NAB meets rising demands of today’s brokers and borrowers head-on
MAJOR LENDERS ROUNDTABLE
BROKER TECH EVOLUTION
Nation’s biggest banks gather round the table
How tech is enhancing, not replacing, human connections
FIRST HOME BUYERS REPORT
Next gen of homeowners gets clever
Help clients grow their portfolio with simplified property investment applications under $3m.
Enough to make you smile.
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02 Editorial
First home buyers are proving their mettle
04 Statistics
Latest stats from across Australia’s property landscape
06 Opinion
Broking industry must raise the entry bar to protect reputation, argues SFG’s Blake Buchanan
28 A winning agenda
Brokers’ expectations of non-banks are rising – and the sector is stepping up
NAB’s executive broker distribution on how the lending giant is meeting the evolving needs of brokers and borrowers
Bluestone cements its status as brokers’ top non-bank, driven by service, innovation and growth
48 SMEs in focus
Brokers play a crucial role amid tough times for small businesses
54 e FHB challenge
Australia’s biggest banks discuss flexible lending, channel conflict, rising competition and much more 32 FEATURES BROKER TECH EVOLUTION
How new broker tech is boosting e ciency without replacing the human touch 58
With banks and brokers behind them, aspiring homeowners are finding creative ways to buy
66 Funding the future of aged care
How BOQ Specialist’s tailored finance helps aged care businesses thrive
72 Other life
Bheja.ai CEO Pravin Mahajan gets his clearest insights from long walks in nature
Minh Beaver’s journey from refugee to broker gives her resilience, integrity and a passion to help others
business strategy, and what industry leaders have to say.
Perhaps it’s ironic that the editor of MPA is currently a renter. Ironic maybe, but understandable, too, when you’ve just recently relocated from abroad to one of the most expensive cities on planet Earth.
But it also a ords me some invaluable insights into the struggles everyday Australians face in accessing this country’s housing market. So allow me to confirm what everyone should already know: saving up for a deposit is the single biggest barrier to homeownership in Australia, especially when, like me, you’re not averse to the odd takeaway latte.
It’s therefore commendable that the Labor Government has brought forward its Home Guarantee Scheme extension, which should greatly benefit people like me with hopes, dreams and minimal disposable income.
With the chips stacked against them, first home buyers … are proving impressively innovative and resilient
But there’s no denying that government intervention in the housing market has some unintended consequences – consequences that are increasingly drawing the ire of market commentators.
Stimulus, by its very definition, is inflationary. In the case of the Home Guarantee Scheme, every analyst and their dog expects it to drive up house prices even further.
But what’s the alternative? An increasingly stratified housing market where only the recipients of intergenerational wealth can a ord a 20% deposit? These are some of the conundrums tackled in this edition of MPA.
Our cover story features NAB’s head of broker, Adam Brown, who discusses the role major lenders play in helping first home buyers achieve the Australian dream. We also hear from the experts at Beyond Bank and Bankwest, who share their thoughts on the current state of the first home buyer market.
Those who turn their noses up at the lazy, latte-swilling millennials might be in for a rude awakening here – with the chips stacked against them, first home buyers, with an average age of 36, are proving impressively innovative and resilient, as evidenced by the resurgence in deal volumes.
The unprecedented diversity of alternative lending options has gone a long way in supporting this resilience. On that note, pop on over to page 12 to discover who took home the medals in MPA’s 2025 Brokers on Non-Banks survey.
William Farrington, editor, MPA
ART & PRODUCTION Designers Cess Rodriguez, Loiza Razon
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$857,280
National median dwelling price
0.8%
Growth in national dwelling values in September – the fastest monthly increase since October 2023
Number of consecutive months national home values have risen, indicating ongoing market momentum
0.9%
Growth in capital city dwelling values in September, outpacing regional markets' by 0.7%
Source: Cotality Property Market Trends, October 2025
MONEYME research shows thousands of Australians google basic finance terms monthly. The most searched category is interest-related queries (9,590/month), followed by mortgage (8,900). The single most searched query is ‘mortgage meaning’, attracting 3,600 monthly searches over the past year.
Mortgage Choice’s survey shows most Gen Z and millennial buyers view their first property as a ‘stepping stone’, while baby boomers are more likely to buy a ‘forever home’. Investment and fixer-upper motivations are less common across all generations.
Property settlement scams are rising sharply in Australia, with millions lost annually as criminals use email fraud to trick buyers and sellers into transferring large sums to fake accounts during settlements, PEXA reports.
More than one in four Australians are considering using their home for income, Great Southern Bank reports. Among Gen Z homeowners, 58% are exploring options: 24% plan to invest, 19% to rent a room, 16% to run a business.
Raising the bar for broking will protect clients and safeguard the industry’s reputation, argues
THE MORTGAGE BROKING industry in Australia has come a long way over the past 35 years. From humble beginnings, it has grown into a sophisticated and highly competitive sector that now writes nearly all new residential loans. Yet despite this success, the entry requirements for new brokers remain a point of concern – and, in many ways, a weakness in the system.
At present, the minimum standard for becoming a broker is a Certificate IV in Finance and Mortgage Broking. While this
there are clients whose financial future was guided by someone with minimal experience and who no longer have their broker available to help workshop new scenarios, restructure debt or provide ongoing advice.
Why the diploma should be the minimum standard
To strengthen competence and confidence, the diploma should be the minimum entry requirement for all new brokers. This would bring the profession into line with its responsibilities.
Reforming entry requirements is not about gatekeeping; it’s about protecting clients and safeguarding the reputation of the industry
qualification provides a baseline understanding of lending and compliance, it is far from sucient to equip someone for the complexities of the role. Industry bodies encourage new brokers to complete a Diploma of Finance and Mortgage Broking Management within 12 months of starting, but it is not mandated as an entry requirement.
The current framework has contributed to a troubling statistic: around 60% of new brokers fail within their first year. That is unacceptable for an industry that positions itself as a trusted adviser to Australians making life’s biggest financial decisions.
The issue is not simply one of personal failure. A broker who leaves the industry after a year has still written loans. That means
A higher initial qualification sets a stronger foundation, but qualifications alone are not enough. What matters most is how new brokers enter the industry and gain realworld experience.
One of the biggest issues lies in the pathway many new entrants choose. Rather than joining an established brokerage, they set up their own company straight away, becoming their own boss from day one. For those without a finance background, this is almost always a recipe for failure. They lack not only technical grounding but also the operational support, compliance frameworks and peer learning that established brokerages provide. The data and experience show that those who attempt this path make up the bulk of the 60% who fail.
New-to-industry brokers, particularly those without prior financial services experience, must be required to work within a licensed brokerage for a minimum of two years before they are permitted to go out on their own.
This model mirrors the apprenticeship approach seen in other professions. Doctors, lawyers and accountants all undertake structured periods of supervised practice before being entrusted with independent clients. Mortgage broking should be no di erent.
Working within a brokerage provides structured mentoring by experienced brokers; exposure to a range of scenarios from other brokers; compliance oversight that reduces risk to both client and broker; and operational support such as administration, systems training and lender relationships. Brokers who start their careers in this way not only survive but tend to thrive.
At the heart of this discussion is the client. Every loan has long-term consequences for a family, an investor or a business. If more than half of new brokers leave within 12 months, the clients they served are left unsupported. Reforming entry requirements is therefore not about gatekeeping; it’s about protecting clients and safeguarding the reputation of the industry. By lifting the bar to a diploma and embedding a mandatory two-year brokerage period for those without finance backgrounds, we ensure clients are served by brokers who are properly trained, supported and committed.
Mortgage broking is a cornerstone of Australia’s financial system. With that role comes responsibility. The current model, with its low entry standards and high failure rates, is not sustainable.
It’s time for the industry to evolve. By requiring a diploma as the minimum qualification and mandating supervised brokerage experience, we can build a stronger, more resilient profession – one that serves clients better and secures the future of mortgage broking for decades to come.
NAB’s Adam Brown on how the banking giant is meeting the ever-rising demands of today’s brokers and borrowers
TWO YEARS into his role as executive broker distribution at NAB, Adam Brown’s enthusiasm for the third party channel, and NAB’s position within the broking industry, is as strong as ever.
Sitting down with MPA to discuss what’s happening at the banking giant, Brown comes armed with the facts, figures and fervency of NAB’s commitment to brokers and the customers they’re ultimately there to serve.
NAB has an ace up its sleeve in an increasingly competitive mortgage market where 75% of all deals are settled by brokers. As the largest business bank in Australia, it is naturally inclined to understand the needs of Australian brokers, the majority of whom are small business owners in their own rights.
