MPA 25.03

BROKER PARTNERSHIPS

EVOLVING

Aggregators gather round the table

AGGREGATORS WINNING TRUST

Brokers rate the partners driving their growth

GOING BEYOND BROKING

CONNECT WITH US

Got a story or suggestion, or just want to find out some more information?

twitter.com/MPAMagazineAU

facebook.com/Mortgage ProfessionalAU

UPFRONT

02 Editorial

Who will hold broking’s gatekeepers to account?

04 Statistics

SPECIAL REPORT

BROKERS ON AGGREGATORS 2025

MPA’s annual survey reveals the aggregators that are winning brokers’ trust – and driving their success – in 2025

BIG INTERVIEW BRAD

CRAMB

Aussie’s chief executive of distribution on leading industry disruption by going ‘beyond broking’ with an end-to-end property experience

12

Australia’s a ordability crisis

06 Opinion

Mario Rehayem debunks the biggest myths about specialist lending

FEATURES

Refinancing surges as lenders and brokers gear up for renewed demand amid falling rates

16 Alt-doc solutions

Alt-doc loans are supporting a new wave of borrowers, as non-banks step up

66 Integrating AI

Why every business needs an AI policy –and tips for building one that works

PEOPLE

SPECIAL

REPORT

TOP 50 BROKERAGES

In a complex and competitive market, Australia’s best brokerages set new benchmarks for service

70 Brokerage insight

Energy Lend’s Darren Sayers takes a tech-savvy approach to navigating industry challenges

72 Other life

Short getaways are vital to broker wellbeing, says industry veteran John Minihan

48 FEATURES THE RISE IN REFINANCING

23 FEATURES AGGREGATORS ROUNDTABLE

Industry leaders discuss the evolving broker-aggregator relationship and the future of broking

strategy, and what industry leaders have to say.

Who will gatekeep the gatekeepers?

Broking isn’t the sexiest profession out there – at least that’s the perception. Whether that’s fair or not is a matter of opinion, but it nonetheless represents a problem when trying to bring fresh talent into the sector.

As for those who do have a stab at being a broker, around half drop out in a few years. Does that mean the wrong people, with the wrong skills, are coming into the profession? If so, should the industry be doing a better job of vetting who’s allowed into the club in the first place?

This contentious topic of gatekeeping came up while putting this edition of MPA together. It’s a tough one. On the one hand, it sounds like bald-faced elitism to pick and choose who can come through the gates. On the other, accrediting people who are ill-suited to being brokers – and who could bring an industry already battling with image problems into disrepute – benefits no one.

Sexy profession or not, the fact that a broker can theoretically earn unlimited income from the get-go is an alluring prospect. But a get-rich-quick mindset can be a dangerous thing. It can lead to short-sighted decisions that have potentially negative long-term consequences.

Should the industry be doing a better job of vetting who’s allowed into the club?

Alongside financial security, a good broker must also have a desire to forge sustainable relationships with their clients. Under the best interests duty, they must act in the client’s best interests at all times; sometimes this will not be the most financially lucrative act, but the right one. Brokers who understand this are the brokers the industry’s gatekeepers want to attract.

The who’s who of Australian mortgage aggregation debated this matter, and many others, during MPA’s latest roundtable (page 48).

As for my opinion? I don’t want a professional of any stripe – doctor, broker, builder – looking at me with just dollar signs in their eyes. While we’re all out to earn money, that should also come with a desire to do a genuinely good job that reflects well on our chosen profession.

In that sense, a little bit of gatekeeping can only be a good thing if it ensures the expected standards are met.

It goes both ways, of course. The gatekeepers must also be held to high standards, and brokers can vote with their feet if they feel they’re not getting the support they deserve.

With that in mind, turn to our 2025 Brokers on Aggregators survey on page 35 to discover what brokers really think.

William Farrington, editor, MPA

SUBSCRIPTION ENQUIRIES

subscriptions@keymedia.com.au

ADVERTISING ENQUIRIES

MortgageProfessionalAustralia is part of an international family of B2B publications and websites for the mortgage industry

AUSTRALIAN BROKER simon.kerslake@keymedia.com

T +61 2 8437 4786

NZ ADVISER alex.knowles@keymedia.com

T +64 9 200 1319

CANADIAN MORTGAGE PROFESSIONAL shane.lakhani@keymedia.com

T +1 720-441-2255

MORTGAGE PROFESSIONAL AMERICA charles.weed@keymedia.com

T +1 720-441-2255

MORTGAGE INTRODUCER (UK) matt.bond@keymedia.com

T +44 203 868 3406 JULY

5.9%

Annual growth rate of first home buyer loans in 2024

6.5%

Projected FHB loan growth in 2025

$533,066 Average FHB loan size

4.31%

Share of FHB investor loans among all investor loans nationwide

Source: Money.com.au, FirstHomeBuyerMortgageInsights report, via LinkedIn, May 2025

Four Australian cities – Sydney, Adelaide, Melbourne and Brisbane – have been ranked “impossibly una ordable” in the global 2025 Demographia report, with over 30% of homes nationwide now costing $1 million or more. The report compared the median house price to the median household income (called the median multiple).

BANK OF MUM AND DAD NOW GIFTING

In 2025, Mozo found that 75% of parents helping their children into the property market don’t expect repayment – highlighting a shift as the bank of mum and dad gives more of a gift than a loan.

HOUSING PRICE PEAKS VARY BY CITY

National home values have surged 39.1% over the past five years, but while significant, this remains below previous booms. CoreLogic reports Perth recorded the strongest five-year home value growth among capitals – 137.8% to 2006 – nearly double its recent rise. Brisbane, Adelaide and Hobart also peaked in the mid-2000s, lifted by migration and strong local economies.

Despite an increase in rental listings, Anglicare’s 2025 Snapshot shows a ordability for low-income Australians remains dire, with virtually no suitable rentals for JobSeeker or Youth Allowance recipients nationwide.

NEED FOR EARLY ADVICE OFTEN OVERLOOKED

Many Australians mistakenly believe they need substantial savings before seeking financial advice, with 46% thinking $100k is the minimum. Younger generations are more open to early guidance but often turn to informal sources, Great Southern Bank found.

Source:

GOT AN OPINION THAT COUNTS? Email william.farrington@keymedia.com

Specialist lending: Debunking the misconceptions

Don’t be put o by pervasive myths surrounding this rapidly growing corner of mortgage finance, writes

Mario Rehayem

IMAGINE BEING in a situation where every door seems closed. You’ve faced financial setbacks, perhaps due to a job loss, medical emergency or other unexpected life events. Traditional banks have turned you away, leaving you feeling hopeless and stuck. This is where a specialist loan can be life-changing. Despite being a lifeline for those who have been knocked back by traditional banks, there are common misconceptions that still cloud the true potential of specialist lending. As someone deeply experienced and passionate about the non-bank industry, I think it’s time to clear up these myths.

1. Specialist lending is not only for high-risk borrowers

One of the most pervasive misconceptions is that specialist lending is solely for highrisk borrowers with poor credit histories. This couldn’t be further from the truth. Specialist lenders cater to individuals with unique financial situations, but this doesn’t mean they are inherently highrisk. Life is full of unexpected twists and turns. Many borrowers have faced temporary setbacks such as job losses or personal crises that have impacted their financial position. These individuals are not poor money managers; they have simply encountered challenging circumstances that might just be short-term.

Specialist lending is about understanding these unique situations and providing solutions that help borrowers get back on their feet.

2. Specialist lending is not hard work

Some brokers might believe that specialist lending is more complicated and time consuming than traditional lending. However, this is not the case. With advancements in technology and streamlined processes, specialist lending has become more accessible and e cient.

At Pepper Money, we have invested heavily in digital platforms that simplify the application process, making it easier for brokers to navigate and manage. Our simple and user-friendly pre-application tool called the Pepper Product Selector (PPS) allows brokers to quickly and easily understand if Pepper Money has an option for their client with an indicative rate and repayment.

In an industry where customer service is key, one of the critical ingredients is conversion. Industry reporting shows that Pepper Money continues to convert at a higher rate than other non-banks.

3. Non-bank specialist lenders are not a short-term fix

As borrowers’ financial situations change, non-bank lenders can o er refinancing options, rate adjustments and other modifications to ensure the loan remains competitive and beneficial.

This adaptability helps borrowers manage their finances more e ectively over the long term. At Pepper Money, we work with brokers to reassess their clients’ rates and overall positions as situations

change, to give them options across a lifetime of lending needs.

Why specialist lending is rewarding for brokers

Expanding

client bases

Specialist lending allows a broker to expand their client base by catering to a broader range of borrowers. This not only increases business volume but also enhances their reputation as a versatile and resourceful broker.

Providing real solutions

There is immense satisfaction in helping clients who have been turned away by traditional lenders. Specialist lending enables brokers to provide real solutions to borrowers facing unique financial challenges. By securing the right loan for these clients, brokers play a pivotal role.

Building expertise

Specialist lending requires a deep understanding of various financial products and borrower profiles. By delving into this segment, brokers can build their expertise and di erentiate themselves in the market. This specialised knowledge is highly valued and can lead to increased referrals and repeat business.

The future of specialist lending

As the financial landscape evolves, the demand for specialist lending is only growing. More borrowers will seek flexible and tailored solutions that address their unique circumstances. For brokers, this presents a significant opportunity to expand their services and make a meaningful impact on their clients’ lives.

At Pepper Money, we are committed to supporting brokers on this journey. We provide the tools, resources and expertise needed to navigate the specialist lending market e ectively. By working together, we can debunk the misconceptions, unlock the rewards and ensure that more borrowers have access to the helpful loan options they need.

Mario Rehayem is CEO of Pepper Money. He joined the board of the Australian Finance Industry Association in 2022 and took on the position of chair in March 2024.

Go far. Go together.

Running a business can often feel like navigating the ocean without a map, a compass or a sail. To succeed you don’t just need intelligence and hard work, you need the right support and the right tools. With AFG you have a tried and tested partner by your side. One who can provide you with confidence, support, and the tools you need to grow your business, your dream and your future.

AUSSIE’S BRAD CRAMB: GOING BEYOND BROKING

Aussie continues to be a

disrupter after 33 years as a mortgage finance stalwart, says chief executive of distribution Brad Cramb

IF YOU need reminding that change is the only constant, Aussie is a good place to start. The trailblazing brokerage remains a powerhouse after 33 years in the business, but the high-street institution isn’t ready to rest on its laurels just yet.

That’s the impression one gets from speaking to chief executive of distribution Brad Cramb, whose vision for Aussie can really be summed up in two words.

“ ‘Beyond broking’ is about shifting the mindset – both for our brokers and our customers,” Cramb tells MPA. “It’s no longer just about helping someone get a loan. At Aussie, we’re building an end-to-end property ecosystem that allows our brokers to support customers across their full property journey – from the first online search all the way through to settlement and beyond.”

Under the beyond broking philosophy, explains Cramb, “we’re empowering them to be at the centre of a broader, richer customer experience – one that includes home loan solutions but also extends into things like buyer’s advocacy, conveyancing and real estate agent partnerships.”

So goodbye loan writer, hello trusted property adviser?

“Yes, it’s how we help them build longterm, sustainable businesses that are resilient to market cycles. And for customers, it delivers convenience, confidence and continuity, knowing that their broker isn’t just helping them get a loan but guiding them through the entire process.”

Aussie, of course, isn’t a novice when it

comes to disruption. The brand was at the vanguard of the home loan revolution of the 1990s, when the big banks were forced to reckon with a new way of doing business under the nascent broker model.

Cut to 2025 and mortgage brokers are no longer the exception but the rule of mortgage finance. And for the record, Aussie has the highest brand recognition of them all, thanks to its commanding highstreet presence.

Cramb has seen the industry change considerably over the ’90s salad days, and

disrupting and staying relevant in an industry that is constantly changing?

Find. Buy. Own.

Aussie’s challenger mindset hasn’t changed, says Cramb. “What has changed is the way we now lead disruption: not just by offering alternatives but by actively reimagining how Australians experience the property journey – and how brokers deliver it.”

Strong words, but what is Aussie tangibly doing to make it happen?

The easiest way to answer that question is

“ ‘Beyond broking’ is about shifting the mindset – both for our brokers and our customers. It’s no longer just about helping someone get a loan. At Aussie, we’re building an end-to-end property ecosystem”

he believes it’s been for the better.

“We’ve seen a major uplift in professionalism, driven by stronger regulations, higher consumer expectations and better access to training and support,” he says. “Brokers are no longer seen as optional – they’re the first point of call for most borrowers, and they’ve earned that trust.”

But if Aussie’s place in the annals of broking history is uncontestable, it’s only fair to ask: How does the company continue

to see for yourself. Many of Aussie’s 215 retail stores are in full pilot mode under the group’s ‘Find. Buy. Own.’ strategy. That’s where you get to see the physical manifestation of this vision.

“A customer strolls past an Aussie shopfront, taps through live listings on a street-front screen, steps inside for a chat and – within the hour – is pre-approved, linked to a buyer’s agent and lining up a property viewing for that afternoon,” Cramb explains.

PROFILE

Name: Brad Cramb

Title: Chief executive of distribution

Company: Aussie

Years in the industry: 8, with 20+ years’ experience in executive sales and marketing roles

Recent Aussie achievements: Record investment in national media and grassroots campaigns; +8 points brand consideration; 30% growth in retail lodgements year on year; daily run rate +20% and climbing

BIG INTERVIEW

“Every element is designed to keep the customer in the broker’s world, not hand them o to third parties. That’s better customer experience for borrowers, stronger protection for brokers and a platform advantage for Aussie – all in one connected experience.”

Cramb’s vision is to make every store the go-to property hub in the community where a full-service proposition turns brokers from loan writers into property partners.

A tall order

It sounds very flashy – idealistic even. But isn’t this asking a lot of Aussie brokers?

