgages George Thompson), AMP (represented by head of lending and everyday banking distribution Paul Herbert) or Bankwest (represented by Ian Rakhit, general manager, homebuying distribution), brokers typically account for more than 90% of volume at the non-major banks.
As broker dominance in the home loan
market creeps towards 80%, they are well ahead of an already steep curve.
The lines can blur, of course. ANZ’s recent acquisition of Suncorp Bank (represented by Paul Brick, head of broker partnerships) speaks to the sizeable appetite for M&A in the banking industry, which was particularly apparent at MPA’s customer-owned banks roundtable in March.
BOQ Group (represented by head of broker operations Simon Elwig) also closed the notinsignificant acquisition of ME Bank – which now operates as BOQ Group’s broker brand – a few short years ago.
Nonetheless, these institutions remain a crucial ingredient in sustaining diversity of choice for customers. Read on to find out what they had to say.
NON-MAJOR BANKS ROUNDTABLE
THE PANELLISTS
The broker channel could comprise up to 80% of the mortgage market by year’s end. Is the interminable rise of broker dominance more pronounced among the non-majors such as yourselves, and if so, why?
As mentioned earlier, yes, broker dominance is substantially more pronounced among the non-major banks. Now to the why.
AMP’s Paul Herbert described the fact as “a testament to the opportunity that brokers provide for customer choice”. He discussed how brokers fuel competition by tabling options from smaller banks that may o er superior solutions for customers, even though they “don’t have the marketing budgets of the larger banks to promote these solutions”.
That competitive edge, Herbert argued, is tied to agility. “As a smaller bank we are also able to listen to and implement broker feedback swiftly. We’re more geared to brokers and therefore more responsive and adaptive in developing solutions which meet their needs. The new loan-origination platform we’re building is an example of that.”
In contrast, Herbert noted how larger organisations like the big four can be hamstrung by significant barriers to enacting change. “It can take years, even decades, to steer such a large ship in a new direction.”
NON-MAJORS CLAIM 25% OF HOUSEHOLD LENDING
Bankwest’s Ian Rakhit echoed this sentiment while highlighting the impact of the best interests duty. “Maybe at the time the industry was a bit concerned about what BID would do,” he said. “But I think it’s been a really strong drawcard for the broker industry.”
According to Rakhit, BID has elevated public trust in brokers by reinforcing their obligation to act in the best interests of clients. For non-major lenders, this trust translates into greater access to customers, especially in demographics they might not traditionally reach.
Paul Brick Head of broker partnerships, Suncorp Bank
Simon Elwig Head of broker operations, BOQ Group
Paul Herbert Head of lending and everyday banking distribution, AMP
Ian Rakhit General manager, homebuying distribution, Bankwest
George Thompson Head of mortgages, ING
Leanne Johnstone Owner manager, Mortgage Choice
Jessica Pringle Founder, Pringle Finance Group
Banks’ share of household lending market
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“Brokers are great for distributing products for a bank of our size,” Rakhit said. “The ability to distribute through 20,000 small business operators gives you access to customers that you may not have seen before, may give you certain niches that you can look at or certain demographics or segments that you can look at … brokers are the greatest feedback machine.”
George Thompson at ING honed in on speed and cost efficiency, two areas where he sees non-majors making significant strides. “Speed is obviously paramount,” he said. “I think collectively as an industry we’re all investing around improving the broker experience. We’re aligning our operating models specifically towards the broker channel, which enables us to assess loans more quickly, and we’re seeing results.”
For Thompson, the broker channel is more than just an efficient distribution method; it’s a structural advantage. Without the burden of a large branch network, non-majors can scale efficiently and pass on cost savings to customers in the form of better rates. “We’re able to try and double market share without the need for those increases in branches,” he said. “In turn, we can deliver a more competitive price, which is what we’re known for in this market.”
BOQ Group’s Simon Elwig said, “The majors have the size and scale advantage, so obviously we’re going to go through the broker market.”