This feeds into a holistic attitude to servicing the broker channel, from being at the forefront of scam and fraud detection to supporting cash flow management, advising on how to raise debt and expand your broking business, and beyond.
“As the number one business bank in the country, we’re well equipped to help support small business owners every day,” Brown tells MPA. “As a major bank, we have a whole range of specialised functions, knowledge centres and capabilities that exist across our broader bank that we want to bring to brokers.”
NAB’s partnership with brokers doesn’t simply finish once a loan application is lodged. “We want to care for customers as well as, if not better, than brokers want to care for their customers,” he says. “Our ambition is to be Australia and New Zealand’s
most customer-centric company. What that means is getting it right for customers, getting it right for our partners. The broker channel is really key to that.”
A large percentage of broker-introduced NAB customers are coming to the bank for the first time, Brown notes. “The way we partner with our brokers in bringing that customer on board – and then how we serve that customer once they’re on board – is critical to our strategy.”
For Brown, the trick to striking the right balance between meeting the needs of brokers
on his travels is that while NAB aims to be customer obsessed, “there’s no question that customer obsession is at the heart of what brokers are about as well”.
“The best brokers have the strongest relationships with customers,” Brown says. “That’s where our absolute ambition intersects.”
While brokers absolutely need top-drawer policies and pricing processes in order to best serve their clients, “what they really want is the assistance when they need it”.
This rarely if ever means having a one-sizefits-all approach. For instance, whereas some
“Customers are becoming more educated around home lending and more demanding of what they want out of a home loan”
and delivering for customers lies in continuously seeking and acting on feedback, whether through NPS surveys or direct conversations with customers and brokers.
“It’s not always what’s most important to us as a bank, or most important to a broker, but what’s most important to a customer,” says Brown. “And so, whilst we want to make things better for a broker and easier to work with us, we’ve got an absolutely fierce determination to get it right for customers as well.”
Like any distribution head worth their salt, Brown is always out and about, hearing from the brokers on the ground. What he’s learned
brokers want face-to-face contact with a BDM, others are happy to just have a number to call when they need it.
“We have to adapt to these different needs,” says Brown. “Because what’s most valuable to one broker is very, very different to another.”
First home buyers bounce back So, what’s hot on the market right now? For Brown, all signs point to a revitalisation of the first home buyer market.
“A lot of buyers sat out of the market last year,” he says. “There were higher interest rates, and people were probably a little bit tentative.” Yet with rates coming down,
Name: Adam Brown
Title: Executive broker distribution
Company: NAB
Years in the industry: 17
Recent career achievements: Driving continuous improvement across NAB Broker’s policies, products and processes; overseeing the successful 2025 launch of multi-offset accounts into the broker channel; refining NAB’s policies to support more self-employed customers
sentiment is bouncing back across the FHB segment. Auction bids are at their highest levels in 18 months, and listings are improving, Brown reveals.
NAB’s latest quarterly Australian Residential Property Survey shows that in the June quarter, FHBs’ market share of new housing increased to 40%, marking the highest level since 2022. Victoria is leading the way in terms of momentum after a prolonged drought period, followed by NSW.
And it’s not just in the capitals – momentum is building in the regional areas across Queensland, Victoria and WA.
Brown chalks the regional surge up to post-COVID life decisions. “Some of it’s
a large scale. The bank has a target to lend at least $6 billion by 2029 to help more Australians access a ordable and specialist housing and has provided $4.4 billion to support this ambition since 1 October 2022.
One thing brokers and their homebuying clients of all stripes are demanding right now is flexibility.
Indeed, “customers are becoming more educated around home lending and more demanding of what they want out of a home loan”, says Brown.
So, how is NAB’s broker channel meeting these demands?
“As the number one business bank in the country, we’re developing o erings and services to help support small business owners every day”
weather, some of it’s lifestyle. Some of it’s been brought about because of flexible working environments and hybrid ways of working.”
A ordability is of course a major factor in the regional shift too.
First home buyers are also proving an enterprising bunch, using strategies like rentvesting and multigenerational ownership models to get onto the property ladder.
However, while NAB has modified some of its policies to help more customers through these strategies, Brown concedes it’s critical to address both demand and supply-side measures together to help more Australians buy a home.
While increasing borrowing capacity helps, housing supply remains the most significant challenge. This issue will require time, commitment and smart policy, particularly to ensure new housing is built in the locations where people want to live.
NAB is playing its part in this by financing social, a ordable and community housing on
Brown points to product o erings such as multiple o set accounts that allow customers to bucket their funds while saving on interest.
But these are just surface-level bonuses that most of NAB’s competitors can o er. True flexibility emerges when brokers make good use of the support network NAB makes available.
In Brown’s view, the expertise of NAB’s business development managers and distribution teams stretches far beyond just the loan transaction.
“A key thing that I share with brokers is that yes, we can help you with the transaction to help your customer, but we can help you with a lot more than that,” he says.
“I’m really proud of our distribution team and how we support our brokers,” adds Brown. “And part of that support is listening to feedback. We will continue to listen to feedback. We’ll continue to take action on it, and we’ll continue to deliver the things that matter for brokers and customers.”
HOW NAB SUPPORTS FIRST HOME BUYERS Commitment to First Home Guarantee
Modi ed policies to support rentvesting and multigenerational ownership models
Lending at least $6 billion by 2029 to help more Aussies access a ordable and specialist housing
BROKERS’ EXPECTATIONS of nonbank lenders have significantly risen in 2025, and the sector has responded by stepping up to meet them. MPA’s Brokers on Non-Banks 2025 survey reveals every metric is up relative to 2024, confirming brokers’ higher standards and the resulting improved delivery.
As outsource Financial CEO Tanya Sale explains, non-bank lenders have earned their reputation as ‘outstanding’ by filling gaps left by traditional banks – with flexible policies, strong BDM support and fast service.
“They have redefined access to credit by creating innovative lending policies, and the big one for me is that they have built up broker loyalty,” Sale says. “Brokers now see non-bank lenders as reliable partners, not just for niche deals but for mainstream lending.”
The top three broker priorities remain BDM support, credit policy and turnaround times, showing that brokers prioritise relationships and execution. Remuneration fairness and transparency are rising in importance. Product range, communications
and training and online platforms saw modest mid-tier gains.
Industry leaders confirm what more than 400 broker respondents report. While priorities are largely unchanged from last year, the score spread is smaller, and brokers now expect more from every aspect of their nonbank partnerships.
AFG’s general manager of industry and partnerships, Mark Hewitt, says, “Broker satisfaction is most strongly influenced by direct communication with credit assessors, which streamlines decision-making, coupled with a clear understanding of deal fit, helping brokers match clients with the right lender more e ciently.”
Brokers point to added resources that have improved service times, as well as “significant improvements driven by increased investment in digital platforms, process automation and streamlined assessment workflows”. As one broker remarked, the result is “fast turnarounds that mean customers walk away smiling”.
PEXA’s latest Lender Mortgage Trends report shows the same pattern. Over half of
More brokers are on board, and the scores back it up. BDMs, policy and speed lead; brand and commissions trail. Higher rates and fees still hold volumes back
new mortgage value now flows through brokers, and that share is climbing. Within this channel, non-ADI new-loan volumes rose 25.3% year-over-year in FY25, while the majors grew 3.9%, with non-banks leading non-majors for external refinances in NSW and Victoria.
That report also notes faster, more digitised settlement processes among non-ADIs, which reflects broker feedback on quicker turnarounds and smoother workflows.
Across 10 criteria, brokers evaluated nonbanks’ performance, crowning the top three in each category with gold, silver and bronze, plus honours for the overall winners. The 2025 rankings highlight that non-banks have stepped out of the specialist lane with brokers, though they still hold only a modest share of settlements. Brokers are judging them on the same broad set of factors as banks, and scores are higher across every dimension.
MFAA’s Industry Intelligence Service 19th Edition corroborates that momentum. Non-bank settlements via brokers jumped 33.2% in April–September 2024 compared
with the prior six months. After two quarters of gains, non-bank share eased 0.3 points to 5.9% in Q3 as international banks and white-label programs advanced, while total broker volume still increased 4.3% across the quarter.
“When I speak to our brokers on the main reasons they’re turning to non-banks, the resounding response is they are consistent, flexible and relationship-driven,” says Sale. “Also, they pick up the phone. If they cannot answer, you can bet they will call the broker back promptly.”