“When we unveiled the roadmap at the national conference in March, signature brokers and franchise leaders said the same thing: ‘This is the model we’ve been waiting for’,” says Cramb.

“We’re not just handing brokers new tools; we’re handing them territory, opportunity and

strong foundation, and now we’re focused on scaling further.”

Aussie’s franchise model “is built around genuine business ownership”, he continues. “We’re not just helping people become brokers – we’re helping them become the CEOs of their own businesses.”

Cramb highlights that the top quartile of stores are generating over $1 million in annual commissions, and close to 30% of the Aussie network is made up of multi-site owners.

“That’s the power of the Aussie system. When you combine a trusted brand, proven infrastructure and a supportive community, you create an environment where ambitious brokers can thrive, scale and build longterm value.”

Looking ahead

Cramb paints a picture of a company that embraces change. It’s a matter of survival, in

“Our franchise model is built around genuine business ownership. We’re not just helping people become brokers – we’re helping them become the CEOs of their own businesses”

an unbeatable seat at every table in the property journey – today and for the next decade.”

By Aussie’s count, brokers are lodging deals four times faster than the industry average; retail lodgements are up 30% year on year, and network settlements hit a new record in February and March.

Accolades have thus followed, with five Aussie franchises making it into MPA’s 2025 Top 50 Brokerages list.

“It’s an incredible achievement – and yes, it’s a strong validation of the strength of our franchise model,” says Cramb of the wins. “Five placements in the Top 50 is recognition of the calibre of our network, the consistency of our systems and the depth of our broker support.

“But what excites us even more is that we see this as just the beginning. We’ve laid a

fairness. With 22,000-plus brokers on the beat, they’re not just competing against the big banks but also with other dealmakers fighting for their place in the increasingly saturated mortgage market.

“What excites me most is what’s ahead,” Cramb says. “We’re entering a new phase for Aussie – one where we’re not just supporting brokers but transforming the customer experience at scale.

“With our Find. Buy. Own. proposition, Platform Plus model and ever-evolving tech ecosystem, we’re better positioned than ever to lead the next wave of innovation in broking.

“We’re proud of how far the industry has come, but even more energised by where we’re going next.”

MOMENTUM ON THE GROUND

3,500+

Aussie conveyancing files since December

1,000+

buyer-agent referrals in four months

20% of all lodgements now include an in-house conveyancing solution

Alt-doc loans for free thinkers

Gearing up for refinancing rush

With rate cuts boosting borrower confidence and competitive rates for the taking, refinancing demand is heating up. MPA speaks to top lenders in the space to see how they’re priming themselves for growth

REFINANCING

is having a moment.

Data shared with MPA by Commonwealth Bank shows that refinancers accounted for 44% of mortgage market share in April 2025, with the banking major anticipating sustained growth throughout the rest of 2025.

ANZ, meanwhile, highlights that refinancing volumes have surged by up to 40%, with a 20–30% increase in the number of transactions, per Australian Bureau of Statistics data.

No prizes for guessing why: with Reserve Bank of Australia rate cuts in the bag and more (probably) to come, customers are making a move.

“We’ve certainly seen a shift in momentum,” Natalie Smith, ANZ’s general manager, retail broker, tells MPA. Brokers are reporting that customers are becoming more active in reviewing their home loans, “particularly as interest rates begin to ease”.

The significant uptick in refinancing market share “reflects a growing confidence among homeowners and investors to take advantage of the lower interest rates”, adds Baber Zaka, CommBank’s general manager, third party banking.

“This trend suggests that the refinancing market is continuing to pick up pace, with more individuals seeking to benefit from the current rate conditions,” Zaka tells MPA. Meanwhile, at ING Australia, “we’ve seen a noticeable increase in refinancing activity, and we expect this trend to continue throughout the year”, says the non-major’s national sales

manager, Sergio Delvescovo. Factors such as potential rate reductions, a rise in market confidence (particularly among investors), increasing cost of living pressures and the expiration of customers’ fixed loans “will likely contribute to ongoing refinancing demand”.

While banks have their own thoughts about what the RBA is planning next, they all agree on one thing: more cuts are likely on

looking to adapt our policies to support our brokers and their customers with ways to increase borrowing capacity” – a key factor in customer decision-making.

To give an example, CommBank recently made headlines after changing the way it factors HELP Debt into home loan applications. Customers who repay their HELP Debts within 12 months have the debt excluded from

“CommBank is always looking to adapt our policies to support our brokers and their customers with ways to increase borrowing capacity” Baber Zaka, Commonwealth Bank

the way. And that means the refinancing market can only get hotter.

But while this presents opportunities for brokers and banks alike, market saturation on both sides of the transaction makes for a hotly competitive refinancing environment.

Adapting to change

“In an environment where there is a lot of focus on cost of living pressures, it’s crucial to view an entire product offering when customers are considering shopping elsewhere,” says Zaka, adding, “While interest rates are undeniably important, it’s essential to consider all facets of a home loan product.”

Zaka explains that “CommBank is always

the servicing calculation, reducing the lending buffers applied to longer debt horizons.

“Customers looking to refinance to CommBank can take advantage of our flexible home lending policies, competitive pricing and access to the CommBank app where they can change the date and frequency of their payments to suit their financial situation,” says Zaka.

Customer retention “is about continually providing a second-to-none customer experience”, Delvescovo adds. “At ING we continuously evolve our home loan products to meet the changing needs of our customers. We focus on offering competitive rates, flexible banking solutions and innovative digital expe-

VALUE OF REFINANCED LOAN COMMITMENTS BY BUYER TYPE

Owner-occupier, external refinancing (seasadj)

Investor, external refinancing (seasadj)

Owner-occupier, external refinancing (trend)

Investor, external refinancing (trend)

riences to enhance convenience and value.”

He also stresses the importance of listening to broker and customer feedback, explaining that ING refines its offerings accordingly, “ensuring they align with market trends and individual financial goals”.

At ANZ, Smith says, “We know that customers have more choice than ever, so it’s critical that we continue to evolve our offering to meet their expectations – including when they come to us through a broker.”

Addressing the loyalty tax

While lenders need to entice customers with competitive products, existing customers have expressed frustration with the ‘lender loyalty tax’, whereby they miss out on rates offered to new borrowers.

Smith says transparency is essential. “It’s important to us that our existing customers can have confidence that they’re receiving a good deal,” she says. “This is why we share the latest home loan rate changes on our website, as well as making customers’ interest rates easy to find via ANZ Internet Banking and the ANZ app.

“We also proactively contact broker-

Owner-occupier, internal refinancing (seasadj)

Investor, internal refinancing (seasadj)

Owner-occupier, internal refinancing (trend)

Investor, internal refinancing (trend)

introduced customers who are about to roll off fixed rates at various points of their journey. Our aim is to ensure customers feel supported, know what to expect in terms of the process and understand their options when their fixed rate expires. Where the customer wishes to update their loan or apply for further lending, we’ll refer them to

them of their new interest rate and informing them that they may be eligible to reduce their direct debit repayments.”

At ING, Delvescovo says, “We encourage brokers to conduct regular health checks with their clients to ensure their loan remains suitable. We also provide competitive variable rates; clear, straightforward and simple home

“We know that customers have more choice than ever, so it’s critical that we continue to evolve our offering to meet their expectations” Natalie Smith, ANZ

their broker in the first instance.”

Zaka highlights the actions CommBank has taken in the latest monetary easing cycle. He says, “This year, the Reserve Bank of Australia has reduced the official cash rate twice, and CommBank has passed the full cut on to all customers with a variable rate home loan.

“Following each rate reduction, we proactively contact all impacted customers, advising

loan products so customers can easily access alternatives within ING.”

Seizing the opportunity

All in all, it looks like refinancing is set to go gangbusters in the second half of 2025. But how can brokers best equip themselves to make the most of it?

“Brokers should prioritise understanding

SECTOR FOCUS: REFINANCING

their customers’ unique situations to o er tailored refinancing advice e ectively,” says Zaka. “Utilising CommBank’s available material can be invaluable in this regard, as it helps clients understand refinance options and the associated benefits.”

He adds, “At CommBank, we o er exceptional self-service and support, alongside our award-winning app, to manage finances e ectively. By providing brokers access to customer loan information in Your Loans, we improve the experience.”

Delvescovo advises brokers to be proactive. “Regularly check in with your customers to ensure their home loan continues to meet their needs,” he says. “As circumstances change over time, brokers are well positioned to help customers reassess their financial situation and identify better loan products or structures, ensuring they secure the best possible deal.”

Smith draws attention to ANZ’s residential broker learning and development program, Brokerology. She says, “Not only does this cover our home loan products, policies and processes, but it also provides brokers with access to resources and insights that can help them elevate their business and stand out in the market. We also recently launched our new ANZ Home Loan Calculator via the ANZ Broker Portal, so brokers can quickly estimate their customers’ home loan fees, repayments and serviceability.”

As for customer trends, Zaka says “both owner-occupier and investor customer segments are taking advantage of the favour-

able conditions”. However, he is seeing more activity on the owner-occupier side, “driven largely by the desire to reduce monthly repayments and alleviate cost of living pressures”.

The story is the same at ANZ, where owneroccupiers “might be more likely than investors to review their loan structures and reduce

stepping into the market. “There’s a clear sense of market confidence returning,” he says.

“We’ve also seen increased activity from SME customers following recent policy changes designed to make it easy for them to borrow with ING. Many of these customers are drawn to our investor o ering.”

“We’ve seen increased activity from SME customers following recent policy changes designed to make it easy for them to borrow with ING”

Sergio Delvescovo, ING Australia

their debt as quickly as possible”, says Smith. “That said, both segments remain active.”

She adds, “At ANZ, we’ll continue supporting our brokers to ensure they’re well placed to provide all borrowers with tailored advice –whether that’s helping owner-occupiers review their home loan or guiding investors through more complex lending structures.”

ING, meanwhile, has seen significant growth among investor customers, with activity rising to six times the market average. “This surge is likely driven by recent policy enhancements to help facilitate market entry, along with renewed investor confidence amid lower interest rates,” says Delvescovo.

Additionally, Delvescovo is noticing increased engagement from owner-occupiers seeking upgrades, as well as first-time buyers

THIRD OF REFINANCED OWNER-OCCUPIER LOANS INTERNAL

The lenders also advised brokers to keep an eye out for fees that could catch their clients unawares and to generally be proactive with their clients.

“At CommBank there are no additional fees specifically for people looking to refinance their loan with CommBank,” Zaka says. “However, customers should be aware of early exit fees from their current lender, as well as general costs associated with a new loan, including application, valuation and legal fees.”

During the refinancing process, Smith also advises brokers to look out for discharge fees from the existing lender, as well as application or establishment fees from the new lender. Other hidden costs, warns Smith, could include lenders mortgage insurance if the customer’s equity position changes, ongoing loan-servicing fees, or break costs for those exiting a fixed rate early.

It’s these potential pitfalls that really bring the broker role into focus.

As Smith says, “Refinancers are an important segment for brokers, making up about a third of their customer base. In the current environment, we expect these borrowers will continue to seek expert guidance from brokers who understand their needs, provide accurate information and explain their loan options.”

Beyond Broking.

Unlock more with Aussie property hub

Aussie has been a leading force in mortgage broking since 1992 - and we’re evolving again.

The Aussie property hub model positions franchisees at the centre of the entire property journey, offering not just home loans but also conveyancing, buyer’s agents, insurance, and more.

This full-service approach transforms your brokerage into a scalable business with multiple revenue streams, underpinned by Australia’s most iconic mortgage broking brand.

Our latest move is your opportunity.

Empowering a new wave of borrowers

Alt-doc lending has never been more important for Australia’s entrepreneurs. Non-bank lenders are here to seize the moment

IN A lending landscape where traditional income documentation can often shut the door on capable borrowers, alt-doc lending remains a vital funding pipeline for gig workers, entrepreneurs, the self-employed and other Australians with non-traditional income streams.

With demand on the rise, non-bank lenders like Pepper Money, Liberty, Resimac and Bluestone Home Loans are positioning their alt-doc products as a way of standing out in a competitive lending market.

MPA caught up with the biggest players in the alt-doc scene to hear about the latest developments.

A key differentiator

Around a third of Pepper Money’s customers use alt-doc loan options, making them a significant part of the non-bank lender’s loan book.

“Alt-doc lending isn’t just something we offer; it’s a core part of how we help more Aussies to succeed,” said Pepper Money’s general manager, mortgages and commercial lending, Barry Saoud.

“It’s a clear reflection of our commitment to helping more people succeed by offering helpful, real-life lending options that meet customers where they are.”

Saoud expects alt-doc demand to remain steady in a falling rates environment – or potentially grow. He said, “Rate cuts often stimulate borrower activity, including refi-

nancing, business investment and expansion, which are common drivers among selfemployed applicants. Many self-employed and non-standard-income customers still face documentation challenges, regardless of rate movements.”

The story is similar at non-bank lender Liberty, where chief distribution officer David Smith told MPA , “As interest rates fall, we’re seeing growing demand from borrowers seeking flexible lending solutions. Alt-doc products allow us to support

Athanas, the non-bank lender’s general manager, sales and distribution.

Having competitive alt-doc products and policies allows Resimac to support a wider range of customers, especially self-employed individuals and those with more complex financial situations who may not meet the criteria of traditional lenders.

“This capability is particularly effective when partnering with our brokers, whose expertise and understanding of these clients help us deliver smart solutions that truly

“We expect demand for alt-doc loans to keep growing, especially if rates fall further. Lower rates can bring more borrowers into the market ... But many still won’t tick every traditional box”

Tony MacRae, Bluestone Home Loans

a diverse range of borrowers as they navigate changing market conditions, particularly the self-employed and those with irregular income.”