That’s not to mention their brand and marketing advantage, too. “You need a broker to explain the benefits of ME Bank so we can get to the customer; otherwise, they will just go to the majors. That’s why the broker market is so important for us to grow.”
Suncorp’s Paul Brick pointed to the key findings of the recent Value of Mortgage and Finance Broking report, jointly written by Deloitte and the MFAA. The report “identified that brokers give their customers greater access and facilitate consideration of nonmajor banks to meet their lending needs”, said Brick, adding: “Non-majors can choose to offer a simpler proposition to the broker
“As a smaller bank, we are also able to listen to and implement broker feedback swiftly – we’re more geared to brokers and therefore more responsive and adaptive in developing solutions which meet their needs” Paul Herbert, AMP Bank
market, choosing which segments to specialise in and therefore being able to deliver incredibly strongly in those chosen areas.”
Collectively, these insights paint a clear picture – the growth of the broker channel is not just a market shift; it’s a strategic advantage that non-majors are increasingly harnessing.
What can the non-majors offer borrowers that they can’t get from the big four?
Certainty of outcome, competitive rates, a targeted approach and less channel conflict
are just a few of the competitive advantages cited by roundtable participants.
A faster time to yes and simpler application and assessment processes “is certainly the approach Suncorp Bank has taken with our Sunlight proposition”, said Brick. He highlighted that Suncorp Bank has seen consistent times to decision of less than one day over the past three months and an application-to-approval conversion rate of almost 95%.
“Our BDMs can often get a lot more involved in applications, and all our assessors are Australian based, ensuring they’re avail-
able when brokers need them,” Brick added.
The point about BDMs resonated with Elwig, who suggested they are more approachable at the non-majors “because with the larger lenders, they might have so much volume coming through that it becomes harder for them”.
As for the rates piece, Elwig said: “When you look at ... who’s the most competitive on rates, you’ll find that the non-majors are up there as the most competitive, and maybe you’ll get the odd major coming in once in a while, because competition keeps the majors honest.”
Noting that AMP loans are 95% brokersourced, Herbert called the broker channel “our channel of choice … we’ve built the bank
broker as a champion and advocate for our business, so we build systems and processes to support them”.
While Herbert conceded that non-majors “can’t be all things to all people”, he touted this as a distinct advantage. “We’re very clear on the segments where we can add value, for example wealth accumulators, investment property owners or customers who work with financial planners and are able to use debt recycling. We develop strong product pricing policies that are aligned to these areas.”
Rakhit said, “I can only speak for Bankwest, but as a digital bank we have a laser focus on investing in the broker channel and delivering the best experience for brokers across the country.” He pointed to Bankwest’s ‘Built
of adding a biometric and in-app onboarding process – as a testament to this fact.
“We understand the importance of building trust with our brokers, and we’re committed to demonstrating this trust through transparency and by consistently offering our best deals,” added Rakhit.
For Thompson, brokers’ steady rise towards 80% of the home loan market is all about trust. “Trust that at one end of this is a human being going into what is one of the biggest financial transactions of their life, and they’ve got someone who’s firmly in their corner. And by virtue of the best interests duty, brokers are there to support them through that kind of transaction.”
Thompson said there is “something incred-
NON-MAJOR BANKS ROUNDTABLE
REFERRALS THE TOP SOURCE OF BROKER BUSINESS
becomes that your sales and credit assessment team are knowledgeable and empowered”. They become “the guardians of the policy”, he said, “able to take people away from manual, low-value tasks to become strategic partners to the broader business”.
This will allow BDMs to get out there and engage dormant brokers on ING’s book, which, Pringle pointed out, “could be dormant to you but not dormant to another lender”.
Rakhit said that while Bankwest has an ambition to be Australia’s favourite digital bank, “we also have an equally ambitious goal to be Australia’s best bank for brokers, which includes a key focus on human-to-human support when needed, through our unique case management model, devoted BDMs and our Australia-based contact centre”.