BDM support and credit policy surged to No. 1 and No. 2 in 2024 from seventh and last in 2023 and stayed there in 2025, with turnaround times placing third, confirming a service-led ranking in which responsiveness, flexible decision-making and speed outrank price and brand.
Turnaround performance has become more reliable in 2025, with more brokers reporting consistent service, fewer reports of deterioration and, among those who saw movement, improvement leading the way.
Interest rates stayed at fourth in 2025, rising to 4.453 from 4.283 last year. Cost matters, but 70% say higher rates and fees are the main brake on sending more business to non-banks.
Brokers appreciate quality products backed by simplicity and support, and their votes for best non-bank product went to:
• Bluestone Alt Doc: “Simple-to-use calculator, simple verification and easy documentation”
• Pepper Money Prime Alt Doc: “Fast turnaround with BDMs and credit focused on getting the deal done”
• Firstmac SMSF: “Competitive and relatively easy to use”
Commission structure moved up to eighth, overtaking product diversification, while brand recognition remained last, showing brokers prioritise competitive compensation and concrete support over brand identity.
In this year’s survey, brokers were asked to rank non-bank lenders across 10 categories: BDM support; brand recognition; commission structure; communications, training and development; credit policy; interest rates; online platform and services; product diversification opportunities; product range; and turnaround times. Brokers could rank the non-banks with a score out of five in each category. Only those institutions that achieved a response rate of at least 10% were included in the final list.
The survey also recorded broker responses on their preferred non-banks in these areas: specialist lending; first home buyers; property investors; commercial; alt doc; SMSF; and foreign non-residents.
MPA asked the brokers a series of questions relating to their business with non-bank lenders, as well as which non-bank they would like to see added to their aggregator’s panel, but these did not influence the overall score.
Brokers push non-bank volumes to a record, with growth concentrated in 21–40% books, with reasons centred on document flexibility, wider assessment and speed
LAST YEAR delivered a rebound, with 67% of brokers saying they sent more loans to non-banks, approaching the 2021 peak of 69%.
This year goes even further as 70% of brokers set a new high, turning 2023’s 50% low into a two-year swing of 20 points. The rise looks broader and more durable, supported by stronger service, flexible policy and quicker turnarounds, even as pricing still limits how much volume moves.
AFG’s Mark Hewitt says, “Brokers are increasingly turning to non-banks due to their willingness to consider borrowers who might fall outside of the major lenders’ standard appetite and require a bit more of a considered appraisal. This can include those with credit score challenges or variable
income streams. This willingness to work with complexity makes non-banks a valuable partner for brokers and their customers.”
In the first half of 2025, SMEs reported 55% intent to use non-banks, up seven points year-over-year, while planned bank usage was 30%, according to ScotPac’s July 2025 SME Growth Index. The reasons matched broker feedback on speed, flexible policy and tailored options.
The <20% cohort (brokers putting the lowest proportion of loans through a nonbank) keeps easing, from 60% in 2023 to 50% in 2024 to 49% in 2025. Heavy users dipped in 2025 (7% put more than 60% of loans through non-banks) after touching 10% in 2024, but brokers expect that highuse group to rebound to 10% in 2026.
Most of the growth is set to come from the middle. Non-bank users in the 21–40% band are projected to climb from 30% in 2025 actuals to 40% in 2026, pointing to broader use rather than a surge in majority non-bank books.
Non-banks have put in hard work to earn brokers’ trust, not just as an alternative but as a first-choice solution in many scenarios, notes outsource Financial’s Tanya Sale.
“The perception has shifted from ‘last resort’ to ‘distinctive value’. It also helps that non-banks have steadily lifted their profile over the past five years. It’s a testament to how far this sector has come. They play such an important part in our industry.”
Across the industry, there’s widespread acceptance that brokers are highlighting pricing and credit assessment as their primary challenges. Additionally, policy complexity, inconsistent interpretations and communication di culties, especially with o shore assessors, which lead to processing delays, are prompting brokers to favour lenders that o er faster approvals.
This year’s survey shows brokers are choosing non-banks less because majors pull back – and more because the file needs a di erent pathway. In 2025, the top reasons for choosing them are documentation flexibility and a broader assessment of the borrower, with lack of standard docs at 25.6% and taking a wider view than the credit score at 24.6%, both up more than five points on 2024.
Banks tightening credit policy slid to 16.3% from 23.4% last year, while regulatory factors ticked to 11.0% and personalised HAVE
service held near 7.3%. The trend from constraint-driven to borrower-fit choice reflects rising mid-band usage and the SME intent data, and it explains why speed, policy flexibility and hands-on support keep pulling more business to non-banks.
Brokers reach for non-banks when the deal needs borrower-fit solutions. That means alt/low-doc paths, policies that take a broader view of credit history, and specialist segments such as SMSF. Their reasons included:
• “Diversified credit policy and appetite, along with greater scope to look outside the box”
• “Credit impaired, ATO debt consolidation”
• “Better borrowing, easy to deal with and less documentation”
Non-banks’ serviceability settings can deliver higher borrowing capacity, and the packaging is often simpler, with lighter documentation and faster progress to yes.
Brokers reward lenders that make complex files easy. The standouts deliver hands-on BDM support, confident credit assessment and a toolkit that helps brokers grow
BROKERS’ 2025 ratings of the benefits of using non-bank lenders point to rising year-over-year mainstream acceptance and reinforce the sector’s strong competitive position.
Client openness to considering non-bank products is consistent across the market. In 2025, 85% of clients were open to considering a non-bank, a pullback from the 91% peak in 2024 but still above 82% in 2023.
The yes-to-no ratio is about 6:1 in 2025, down from 10:1 in 2024 but above 4.6:1 in 2023. The dip points to tougher pricing rather than waning interest, and price remains the biggest hurdle to converting openness into deals.
With most clients open to non-bank options, the battleground for winning their business is conversion. The leading nonbank lenders turn intent into settlements by
making non-standard files easy to place with:
• clear alt-doc paths
• nuanced credit decisions
• fast, consistent turnarounds
• BDMs who stay close from scenario to settlement
These lenders back that with straightforward, competitive price and fee settings that are simple to explain, so brokers can close in one conversation. In short, they win on fit, speed and consistency, which helps overcome rate di erentials and keeps deals moving.
Turning to performance, there’s clear daylight at the top of the podium. The overall gold medallist scored 4.43 out of 5 versus 3.57 for second, a 0.86-point gap, while silver and bronze were split by just 0.09.
The top three non-banks collectively amassed a substantial medal haul that surpassed last year’s accolades. Bluestone, Pepper Money and Liberty collected 10 golds, eight silvers and nine bronzes across the 10 categories.
Bluestone won nine of the 10 golds and took silver in brand recognition, retaining first place in BDM support. Liberty added five silvers and three bronzes, including silver for credit policy and a shared bronze for BDM support. Pepper Money claimed the remaining gold for brand recognition, plus two silvers and six bronzes, also sharing bronze for BDM support.
In the mid-table results, Thinktank secured silver for interest rates, Firstmac took bronze in the same category, Resimac picked up bronze for product range, and La Trobe Financial, fourth overall, earned silver for BDM support.
OnDeck emerged among the top three non-bank lenders brokers would like added to their aggregator panel in 2025, followed by Better Choice Home Loans and Bluestone.
In 2025, 70.11% of brokers named higher rates and fees as the main reason they are not sending more business to non-banks, up from 67.69% in 2024. That figure is about
BDM support
Commission structure
policy
seven times the next hurdle, lack of brand awareness at 9.68%, and it outweighs the rest of the barriers combined.
Brokers weighed in with their thoughts on pricing:
• “Rates and fees are still too high for most customers”
• “The fees and rates are sometimes a killer, but they do provide options”
• “I think their rates for more standard lending scenarios are too far from standard lenders”
• “Non-bank lenders need to introduce products and rates that compete directly with the majors”
• “They have continued to put pressure on mainstream lenders with policies and competitive rates on a range of products”
• “A little movement of interest rates would make a big impact”
As AFG’s Mark Hewitt says, “Brokers and aggregators are placing greater emphasis on longevity in the market and a proven track record of supporting customers through interest rate fluctuations and economic cycles.”
Brand and branch concerns eased to 9.68 and 4.95%, respectively. Service complaints fell to 1.94%, while speed issues edged up to 4.09%.
Access and administrative hurdles remain small but ticked up, with not-on-panel at 2.80% and poor commission at 1.08%.
‘Other’ slipped to 5.38%, pointing to broker pain points concentrating around price.
Other reasons brokers noted include:
• “Di cult to understand which product is available to the client. Ends up being unexpected”
• “Don’t have a lot of clients in this market sector”
The medals for commission structure matched the overall standings, with Bluestone first, Liberty second and Pepper Money third.