Alt-doc lending is also a vital part of Resimac’s home loan offering. “It not only represents a growing segment of our loan book but also reinforces a point of difference in a highly competitive market,” said John

meet their needs,” Athanas said.

Clearly, alt-doc lending is a killer app for non-bank lenders, helping them carve out a piece of the lending market despite being up against the might of the majors. But the fundamental purpose of alt-doc lending shouldn’t be forgotten: to help borrowers who are unable to secure funding from those very major banks that dominate

“Alt-doc lending is empowering a new wave of entrepreneurs to thrive”

David Smith, Liberty

Australia’s financial markets.

Tony MacRae, chief commercial officer at non-bank lender Bluestone, gave an example that perfectly encapsulated this fact.

“One of our brokers recently brought us a great case – a former nurse who’d taken the leap to start her own catering business,” MacRae said in a conversation with MPA “In less than a year, she was running a successful operation, but when she went to her bank to apply for a home loan, the door

was firmly shut. Why? Because she didn’t have two years’ worth of tax returns.”

Rather than turning the customer away, Bluestone assessed six months of business activity statements, and “with a solid view of her growing business, we were able to verify her income and understand her position”, said MacRae.

“Thanks to our flexible approach, she got the green light on her home loan and the keys to her new apartment.”

Rejected from traditional lending routes Alternative income streams

Non-standard employment, eg self-employed, gig-economy worker

Flexibility of non-bank lenders

ATO tax debt

SECTOR FOCUS: ALT-DOC LENDING

NEARLY TWO THIRDS OF AUSTRALIAN BUSINESSES

AS SELF-EMPLOYED (AS OF JUNE 2024)

“[Alt-doc lending] reinforces a point of di erence in a highly competitive market” John Athanas, Resimac

Evolution and transformation

Resimac is “continuously evolving our alt-doc o ering to meet borrower expectations and market needs”, said Athanas. This includes using technology to streamline the end-toend process and enhance the broker and customer experience.

“We also engage regularly with our broker network to ensure that our product suite continues to meet the needs of their clients and remains among the most competitive in the market,” he added.

To offer more flexibility, Pepper Money recently increased its maximum loan amount to $2.5 million on prime products and $3 million on near prime, provided the applicant provides an accountant’s letter.

The group has also launched a fully digital workflow “that transforms how brokers, customers and accountants manage selfemployed financial declarations and accountant letter documentation”, said Saoud.

He added, “This is more than just a tech upgrade – it’s a game changer for the self-

employed segment. By digitising a historically manual process, we’re giving brokers greater control, improving turnaround times and enhancing the overall experience for all parties involved.”

Liberty recently updated its tax debt consolidation options for low-doc borrowers and strengthened its serviceability assessments to help even more customers on alternative income streams.

This came in handy when Liberty recently assisted a self-employed applicant with a rapidly growing business who was “juggling a home renovation loan and a business loan, among other debts, and finding it hard to keep up with repayments”, explained Smith. By assessing BAS statements and recognising an upward trend in earnings, Liberty helped the client consolidate debts for better cash flow management.

“Scenarios like these are not uncommon for Liberty,” said Smith. “We o er brokers hands-on support, including access to our skilled team and specialised training to help them confidently navigate complex deals and find a solution that fits.”

In addition, Liberty has released a suite of updates across its home loan products to further support homebuyers with their borrowing capacity. These include 40-year loan terms and increased loan limits for fulland low-doc products.

Bluestone is also evaluating its product suite “to ensure it aligns with the evolving needs of our customers”, said MacRae.

Later this year, for instance, Bluestone intends to introduce alt-doc construction and commercial loans, “which we believe will close a gap in our o ering as we strive to be the preferred broker partner for all specialised lending”.

Bluestone is also refining its originations platform to streamline the credit-decisioning process. “This is part of a broader initiative to respond to shifting borrower profiles and the growing demand for faster and more flexible lending solutions,” said MacRae.

Source: Australian Small Business and Family Enterprise Ombudsman

At Loan Market, ambition has no limits.

Whether you’re wanting to accelerate your business growth or looking to fast-track your career in broking, we’re here to empower you.

Specialist

Continuous

Superior client experience

Partnership with Ray White

Ready to join Australia’s most productive and progressive broker community?

SECTOR FOCUS: ALT-DOC LENDING

New customer trends emerging

Every lender interviewed by MPA said the same thing: Alt-doc lending is becoming even more important for the growing cohort of self-employed Australians.

“Alt-doc lending is empowering a new wave of entrepreneurs to thrive,” said Smith. “We’re seeing more freelancers, gig workers and self-employed borrowers turning to alt-doc solutions. Many of these borrowers have non-traditional income streams or experience seasonal and irregular income patterns, which could make accessing finance through the major banks more challenging.”

Saoud is seeing more younger entrepreneurs and gig-economy workers turning to alt-doc loans, alongside a rise in borrowers with unique financial structures needing alternative ways to prove serviceability.

“As awareness of alt-doc lending grows, more borrowers are proactively seeking these solutions – not just as a last resort but as a preferred option that better reflects their financial reality,” he said.

For example, Pepper Money recently supported a self-employed couple facing a cash flow crunch after a surprise tax bill. Six years into running their own childcare business, the pair had seen steady income growth, but a $150,000 tax debt was creating serious financial pressure.

“They had no adverse credit and a solid repayment history, but the ATO debt meant their monthly commitments were becoming unmanageable,” said Saoud.

The couple’s property was valued at $2.5 million, with a $1.5 million home loan. Their goal was to refinance to $1.65 million to consolidate debt and regain control of their finances.

Ultimately, Pepper Money’s alt-doc product allowed the couple to streamline their repayments and refocus on running their growing business.

“It’s a great example of how we work with self-employed borrowers who don’t fit the traditional lending box,” said Saoud.

ATO debt is evidently a running theme in the alt-doc space.

In one of the most unique recent scenarios at Resimac, the lender worked with a client looking to refinance their owner-occupied home and release equity to purchase an investment property.

An issue occurred when the borrower’s quarterly BAS showed a higher ‘owed to ATO’ amount than previous quarters. “Looking into this, it was identified this spike was due to a one-off vehicle purchase made through the business,” Athanas explained.

“Working closely with the broker, we obtained the vehicle invoice and an accountant’s letter verifying the timing and one-off nature of the purchase. By isolating and excluding the GST expense related to this vehicle, we were able to accurately assess the client’s financial position and approve the higher loan amount needed to support their investment goals.”

traditional income streams, the need for flexible documentation solutions will only increase. Technology will also play a key role, as we’re making it easier and faster to validate income and process applications.

“We also anticipate greater awareness and acceptance of alt-doc options among brokers and customers alike, especially as we ramp up our investment in education.”

Athanas anticipates continued growth in alt-doc lending at Resimac, “driven by evolving borrower profiles and the expanding role of brokers in identifying and securing finance solutions for these customers”.

Alt-doc lending can also help to strengthen broker relationships with key referrers like accountants, who often have long-standing connections with clients that fit the alt-doc profile.

“This trusted network of support benefits all parties and positions alt-doc lending as a vital and expanding part of the mort-

“We’re giving brokers greater control, improving turnaround times and enhancing the overall experience for all parties involved” Barry Saoud, Pepper Money

An optimistic outlook

“We expect demand for alt-doc loans to keep growing, especially if rates fall further,” said MacRae. “Lower rates can bring more borrowers into the market, including those who might be refinancing or applying for the first time. But many still won’t tick every traditional box.

“As work and income patterns continue to shift, more people will need flexible options, and more brokers will be looking to lenders like Bluestone who know how to work with alt-doc scenarios.”

Saoud added, “As more Australians embrace self-employment, gig work and non-

gage landscape,” Athanas said.

At Liberty, Smith has already seen an increase in demand in the early stages of a falling rates environment. “Lower rates typically encourage borrowing, and with more Australians embracing self-employment and gig work, the need for flexible lending solutions continues to grow,” he said.

As borrower profiles continue to shift outside of the traditional mould, there is no doubt that the need for alt-doc options –which are evidently the forte of alternative lenders – is only going to increase.

This should be music to the ears for brokers seeking out fresh opportunities.

Surprisingly simple unsecured lending for commercial brokers

Help clients access up to $500K fast with ANZ GoBiz digital application. Funds available in just 2 days of signing up.

Music to your ears. Contact us.

Tech, trust and tailored advice:

AUSTRALIANS TURN TO BROKERS

BY THE close of 2024, mortgage brokers were responsible for 76% of all new home loan originations in Australia — the highest proportion ever recorded. The figure is more than just a milestone; it is a reflection of shifting borrower behaviour in a housing landscape marked by complexity and choice. Australians are increasingly placing their trust in brokers not merely for access to competitive rates but for guidance through the intricacies of lending. With access to a broad panel of lenders and the ability to simplify the loan process, brokers are

becoming indispensable to homebuyers navigating a crowded marketplace.

Yet the rising numbers tell only part of the story. Behind the scenes, Australia’s leading brokerages are investing in operational efficiency, adopting smarter technologies and honing service delivery to drive better outcomes. In a market that remains fiercely competitive, their focus on continual refinement is paying dividends.

From bespoke financial advice to consistently high conversion rates, the country’s top-performing brokerages are now

$607m: total settlements from 1 January 2024 to 31 December 2024

$1.88bn: total loan book value (all loan types)

80%: conversion rate

11.9: years in operation

14: number of active loan writers at Top Brokerages as of 31 December 2024

*Note: All figures represent

$478m: total settlements from 1 January 2024 to 31 December 2024

$1.58bn:

12: number of active loan

at Top Brokerages as of 31 December 2024

“Clients often say they already have a broker, a planner and an accountant, but they don’t speak to each other. Our goal is to bring them together around a single plan”

William Xin, XIN Mortgage

setting new benchmarks – not just in volume but in the quality and reliability of service that borrowers have come to expect.

As this year’s top brokerages show, better results often come down to the right foundations:

• support systems that free up brokers to focus on relationships

• client education and long-term financial guidance that builds trust

FROM THE SPONSOR

Bankwest is excited to once again sponsor MPA’s Top Brokerages in 2025.

Brokers play a critical role in helping customers reach their home ownership goals, and it’s important to celebrate their achievements. That’s why we’re honoured to be a part of MPA’s Top Brokerages report, shining a light on brokers who demonstrate excellence.

We pride ourselves on the collaborative relationship we

• prioritising broker support through mentorship, compensation pathways and deal collaboration

• more brokers handling complex deals and business lending, so clients don’t have to look elsewhere

• a team culture shaped by respect, honest communication and a focus on people first

Leading the way is Simplicity Loans & Advisory, ranked No. 1 for the third year. The Sydney-based brokerage credits its success

have with brokers when it comes to creating secure, uncomplicated and genuinely useful digital banking experiences.

recognises 50 standout firms based on verified performance data across three key metrics in the 2024 calendar year:

• total settlements

• loan book size

• conversion rate

To qualify, each brokerage needed at least five loan writers operating from a single Australian o ce, with data verified by their aggregator.

While competition was intense across the

“No deal is just a number on a loan book. Each client represents a long-term relationship and a long-term financial vision”

Son Pham, Rethink Financing

to a work environment where people feel supported and take pride in what they do (see profile on page 32).

“We believe in doing good business with good people, and we take pride in the calibre of our work and the relationships we build,” joint managing director Jean-Pierre Gortan says.

MPA’s 2025 Top Brokerages report

board, the results reflect a broker channel that is maturing and gaining strength.

That view is backed by PEXA Group’s latest Mortgage Insights data:

• Brokers settled $115.06 billion in new residential home loans in Q4 2024, the highest quarterly total on record.

We continually strive to be the best bank for brokers in Australia by providing outstanding support and simple and e cient processes that deliver a smooth experience for their customers.

• 141,872 new loans were issued in the June 2024 quarter, a 25.1% increase from the previous quarter.

• The mortgage broking industry grew to $6.2 billion in value, with a 10.6% annualised growth rate over five years.

• Refinancing activity declined 11.9% in FY24, with a slight drop in total value, pointing to a pivot towards new lending over switching.

• Victoria led the country for new property loan demand in FY24, recording 136,461 new loans despite more overall settled transactions in Queensland and New South Wales.

The Australian market has moved through a period of change. As the fi xedrate expiry wave passed, new lending surged in the June 2024 quarter and borrowers returned to the market, often with more complex needs and higher expectations.

Several trends are shaping the broker channel in 2025 and beyond, according to BrokerEngine:

• Buyers are returning after a period of uncertainty, creating an uptick in new lending activity.

• Complex deal types and tailored lending strategies are in demand.

• Brokers are responding with better

Ian Rakhit Bankwest General Manager, Homebuying Distribution

TOP BROKERAGES 2025

What the averages show across this year’s Top 50 brokerages:

• Total settlements rose by nearly 27% year over year to $607m, up from $478m in 2023.

• Loan book size increased to $1.88bn compared to $1.58bn a year earlier.

• Conversion rate climbed to 80%, up from 76%.

• Brokerages reported larger teams of 14 loan writers and slightly lower operational tenure at 11.9 years.

Top-tier firms widened the gap, but gains weren’t limited to the frontrunners. Median performance increased year over year, and the bottom 10 brokerages posted the sharpest rise in settlement volume.

tech, stronger compliance and more specialised service.

• The duty to act in the client’s best interest has reshaped how advice is delivered.

• AI and automation are freeing up time for more valuable client conversations.

• Brokerages are building highly skilled teams, support functions and referral networks.

The top-ranked brokerages are in lockstep with these broader industry trends and leading in areas such as:

• team specialisation

• AI and automation

• diversification and tailored strategies

• client life cycle and retention

Stronger results across the board

Australia’s top 50 mortgage brokerages showed solid momentum in 2024, improving performance across the board.

That kind of operational focus is what separates the best-performing companies from the rest, says Joanna James, chief development officer at the FBAA.