While every broker at Bankwest gets a BDM, Rakhit agreed that having 50 BDMs for 20,000 accredited brokers is a tall order, “so we make sure that we’ve got all the support underneath that”.
very focused on the broker channel, aligning everything we do around that, whether it’s how we sell, how we set up ourselves up, or how BDMs, credit assessors and technology come together to keep improving the experience all the time”.
All the talk of BDM support provided a perfect segue into the first broker question of the day, from Jessica Pringle of Sydney-based Pringle Finance Group.
Can brokers still expect on-ground BDM support despite ever-growing upgrades in technology? There is nothing better than face-to-face contact with a knowledgeable BDM, and I don’t want that to disappear.
Pringle’s sharp question provided probably the most kinetic conversation of the day. It got to the core of one of the biggest issues facing not just the mortgage finance industry but every customer-facing sector across the world. Will the human touch survive the rise of artificial intelligence? According to the round-
“There’s no plan, no expansion without [brokers]. The entire thing is predicated on the whole broker network, and for ING the success of the brokers goes hand in hand with our success” George Thompson, ING
table responses, definitely, not maybe – yes.
The roundtable’s other broker guest, Mortgage Choice franchise owner Leanne Johnstone, was equally eager to hear what the lenders had to say for themselves.
“I absolutely agree with Jess … that the BDM support is absolutely integral. We need to be able to rely on people because we’re often dealing with lots and lots of di erent lenders,” she stated.
Thompson said he had a “deep philosophy” on the matter: the more you invest in AI and automation, “the more important it
BDM support is “absolutely imperative” for AMP, but Herbert conceded that “it’s a di cult balance for many lenders to get this right”.
“Tech is an important enabler for eciency,” he said, “but nothing beats human relationships and quality support. Where our BDMs really prioritise their time, energy and e ort is [in] the high-value, highimportance tasks. And to do this e ectively they need to have a really good understanding of policy and process. So we invest in training in this area.”
NON-MAJOR BANKS
Brick stressed that mortgage finance “is fundamentally a people business, and I think brokers understand that intuitively and have therefore driven their success by having strong relationships with their customers, with their referral partners and with their lender partners”.
For Suncorp Bank’s part, Brick said: “We value that relationship, and so we have no intention of changing that. It’s critical for banks to have the right people supported by the right technology, policies and processes.
“Any consideration of new technologies or initiatives is made through that lens. This will support our people by creating capacity for them to better support our brokers and their customers.”
In Elwig’s view: “I don’t think a non-major can grow without BDM support. If a customer doesn’t know about you, they’re not
“Customers have a diverse set of lending needs, and brokers are well positioned to assist in all aspects. Diversification is therefore a good way to assist their customers with more of their needs and to help build a more sustainable brokerage” Paul Brick, Suncorp Bank
going to come asking for you. And if all you’re doing is bombarding them with emails, the broker is not going to read it and you’re not going to get any volume.”
Lenders risk losing business without a robust BDM network, noted Elwig. “The
SMALL BUSINESSES FORM BULK OF COMMERCIAL LENDING
most important part I’ve seen in all our research is timeliness and responsiveness of a BDM to get back to you. Because if they don’t answer a scenario straight away, you’re on to the next bank.”
From prime to near prime, asset finance to commercial, where do you think brokers can capture more market share going forward, and how do you think they can achieve that? Unsurprisingly, there was a great deal of discussion around the topic of diversification during the roundtable.
Buzzword or not, there is no doubt that, to keep their clients satisfied, brokers are increasingly expected to wear more than just the home loan hat. How they go about doing it is another question entirely.
For Elwig, diversifying into commercial finance presents a lot of opportunities for brokers, but there are some fundamental caveats to consider. “To get into commercial is not as easy,” he said. “You need to learn about it. You need to upskill yourself if you’re not a commercial writer. It also helps if you learn commercial for the self-employed. But I think if you are going to do that, you need to educate yourself.”