Reflecting on the factors that most strongly influence broker satisfaction with non-banks, outsource Financial’s Sale says the word ‘flexible’ comes up again and again.
“Outstanding non-bank lenders understand that not every borrower fits a one-sizefits-all mould,” she adds. “Whether it’s selfemployed clients, those with non-standard income, or more complex scenarios, brokers appreciate lenders who assess deals on merit rather than [using] a rigid checklist.
“In these cases, the non-bank BDM works closely with the broker and the credit assessor when they believe a deal is there, to ensure a strong outcome for the broker’s client.”
Most brokers enjoyed faster turnarounds and credited non-banks for their digital upgrades and responsive service, while calling for more BDMs and assessors
ON SPEED, the best non-banks didn’t blink. In 2025, nine out of 10 brokers said turnaround times had either improved or stayed the same, rising to 92.1% from 87.5% last year.
The share reporting deterioration fell to 7.9% from 12.5%. Among those who did see movement, improvement outweighed worsening by about six to one. Notably, significant improvement nudged up to 10%, while significant worsening stayed uncommon at 0.95%.
Consistent speed underpins broker confidence, which matters most when clients sit outside a major’s credit box.
“There’s a growing recognition of the important role non-banks play in supporting borrowers who don’t fit the traditional bank profile,” says AFG’s Hewitt. “Brokers now better understand the value and reliability non-banks bring to the lending ecosystem.”
Brokers say non-banks have sped up with:
• faster pick-ups and decisions: many report files picked up within 24–48 hours and two to three days to conditional
• tech and workflow upgrades: brokers credit new digital platforms, automation, e-submission and online tracking portals for the speed-up
• people who move a file: direct lines to assessors and responsive BDMs are a big part of the improvement
The small group of brokers who believed times had worsened noted the increased complexity of some deals and operational
ine ciencies as reasons, as well as higher volume leading to slower turnaround times, and “inappropriate” sta ng levels.
Where speed broke down, brokers cited:
• capacity and resourcing: more files are landing with non-banks, and some teams are understa ed, so pick-up times blow out, and phones go unanswered
• poor communication and
transparency: SLAs are unclear or undisclosed, status tracking is weak, and repeated emails or calls to BDMs go unanswered
• process deadlock: too much back-and-forth for basic documents, and assessors ask for information late in the process
• inconsistent performance: Some lenders lag, and delays worsen during busy periods
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Turnaround times gold medallist Bluestone is operating in a di erent gear, at 0.51 points ahead of silver winner Liberty, while Pepper Money finished a competitive third.
Last year’s overall silver medallist, RedZed, received the lowest broker rating for its perceived slowness. It narrowly missed out on being one of the lenders brokers wished were added to their panel, placing fourth.
When it comes to wish lists, the ask has moved from tech and paperwork to people and capacity. More BDMs/credit assessors are now the top broker suggestion at 23.10% – up 5.29 points from 2024 – for how non-banks could improve their service. Results also showed:
• Simpler income verification fell to 16.19% (down 7.09pts), suggesting lodgement jams are easing and documentation paths are clearer
• Better technology dipped to 20.95% (down 2.80pts) but remains the No. 2 request, so workflow tools still matter
• Training needs rose to 13.33% (up 1.93pts) and communication to 12.86% (up 1.70pts), pointing to ongoing demand for clearer updates and more broker training
For the first time, one of the top three nonbanks, Bluestone, scored well above four out of five from brokers for its online platform and services, showing that digital is now a frontline di erentiator. Liberty won silver, while Pepper Money took the bronze.
“No. They need to sharpen the pencil and fix their tech to stay in the race”
“Non-bank policies tend to be more lenient and understanding of a client’s financial position”
“Yes, generally they have. When needed, you can usually find an option to suit all borrowers”
“Yes, but they need to improve as banks are also moving to regain market share from brokers”
“I think their interest rates need to be more in line with banks to be truly competitive”
Do you think the non-banks have provided enough competition to the banks over the last year? Why/why not?
“Yes, and there seem to be more non-banks and asset finance companies at our aggregator learning days than there are mainstream lenders”
“Yes. They have taken on niches that mainstream banks won’t touch. The no-clawback features some of them offer are stellar”
“They seem to be trying; however, the non-bank industry needs to concentrate on innovation, as those of us who love using them always want more reasons to do so”
“Not with rates or fees, but definitely with policy”
“Yes, especially since more of our self-employed clients prefer non-bank lenders due to simplified income verification documents and the certainty of approval”
Bluestone defends its overall gold in Brokers on Non-Banks 2025 with a near clean sweep of golds across the board and is named brokers’ preferred lender in six of seven categories
BLUESTONE secured nine golds and one silver in the 10 survey categories, a sweep that underscores its standing as a trusted partner to brokers. For chief commercial o cer Tony MacRae, this widespread approval is the product of a culture built on relationships, consistency and a service-first approach.
“We’re incredibly proud of this recognition; it’s a reflection of the deep commitment our team brings to supporting brokers every single day,” says MacRae.
He points to the role of Bluestone’s BDMs as central to that success. They are accessible, responsive and genuinely invested in broker outcomes, ensuring support flows seamlessly from first contact through to settlement.
“These awards are a testament to the trust we’ve earned by showing up, listening and delivering on our promises. It’s that human connection that drives our performance and keeps us striving to do better.”
That ethos translates into tangible value in day-to-day interactions. Fast and transparent turnaround times, proactive communication and practical, tailored solutions are the cornerstones of Bluestone’s o er.
MacRae stresses that listening to broker feedback and using it to refine processes, from credit policy to post-settlement support, has been essential to sustaining performance across the board.
Bluestone sees scope to take its partnership model further. Personalisation through datadriven insights, combined with an expanded product o ering, will allow brokers to serve a wider range of clients, particularly those who don’t fit the traditional mould.
“For us, it’s about being more than a lender; we aim to be a true partner,” MacRae says.
Liberty secured strong placement across five key categories, from commissions and credit policy to turnaround times. What does this feedback tell you about where brokers see Liberty delivering, and where do you think there’s room to improve?
David Smith, chief distribution officer: At Liberty, we’re proud to be a leading lender across multiple categories such as commissions, credit policy and turnaround times, which are critical to broker success. This feedback tells us that brokers recognise the strength and consistency of our partnership and performance, and that our commitment to supporting their business is hitting the mark.
This recognition reflects the solid foundations we’ve built over nearly three decades now, and our commitment to the broker channel, especially in areas that directly impact their business success, e ciency and productivity.
Just as importantly, they signal that brokers are ready for us to push even further. We see this as a positive challenge. It’s clear that brokers value what we’re delivering, and they’re looking to us to keep raising the bar. Whether it’s smarter systems or more responsive support, we’re focused on refining our processes and enhancing our practices to help brokers be even more productive and successful.
La Trobe earned silver for BDM support in a year when brokers ranked it as their number one priority. What steps have you taken to build that strength, and how do you plan to keep raising the bar in this area?
Cory Bannister, chief lending officer: We are incredibly proud to have earned silver for BDM support, especially in a year when brokers made it clear this was their top priority. At La Trobe Financial, we’ve invested heavily in building a team of highly engaged, credit-skilled and responsive BDMs who genuinely understand the broker business, and our credit appetite, with multiple BDMs having served for over a decade with our company. With our 73-year history of tailoring square-peg solutions, we’ve built long-standing relationships by keeping our approach simple: be accessible, add value, and act as true partners in every deal. Brokers know that when they run a scenario with us, we will go above and beyond to find a solution to help their clients. We’ll continue to strengthen this support through ongoing training and deeper national coverage to ensure brokers have what they need, when they need it.
You also earned multiple placements, including for BDM support. How is Liberty working to strengthen broker relationships so that these touchpoints become a clear competitive edge?
DS: We know brokers value high-touch, personalised support, and our BDMs work tirelessly to deliver just that. From the initial scenario right through to settlement, they’re there every step of the way, helping brokers find the most suitable solutions for clients.
Beyond day-to-day support, we’re focused on broker education. Through targeted training in business development, customer engagement, relationship management and across our broad product suite, we help brokers confidently embrace product diversification. By equipping them with the tools to o er more free-thinking solutions, we’re helping them stay relevant to a wider range of borrowers.
Liberty sees BDM support as a key opportunity to deepen broker relationships and deliver even more value. Over the next year, we’ll continue investing in BDM training and tools to ensure brokers receive timely, tailored support that helps them grow. Whether it’s expanding their o ering or strengthening client relationships, we’re committed to helping brokers succeed across the widest product suite in the market.