“A top brokerage firm in 2025 should be

METHODOLOGY

To find the Top Brokerages of 2025, MPA invited Australian brokerages to submit their figures for the period 1 January to 31 December 2024. The online form also asked for details such as the number of active brokers working at each brokerage, as well as its total loan book value and conversion rate.

To be eligible, brokerages needed to have five or more loan writers in a single office headquartered in Australia. Aggregator information was also provided by applicants, and their aggregators were then required to verify the details submitted.

The final ranking was weighted across three areas: total loan book size, total settlements in the specified 12-month period and conversion rate. Each brokerage was ranked in each of these areas, and the ranks were then combined to produce a final tally.

MPA’s Top Brokerages 2025 report is proudly sponsored by Bankwest.

one that has the perfect mix of truly personalised service with top-shelf efficiency in processing,” she says.

“Top brokerages will be utilising tech in a safe and secure way to leverage their value proposition for clients. Additionally, they will have diversified offerings that consider the holistic nature of clients’ lending needs.”

David Smith, head of distribution at Liberty, agrees: “A top brokerage should be a trusted guide, backed by the right people, processes and partnerships to deliver value at every step. That means staying agile, informed and deeply connected to client needs.”

What’s driving the best mortgage brokers to the top?

According to MFAA CEO Anja Pannek, top-performing brokerages share a consistent focus on finding smart ways to scale without losing sight of the client.

“One of the most e ective ways brokerages can grow revenue is by expanding their capacity through smart resourcing –aligning roles and responsibilities to maximise e ciency,” she says. “This frees up time for brokers to focus on revenue-generating activities and delivering value to more clients.”

That ability to free up capacity through streamlined operations depends largely on well-integrated systems, supported by the right tools. Pannek says that means harnessing tech that works in the background while brokers concentrate on service.

“Smart use of AI and open banking enables brokers to provide faster, more personalised solutions that meet evolving borrower expectations.”

But it’s not just about automation for e ciency’s sake. The best brokerages are deliberately choosing tools and workflows that amplify their ability to educate, engage and retain clients.

“Top-performing brokerages also find opportunities to diversify,” Pannek notes. “Value-added services can be an excellent way to expand revenue streams while deepening client relationships.”

and keep the business running e ciently.

For example, its platform has automated loan anniversary rate reviews and two-year home loan health checks to ensure clients are on the proper lending structure.

“By leveraging these systems, our brokers can focus on income-generating activities such as sales and relationship-building,” says Xin. “This boosts satisfaction and leads to more repeat and referral business.”

Over 50% of its business comes from a robust referral system of accountants, buyers’ and real estate agents, and satisfied clients. Liberty’s Smith praises this type of approach to attracting new clients, which he feels in today’s market relies on being proactive, visible and consistent.

“Top brokerages are investing in their digital presence to ensure they’re easy to find, easy to engage with and clear about the services they o er,” he explains.

A trio of Australia’s top-performing brokerages explain how they achieved standout results by building reliable systems, improving how deals move through the pipeline and creating more space for meaningful client work.

“We are good people doing good business. The quality of the team is everything, and they are the ones who’ve delivered the results”

Dean LaFrenais, InReach Finance

Its brokers maintain proactive relationships with BDMs and lenders, strategising through every deal to get the best client outcome.

Rethink Financing

– Rank No. 16

“No two clients are the same, and we treat each scenario uniquely,” Pham adds.

XIN Mortgage –

Rank No. 6

With headquarters in North Sydney and branch offices in Sydney and Chatswood, XIN Mortgage director William Xin oversees a 36-broker team supported by local and o shore sta who handle loan applications, post-settlement services and client service.

XIN Mortgage built its CRM system from scratch, creating processes that connect easily

This top-performing Liverpool-based brokerage’s consistency is anchored in a dual focus on strategy and structure. As part of the Rethink Group network, with affiliated offices across major Australian cities, Rethink Financing’s team focuses on building the best-fit finance strategy early and supporting clients as they search for the ideal property.

“This avoids rushed decisions and leads to higher-quality settlements,” managing director Son Pham says. “By the time a client is ready to purchase, our team is already in execution mode.”

That, combined with the brokerage’s CRM, automation and templated workflows, ensures high conversion rates and that nothing falls through the cracks. Pham credits a blend of long-term client focus and operational readiness as key to sustaining high conversion and settlement rates, even in an unpredictable market.

As the MFAA’s Pannek puts it, “To be a top-performing brokerage, businesses must be customer-obsessed, agile, have a clear and distinct value proposition and be constantly looking for opportunities to evolve.”

Rethink Financing’s approach reflects that ethos.

TOP BROKERAGES 2025

Smith from Liberty echoes that sentiment: “The best brokerages are using technology to streamline, stay connected with clients and make smarter decisions. They understand that leveraging technology is not just about automation but also integration. When brokers can plug into lender systems and get real-time updates, it makes the process smoother for everyone.”

Strategic moves towards progress

Tightening credit, vanishing refinance incentives and changing lender appetites tested Australia’s top brokerages in 2024. However, the elite proved they could adapt quickly and strategically with a mindset geared towards long-term resilience and recalibration.

Smith notes, “FY24 was challenging for many borrowers, and brokers were right there in the thick of it. With interest rates and a ordability putting pressure on borrowing capacity, brokers had to work harder to find the right fit for their clients.”

InReach Finance – Rank No. 38

To help brokers stay client-facing in a buoyant regional market, Balcatta, WA-based top brokerage InReach Finance segmented its back-o ce sta into three key areas:

• data collection and management

• lodgement

• post-approval

“Our client group is heavily focused on first home buyers, which requires strong education,” says managing director Dean LaFrenais. “We can’t provide that without a solid back end.” LaFrenais credits those changes and his team’s expertise for making the brokerage more organised, responsive and productive. Its

workflow system was recognised at a recent annual awards ceremony, a testament to the operational backbone that keeps the business humming. “Workflows are a real strength for us,” he says.

Industry experts agree on the importance of digital tools in scaling, e ciency and visibility, especially when combined with service and human connection.

“Technology is at the centre of all parts of a broker’s world,” says the FBAA’s James. “Top brokerages are using it not just to automate tasks but to reinforce their value and protect client data. The gap between what tech can do and what brokers bring is narrowing, and that demands ongoing evaluation and integration.”

What will set the top brokerages of the future apart is a commitment to consistent innovation, and the ability to evaluate tech for suitability and integrate it within their business system, she adds.

James adds that clawback was another ongoing pressure, citing the FBAA’s commissioned research showing that 94% of brokers had settled loans a ected by clawback in 2024.

“Borrowers were also grappling with a fast-moving property market and tightening servicing restrictions,” she says. “That made it tougher to secure the right loan, even when demand was strong.”

At XIN Mortgage, rate hikes posed the biggest challenges, along with tightening serviceability and policy. The sudden drop in refinance rebates from lenders prioritising retention delivered a direct hit.

“It caused almost a 50% drop in our refinance volume,” notes Xin. Instead of retreating, the firm focused on two areas:

• Education: It ramped up BDM catch-ups, cross-team learning and case studies, especially for non-bank lenders, SMSFs and commercial, enabling brokers to expand beyond major bank financing.

• Diversification: The team emphasised complex deals, including SMSFs, family trusts and businesses, where more value could be added.

“Our in-house financial planning business helps us deliver comprehensive advice, not just for one deal but for the client’s future plans as well,” Xin adds. “We also built a commercial lending team focused on business loans, equipment finance and development loans.”

Rethink Financing’s Pham states that while 2024 was undeniably challenging, the team was built to anticipate and absorb uncertainty.

“We approached every deal with a risk-conscious mindset, structuring finance solutions that could withstand rate rises or policy shifts without putting the client under pressure,” he says. “Our goal is always to future-proof our clients, so they feel supported even when the market shifts beneath them.”

Communication also played a central role, contributing to trust and enabling clients to keep moving forward rather than stalling at short-term hurdles.

“We’re confident that as conditions improve, many of these clients will return, and we’ve already built the systems and processes to serve them efficiently when they do,” Pham says.

InReach Finance’s LaFrenais says the brokerage’s small and collaborative team stood it in good stead in conquering the market challenges of the past few years.

For example, brokers regularly share their knowledge and experience with team members about lender products and bank processes, so everyone is at the leading edge.

“We moved from rote weekly check-ins to monthly sessions where we bring in lenders for policy updates,” LaFrenais adds.

“Then we debriefed as a team, and that helped us navigate the tough times. I’ve got brokers who’ve been with me for nearly a decade, so it’s a stable team.”

UNDERSTANDING THE DATA

Retaining talent, building staying power Talent retention remains one of the industry’s ongoing challenges, and the top brokerages have successfully engaged, supported and encouraged their teams to perform at the highest level.

XIN Mortgage has taken a structural approach, designing support systems and career pathways that take pressure o brokers and give them room to grow – including a hybrid compensation model combining salary and commission for new brokers.

“Because of the high cost of living, especially in Sydney, cash flow is tough on brokers during the early months,” says Xin. “Once they build a stable client base and lead flow, they transition to full commission. It helps them focus on growth rather than survival.”

Senior brokers also attend early client meetings with junior brokers to help guide conversations and improve conversion outcomes. It’s a mentorship model that aims to build confidence from the outset.

At Rethink Financing, the culture is tightknit by design. “To me, my brokers are like family, and that’s how we operate,” Pham says.

To keep the team motivated and engaged in a competitive environment, the brokerage prioritises one-on-one training through regular

On paper, the average brokerage on MPA’s 2025 list had a slightly larger team than the year before – 14 loan writers, up from 12 – and posted stronger performance across most key indicators.

The top 10 brokers handled more volume than in 2023. The median grew. The bottom 10 made the largest leap. Size wasn’t the defining factor. Firms that executed with focus and discipline moved ahead.

The results show that brokers are competing through service, technology and e ciency rather than relying on scale.

deal reviews and individual support for skills development. That support also extends outside of the workplace.

“We eat together, laugh together and celebrate our wins as a team,” he says. “That genuine sense of care and connection creates a culture where people want to show up, grow and succeed. I look after them and they look after me.”

At InReach Finance, it’s less about management techniques and more about the kind of people LaFrenais brings on board.

“I hire based on the person, not just the skill,” he reflects. “Our team comprises people from di erent backgrounds who all get along well. We like each other’s company and have fun. But when the pressure is on, we knuckle down.”

Its team culture is grounded in mutual respect and shared goals.

“We do social things such as monthly lunches and go on a couple of big outings yearly,” he says. “It makes people feel valued. I’m fortunate because they’re just great people.”

Building trust and long-term relationships

A consistent theme emerged across this year’s top-performing brokerages: educating clients, earning their trust and delivering solutions tailored to their complete financial picture.

TOP BROKERAGES 2025

XIN Mortgage’s new clients benefit from education, which helps to build trust. The team focuses on long-term strategy and the appropriate product in the first meeting.

“We challenge clients to think ahead: Should they borrow under a company or a trust? Should they structure for future investment?” Xin says. “We want clients to feel like they’re working with someone knowledgeable who adds value beyond a single deal.”

Existing clients, meanwhile, can take advantage of the brokerage’s ongoing service, which includes post-settlement reviews, check-ins and rate updates. “That strengthens trust and drives referrals. Even if a broker leaves, clients stay and ask for a new broker. That speaks to the strength of our relationships.”

Rethink Financing stands out because it takes the time to o er straightforward advice, follows through carefully and always puts the client first.

“We won’t stop until we’ve found the optimal solution,” Pham says. “That builds

trust, which translates into confidence.”

Smith points out that today’s borrowers are more informed and empowered. “They know what they want and expect a seamless experience. That’s driven brokers to be more transparent and responsive.”

James has also seen clients become more aware of data security around financial data.

“Borrowers are asking more stringent questions about how their data will be used and the security around the process,” she says. “Top brokerages are becoming more proficient in not only utilising this technology but communicating to their clients the measures they have in place to protect their information.”

Rethink Financing also operates with a longterm focus, and Pham’s background in financial planning helps shape that mindset.

“We’re not just chasing short-term wins; we’re helping clients build sustainable wealth,” he says. “That perspective ensures our solutions align with their bigger financial picture, making our advice strategic and enduring.”

Similarly, the InReach Finance team invests heavily in initial conversations with clients, including various components to assess loan readiness.

“Some clients aren’t ready because of credit or spending issues, and we don’t rush into applications. I tell my team we’d rather walk away than force a deal,” LaFrenais explains.

This patience and thoroughness led to a more reliable pipeline, stronger conversion, and borrowers who felt ready to move forward with confidence. In the past year, the top brokerage has strengthened its brand online, focusing on Google reviews. By mid-2025, it had amassed close to 180 reviews and a 4.9 average rating.

“I’m not afraid of a bad review; it shows we’re real,” LaFrenais adds. “The clients are honest and name their brokers and back-o ce sta , which helps connect the team.”

Why the best kept getting better

The brokerages that rose to the top in 2024 increased their numbers, tightened operations, built reliable teams and stayed focused on clients’ needs. Their results came from consistency, not shortcuts. What pushed them ahead:

• systems that reduced distractions and improved flow

• advice centred on long-term client goals

• teams built on trust, training and distinct roles

• a steady commitment to relationships over volume

As part of our editorial process, Key Media’s researchers interviewed the subject matter experts below for an independent

TOP BROKERAGES 2025

SIMPLICITY LOANS & ADVISORY

Simplicity Loans & Advisory has built its reputation for managing complex deals while keeping its focus on the people involved.

The award-winning team knows the technical side from every angle, but what sets it apart is the trust it earns by staying present, clear and committed throughout the process.

“We take a hands-on, solutions-focused approach, navigating complex financial landscapes with precision and speed,” says joint managing director Jean-Pierre Gortan. “Clients trust us because we deliver, and referral partners choose us because we’re reliable, knowledgeable and genuinely care about the outcome.”