Elwig recommended looking into courses o ered by the Commercial & Asset Finance Brokers Association. “Plus, you also need a good mentor to help you through it,” he added. Brick raised the point that brokers are consistently growing their market share, not
just in home lending but commercial and equipment finance too.
“Customers have a diverse set of lending needs, and brokers are well positioned to assist in all aspects,” said Brick. “Diversification is therefore a good way to assist their customers with more of their needs and to help build a more sustainable brokerage.
“We have seen this work best when business owners either form a strategic partnership with a specialist firm or they bring brokers with specialist expertise into their business. Our Suncorp Bank Business Banking BDMs assist brokers with introductions to our business bankers across Australia.”
Thompson highlighted one market that’s often overlooked: sustainable lending. ING, he said, is “looking to be the first and lead in sustainable lending, particularly capturing the retrofitting opportunity”.
He added, “It’s fundamentally important that we enable Australians to future-proof their homes and are more sustainable, which in turn will cut emissions. It’s a real niche that brokers can step up and own.”
The conversation took a swerve when Rakhit chimed in, stating: “Whilst respecting what everybody else has said, I don’t think it’s right for me to say what I think brokers should do, to be fair, especially because at Bankwest, if anything we’ve narrowed our focus. We
specialise in home lending, fantastic; if brokers want to specialise in commercial lending, fantastic,” he said. “I think it’s the approach that the broker wants to take to how they service their market, whether they want to specialise or diversify.
“We understand the importance of building trust with our brokers, and we’re committed to demonstrating this trust through transparency and by consistently offering our best deals”
Ian Rakhit, Bankwest
don’t do business lending, we don’t do commercial lending, so I don’t think it’s appropriate for me to say what brokers should do.”
In Rakhit’s more-than-fair view, it should up to the broker to decide if and how they diversify their offering. “If brokers want to
“I think it’s up to brokers and head groups [to] decide where they see the next market. I don’t think it’s up to banks to decide.”
Herbert’s response to the question implied that the term ‘diversification’ slightly misses the point. For businesses that want to
NON-MAJOR BANKS ROUNDTABLE
become generational, he believes it’s more important to figure out how to achieve that goal. While diversification could be a part of that, “many businesses have been built successfully over the years by being really clear who their target markets are and trying not to be everything to everyone”, he pointed out.
He added that AMP is seeing more sophisticated brokers “leveraging their balance sheet size and scale and focusing their attention on ‘how do I retain my top talent in the business so it continues to grow even if I’m not in the seat running day to day’ ”.
What role do you see brokers playing in your growth in 2025?
That was the question posed by broker guest Leanne Johnstone. It o ered panellists the chance to recap how tightly linked the challenger banking sector is to the third party channel. Unsurprisingly, roundtable participants stressed the critical role brokers play in their success.
Bankwest, explained Rakhit, works hand in hand with brokers to determine how and
where to grow the lender’s business. “Brokers are phenomenal at identifying areas where they can do more business with you – whether it’s target markets, pricing, or policy changes.
“It’s a wonderful bellwether of how we can grow. So, we expect to grow, and I’m very open
Brick said that at Suncorp Bank, “brokers remain absolutely critical to our success … and we are looking to deepen and broaden our broker relationships in 2025 to ensure we are able to continue to grow sustainably”.
Elwig, meanwhile, revealed that BOQ
“The majors have the size and scale advantage, so obviously we’re going to go through the broker market”
Simon Elwig, BOQ Group
to how we achieve that. Whether it’s by working more with our existing supporters or brand-new supporters, it doesn’t matter to me where the growth comes from, as long as we’re meeting market needs.”
Bankwest, for the record, has a stated ambition of capturing an 11% market share of broker flow. “To get that, we’re going to have to find two or three additional customer segments or niches that we can grow in,” said Rakhit.
Group is planning to introduce a new platform later this year to make it “simpler and easier to do business with us”.
“We’re also equipping our BDMs so they can get out there to build and deepen our relationships with more brokers to attract more volume,” he added.