La Trobe was also singled out by brokers as their preferred non-bank for commercial lending. How do you see that strength helping you stand out in the sector, and what opportunities are you prioritising for future broker rankings?
CB: Being recognised by brokers as their preferred non-bank for commercial lending is a tremendous endorsement of the strength of our o ering in this space, which has been built and tested over many decades. At La Trobe Financial, we’ve long understood that commercial lending requires flexibility, speed and a genuine understanding of complex borrower needs – all areas where brokers tell us we continue to deliver. This recognition continues to set us apart as a category leader and reinforces the value of our tailored, solutions-based approach.
We are prioritising further investment in product innovation and deeper education and support for brokers to help grow commercial broker market share. It’s a segment in which we know we can help to unlock tremendous value for brokers.
For the second year running, Bluestone has taken home gold in MPA’s Brokers on Non-Banks survey. Chief commercial officer Tony MacRae discusses another year of major achievements
ANYONE CAN fluke a one-off win, but when you take home gold in MPA’s Brokers on Non-Banks survey for two years running, there is clearly more than luck at play.
In winning the gong, Bluestone was praised by brokers for its turnaround times, online platform, BDM support, commission structure and credit policy, among other features. In fact, the lender scooped up nine of 10 golds, while taking home silver for brand recognition.
On a pure numbers basis, Bluestone’s victory makes perfect sense. For the second year in a row, it has more or less doubled its origination volumes.
The past 12 months have been particularly strong for Bluestone, as reflected in the swathe of new recruits coming into the company, at a time when some of Australia’s biggest and most profitable lenders are cutting head counts by the thousands.
Bluestone’s team of business development managers was particularly supercharged in recent times in order to better service its vast broker network.
“Bluestone has seen significant growth over the past 12 months, and we’re incredibly grateful to the broker community for their continued support,” chief commercial officer Tony MacRae tells MPA. “Our success
“Bluestone has seen significant growth over the past 12 months, and we’re incredibly grateful to the broker community for their continued support”
is built on strong relationships and exceptional service, not just competitive pricing. We focus on finding solutions for brokers and their customers, being available when needed and delivering timely, commonsense decisions.”
Bluestone saw a fresh lick of paint in a quite literal sense this year when, to celebrate 25 times around the sun, the group overhauled its branding to reflect what MacRae dubbed “a bold way forward”.
“The brand refresh is all about reflecting on the past and showing that we’ve been around for a long time … We’re not just the new kids on the block,” he said at the time of the rebrand.
It was also “a nod to the future”, MacRae added, as well as “showing the strength of the brand and of Bluestone and that we’re absolutely committed to continuing to provide solutions and choice to brokers and borrowers”.
Speaking to MacRae, it’s clear that broker experience has been front and centre of this growth agenda, whether that’s about maintaining market-leading turnaround times of three days or less in most cases; hosting sold-out webinars, roadshows and broker events; or growing Bluestone’s BDM team.
The end goal, explains MacRae, is to deliver the best relationships and service in the industry, while “ensuring that we provide insights and information to show brokers new ways to provide solutions for customers they may have thought they weren’t able to help, and indeed help them grow their businesses”.
A key part of Bluestone’s competitive advantage, MacRae says, is maintaining a curious attitude and asking the right questions – whether it’s through BDMs working with brokers, credit teams assessing deals, or Bluestone’s specialist sales team hosting
Title: Chief commercial officer
Company: Bluestone Home Loans
Years in the industry: 25
Recent career achievements: Bluestone topping
MPA Broker on Non-Banks survey for second year in a row; being named in 2024 Global 100 list
workshops, webinars, roadshows or simple co ee clusters.
“Helping brokers find solutions and grow their business is a real passion amongst the team,” MacRae says.
Of course, building up a business to become one of the biggest non-bank lenders in the country was never going to happen without encountering a few hurdles along the way –especially when “the market continues to throw up challenges every day”.
MacRae cited an influx of new competitors into the alternative lending scene, aggressive pricing of mortgage products, and the disruptive nature of new technologies such as AI as just a few of these challenges.
Nonetheless, “we have embraced these challenges head-on but have never forgotten that at the end of the day we are a relationship and service business,” he says. “As with brokers advice and support is a key di erentiator, it is with Bluestone and continuing to
all their customers’ mortgage needs.”
Technology will also play a part in helping the company retain the competitive advantage that has led to brokers crowning Bluestone as Australia’s best non-bank for two years running.
“Bluestone will continue to evolve by adopting leading-edge technology – including AI – where appropriate whilst also ensuring we remain faithful to educating brokers and finding solutions that help brokers grow their businesses,” says MacRae.
“We will look to further partner with aggregators to ensure that together we are able to provide seamless solutions for brokers and their customers and market-leading education and events.”
On a personal note
For the past 12 years, MacRae has sat on the board of directors of the Royal Flying Doctors Service [RFDS] (South Eastern section).
“Helping brokers find solutions and grow their business is a real passion amongst the team”
ensure this is at the forefront of how we deliver initiatives and ensure we remain relevant to brokers and their customers.”
When it comes to plans for the year ahead, it’s all about making the process of working with Bluestone more streamlined and hopefully faster.
“Continuing to simplify our processes and digitalise our platforms will be a key priority,” MacRae says. “Giving brokers confidence that they can get a quick, common-sense decision with consistent application will be key to continuing to win in the future.”
As for specifics, MacRae teased an exciting year for Bluestone with the launch of a number of new products.
“We’ve recently launched expat loans and are currently testing an additional two new products with a small number of brokers with a view to launching by the end of the year,” he said, adding that “Bluestone aims to be the preferred partner for brokers for
Over this period, he has served as treasurer and then chair of the Finance, Audit and Risk Committee and member of the Board Aviation Committee.
In his role, MacRae has provided oversight, strategy direction and governance of an organisation with a turnover of approximately $90 million that provides aeromedical services to the communities of regional, rural and remote NSW.
“It has been my absolute privilege,” says MacRae of his time with the service, which is soon coming to an end.
“Involvement with the Royal Flying Doctor Service has been a wonderful distraction. If ever I think I’m having a bad day, I am reminded of the stories from the RFDS of people doing it much harder, and I realise I don’t really have bad days.
“It has been a great honour to serve the board and organisation and the wonderful team that makes a di erence every day.”
BLUESTONE BY THE NUMBERS
Team size: 140 Assets under management: >$7.2bn
Years in operation: 25
Annual originations: Approx. $5bn
Popular products: Alt doc, near prime, specialist and SMSF
MacRae clearly has a deep passion for the RFDS. Without it, “many of our regional and rural communities would simply not exist”, he says. He explains how it has evolved from its historical provision of retrieval services and aerial patient transport to providing mental health services, alcohol and other drugs services, permanent GP clinics, wellbeing centres and dental services, among many others.
These are “all essential services for any community but ones that wouldn’t exist in many parts without the Royal Flying Doctor Service”, says MacRae.
“The motto of the Royal Flying Doctor Service is ‘The furthest corner, the finest care’, and this really sums up what this wonderful organisation does. I am proud to have played a very small role.”
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When brokers and borrowers are demanding more flexibility than ever before, how are Australia’s largest lenders rising to the challenge?
ANYONE EXPECTING a buttoned-up, conservative a air when representatives from Australia’s biggest banks – nay, biggest corporations – gathered for MPA’s Major Banks Roundtable at Cafe Sydney in September would have had a pleasant surprise.
Rather, participants had a lively, animated and kinetic discussion about the biggest themes impacting the broking market in 2025. Their passion for the mortgage industry shone throughout the hour-long, seven-question roundtable, as did their abundance of knowledge on themes spanning broker demands, channel conflict, digital mortgages, market competition and merger activity.
It was perfect timing for such a discussion, occurring in the hours preceding the Reserve Bank of Australia’s August interest rate call. As we now know, the RBA chose to cut rates for the third time in a year. An avalanche of correspondence from the very banks represented around the table immediately followed.
Each of the five major banks present at the table – Commonwealth Bank (represented by general manager of third party banking Baber Zaka), NAB (executive, broker distribution Adam Brown), ANZ (head of strategic partnerships, retail broker, Ben Magnus), Westpac (head of broker distribution Sarah Willsallen) and Macquarie Bank (head of
broker distribution Wendy Brown) – opted to pass on the 25 basis points cut in full, albeit with varying degrees of immediacy.
It was a perfect illustration of the pressure Australia’s largest financial institutions face in providing the best products on market to attract brokers’ and customers’ attention.