The leadership team played a big part in driving the brokerage’s momentum. Joint managing directors Gortan and Matthew Johnson work alongside general manager Ryan Nelson to set direction, manage risk and keep the business running smoothly.

Gortan brings extensive industry experience and a clear long-term view. Johnson focuses on results and strong relationships, while Nelson drives the systems and culture that keep everything moving. They’ve created a team where high performance is the standard and brokers have the tools and support to deliver.

That blend of skill and trust has shaped the firm’s commercial and construction lending reputation. Simplicity works with seasoned investors and developers, often on bigger projects, and helps them make financing decisions that fit their overall financial goals.

Success factors

The team includes brokers hired for mindset as much as experience, and training is ongoing. New hires receive mentorship from senior leadership and access to tailored professional development in commercial and construction finance.

“We look for people who share our values of integrity, diligence and a commitment to excellence,” Gortan adds.

Simplicity has grown steadily by expanding its Marketplace referral network, bringing in more partners and building stronger connections across the industry. As that network took off, the team focused on tightening operations behind the scenes to keep everything running smoothly.

Revenue growth has come from measured choices, including investing in better systems, hiring the right people and strengthening lender relationships, all while maintaining a high standard of service.

“We’ve focused on scaling sustainably by bringing in experienced professionals, refining internal processes and adopting technology that enhances efficiency and visibility,” he explains.

Client retention remains one of Simplicity’s strongest indicators of success. Its communication approach is proactive and personalised, with clients receiving regular updates, straightforward advice and direct support well beyond settlement.

“Long-term relationships are at the heart of our business, and many clients have been with us through multiple projects and milestones,” notes Gortan.

Phone: 1300 022 022

Email: enquiries@simplicity.net.au

Website: simplicity.net.au

Long-term goals

MPA has recognised Simplicity Loans & Advisory as the top brokerage in the country for 2025, awarding it the No. 1 national ranking for the third year running.

To sustain this achievement, the brokerage has set its sights on:

• expanding its market presence across Australia, with offices in Queensland and Victoria – markets key to the team

• investing in digital tools to support brokers and enhance the client experience

• broadening its product offering in specialised lending

“Our clients and partners can expect responsiveness, transparency and a genuinely caring team,” Gortan says.

“Whether it’s a straightforward loan or a multimillion-dollar transaction, we bring the same level of diligence and commitment.”

$6.79bn

Total loan book value (all loan types)

$1.91bn

Total value of settlements (all loan types) from 1 January to 31 December 2024

91%

Conversion rate of loans settled or written

Bankwest’s Ian Rakhit (second from left, front row) presents the Top Brokerage 2025 award to the Simplicity Loans & Advisory team led by Jean-Pierre Gortan (third from left, front row)

Building Success Together

Build your broker business with a trusted partner

BROKERS ON AGGREGATORS 2025

MPA’s annual rankings are in, revealing how brokers evaluated Australia’s leading aggregator groups in 2025. Key criteria included perennial priorities such as commissions, lending panel quality, compliance, and IT, CRM and BDM support

AGGREGATORS ARE RISING to the brief, delivering the non-negotiables brokers count on. But as tech evolves at breakneck speed, expectations rise and the need for scalable support grows, those investing in brokers’ long-term success are shaping the next chapter.

MPA’s 15th annual Brokers on Aggregators survey shows that broker priorities have barely budged in three years. Accurate, on-time commission payments, lender panel quality, and reliable IT and CRM support top the list. Brokers measure aggregator value against these core services, as their comments illustrate:

• “Excellent commission assistance”

• “Broad lender panel allows us to match clients with the right solutions”

• “Provides tools to stay competitive: the best CRM, training, and diverse products”

That trust hasn’t wavered, but neither has broker scrutiny. Nearly 79% say they’re ‘extremely unlikely’ to switch aggregators, and broker feedback on the fundamentals remains positive. Yet even as loyalty endures, expecta-

tions are rising. Brokers are more alert to underperformance in compliance, training and BDM support, all of which saw modest dips in satisfaction year over year. Meanwhile, lowertier services such as lead generation and marketing have taken a back seat. Brokers are prioritising reliability, strategic support and well-integrated business systems.

Partners in progress

The best mortgage aggregators are strengthening broker support where it counts, using targeted innovation to drive first-class client service and results. That said, MPA’s findings suggest the channel may soon face a test of its readiness for what’s next.

“Broker insights act as a real-time signal to inform discussions,” says Paul Herbert, AMP Bank’s head of lending and everyday banking distribution. “If there are issues around delays, policy confusion or poor digital tools, our leadership team collaborates directly with aggregators to co-create solutions that support our brokers.”

Indigo Finance’s managing director, Melanie Cunli e, adds, “What sets an aggregator apart

is their ability to act as a strategic partner, bringing together technology, people and tailored guidance to help brokerages grow sustainably.”

What separates good from great in 2025 is execution, strategic direction and the will to grow alongside brokers, not ahead of them, plus:

• broker-driven service models

• flexible systems

• responsive, personal support

According to the MFAA, brokers settled 76% of new residential home loans in the December 2024 quarter – over $115 billion, the highest quarterly total ever recorded. Aggregators powered the systems behind that momentum.

MPA’s data shows the share of brokers writing over $60 million climbing in 2025, highlighting a widening divide between highgrowth broker businesses and those scaling up. Aggregators are playing a central role in enabling that growth.

Take a data-backed look at who’s leading the aggregator pack and how broker ratings defined this year’s standouts.

BROKERS ON AGGREGATORS

TYPICAL RESPONDENT

METHODOLOGY Years in the industry

In MPA’s 15th annual Brokers on Aggregators survey, brokers were asked to rank their aggregators across 11 categories: accurate and on-time commission payments; IT and CRM support; quality of lending panel; communication with brokers; BDM support; compliance support; training and education; additional income streams; marketing support; white label o ering; and lead generation. Brokers could rank their aggregator with a score out of five in each category.

Due to the varying sizes of aggregator groups and disparities in the number of respondents, only those that achieved a response rate of at least 10% from their broker network were included in the final list.

MPA also asked brokers an additional question about their aggregator’s service and support, which did not impact the overall score.

What services are most important to brokers?

BROKERS’ TOP PRIORITIES

Brokers back aggregators that deliver on core services, where reliable pay, practical tech and lender choice define value – and loyalty is earned

BROKERS HAVE long prioritised getting the basics right, and aggregators that excel at support, service and trust are locking in loyalty.

Satisfaction rebounded in 2025, with 79% saying they’re ‘extremely unlikely’ to switch aggregators, up from 74%, though still 1.6 points below 2023. This reflects loyal relationships overall and signals that brokers weigh value and performance more carefully. That more exacting lens hasn’t gone unnoticed by lenders. Bankwest, for example, partners with aggregators on learning and education events. “In the last 12 months, we’ve supported over 150 aggregator-run professional development opportunities, helping brokers build their businesses and support customers throughout their lives,” says Ian Rakhit, Bankwest’s general manager of homebuying distribution.

In 2025, 5.7% of brokers said they were likely to switch aggregators, down from 9% in 2024 but on par with 2023. What’s changed is intent: more brokers in this group now say they’re extremely likely to leave. This segment likely includes high-performing or growth-focused brokers with rising expectations around service, transparency and strategic support.

Brokers highlighted what keeps them on board:

• “Gives us data insights, automation and the tools to stay competitive”

• “Makes sure I’m across everything and doesn’t interfere in how I run my business. It’s a win-win; they succeed when I do”

Broker ratings for commissions were tightly contested, with just 0.157 points separating the top three aggregators

The top three reasons brokers consider leaving their aggregator have remained consistent since 2023, centred on commission accuracy and IT, CRM and BDM support.

True to form, commission payments have ranked as brokers’ top aggregator service for five years, followed by lending panel quality and IT and CRM tools.

Among aggregators with over 600 brokers, the race was tight for accurate and timely commission payments. After slipping to bronze last year, National Mortgage Brokers reclaimed gold, and Loan Market held steady with silver. Connective took bronze, while last year’s gold medallist Finsure slid to fifth.

In the boutique aggregators group, Purple Circle Financial Services made a gold-medal debut, knocking last year’s champ MoneyQuest into a silver tie with Astute Financial Management. Liberty Network Services kept its hold on bronze.

While satisfaction with fees and commission splits remains favourable overall, with nearly 68% ‘very happy’ in 2025, contentment rose among top writers and fell among newer brokers. Tailored support is clearly vital across business stages, not just at the top end.

“Aggregators are the brokers’ strategic compass,” says Mat Rehayem, Pepper Money’s

head of white label and strategic partnerships. “Best-practice support removes the guesswork. Brokers need tools that surface the right lender fast and a panel that reflects the diversity of borrower needs. When tech and policy depth come together, brokers can deliver seamless solutions, even when the scenario is out of the box.”

As inflation cools and uncertainty lingers, brokers say the right mix of tools and support is helping them adapt and grow. Highlighting the support provided by their aggregator, one said: “Ensures I have the right tools to streamline processes, generate leads and provide better client outcomes”.

Among aggregators with over 600 brokers, Loan Market’s three-year climb paid off with a gold win for IT and CRM support, unseating two-time champ outsource Financial, which took silver. National Mortgage Brokers returned to the podium with a strong finish, displacing last year’s bronze medallist, Specialist Finance Group.

Two boutique aggregators, Purple Circle Financial Services and Nectar Mortgages, last year’s silver medallist, tied for gold, ending MoneyQuest’s three-year run at the top. MoneyQuest took silver, while Liberty Network Services retained bronze.

BROKERS ON AGGREGATORS

TOP 5 REASONS TO LEAVE YOUR AGGREGATOR

AGGREGATORS

BROKERS ON AGGREGATORS

HIGHLIGHTS: LENDING PANEL AND SUPPORT

QUALITY OF LENDING PANEL

WISH LISTS AND FRUSTRATIONS

Personalised service hits the mark, but execution, tech and cost gaps remain

BROKERS APPRECIATE

aggregators that combine expanded lender access with personalised support, ongoing education and client-based scenario discussions.

Right behind commissions, brokers continue to rank lender panel quality, IT and CRM support, and compliance and BDM support as their next-most-important services.

While lender panel quality has consistently placed second for four consecutive years, it only recently rose into the top four reasons for dissatisfaction, edging ahead of compliance support in 2025. That may reflect brokers’ heightened expectations around lender access in a more rate-sensitive environment.

Survey respondents noted where aggregators make the greatest impact:

• “They assist with engaging referral partners, and my partnership manager is always ready to support and accompany me to meetings”

• “Ongoing training with lender partners to be current on lender products, policies and niches”

Simplify Finance director Fabio de Castro says the connection between practical tools and strategic support is indispensable. “Aggregators who take the time to understand the intricacies that make each broker and business unique – including their niche markets, internal workflows and long-term goals – are far better positioned to provide

ARE HIDDEN

COSTS

IMPOSED

BY YOUR AGGREGATOR A PROBLEM?

meaningful, aligned support,” he adds.

For AMP Bank, broker insights increasingly shape strategic aggregator partnerships. “We have seen the advancements aggregators have made in adopting technologies to streamline the application process,” says Herbert.

Loan Market clinched its fourth straight gold for lending panel quality among aggregators with over 600 brokers in a nail-biting finish, edging out silver medallist outsource Financial. LMG (Plan, Choice, Fast) took the bronze, bumping last year’s third-place winner, Specialist Finance Group, off the podium.

Among boutique aggregators, Purple Circle

Financial Services rose from last year’s bronze to share the gold with Nectar Mortgages, which repeated its top finish. MoneyQuest stayed in the medal rankings, tying for silver with Astute Financial Management, while Liberty Network Services returned to the podium with bronze after missing out last year.

Broker sentiment around aggregator transparency recovered in 2025, with 81% saying hidden costs aren’t a problem, a return to 2023 levels after last year’s dip to 76% and approaching the high watermark of 90% in 2021. Minor complaints also eased to 14%, while major concerns edged down to 5%.

The view suggests that most aggregators have improved fee clarity and communication, helping reassure brokers after a shaky 2024. But with nearly one in five citing issues, there’s room to boost transparency further. For those brokers, execution remains the true test:

• “There are hidden fees and surprise audits, and the value doesn’t match the cost”

• “Poor commission split, especially for experienced brokers”

• “The feeling of not being included or acknowledged”

Broker satisfaction with aggregator-led professional development hit 91% in 2025, the highest level in three years. That marks

BROKERS ON AGGREGATORS

an uptick from 2024’s dip to 88%, suggesting aggregators have refined their approach in response to broker feedback.

The share of brokers who felt unsupported dropped to just 9%, reinforcing a renewed focus on education, diversification and business growth. Many aggregators are helping brokers explore new income streams, including commercial lending, through targeted training and resources.

As brokers face a more complex lending environment, aggregators investing in capability-building are increasingly seen as strategic partners.

Indigo Finance’s Cunliffe says, “This could mean developing tiered support models that go beyond loan writing and compliance, providing brokers with access to insights relative to where they are, such as leadership development or operational optimisation.”

That sentiment is echoed by Robyn Russo, director and mortgage broker at Foster Russo & Co., who says the best aggregators

offer education and tools, but also something more human.

“What sets an aggregator apart is the personal touch,” she says. “The owner of our aggregator stepped in to help with a complicated situation. That level of care makes a huge difference.”

Compliance support, BDM support and broker communication again rank fourth through sixth on brokers’ priority list. But each saw a modest year-on-year dip in satisfaction, suggesting brokers may feel some aggregators aren’t keeping pace with expectations.

Training and education slipped slightly in ratings to 4.37 out of 5 in 2025, down from 4.42 in 2023. While still considered essential, their downward trend may reflect a need for more tailored programs.

Lower-tier services, such as additional income streams, marketing support and white label offerings, remain flat in scores and clustered at the bottom of the rankings.