Thompson didn’t mince his words in his reply. “There’s no plan, no expansion without [brokers]. The entire thing is predicated on
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the whole broker network, and for ING the success of the brokers goes hand in hand with our success and any expansion plans that we have for our market share.
“We have effectively placed the broker at the centre of everything we do.”
Do you think the 3% serviceability buffer is fit for purpose in 2025, and will reducing it help to kick-start demand-side buying activity?
Serviceability is a contentious issue in mortgage finance. Brokers, borrowers and lenders universally agree that it’s an important mechanism that’s effectively kept default rates reasonably low.
Current regulatory standards stipulate that lenders should assess a borrower’s ability to repay their loan at an interest rate 3% higher than the current loan rate, ensuring that borrowers can manage potential future interest rate increases.
APRA has held the buffer at 3% since October 2021, when it was raised from 2.5%. Although the MFAA has recently called upon APRA to reduce it, lenders
around this table were more cautious.
“I think that the regulatory environment we’re currently operating in is appropriate in terms of buffers, and I can’t see changes
enough people who want to buy a property, but is there enough property to purchase? That’s where I would say this is perhaps where more intervention is required.”
“There is nothing better than faceto-face contact with a knowledgeable BDM, and I don’t want that to disappear” Jessica Pringle, Pringle Finance Group
any time soon,” said Herbert. “Rates go up and down, and over a long period of time we’ve seen that the relative stability of our economy has meant that even in periods of high rates, arrears have remained low.”
Agreeing, Rakhit said: “We’ve seen very low rates of arrears in Australia despite 13 rate rises; some would argue that’s because the buffer helped ensure that people didn’t overcommit.”
Rakhit raised a valid point that there is as much, if not more, of a problem on the supply side of the equation. “I think there’s
Thompson said, “It’s important to reflect on the buffer and what its purpose is, that being setting the benchmark effectively for affordability.” First and foremost, it’s there to protect the customer as well as the banks and the broader financial system, he pointed out. “I don’t think that should or could be underestimated.”
The serviceability buffer “certainly remains important”, said Brick, although he pointed out that the Senate Economics References Committee recommended reassessing the current 3% level last November. “If adopted,
NON-MAJOR BANKS ROUNDTABLE
BROKER TECH HAS BIGGEST IMPACT ON BORROWING ASSESSMENT
we may consider a change to the bu er in line with new APRA guidelines.”
Elwig took umbrage at the word ‘kickstart’, “because the value of new lending
What exciting new technologies are coming to the broker channel in the year ahead?
“This is something I’m really excited to talk
BDM support is absolutely integral. We need to be able to rely on people, because we’re often dealing with lots and lots of di erent lenders”
Leanne Johnstone, Mortgage Choice
commitment is approaching record highs”.
“The 3% serviceability bu er that APRA applies to banks can be restrictive, but changes to the requirement may not necessarily yield greater opportunity for homeowners entering the market,” he warned.
Like other panellists, Elwig called supply “one of the most challenging factors to get right to meet the demands and opportunities of homeownership”.
about,” said Herbert. “We’ve been working with a large group of brokers and a number of suppliers to recreate what a great origination process could look like.”
He expressed frustration with the amount of “duplication of e ort” prevalent in the application process, as brokers, aggregators and banks find themselves repeating tasks that shouldn’t have to be repeated. “So in the middle of this year we’ll be launching a
brand-new origination platform. It will include the very latest technology to simplify and speed up the origination process and fundamentally change how brokers work with AMP Bank.”
Thompson said he was “impressed” with what AI is enabling around business eciency and productivity. “I think the rollout for brokers is going to be unbelievable when you can e ectively have a customer, put those details through a system and then be able to review credit policies that exist in the market, any deals that have written through that aggregator network, then you can come back with a very clear view of where that deal can be lodged. That could be a complete game changer for a lot of players, and just time saved for many people.”