Roundtable participants also heard from two of Australia’s leading brokers – Amelia Pignone of LendX and Jim Psirakis of Pegasus Home Loans – who grilled them on matters close to the broking industry’s hearts.
As some of the biggest companies in Australia with many moving parts, how do you ensure that you provide the flexibility that today’s broker demands?
Sarah Willsallen dove right in, stating that flexibility “is at the heart of our approach at Westpac as we want to support as many customers as we can”.
She pointed to Westpac’s credit scenario hotline as a perfect example of the bank’s approach to flexibility. Run by senior credit managers, the hotline gives brokers direct access to senior credit managers to brainstorm, you guessed it, credit scenarios.
“We’re always listening and adapting to broker feedback, including where they’d like us to see us change or amend the hotline,” said Willsallen.
Broker feedback was certainly a running theme of the roundtable discussion.
Ben Magnus explained how ANZ uses its ‘voice of broker’ survey to guide policy rollout. The survey “gives us great intel into where we need to be better and stronger from a process or policy perspective”, said Magnus.
“We’ve been using our survey results to craft the new initiatives that we’re going to roll out,” he added, calling attention to enhancements to ANZ’s broker portal and
hear them out in person. “Quite often, we bring brokers together for around-the-table conversations,” Brown said. “It’s a chance for us to propose ideas and gather feedback but also invite brokers to share what’s on their minds.”
He stressed the importance of brokers adapting to their customers’ needs. “Brokers are not only small business owners themselves; they also play a critical role in supporting other business owners and
“It’s a strength of the industry that we allow such competition. It’s one of the reasons I love this industry”
Baber Zaka, Commonwealth Bank
home loan calculators as examples. “We encourage our brokers to continue to give us feedback.”
At Macquarie Bank, Wendy Brown said, “we’re built for brokers to confidently deliver better outcomes – and flexibility is at the core of that. We know that no two brokerages are the same, so we actively listen to feedback from sole operators right through to the largest o ces to make sure our support works across the full spectrum.”
Macquarie Bank has also built the ability for pooled support sta to access its broker portal, allowing brokers and their support teams to see status updates and existing customer information whenever they need it.
“They can also chat with us securely 24/7 so they can manage their workloads more flexibly and leverage a broader range of expertise to better serve their clients,” Brown said. “Our focus is not just on supporting new business but also on helping brokers look after their existing clients, making it simpler and faster to deliver the right outcomes, every time.”
Adam Brown at NAB also drilled home how important broker feedback is in adapting policy. The bank goes the extra mile by conducting broker forum groups to
customers,” he reminded the roundtable. To assist, NAB regularly shares insights such as business sentiment surveys and customer trend data with brokers to support their decision-making and client conversations.
Before the discussion moved to Baber Zaka from CommBank, the two brokers present shared their thoughts on whether their flexibility needs are being met by the big banks.
Jim Psirakis from Pegasus Home Loans explained how he had seen di erent majors develop di erent niches over time, whether that was Westpac’s one-year o ering for selfemployed clients, ANZ’s Simpler Switch policy or the 1% assessment rates from NAB and CommBank.
The banks are reacting fast to market changes, said Psirakis, adding that BDM support remains good across the board. “It helps our business, it makes us e cient and knowledgeable, it makes the banks look productive, and it keeps the clients happy,” he said.
Amelia Pignone at LendX echoed Psirakis’ positive comments, particularly around policy changes in the self-employed space.
Speaking of niches, Zaka then explained how CommBank’s role is to enable brokers to
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tap into different segments of the market as they see fit, allowing them to develop unique selling points to offer customers.
How does CommBank do that? “That all comes down to having a fundamental, deep knowledge of our brokers through our relationship managers and of our customers,
brokers still cite channel conflict as a concern for them: 35% of brokers, to be precise, per MPA’s 2025 Brokers of Banks survey.
Channel conflict occurs when lenders compete with brokers by offering better deals and exclusive incentives to borrowers for taking out loans directly with the bank.
“We know some customers are doing it tough, and we’ve been providing tools to both brokers and customers to support them where they may want to manage their repayments”
Adam Brown, NAB
ultimately to understand what the needs of those segments are,” said Zaka.
Zaka brought up CommBank’s new broker-tiering model, which offers different levels of relationship manager support to brokers at different stages of their career. The goal is to “provide brokers with the services that they need to flexibly grow their business”, he said.
Representatives from the broking community tell me that channel conflict is an ongoing concern. What’s being done to tackle this?
Though it’s become less of an issue over time,
It was pertinent to kick this discussion off with Zaka, given that CommBank has copped the most flack over alleged channel conflict.
“We take channel conflict very seriously and have measures to address it. This includes a team that investigates and works with brokers to ensure a fair decision,” Zaka said in response to the question.
The table then heard about the brokers’ experience with channel conflict. “It’s a real thing, it’s happened to us,” said Pignone.
However, she acknowledged that it works both ways – brokers must provide “the best level of service so that the customer doesn’t feel the need to go into a branch”.
Nonetheless, Pignone rattled off numerous instances of a bank approaching one of her clients with an enticing deal.
Psirakis has encountered similar situations, though he agreed that it “probably comes down to a branch level as opposed to a bank-wide issue”. But it does happen, “and we are reluctant to send out clients to the branch for this reason”, he added.
Magnus shared that ANZ has an understanding “around the value a broker brings to the bank”. ANZ’s home loan business has full oversight of broker, branch and mobile distribution – the accountability lies with the bank to ensure that broker-originated customers are respected for the channel they have chosen to use.
At Macquarie – a branchless bank with over 95% of its home loans coming from brokers – channel conflict is obviously less of an issue. But at prior organisations, Brown has seen channel conflict play out across the industry, and she had some thoughts on how to address it.
“If a customer comes to us through a broker, we firmly believe that relationship should be maintained,” she said. “We ask all customers coming to our direct channel whether they’re working with a broker. If they are, the customer is referred back to the broker to ensure consistency and support for that relationship.”
The discussion shifted to NAB, with Adam Brown emphasising that banks seek to support customers through their channel of choice.
“Channel conflict arises when you don’t have clarity of roles,” he said. “We’ve worked hard to ensure that clarity. In our contact centres, broker-introduced customers are directed to a dedicated broker-service team, so their relationship is recognised and protected.”
Brown added that NAB has reinforced this approach by developing scripts for its service teams and aligning resources so that customers are always supported through the channel they choose, delivering a more consistent and enhanced customer experience as a result.
At Westpac, Willsallen drew attention to recent leadership changes. Willsallen is relatively new to the role, having taken over from Warren Shaw in January, while Shaw moved internally into the role of national general manager, home lending distribution.
“We’re very fortunate,” Willsallen said of the Westpac leadership team. “Warren
“From a channel perspective, we want to ensure that we serve and support customers irrespective of the channel they choose to engage”
Ben Magnus, ANZ
Shaw [is] passionate about mortgage brokers. He understands the industry and the important role brokers play in supporting customers to achieve their home loan dreams.”
Westpac’s culture “is one of collaboration”, said Willsallen. That includes collaboration between direct and brokered home lending channels. “On the infrequent occasions when channel conflict does arise, we act promptly and decisively to resolve matters,” she said.
Broker question: Major banks have launched multiple digital home loan offerings, including Unloan, ANZ Plus and Westpac Digital, in the last few years. Are you looking to invest more heavily in this space, and will it be to the detriment of investment in the broker channel? Psirakis fielded the first broker question of the day with a pointed question about where major banks’ priorities lie. Broadly speaking, the responses reiterated that the
customer experience must come first –although digital mortgages only make up a slither of these experiences for now.
“From a channel perspective, we want to ensure that we serve and support customers irrespective of the channel they choose to engage,” said Magnus. “We need to be clear on process and systems to be able to do that and ensure the proposition o ered meets the needs of customers and brokers. It doesn’t impact or challenge the direct investment of the broker because we’ll go where the customer tells us to.”
Magnus drew attention to customers’ overwhelming preference for working with brokers. “As we know, over 76% of customers choose to use a broker – that’s over 65% for ANZ from a flow perspective – so we’ll continue to be sharp and invest in our broker channel,” he said.
At Westpac, “we see technology investment as channel agnostic because it’s the same
mortgage origination system”, said Willsallen. “We innovate to provide a really simple, clean, easy experience for all our customers, regardless of the channel.”