Ranked last again, lead generation holds a

BROKER PULSE: IS THE AGGREGATOR MODEL EVOLVING FAST ENOUGH?

Brokers were divided. Some say their aggregator is meeting the needs of modern brokerages, while others pointed to lagging tech, limited flexibility, or boilerplate support.

Tech moves forward, just not fast enough

• “They all have more room to progress, especially with integrating AI, but they are doing a good job so far”

Compliance is solid, but growth support varies

• “The current model is set up for historical smaller brokerages, not larger businesses. This doesn’t reflect the change from ‘one-man bands to brokerages’ that is taking place”

Flexibility and service win loyalty

• “Yes, it provides me a platform that enables efficiency through automation, leaving more time for a personalised experience with clients”

stagnant 3.0 rating, indicating brokers may value it but prefer to source it elsewhere.

How gold-winning aggregators earned their spots at the top

Loan Market – aggregator >600

Loan Market stands out by delivering on its promises to keep brokers safe, save them time and help them grow stronger, more profitable businesses. That means giving them the tools and confidence to build bigger books, lead high-performing teams and deliver more for their clients, all with the strength of a trusted consumer brand behind them.

“Being voted No. 1 by brokers and earning a medal in every category means more to us than any trophy on a shelf. It tells us we’re doing the things that matter to brokers, not just talking about them,” CEO David McQueen says.

Purple Circle Financial Services – boutique aggregator

Purple Circle’s success comes down to its

MARKET MOMENTUM: WHO’S DRIVING BROKER GROWTH?

Not everyone agrees on whether aggregators deserve credit for the broker channel’s rise or if they’ve even played much of a role at all.

Growth is broker-led, not aggregator-driven

• “I don’t think aggregators influence market share. They do little to attract clients to their brokers. It’s brokers and poor perceived service from banks that is behind the increase” Solid support, but more is possible

• “My aggregator provides strong foundational support. However, to push beyond the 76% [broker market share], more emphasis is needed on tools that drive client retention, digital lead generation and scalable business models” Aggregators could show market-leading leadership

• “In isolation, my aggregator and others are doing enough; however, as an industry, all the aggregators, MFAA and FBAA need to work better together to publicly advocate for the wider use of brokers”

ownership model. Every broker can earn equity in the business based on the value they contribute through loan settlements. That creates lasting alignment and gives brokers a voice, dividends and a shared stake in the business.

“We’ve operated on the belief that brokers shouldn’t just be customers of their aggregator; they should be co-owners,” says director Greg Pennells.

“It’s our reason for being and the foundation of everything we do.”

HIGHLIGHTS: LEAD GENERATION AND MARKETING

BROKERS ON AGGREGATORS

WHAT YOU'RE SAYING

With interest rates falling and optimism rising, MPA asked brokers how their aggregator was helping them adjust to an increasingly competitive broker market

“They have been a supportive force behind my business. The team is approachable, responsive and genuinely invested in helping brokers succeed. Whether it’s compliance, tech or just knowing someone has your back, they deliver”

“Keeps me up to date with matters that affect my business, encourages me to promote my business and ensures I am keeping compliant”

“Creating new revenue streams and upskilling in areas where technical competency lacks”

“They aren’t doing anything different. Marketing support is an additional cost, and I have trialled it before without success”

“Consistently keeps brokers well-informed and proactively sends emails to clients, encouraging them to review their loans for better deals”

“They’re not helping, but that partly has to do with my current focus. I’m a small broker, so I’m not on their radar”

“Great training, support and awesome communication”

“Token attempts have been made, but nothing compelling”

“Access to senior leaders to discuss issues and gain tips to set up business moving forward”

“They are keeping us aware of any interest rate adjustments that are coming through, offers from different lenders, and reviewing our current loans to ensure we’re on top of the client’s needs first”

“They have recently started business builder PD days rather than just lender product PD”

“Proactively seeking alternative and competitive product offerings within the existing lending panel”

BROKERS ON AGGREGATORS

FINAL RESULTS

MPA presents the final ranking of Australia’s top aggregators and boutique aggregators in 2025 based on brokers’ votes across 11 award categories

AGGREGATORS

BOUTIQUE AGGREGATORS

BROKER PARTNERSHIPS IN FLUX

Australia’s leading aggregators gather around the table to give

their

take on the state of mortgage broking in 2025

IT’S ALWAYS a sign of a great conversation when the clock outruns the agenda. Such was the situation at MPA’s latest roundtable, which brought together representatives of the biggest and best mortgage aggregators and two top brokerages to discuss the state of broking in 2025.

The spirited discussion covered themes as diverse as dispute resolution, recruitment, artificial intelligence and broker market share.

But if there was just one takeaway from this hour-long discussion, it was this: the broker-aggregator relationship is in a state of change.

The challenges of being a broker are intensifying amid rapid technological evolution, an increasingly demanding client base and sweeping regulatory changes. Add in the pressures of remaining competitive in a saturated mortgage market, not to mention the

simple logistics of running a small business, and there’s no doubt that aggregators need to step up and help brokers more than ever.

Discussing these matters and more around a tightly packed Cafe Sydney dining table were Blake Buchanan, general manager at Specialist Finance Group; Tanya Sale, founder and chief executive at outsource Financial; Gerald Foley, managing director at nMB; Brad Cramb, chief distribution

o cer at Lendi Group; Rob Thomas, national director at LMG; Them Lam, head of sales and distribution at AFG; Daniel Marsi, chief executive at Liberty Network Services; Phillip Horder, director, national panel partner solutions at Mortgage Choice; Mortgage Choice broker and franchise owner Belinda Sugars; and Robyn Russo, broker and director at brokerage Foster Russo & Co.

A packed table indeed.

How do you, as an aggregator, support brokers at different stages of their careers, while helping them attract and retain customers?

In what became a running theme throughout this hour-long roundtable, aggregators touted the many ways they work with brokers along their career journeys.

Phillip Horder at Mortgage Choice highlighted the group’s Broker Success Program

for new franchisees, which covers how to build a successful business, including marketing and lead generation.

“We also go through how to use our systems properly, because we’ve seen that this reduces the cycle time from submission to approval by about half,” said Horder. “So systems training helps new brokers get up and running quicker.”

Mortgage Choice has also built out the

THE PANELLISTS

AGGREGATORS

BROKERS

seven-month Peloton Program for franchisees poised for their next phase of growth.

“Peloton participants hear from internal speakers as well as external industry experts who share ideas, tips and growth strategies –covering everything from business planning and marketing to operations,” Horder explained. “Results from the program have been really encouraging – we’ve seen almost double-digit growth in additional settlements from last year’s cohort.”

At AFG, Them Lam discussed how not all brokers have the same goals in mind. “Some brokers want to create a lifestyle; some want to create enterprise businesses that one day they might want to IPO ... Our philosophy is more about understanding our brokers’ needs and serving them the way they want to be served,” he said.

Lam sees the critical importance of helping brokers with their customer relationships, saying: “Historically, over the 30 years of the industry, the focus has always been on resi-

dential home loans, write more home loans, write more home loans ... But how do we help our brokers better understand the holistic needs of their consumers and provide them the insights to serve them throughout the life cycle of their journey?”

Gerald Foley said that at nMB, “we’ve taken

back on what’s happened through the stages of their business and assess where to go next.

“Then we can have a conversation over ‘this is the way the portfolio is performing; let’s have a chat to better understand why’. So it gives our partners that really meaningful contact point,” said Foley.

“Not everyone joins the program, and that’s okay. For some, mortgage broking is a lifestyle thing; [they] just get on with it and do it their way. Others have a real drive to create that broker business.”

For Tanya Sale at outsource Financial, conducting an in-depth business review is an essential piece of the aggregator-broker relationship.

“The business review is, first and foremost, about knowing what our members are wanting to achieve or where they want to go,” said Sale. “Because if we don’t do that first and foremost, then we’ll have no idea what type of support mechanisms, processes or systems to put in place for them. That’s been extremely successful for us and allows us to then drive that business review with the member.”

The process also takes a lot of pressure and time away from the business owner, added Sale.

“We’re all about the broker not just being a mortgage broker – we want our brokers under outsource Financial to be really good business owners. And that’s how we position

“Half of new entrants to the market fail in the first couple of years … That tells me that as an industry, we have that part wrong” Blake Buchanan, SFG

the approach where we talk about the brokerto-broker business journey. Many prospects don’t come to us as a business, they come as a broker, and we help them evolve along the way to building a broking business.”

nMB has a Broker Benchmarking Program that allows both the broker and nMB to look

their journey with us all the way through.”

Daniel Marsi from LNS said the business “was founded upon o ering a high-touch support model – and this objective remains true today”.

Broker recruitment is a core focus for aggregators, noted Marsi. “We are attracting

Blake Buchanan General manager, Specialist Finance Group

Rob Thomas National director, LMG

Brad Cramb Chief distribution o cer, Lendi Group

Gerald Foley Managing director, nMB

Phillip Horder Director, national panel partner solutions, Mortgage Choice

Robyn Russo Broker and director, Foster Russo & Co.

Belinda Sugars Broker and franchise owner, Mortgage Choice

Tanya Sale CEO, outsource Financial

Daniel Marsi Managing director, Liberty Network Services

Them Lam Head of sales and distribution, AFG

AGGREGATORS ROUNDTABLE 2025

both new-to-industry brokers and those who have been broking for 20-plus years. For us, it’s about offering an adaptable model that supports all experience levels.”

Marsi touched on an important point: “We’ve found that what makes a good broker doesn’t necessarily make a good business leader or owner. Helping brokers understand this through leadership coaching has therefore been a significant focus for LNS.”

He added, “Another big shift we’ve seen recently has been around brokers looking to retire. We are in an ageing market, so we’re investing resources to help our brokers with succession planning.”

Brad Cramb spoke at length of how Lendi Group is helping brokers under the Aussie franchise banner via a “one network, many pathways” strategy. It’s a staged program whereby early-stage associates do the hard yards of loan qualification and the like before moving into a home loan specialist role.

“In regard to how we’re helping get and retain more customers, that’s a big focus for our Aussie brand. We’ve announced what we call our Find, Buy, Own strategy. What this is – it’s simply an ecosystem strategy,” said Cramb.

Brokers are doing a lot more than just broking, he added. “They’re helping customers identify, find properties, all the way through to key properties, etc. So now we’re bringing all of that into one.”

Cramb also explained that a big part of helping brokers is in establishing a referral

on what’s coming down the barrel,” he said. But it’s not the aggregators’ job to tell brokers who and what they should be, said Buchanan. “Our job is to make sure they maintain standards, operate within best practices and principles, and, most importantly, that we understand them, understand their

“If we’re going to attract new people into our industry, we must pick and choose what that new entrant is going to look like”

Tanya Sale, outsource Financial

network. “For new brokers, that’s very hard. So we’re automating that and making it available through the platform, so they can get those local engagements – and then keep the customers along as well.”

Aggregators must also work on themselves if they hope to help brokers succeed and develop their businesses, noted Blake Buchanan at SFG.

“We need to provide a strong home focused on what today looks like, what tomorrow looks like, and the entire team are educated

goals and assist them on the journey to achieving those goals.

“And we do that through … individual strategic support and investment in their businesses.”

LMG has been on a big push to clearly define its two main service offerings for brokers under the LMG and Loan Market brands. Naturally, Rob Thomas grasped the opportunity to set the record straight on what each brand offers.

He explained, “On the LMG side we have quarterly meetings where we teach them all things around our tech offering with MyCRM to save them time and keep them safe by our compliance design software. We also offer the support of state-based compliance coaches.

“If they do want support in growing their business, they can go on the Loan Market side where we offer monthly support. We’ve also introduced a program in Loan Market called Elevate, which involves peer-to-peer learning as well as personalised coaching. That’s one we’re really focusing on in the coming years.”

While Thomas conceded that the industry probably hasn’t done the best job in guiding brokers through the diversification age, he hopes the MyCRM Diversified tech stack, “which is an all-in-one platform for residential, asset finance and commercial”, will be a game changer.

Broker question from Belinda Sugars: Businesses need staff to grow. How can we attract talent – including women who may be juggling family responsibilities –into the industry through training, qualifications and career opportunities?

As always, the discussion heated up following an off-script question from guest broker Belinda Sugars, a franchise owner at Mortgage Choice.

Sugars pressed the roundtable participants on what they’re doing to attract talent to the industry. Women, noted Sugars, are especially underrepresented in the broking industry and, despite efforts, the female-to-male ratio has shown little to no signs of changing.

“So what are we doing to change that? The training, the qualifications – it sounds like you’ve got great things happening, but what is the best practice? What can we do to make this a career that people want to be in?” Sugars asked.

While gender representation is a valid concern, the roundtable ultimately broke out into a discussion about gatekeeping.

As Buchanan said, “It’s still valid that half of new entrants to the market fail in the first couple of years, and it’s been like that for a number of years. That tells me that as an industry we have that part wrong.”

Buchanan drew attention to the insurance broking industry, which, he admitted, “is in some ways more advanced than us in that they’re required to work with a brokerage for two years, not just be mentored by one”.

He continued, “I think we could look at changes here. If we look at the DNA of our industry – over 40% are single-operator brokers. And over the last 10 years, we’ve had a growing burden: more compliance, best interest duty, technological advancements, and so on. So is it fair to say that the broker of yesterday – who could be the business owner, the marketer, compliance and the client manager all at once – can still do all of that today at the same level of applications and quality? Probably not in most cases.”

“Many prospects don’t come to us as a business – they come as a broker – and we help them evolve along the way to building a broking business” Gerald Foley, nMB

AGGREGATORS ROUNDTABLE 2025

Sale had some strong thoughts on the matter of bringing talent into the broking industry. “There’s one thing we don’t sway away from: we pick and choose,” she said.