Rakhit discussed how Bankwest’s third party team is investing in solutions to make the application process as simple as possible for brokers. He highlighted that investing in tech is essential if a non-major bank wants to remain competitive against the big league.
“Given the big four and Macquarie are
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This year, the celebration returns to The Fullerton Hotel Sydney for an unforgettable black-tie gala on Friday, 17 October 2025. It’s an incredible evening of recognition, connection and celebration with the best in the business.
Nominations are open from 2 June to 4 July, so whether you’re nominating yourself or a colleague, make sure to get involved. With categories spanning brokers, brokerages, lenders, aggregators and BDMs, plus coveted national awards, there’s a spotlight waiting for every standout performer.
NON-MAJOR BANKS ROUNDTABLE
improving almost every six months, the bar is getting raised, so we need to make sure at Bankwest we’re also raising the bar, so lots of work on time to approval largely by using data, not documents,” said Rakhit.
BOQ Group, said Elwig, has been on a “comprehensive digital transformation journey, and as part of that we will be rolling out a new digital platform to brokers this year”. The benefits of this rollout will be “faster time to yes … competitive pricing and a simplified product range, to products packed with features and flexibility of up to 10 o sets, and there will also be more
real-time communication on our portal”.
Brick explained how Suncorp Bank has invested heavily in tech over the past 18 months in response to broker feedback. Looking ahead, he said, “we are focused on listening to brokers [through formal market research and informal feedback] on what’s needed to help ensure we sustain that simplicity and ease.
“As a member of the ANZ family, we are also looking at ways in which we can leverage areas of best practice to build on the Suncorp Bank proposition.”
It was clear through these replies that any
and all technological changes, small or large, should be at the service to the customer. As captivating as advancements in AI and machine learning are, they must serve a purpose. Do they improve the time to yes? Do they make the broker experience easier, cleaner and faster?
Without the luxury of being able to rest on their laurels, it is incumbent on the nonmajors to keep these questions front and centre of all business decisions, small or large. Their reputations as Australia’s innovative, broker-centric, champions of the customer rely on it.
An expert’s guide to guaranteed sales success
Small or large, your business can’t survive without a thriving sales pipeline. Fear not, because sales expert Ingrid Maynard has four no-nonsense habits that will lead to effective business growth
SALES HAS been a dirty word for far too long. In fact, we avoid talking about sales disciplines, sales practices or sales grit any more, preferring instead to talk about buyers, networks and marketing.
It doesn’t matter whether you’re reading this as a mortgage broker or the owner of a real estate agency. Chances are, if you have a firm of a certain size, you have salespeople that you need to be productive: consistently and e ectively. You may even be one of them. When generating results with and through other people, there are four key sales practices that ensure you have a solid business with predictable revenue:
1 Regular sales meetings
Before you moan, or mutter under your breath how much your people hate sales meetings (or even how much you do), remember that they have been used by many sales leaders as more than just blunt instruments that shame salespeople into ‘getting busier’. Instead, they are opportunities for a sales leader to ask coaching questions of their team members to enable them to better focus sales activity, collaborate on winning strategies and prioritise activity.
Having a set agenda means predictability, and that means your salespeople can come ready with the data they need to talk about their pipelines and opportunities. Here is an example:
• Sales pipeline discussion: Total pipeline value (have we got enough in our total pipeline? – this should be a multiple of average conversion rate, ie 4x sales target if conversion rate is 25%). What will we do to bring more into the pipeline? What is ready to close – and what is our winning strategy? What will we do to progress opportunities already in the pipeline?
• Individual opportunities: Two or three team members bring an opportunity they
would like team input on to either win or progress
• Training: Exploration of a new skill
• Celebration of wins
• Focus for the week: One or two actions each that will enable them to achieve their targets
2 Smart prospecting
By this I don’t mean cold calling. Cold calling is hard; it takes a long time to bear fruit, and most salespeople avoid it. Instead, do smart prospecting. Of the customers you know well, who in their network would you like to meet with because you know you have the solution to their problem?