Wendy Brown said, “Taking out a mortgage isn’t like buying a jumper online; it’s the biggest financial decision most people will make. So it’s not surprising that more and
“The segment is less than 5% and has been for years, so for now it’s not a sizeable market.” However, that could change in the future, he added. “I go back to my comment around being where the customer wants to be. If the customer wants to be digital at some point in the future, as a major bank you want to be there, sure. But it’s not growing, it hasn’t grown, so we’re not there at this point.”
Unloan is one of the most prominent digital loan products on the market, but Zaka doesn’t see digital loan investment as detrimental to brokers.
“They’re two very di erent product and service propositions for very distinct customer bases,” said Zaka. “The customer who wants to go and get advice and actually have a relationship that’s more than just foundational with a broker, that’s multi-years or the whole life cycle, is not the same customer that would be comfortable with going through a digital channel.”
Zaka also noted, “I have seen the type of personal support brokers o er their customers – and they’ve got nothing to worry about.”
We’re in the midst of a longawaited rate-cutting cycle. How are you driving your third party channel to seize the opportunities and safeguard itself against market competition?
Wendy Brown reminded the roundtable that Macquarie Bank was quick o the starting
We want to do things really well, but we want them done really quickly”
Amelia Pignone, LendX
more customers are choosing to use a broker – they get the benefit of an expert with lots of experience, they get a highly personalised experience, and they don’t have to pay for it.”
Brown also noted that digital mortgages remain a very small part of the overall market.
NAB’s Adam Brown echoed this, saying,
blocks following the RBA’s May rate cut, having passed the 25bps reduction through to customers after three days, compared to the 12-day market average. And Macquarie did it again on the same day the roundtable met.
“So we’re very responsive, and the feedback from customers has been great,” said Brown.
“We also make sure that we’re equipping brokers with the right tools. Tools like our servicing calculator are updated immediately as well, so brokers can have a lot of confidence they’re absolutely up to date and are giving customers the recommended outcome.”
Magnus leaned into ANZ’s reputation in the self-employed space, saying, “We’ve homed in on ensuring that our self-employed policy meets or even exceeds the expectations of where customers need to access funding.
“We’ve recently launched some changes to make it easier for self-employed customers to secure funding from ANZ and to remove friction points in the assessment of selfemployed income.”
Westpac is “proud to have made substantial improvements to the overall broker experience in the last few years”, said Willsallen. “We’ve reduced our time to decision by 43%, and we’re now leading the majors on one-day settlement, enabling us to seize the opportunity in the current market.”
“Taking out a mortgage isn’t like buying a jumper online, it’s the biggest financial decision most people will make. So it’s not surprising that more and more customers are choosing to use a broker”
Wendy Brown, Macquarie Bank
Willsallen highlighted the investments Westpac has made in processing systems and people alike. The bank has without a doubt been on a hiring spree, with industry figureheads Adam Croucher, Ray Esho and Louise Rainger coming into the Westpac fold in recent times.
“These are established industry people with deep connections and experience. They
know the broker value proposition,” said Willsallen. “We want to really show that we’re a brand who believes in broker and we’re here to win.”
NAB’s economic team has been forecasting the rate reduction cycle, explained Adam Brown. “We know some customers are doing it tough, and we’ve been providing tools to both brokers and customers to support them where they may want to manage their repayments.”
Brown gave some examples of how NAB is putting this into action, including different models of repayment reductions, multioffset accounts that give customers flexibility to manage savings across multiple accounts while reducing interest, and adding HELP debt assessment into serviceability.
CommBank is “very aware” of the spike in broker activity during rate movements, said Zaka. “Customers want to know, ‘What does this mean for me?’ and that creates real pressure.”
To support brokers during this period, Zaka explained how the bank is rolling out targeted educational content that brokers can share directly with clients, reducing repetitive tasks.
“We’re redesigning tools and processes to cut through the noise so brokers can focus on what matters,” he said. “It’s about helping brokers work more efficiently and protect their competitive edge.”
CommBank is looking into “how we give our
top-tier brokers tips and suggestions on using the data that we have and which customers they should be reaching out to”, Zaka added.
It’s a fine line between reaching out to brokers and spamming them with communication, though. As Pignone said, “When a rate cut happens, we’re flooded with communication.”
In Psirakis’ opinion, the banks should mainly focus their communication on when their new rates kick in. “That’s important for us as well, just to get a guide,” he said.
Broker question from Amelia Pignone: Australia’s mortgage market is one of the most competitive in the world, and brokers play a huge part in driving that competition. How do the major banks plan to remain competitive in a broker-driven landscape that increasingly rewards transparency and speed? And should we be expecting loyalty discounts for brokers in the form of LMI benefits?
Wendy Brown made clear that LMI benefits are not part of the plan.
Lenders mortgage insurance is certainly a hot topic. Used for low-deposit home loans, LMI is taken out by a bank to safeguard itself against default risk, with the cost passed down to the borrower.
Most banks have LMI waivers for eligible professionals such as doctors, lawyers and accountants. However, Brown is sceptical about their usefulness.
“The segments that actually have been given LMI waivers aren’t 100% the bestperforming segments,” she said. “For us, we haven’t seen it as a great customer outcome or opportunity for our brokers.”
Credit policy should first and foremost be driven by market demand, Willsallen explained, saying, “When we’re looking at what areas we want expand our appetite in, we will ask, ‘how big is the cohort, how many people does it impact, and therefore how big is the market opportunity?’ ”
A great deal of time, effort and resources goes into implementing policy changes, added Willsallen. “When we’re prioritising [policy changes], we assess how many customers we’d get to help, as a key criteria in determining what we pursue.”
Zaka said, “What I firmly believe in is that brokers who do consistent business with us, we should give a premium service to. While we want to give a great service to all brokers, and all customers will receive the same experience behind it, we want to
grow brokers who want to consistently consider CBA offering to support the needs of their customers.”
NAB has seen success in leveraging the bank’s capabilities and knowledge to support brokerages seeking growth, Adam Brown explained. “Our professional services team has had success working with broker businesses in helping fund their growth,” he said. Access to NAB’s support systems isn’t limited by the size of the brokerage. “The opportunity for major banks is to help smaller
Credit unions, building societies and mutuals Non-bank lenders
Any other type of lender Brokers’ white label loans
International banks (eg ING Direct, Citi etc)
Independent regional banks (Suncorp, Bendigo)
Regional banks owned by or aligned with major banks
Major banks (ANZ, CBA, NAB, Westpac)
brokerages grow by providing services and scale that second-tier lenders can’t always o er,” Brown said.
“At ANZ, we focus on our proposition rather than LMI waivers,” Magnus said. “Our Brokerology education platform is just celebrating its first year. That has on-demand training for brokers no matter where they’re at in their journey.”
Magnus believes LMI plays a role in providing protection for potential high-risk lending, and that waivers could increase risk exposure; however, certain industries and
professionals already benefit from waivers due to the strength of these segments.
There have been ebbs and flows over time, but the data shows that major banks’ share of brokeroriginated lending has reduced over the years. Why is that, and is it a concern for you?
“I think the brokers have created the competition,” Magnus kicked o with. “It’s a competitive market, so brokers that have come to the market have found avenues for
new lending in di erent segments by serving their customers’ needs. Therefore, new lenders have emerged to cater to the di erent lending scenarios, alongside new policies, processes and systems to support them. This only strengthens the broker market from a client solution perspective.”
The table concurred with Magnus’s take.
“The question isn’t about, are we getting more of the total market, but are we looking after more customers? Are we meeting more customers’ needs? And we really see that that’s happening,” said Wendy Brown.
“The majors have stepped up with their policy changes, especially around self-employed lending, which is helpful when every second customer is either a sole trader or in a partnership”
Jim Psirakis, Pegasus Home Loans
Adam Brown added, “When brokers handle 76% of all lending in Australia, it’s natural that some niches will emerge where majors don’t traditionally operate. We’re seeing a rise of private lending, high-LVR lending and nonconforming, near prime lending. That reflects the fact that brokers are helping a much broader range of customers access homeownership, including segments that sit outside core areas where major banks typically operate.” Zaka doesn’t see the reduced share of broker-
originated lending as something to be concerned about. “It’s a strength of the industry that we allow such competition,” he said. “It’s one of the reasons I love this industry. It’s a competitive market out there, and brokers and customers will choose where they will play.” Which is not to say that Zaka doesn’t want to be growing in the broker space. “That’s the challenge to myself and all of us to actually step up our game if we want to play in those spaces,” he said.
Willsallen added, “While the landscape’s evolving, we know that competition drives innovation and a focus on service excellence. We’re 100% supportive of that. It’s an opportunity to continue to improve and differentiate, whilst remaining competitive and managing mortgage returns with the right balance of risk, margin and volume.”