In Sale’s view, the broking industry often gets it wrong with new entrants. “There are aggregators in this industry that put on new entrants for the sake of putting on new entrants, so they can get a nice little cash flow for doing virtually nothing. If we’re going to attract new people into our industry, we must pick and choose what that new entrant is going to look like … We want people who are going to be serious. But then, this industry has to be serious about putting them on.

“We’ve got to have the support mechanisms in there. You can’t let these new entrants go broke within the first six to 12 months.”

Education clearly plays a big part in attracting the right talent. But here, too, the broking industry is lacking.

Thomas has seen this play out in his own home. “I was talking to my kids – they’re all going to school this fall – and none of them knew what mortgage broking is. They’re like, ‘What’s that, Dad?’ So we’re missing something,” he said.

It doesn’t help that school students cannot currently do a Cert IV in mortgage broking. “Why aren’t we going into schools and talking about lending and improving financial literacy before that generation leaves home? We just

PROPORTION OF WOMEN BROKERS IN INDUSTRY STALLS

Number and proportion of female brokers in the industry

don’t onboard someone fresh unless they come under an existing loan writer – so they join the industry through a current business.”

Unfortunately, decent young brokers face di culty in commanding respect during the dealmaking process.

“I put a very smart 18-year-old in front of two 40-year-old people buying a house, and they just don’t take them seriously,” guest broker Robyn Russo of Foster Russo & Co

“We don’t have to convince customers to come to brokers; they already are and will continue to do so” Brad Cramb, Lendi Group

don’t talk about it as an industry. That’s what I want to change,” said Thomas. “We’ve launched Brokerversity. In less than 12 months, we’ve had 150,000 courses completed. Over 200 people have already completed their Cert IV through the platform.”

Thomas also explained how LMG doesn’t bring new talent into the industry directly. “We don’t bring people directly into the industry ourselves. As a business owner, we

told the roundtable. She has even seen decent, intelligent young brokers leave the industry after confrontational, even mortifying, experiences.

However, Sale had limited sympathy with the issue. “You cannot put an 18-year-old in front of people buying a home, which is probably one of the largest transactions they may ever have, because that person does not have any life skills,” she said.

Source: MFAAIndustryIntelligenceService18thEdition

When it comes to the skills new entrants need to make it in the competitive world of broking, Lam stressed that the industry should be looking far beyond the finance space.

“It doesn’t matter what they [studied],” said Lam, “especially because attitude and aptitude often trumps experience. “Because if someone is sitting in front of them looking for a job, and that person is also considering a role at a bank or in a branch, or in a corporate setting, then you – as a small business –have to be that much better at delivering your employee value proposition.”

Attitude is a hard thing to coach, added Lam. “But the truth is, we work in such an amazing industry. Yet we’re still not seen in the same regard as accounting or financial planning, or the rest of it.”

Lam believes there is a generational shift happening in the industry. He said, “We’re seeing a lot more new entrants into our businesses, and we’re fortunate to have broker groups of di erent sizes that are looking at hiring or adding people into their businesses. It’s about helping our members build an employee or broker value proposition that attracts talent, whether they’re 18 or

AGGREGATORS ROUNDTABLE 2025

BIGGEST BROKER CONCERNS ABOUT AI

19, someone making a career change, or mums or dads returning to work after time o to raise children.”

Unsurprising given the AI bu he is, Cramb sees the latest technological revolution as crucial to spurring broker growth. Lendi Group has already adopted AI for certain high-volume, low-value tasks, with the fundamental purpose of allowing brokers to focus on the important work of growing their businesses. A lot of this comes down to the technologies brokers have at their fingertips.

“If we think about our customer model today, the broker is sitting in the middle of the transaction, relying on providers left and right from that transaction, from property portals all the way through to conveyancers, buyers’ agents and so on,” Cramb said.

“What’s happening is we’re e ectively handing the customer o to those third parties. They might be referral partners, but we’re still handing them over.

“Our view is: keep it on your platform – as

that allows their sta , many of whom are working mums, to work flexible hours, outside of a normal nine to five, which has helped them not only attract the right sta but also keep them.”

AI advancements are making everything quicker, easier and much more streamlined, but not necessarily safer. How are you implementing technology in a sustainable way?

The inevitable discussion around AI can be summed up as follows: yes, there is a lot of hype around the word, but brokers risk falling behind if they don’t move with the times.

“AI is something that both scares and excites us,” said Thomas.

But scary or not, “I do think that people who don’t embrace AI will be replaced. I reckon the brokers who embrace it will charge forward,” he added. LMG is in the process of implementing AI features into its MyCRM system,

“AI is something that both scares and excites us” Rob Thomas, LMG

a franchisee or broker – and also participate in the monetisation of that work. In other words, you’re getting a return from it, and that’s the best model.”

Horder brought the conversation back to the gender divide, highlighting that women represent an above-industry-average 34% of the brokers in Mortgage Choice’s network.

He said, “Through our Aspire program, which supports the female talent in our network, we also focus on attracting women into Mortgage Choice.

“For example, as part of our recruitment strategy, we highlight the benefits of a career in broking to attract more women recruits.

“Each franchisee will approach recruitment in a way that suits their unique business needs. There are some fantastic examples of brokers in our network who have created a supportive working environment

having assembled a team to get the ball rolling.

“Because our idea of AI is this: we want our brokers to use it to get better,” Thomas said. “I think the competition isn’t just with the banks – and yes, they’re coming back pretty hard at us – but the real competition is broker to broker … and we want our brokers to be better.”

LNS “takes a measured approach to AI”, said Marsi, adding, “We want to make sure what we’re incorporating into our business is adding genuine value for our brokers.”

Marsi and the LNS team see the benefits of AI in streamlining broker processes and making existing platforms more e cient, but he stressed the importance of keeping a genuine face-to-face broker-to-customer dynamic.

“It’s not about taking brokers out of the equation, but rather asking how technology

AGGREGATORS ROUNDTABLE 2025

can streamline, speed up and enhance dayto-day operations, including engaging with staff and clients,” Marsi said.

Horder discussed the virtues of using AI to eliminate the pain points of writing loans, citing an “intentional approach” to building AI support at Mortgage Choice. “Where are the low-value, repeatable processes that could be automated with AI?” he asked. “How can we solve those problems so brokers can focus on the things that matter most?”

Furthermore, Mortgage Choice is also providing brokers with monthly reports that use AI modelling to identify which customers have the highest propensity to refinance.

Foley came through with a bit of a reality check on the whole AI conversation.

“First, I just want to say – I think we use the term AI too quickly now, when what we actually mean is automation. AI is a component of that,” he said. “Everyone jumps to AI as the total solution, but when you really talk about it, what we’re actually doing is making the whole process better.

“And we’ve always looked to do that. Now there are new tools, yes, but that’s the observation – it just seems trendy to say ‘AI will do this’ when it’s just part of a bigger picture.

“We see AI as just one part of doing things better and faster. It’s not the whole thing, just a piece of the puzzle.”

Buchanan agreed that “a lot of [AI] is hype”. He warned of the monumental risks to data privacy involved in using AI tools, saying, “If you’re going to integrate AI into your business, you really need to study it. Check the words, check the data – because you need to know which country that data is being stored in and who’s going to have access to it.”

Lam also touched on the security issue. He said, “Our priority first and foremost is to ensure a safe and secure environment for our members to operate by way of a robust cybersecurity policy/framework.

“We have a product team that consists of key people across departments that drives the development and implementation of services and digital tools that integrate into AFG’s technology offering. This will continue to

“A lot of the things that aggregators do might be underappreciated by members at times – not because they don’t value them but because they don’t always know what’s happening behind the scenes”

Them Lam, AFG

evolve, with one of the key drivers being how those tools enhance the productivity of our members and the experience it delivers to their customers.”

At the end of the day, the aggregators all agreed that the fundamental purpose of being a broker will never change, regardless of what fancy new technologies emerge.

In Buchanan’s words, “Think about accountants – most of us still go to our accountant every year for validation. We can do our own tax returns, but we need an expert to validate our deductions, our choices, the structural

decisions we make in our businesses.

“Likewise, clients will be looking for brokers to help structure home loans, validate their choices and educate them moving forward. AI will be part of our evolution, yes, but it’s not the end of our industry.”

After all, “you can’t license AI to give credit advice”, he added.

Broker question from Robyn Russo: What is the aggregator’s role in handling disputes?

Russo recounted the first serious complaint

she received about a lender her brokerage works with, which, as luck would have it, came just a day before the roundtable. While she had managed to talk the customer out of filing a complaint with the Australian Financial Complaints Authority, Russo was keen to hear how aggregators could help brokers facing a similar situation.

Sale responded: “I’m very passionate about

of that client and how to manage the situation. It’s a joint effort – it’s a shared responsibility here.”

Marsi mentioned LNS’s central complaints resolution team, where brokers can come to the group before a situation escalates. “We encourage those discussions to happen,” he said. “We provide general guidance around how to manage the situation and how to

“Given the increased number of brokers in the industry now, you have to diversify your business to remain competitive”

Daniel Marsi,

Liberty Network Services

this because [aggregators] do need to get involved, especially when you’re dealing with a situation where someone uses those four letters. As soon as AFCA is mentioned, you’d want to get your aggregator involved.

She added, “[outsource] could guide you on things to say, how to alleviate the worries

engage with the customer.”

Thomas noted that brokers are very rarely the source of complaints (just 0.1% of AFCA complaints are about brokers, he pointed out).

But when issues do arise, “we are 100% behind our brokers, and we encourage them to contact us early if they ever come into trouble”.

Brokers should get LMG involved as early as possible, Thomas added.

At Mortgage Choice, “if a broker has an issue, we get involved very early”, said Horder. “We’ll obtain the details, investigate and work out the best path to a resolution. At the end of the day, we want to make sure the broker’s doing the right thing –and that the customer is getting the experience we expect. If there’s been a breakdown, we want to understand where that happened and why, so we can fix it.”

In Lam’s view, dispute resolution should be considered a cornerstone of mortgage aggregation. “Structurally, I think this is core to the value proposition that an aggregator should provide,” he said. “A lot of the things that aggregators do might be underappreciated by members at times – not because they don’t value them but because they don’t always know what’s happening behind the scenes until something goes wrong. It’s a bit like insurance.”

Providing a framework of education for the entire broker network is also essential.

AGGREGATORS ROUNDTABLE 2025

SOLE OPERATORS DOMINATE BROKER LANDSCAPE

“Where are the low-value, repeatable processes that could be automated with AI? How can we solve those problems so brokers can focus on the things that matter most?” Phillip Horder, Mortgage Choice

As Lam explained, “It’s also about teaching business owners to spend time on the people side of the business, asking, ‘how much time are you spending one-on-one with your sta to ensure they’re capable of performing the functions you’ve hired them for?’ It’s about doing that pre-work so the issues don’t arise in the first place.”

As a senior industry figurehead, Foley has seen AFCA take a more reasonable approach to handling complaints (although Buchanan argued that “nearly every time it goes to AFCA, you’ve already lost the battle in some way anyway”).

Foley stressed the importance of understanding the situation a customer is in and helping them resolve that situation. But he also recommended that brokers maintain a degree of separation in the dispute process.

“Our first step is usually to understand what the complaint is about: is it an unreasonably dissatisfied customer based on a decision they have made, or is the broker or someone else actually at fault?” he said of the nMB process.

However, maintaining a degree of separation can be di cult when, as Sugars pointed out, many brokers have no idea how their aggregator can help in these stressful situa-

tions. Hence the importance of having these conversations.

At Lendi Group, licensing plays an important part in handling complaints. Cramb said, “All of our brokers operate under our licence – and that’s di erent depending on which aggregator you’re with. So there’s a big responsibility on us to make sure things are handled properly.

“We also work with lenders – if a complaint goes through the lender, in many cases we’ll deal with that complaint directly and handle it on the broker’s behalf.”

Buchanan added that SFG “would ensure that the broker knows their obligations. We would communicate with the client, with the broker’s permission”.

You can’t win them all, though. “Sometimes the broker is at fault, and in those cases it’s about saying, ‘Well, listen – have you considered settling? Have you considered making reparations in this way?’” said Buchanan.

What are your predictions for broker share of the mortgage and commercial finance markets over the next 12 months?

Most readers will not need reminding of the immense growth in broker dominance of the mortgage market. At the latest count, nearly 80% of all home loans originated through the broker channel. While commercial loans are closer to 40%, that only means the opportunities for growth are huge.

“I think resi is about there, but we’ll have less brokers owning the share versus a long tail that we currently see,” Foley said of the market. “The current tail is going to have to be chopped somewhere on resi. It would be nice if the share number started with an eight, but around the 75% share is reasonable and sustainable.”

Like all others gathered around the table, Foley believes commercial broker share is set to grow, but he made a salient point about who will be on the other side of the deal, as many commercial lenders are looking to become brokers themselves.

“What can we do to make this a career that people want to be in?”

Belinda Sugars, Mortgage Choice

“I do worry about who brokers will be sending their commercial deals to in the near future, because good commercial bankers are becoming brokers. I don’t know what that’s going to look like,” Foley said.

Banks need to evolve quickly, he continued. “They have to build the skills to receive those [commercial] applications properly – and maybe that’s through automation. I think it might go that way, and that worries me as I see the human assessment skills as more important to good decisioning in commercial lending.”

However, Foley took comfort in the fact that banking leaders are aware of these issues and are drawing up plans to address them.

In Horder’s view: “If you look at the macro environment, it’s more complex than ever. There are more legislative and compliance requirements, and we’re seeing a lot of

economic uncertainty. So there’s a really big role for brokers to play in helping clients navigate all of that.

“The value of broking – and of being a broker who can provide guidance to help borrowers make the right decision – is even more critical in this market. I think it carries greater consequences.”