It’s much easier to reach out to someone you know you can help, who knows someone you’ve delivered value to and have in common. Trust is easier to establish, and the sales cycle is faster. By reaching out, I do mean calling them – not emailing. Make it personal. Make it matter to them.
3 Infield coaching
Sales leaders tend to either neglect this altogether, arguing they’re so busy and don’t have time to do it, or they go out with their team members and end up taking over the selling, or rescuing salespeople who are still developing their skills.
Done well, this is the single most e ective way for sales leaders to take a pulse check on their team members’ approaches, e ectiveness and skill levels. Done poorly and salespeople end up resenting these days or avoiding them altogether.
Coaching is about facilitating and directing your team member’s attention to what they need to do next for themselves, using coaching questions. There are three parts to good infield coaching:
• Pre customer call conversation: Who are we going to see next? What outcome do you want to achieve by the end of this meeting?
What’s your approach to achieving that? What if they say/ask x: how will you respond? Have you thought about it?
• Observation: note down what they did well and could have gone better. Be specific. Did they achieve their intended outcome or not? What else did you notice: customer body language/responses?
• Post customer call: How do you think that went? Did you achieve your outcome (yes/no): what makes you say that? If yes, what went well? What do you need to do now to build on this? What did you learn that you can take forward? If no, where did it fall down, what do you need to do now to rectify it, and what did you learn that you can apply in other meetings?
4
Value-delivered conversations
Most salespeople never return to a customer after a service or product has been sold to uncover the value that product or service delivered to get a measure of value. It’s where the gold is. It helps build case studies, testimonials and, most importantly, belief in the salesperson that it’s what the product or service enables the customer to do that is of value, not the product or service itself.
Great salespeople are disciplined. They do the things others won’t, and they do them consistently and e ectively.
Ingrid Maynard, author of TheSalesRevolution , is the founder of The Sales Doctor and host of TheSalesRevolutionpodcast, with over 25 years of experience helping businesses transform their sales performance. She has worked with iconic Australian and New Zealand brands, equipping their teams with the tools and strategies needed to excel in competitive markets. Her approach focuses on driving customer-centric, commercially savvy cultures that create lasting success for businesses. Find out more at thesalesdr.com.au.
From fitness to development finance
Penny Finance founder Morgan Owen jogs a path less travelled, but her leap into broking was as natural as a duck to water
THE PATH from fitness to development finance is not exactly well-worn, but that hasn’t stopped Morgan Owen, owner of Victoria-based brokerage Penny Finance, from following it anyway.
A quick peek at the Penny website gives you the first clue that Owen is out to do things differently. Five sharply dressed women bask in moody lighting while a distinctly millennial company slogan marquees across the screen. Penny, apparently, is in the business of ‘Really, Really Good Finance’.
Bubbling away below these aesthetics lives a brokerage that’s growing at a rapid pace. The Penny team has gone from handling $0 to $200 million in just four years, though for Owen “it’s not just about volume – it’s about impact”.
In these four years, Penny has expanded her offerings from residential to commercial and development finance, the latter being Owen’s specialty.
A natural fit
Looking back at her previous career in the
fitness world, Owen says she “started feeling stuck. My entrepreneurial side was kicking in, and I wanted a career where my efforts were rewarded financially – without losing the core of what I loved: helping people”.
Which is not to say Owen hasn’t brought a piece of the fitness world into the broking space. “My background in fitness still influences how I work today,” she says. “The skills
But why mortgage broking? There are, after all, countless client-centric careers to get into.
“Property and finance had always been a natural interest of mine,” Owen says. “I bought property young, and I knew firsthand how overwhelming it could be to navigate the system without the right guidance.
“I wanted to be the person I needed at
“The finance industry had been doing things the same way for decades – old-school, transactional and full of jargon. I wanted to create something different”
I had – sales, marketing, customer service –were all transferable.
“More than that, I learned that when you genuinely put clients at the centre of what you do, success follows. And that’s what I’m here for: not just to write loans but to change the face of finance.”
STRATEGIC FINANCE ON THE UP
Penny Finance founder Morgan Owen expects more private and non-bank lenders to enter the development finance fray in the year ahead. Rising costs, meanwhile, will drive more strategic borrowing, leading to more sophisticated borrowers and deals. Through it all, speed and certainty will be essential. “We’re positioning ourselves to take advantage of these shifts. We know how to structure complex deals, and we have strong relationships with lenders who can actually get them funded ... Penny is ready to lead the charge.”
that time. It was actually a mentor of mine who first suggested mortgage broking. That was 10 years ago, and they were absolutely right.”
In order to pursue this new professional direction, Owen started out working in a brokerage as an employee. “It was like a duck to water,” she says of that experience. “Except for the part where I had no idea how to write a loan!”
Nonetheless, she knew she could sell, build relationships and adapt to changes quickly. This allowed Owen to move into a business as a partner after just 18 months, though it was short-lived.
“That didn’t work out, and I found myself starting over again,” she says. “That’s when I founded Penny.”
“It’s not just about volume – it’s about impact”
Shaking things up
Penny, according to Owen, was built to challenge the status quo.
“The finance industry had been doing things the same way for decades – oldschool, transactional and full of jargon,” she says. “I wanted to create something different: a brokerage that wasn’t just about
securing loans but about strategy, education and building wealth in a way that made sense for real people.”
And befitting her atypical career trajectory, Owen has developed a unique specialism in the field of development finance. As a development finance broker, she works with developers to get the cash
PENNY FINANCE AT A GLANCE
Owner: Morgan Owen
Location: Servicing Australia from Camberwell, Victoria
Services offered: Residential, commercial and development finance
Number of employees: Eight
flow they need to bring projects to life. This can be a complex process involving feasibility studies, risk assessments and multiple stakeholders.
“As a broker, my role is to help developers secure the right funding for their projects, whether that’s a residential townhouse development, a commercial build or a largescale subdivision,” Owen says.
“I connect them with lenders who understand their vision and structure deals that work with their cash flow and timelines. It’s about making sure they have the right finance in place to keep things moving and ultimately deliver a successful, profitable project.”
A recent highlight involved securing funding for the Tennyson House project in the affluent Melbourne suburb of Elwood.
“When I met this developer, they’d been put through the ringer by their previous broker and finance ‘partner’ – they’d suffered every setback possible, and they were in danger of losing the site. I helped them to refinance and restructure to save the project,” Owen says.
As for what’s next for Penny, Owen wants to continue “shaking up the broker offering”. This will include the rollout of a new model for brokers to join Penny, either as partners or affiliate brokers.
“We’ve built a business that thrives on innovation, and now we’re taking that same approach to how brokers can work with us,” says Owen.
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“ I love transforming ordinary spaces into warm, inviting places that create connection, evoke feelings and bring out their absolute best ”
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FINANCE EXPERT WITH A FLAIR FOR DESIGN
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Finance and design converge in Katherine Persoglia’s diverse professional life
KATHERINE PERSOGLIA, founder of The Broker’s Bible, is not only a finance expert but also a passionate interior designer and property developer.
“My passion for property started at a very young age, watching my parents renovate and flip homes,” Persoglia says. “I became obsessed with the process.”
Her enthusiasm has endured through
two decades of property development, leading to the creation of her Hamptonsstyle family home. Not merely a living space, this home has become a popular venue for TV shows, commercials and film productions.
“Last year my home was featured in the Myer Christmas catalogue and has also been used by brands like Harris
Scarfe and Bunnings,” she says.
For Persoglia, interior design is much more than a hobby – it’s an emotional journey.
“It fills me with joy and reminds me that a beautifully designed space can truly transform the way we feel,” she says, emphasising the transformative power of design.
Age Katherine Persoglia started her rst property project
Number of properties Persoglia has renovated or developed
Months to design, plan and build Hamptons-style home
Beyond Broking.
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