Thomas is predicting commercial market share to have a five in front of it, in percentage terms, by 2028. “That’s why we’ve launched MyCRM Diversified – to make it easier,” he said.

Buchanan concurred that commercial deals present the biggest opportunity for broker growth, saying, “The suggestion is that commercial broking represents between 30% and 40% of origination. So just from a data perspective, that is the biggest opportunity in this channel. And

for the last three years, it’s been the fastestgrowing part of our business – so definitely commercial.”

Cramb continued, “The good news is we don’t have to convince customers to come to brokers; they already are and will continue to do so. For our view, owning more of the experience is part of the growth strategy for brokers. That’s why we’re moving towards the left and right of the transaction, as mentioned earlier –bringing in buyers’ agents, conveyancing, insurance; integrating those into the ecosystem.

“It’s about helping brokers participate in the economics of that journey. These are services customers need. They reduce friction for the customer, reduce friction for the broker – and there’s a monetisation opportunity as well.”

Marsi also contended that commercial is the future. He said, “LNS is focused on supporting brokers with opportunities outside the residential space, including commercial lending. We help provide our brokers with the tools they need to

diversify beyond the residential space.

“I believe that given the increased number of brokers in the industry now, you have to diversify your business to remain competitive. We want to make sure we’re providing the support to help them do exactly that.”

At outsource Financial, it’s all about balance, Sale said. “How they’ve achieved that – and how we’ve helped them achieve it – is through commercial, asset and personal loans.”

Sale cited concerns about ill-equipped brokers losing business if they don’t have the right referral mechanisms in place. Some brokers, according to Sale, are concerned that they don’t have the relevant skills to write complex commercial deals, but they’re equally worried about losing clients if and when they need to refer out.

“They still wanted the opportunity to refer

“I put a very smart 18-year-old in front of two 40-year-old people buying a house, and they just don’t take them seriously”

Robyn Russo, Foster Russo & Co.

it out while maintaining oversight of the transaction,” said Sale. “So we built two internal divisions to cater for that. And through our mentoring programs we’ve also grown the commercial, asset and personal loan space big time over the last two years – all with the goal of creating a fully balanced business.”

Lam has the last word of the day with a prediction of 80%-plus broker dominance in the residential sector.

“When we talk about the next three to five

years, I feel like the value of what we do as an industry will continue, and we need to embrace technology as our market share accelerates beyond 80%,” he said.

So, what were the key takeaways from MPA’s latest aggregator roundtable?

Healthy competition is plentiful, the broker-aggregator relationship is only going to become more important, and there is a palpable sense of optimism in the air – as long as the right talent is encouraged into the sector.

Creating your first AI policy: A guide for business leaders

Artificial intelligence policy is a necessity, not a luxury, in today’s business world. Regulatory risks are increasing daily, as are the opportunities. Tracy Sheen shares practical tips for tackling AI integration

IF YOUR business doesn’t yet have an AI policy in place, you’re already exposed. Recent data highlights just how quickly the landscape is shifting. IBM’s Global AI Adoption Index 2024 found that 42% of enterprises have implemented AI governance frameworks, while another 37% are actively developing them. In Australia, Deloitte’s State of Generative AI in the Enterprise report shows over 60% of senior executives

expect generative AI to significantly impact operations within two years.

This isn’t a niche concern. AI tools are already embedded in everyday workflows across most industries. Whether or not your organisation has formally adopted them, chances are your team is experimenting. The specific tools don’t matter. The risk does.

Without a clear AI policy, your people are operating without a safety net – opening the

door to reputational damage, compliance breaches and potentially harmful outputs. This isn’t scaremongering; it’s strategic governance. An AI policy is not a dusty legal document. It’s a dynamic guide, setting the tone for safe, ethical and e ective use of emerging technologies across your organisation. And it’s no longer a nice-to-have – it’s a leadership imperative.

Every business needs an AI policy

Even if your organisation hasn’t formally rolled out an AI tool, it’s highly likely someone on your team is using one – drafting an email with ChatGPT, refining a proposal with Copilot, or streamlining admin via Gemini. The point isn’t which tool; it’s that they’re already in use. That means the question is no longer if you need an AI policy –it’s how soon you can put one in place.

The risks are real. Just ask the Melbourne lawyer who submitted a court brief drafted by ChatGPT, only to discover it contained fabricated case law – a professional misstep referred to the Legal Services Board for investigation.

The real disruption may lie elsewhere: in professional indemnity insurance. If AI

is influencing legal, financial or strategic advice, how will you prove a qualified human signed o ? The line between human expertise and machine-generated output is already blurry. In time, I believe insurers will demand greater transparency and may refuse cover where accountability is unclear. Regulatory frameworks are also accelerating. The EU’s AI Act is now o cial. Here in Australia, the federal government has introduced a Voluntary AI Safety Standard – a clear signal that regulation is coming. Whether your organisation is global or local, the compliance bar is rising. This isn’t about doom and gloom; it’s about being prepared.

A well-crafted AI policy empowers your people to use these tools with confidence – ethically, safely and in line with organisational values. It also protects your business from costly missteps and reputational harm.

What should your AI policy include?

Drafting your first AI policy doesn’t need to be overwhelming, but it does require clarity, consistency and forward thinking. Whether you’re tackling this in-house or with external support, the following components are essential:

• Purpose and scope: Define the policy’s objective and clarify which teams, tools or workflows it covers.

• Approved use cases: Specify where AI tools can be used – such as for marketing content or ideation – and where they shouldn’t, including for legal advice or processing personal data.

• Human oversight: Reinforce that AI should support, not replace, human judgement. Final decisions must remain a human responsibility.

• Data and privacy: Outline what data can and cannot be input into AI platforms,

especially third-party tools. This is vital for compliance and risk management.

• Tool vetting and security: Establish a process for evaluating and approving new tools. Whether managed internally or via IT/security teams, this ensures consistency and control.

• Transparency and disclosure: Clarify when to disclose AI involvement –internally, externally and in client interactions. Trust and accountability depend on it.

• Ethical use and bias awareness: Encourage vigilance around errors, omissions or embedded biases. AI is only as good as the data it learns from.

input from legal, compliance and IT – may su ce. If your business is deploying AI in complex, customer-facing or regulated environments (such as finance, legal or healthcare), expert guidance is advisable. An external lens can help align your policy with emerging standards and best practice – and ensure your governance stands up to scrutiny. In either case, appoint a policy champion within your business – someone responsible for monitoring tool usage, facilitating training, and adapting the policy as new challenges emerge.

An AI policy isn’t a set-and-forget document. And it’s certainly not about curbing innovation. It’s about enabling the safe, strategic use of technology that’s already reshaping

Without a clear AI policy, your people are operating without a safety net – opening the door to reputational damage, compliance breaches and potentially harmful outputs

• Training and accountability: Identify who owns the policy and how it will be rolled out, updated and communicated. Ongoing training is essential as the tech evolves.

Keep your policy simple, flexible and scalable. It should grow with your business, not stifle it. And above all: write it in pencil. AI is changing fast, and your policy must evolve with it.

Build internally or bring in experts?

Whether you develop your AI policy in-house or bring in external expertise depends on your capacity, risk profile and how you’re currently using AI. If your team is experimenting with low-risk, o -the-shelf tools, a lightweight policy created internally – with

how we work. In my experience working with organisations across Australia, one thing is clear: the earlier you start, the smoother the ride. Deloitte’s global research reinforces this shift, with nearly 80% of business and technology leaders predicting significant industry transformation driven by generative AI within three years. AI isn’t waiting. The businesses that thrive won’t be the ones that sit back. They’ll be the ones that prepare.

Tracy Sheen is an AI business strategist, keynote speaker and author of AI&U: ReimagineBusiness , helping leaders navigate the intersection of technology and human potential. She works with organisations across sectors to make AI accessible, ethical and impactful for teams of every size. Visit thedigitalguide.com.au.

Adapt or die

Energy Lend is moving with the times while keeping the client in full focus. Founder Darren Sayers discusses building a modern broking business

DARREN SAYERS’ career as a broker goes all the way back to 2002. The director of Victoria-based brokerage Energy Lend was working in IT at the time, where his job involved working with creative businesses to implement digital technologies into their workflows.

Despite being a gifted developer, Sayers desperately wanted a change of career; mortgage broking just so happened to be waiting in the wings.

“I met a mortgage broker who was kind enough to tell me all about how the industry worked,” recalls Sayers. “It seemed like such a good fit for me. I liked the idea of providing finance solutions to clients, plus the nature of remuneration would allow me to reinvest in my processes and hopefully continue to improve service levels and ultimately grow my business.”

Sayers went to work on building both his client base and services offering, with a view to providing more than just mortgage advice.

He tells MPA, “I referred to myself as a finance broker, rather than a mortgage broker, because I wanted to service business customers and other borrowers who had broader needs, including asset finance, commercial mortgages, cash flow lending, home loans, personal loans, etc.”

There was, however, one major roadblock to his professional growth. While there was a smattering of broker-centric CRM options on the market, Sayers couldn’t find anything that was a true fit for his business, or complete enough to reduce the need for other systems.

“When I started as a finance broker I was surprised there weren’t already systems

“I liked the idea of providing finance solutions to clients, plus the nature of remuneration would allow me to reinvest in my processes and hopefully continue to improve service levels and ultimately grow my business”

available to help me run my business and manage loan applications,” he says. “These were the days of paper-based forms and faxing applications.”

If only he knew someone with a background in IT...

Keeping it simple

Sayers developed a bespoke CRM that in his words was “simple” yet “worked well enough at the time”.

In fairness, being a mortgage broker was also relatively simple in the mid-2000s. Things have undeniably changed.

“Much of how brokers operate today is greatly improved on past practices,” says Sayers. “Changes included the introduction of credit licensing, further enhancements to compliance requirements (not least the best interests duty), increased work required by the broker and overall greater complexity.

A FAMILY MATTER

“We had to navigate this with greater e ciency because we also endured reduced commissions.”

Broker-on-broker competition also ratcheted up as the millennium rolled on. A steadily increasing share of the mortgage market brought more players to the scene, making the customer experience more important than ever.

Come 2019, Sayers felt like he needed to make some big changes to how he operated. Enter a rebranding of his brokerage to Energy Lend and a completely overhauled business platform by the name of Orbit Pro.

“Orbit Pro has become a key part of our success because it addresses all aspects of a broker business,” says Sayers. This includes structured deal workflows, automated reconciliation, loan reviews, compliance and even marketing.

Part of Energy Lend’s evolution involved bringing in director Darren Sayers’ son Benjamin to run the asset finance business. At 24 years of age, Benjamin Sayers has already made his mark in the industry, having recently participated on stage as a panel member in the FBAA’s Commercial and Asset Finance Masterclass in Melbourne. He became an Energy Lend director in 2024.

“Much of how brokers operate today is greatly improved on past practices”

In 2021, Energy Lend partnered with nMB to fully integrate Orbit Pro with the aggregator’s system to facilitate home loan lodgements directly to ApplyOnline

More than just something nice to have, this became “one of the biggest steps forward for our business”, says Sayers. “Not only did it allow us to generate our own compliance documents and control our own workflow; it opened up the possibility of integrating with other systems where we could see benefit.”

Sayers describes the design of Orbit Pro as “deliberately simple”. In other words, it follows basic design principles “so a user can pick it up quickly and only require basic training to get started”.

Further developments are expected in mid-2026.

Going deeper

Sayers speaks passionately of the techsavvy way he has navigated his brokerage through significant industry upheaval.

ENERGY LEND AT A GLANCE

Owner: Darren Sayers

Location: Croydon South, Victoria

Services offered: Home loans, asset finance, commercial mortgages, business loans, personal loans

Number of employees: Five (including Sayers)

Tangential to that is Energy Lend’s referrer program, which is mostly targeted at accountants. To do this, the brokerage implemented a web portal, which communicates loan updates but, most importantly, provides key information for the tax work the accountants would need to do for their clients.

“I like to think of Energy Lend as a modern iteration of a finance broking business,” says Sayers. “We take a team-based approach with our clients so we can continue to diversify while remaining experts in all that we do.”

This team-based approach contrasts with the traditional one-to-one client relationship that Sayers believes is “limiting because a single person can’t be an expert in all types of finance any more”.

Clients also vary: some need a more sophisticated level of service, while others just need a simple solution, he explains.

Beyond the IT window dressing and unique client models, the key lesson to be gleaned from this brief retrospective of Energy Lend is: adapt or die. That could involve writing your own software or figuring out how to best structure your team, all the while keeping the customer experience front of mind.

As Sayers says, “Embracing change and finding new ways to create e ciency is critical to growing or at least maintaining our market share.”

CAMPING BREAKS BOOST BROKER WELLBEING

“Regular short camping trips have been great for reducing the stress of our industry and terrific for our family life”

Mortgage broker John Minihan’s key to balance: ‘Short breaks keep us sane’

AFTER 44 YEARS in finance – including the past 23 as a mortgage broker – Port Macquarie-based broker John Minihan knows the importance of switching o .

“We work in a busy and stressful industry, and short breaks keep us sane and fully charged,” says the Professional Finance Mortgage Brokers adviser.

Minihan and his wife take regular long weekends away, often heading o on Friday and returning on Monday.

“In this industry, I think we need something away from work to switch o , enjoy and spend quality time with our partner/family – even just taking regular time out to recharge the batteries,” he says.

They enjoy camping and have a soft spot for Hat Head, located between Crescent Head and South West Rocks.

“We started caravanning when our kids were very young, and it now gives us the ability to do longer trips such as the Mundi Mundi music festival near Broken Hill,” Minihan says.

‘big things’ across Australia to spot on a road trip

Build a business for yourself, not by yourself.

When you join the Mortgage Choice network, you tap into a wealth of experience and resources designed to build your knowledge, skills and confidence. Our franchise structure provides all the support you need, from technology and marketing to compliance and business development.