In contrast to the data, the roundtable’s two brokers said they have actually been doing higher volumes at the major banks in recent times, especially in the past 12–18 months in Psirakis’ case. “The main reason is because competition has driven innovation,” he said. “Also, the majors have stepped up with their policy changes, especially around self-employed lending, which is helpful when every second customer is either a sole trader or in a partnership.”
Pignone is seeing similar trends at her brokerage. “We’re using a mix of the majors and the second-tier and non-conforming lenders,” she said.
“We want to really show that we’re a brand who believes in broker and we’re here to win”
Sarah Willsallen, Westpac
What new technologies, including AI tools, are you implementing to make the broker experience faster and more streamlined at your bank?
At NAB, Adam Brown sees technology as a fundamental driver of efficiency and broker support – but not without careful guardrails.
“Technology is a game changer for banks, for efficiency, for brokers, for speed and consistency,” said Brown. “AI is probably the buzzword … but for NAB, we’re experimenting with AI where it makes sense.”
He noted that AI’s current value lies mostly in operational efficiencies, such as streamlining knowledge bases and automating
repetitive tasks previously handled manually. However, he emphasised that digitisation and automation have had the biggest tangible impact so far on service delivery.
“Automation and digitisation have been the real game changers for speed. All of us are now being able to deliver that speed for customers and brokers,” he said.
Brown stressed that broker input is essential in shaping new technology. “We can’t do this on our own … it’s how we actually work with aggregators and brokers to improve the end-to-end process.”
Wendy Brown pointed out that Macquarie Bank has a long track record of investment
and innovation in the broker channel to deliver the best experiences to brokers and customers. AI is presenting new opportunities to continue this history of investing in delivering these experiences.
“We’re taking a careful and prudent approach to using AI in our originations processes,” said Brown. “It goes without saying that we’re in a highly regulated industry and we need to make sure we’re meeting all our regulatory obligations – including our responsible lending/NCCP obligations.
“Although AI is a very powerful technology, you can’t just ask it whether to approve a home loan. Instead, we’re looking at how AI can augment specific segments of our existing processes. We think this approach will see us continuing to build on our track record of giving brokers very quick decisions – but just as importantly, confidence in our decision processes.”
Magnus explained how ANZ is leaning into AI’s strength in cybersecurity, particularly through enhancements to its Falcon fraud detection system.
“It’s an AI world; it’s a digital world. And the by-product is an increase in scams,” said Magnus. “We’ve looked at increasing our functionality through ANZ Falcon to protect customers, using behavioural metrics to identify abnormal consumer spending patterns. Here we are able to freeze payments, contact customers and protect customers from fraud.”
From a broker perspective, Magnus flagged the focus on making it easier for brokers to find the information and tools they need in one place. “We want to ensure that brokers have better line of sight around applications in the home loan pipeline and more insights into their existing portfolios so they can spend more time with their customers.
At Westpac, AI is already delivering measurable improvements in broker workflow, according to Willsallen. “AI now reads and verifies broker-submitted documents, saving 20 minutes per file,” she said. “Think about how many files you do in a day or week –that’s a material impact.”
Westpac is also using generative AI to summarise broker notes and cover sheets, reducing delays in assessments. These efforts were recently recognised with a 2025 Appian Innovation Award.
“We’re working with key partners to develop relevant policy in a consistent type of manner,” Willsallen added.
CommBank’s approach to AI has evolved from speeding up applications to deepening broker relationships, Zaka explained, adding that the focus is now on enabling relationship managers to be more responsive and effective.
“We’re changing how we can use AI to improve the relationship-building capability of our relationship managers,” said Zaka. “I want our relationship managers to be able to respond as soon as possible – and AI helps them do that … If someone’s calling in, they need an answer. Ten minutes makes a difference.”
Brokers Pignone and Psirakis were largely complimentary about the banks’ use of technology and AI.
Pignone praised Macquarie Bank’s tech infrastructure for enabling end-to-end deals – from submission to settlement – within days. “We want to do things really well, but we want them done really quickly,” she said. “Macquarie do that really well because of the tech in the background.”
Psirakis noted that while banks are on the right track, not all AI tools are relevant for brokers’ day-to-day work. “I don’t think I’d ever be at a point where I’d be submitting AI broker notes,” he said. “But I use it to research what clients are asking for – what are firsttime buyers googling?”
Do you expect to see more M&A activity in the Australian financial services sector?
Given ANZ’s acquisition of Suncorp Bank in 2024, Magnus was an obvious starting point for the final topic of the day. Magnus unequivocally sees more M&A activity in the industry pipeline.
“It’s such a costly experience to run your own business,” he said. “There is an increase
in compliance and a big technology disruption happening, and we’re starting to see aggregators now take strategic partnerships in the industry to support M&A … I suspect that there’s a consolidation coming.”
He pointed to succession planning as a key driver of consolidation in the broking space, saying, “As an ageing broker network, we need to ensure that the youth are coming through to keep it alive. This is in everyone’s best interest for longevity.”
Willsallen echoed Magnus’s outlook but framed it within a broader set of macro and structural forces influencing the market.
“We’ve obviously witnessed a steady uptick in mergers and acquisition activity in the mortgage broking industry,” she said. “If we think about the dynamic landscape, there are many drivers that create that environment.”
Among those drivers, she listed compliance costs, tech investment demands, demographic shifts and competitive pressures.
Zaka concurred that there has been an uptick in M&A activity in the brokerage space.
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Australian small businesses still have it tough, but brokers play a more important role than ever before
WHEN MPA last checked in on the SME lending scene in May, the narrative was one of unwavering resilience. Despite soaring input costs and restrictive access to funding via traditional means, Australia’s entrepreneurial small business owners were increasingly forging close broker ties to help devise ways of raising capital.
These battle-hardened SMEs have not exactly enjoyed a massive reprieve in the new financial year. Per Equifax’s Business Credit Demand report for the June 2025 quarter, fewer new businesses entered the market on a year-on-year basis, while insolvencies shot up to a five-year high.
As concerning as that is, overall business credit applications did at least tick 5.2%
construction and professional services to retail, healthcare and hospitality.
“Many of these businesses are led by self-employed owners who are focused not just on day-to-day operations but also on building personal and business wealth.”
Prior explains that business owners are increasingly looking to refinance, consolidate, expand and invest in property. He is also seeing a strong trend towards property ownership among self-employed borrowers, with many using residential property-backed lending as a practical alternative to unsecured or cash flow loans.
Brokers are naturally tuning into the emerging opportunities in the sector, but “there’s still plenty of untapped potential”, Prior says, adding, “It’s a space that’s evolving, and there’s room for more brokers to step in and make their mark.”
Matthew Heinnen, group manager –commercial at Liberty, calls SME credit demand “resilient, with many small businesses seeking finance amid market uncertainty, supply chain volatility and rising operational costs”.
Small businesses have a growing awareness of the broader range of available lending options on the market, says Heinnen, “particularly through non-bank lenders
“It’s a space that’s evolving – and there’s room for more brokers to step in and make their mark”
Lee Prior, ORDE Financial
higher, indicating an appetite for investment in new and ongoing business operations.
Australia’s non-bank lenders have reflected on this ongoing resilience in discussions with MPA
“SME credit demand in Australia is definitely rising,” says ORDE Financial’s director of distribution Lee Prior, noting that the sector now comprises more than 2.5 million entities, spanning industries from
like Liberty”. He explains how brokers play a central role in developing this awareness by connecting borrowers with alternative funding options to suit their needs.
While traditional banks are eyeing the business lending space with keen interest, their restrictive lending and credit policies often lock borrowers out of the market. This
is creating a widening window of opportunity for alternative lenders to step up their game. Pepper Money’s flexible policies and straightforward approach “are helping brokers say yes to more clients, especially those looking to grow their portfolio or secure premises for their business”, says Barry Saoud, the non-bank lender’s general manager, mortgage and commercial.
At Pepper Money, commercial lending is predominantly built around helping business owners secure property, explains Saoud. “Many SMEs that we’ve helped fall into our prime offering, and these borrowers are typically seeking funding to purchase commercial assets – a clear indication that property acquisition is driving demand,” he says.
However, while property acquisition is the key driver, “we also support self-employed borrowers navigating complex income structures or recovering from past credit
issues”, Saoud says, highlighting Pepper Money’s near prime offering and simplified income verification options, which “give brokers the tools to help these clients move forward”.
More than 40% of Pepper Money’s
“These changes have helped drive consistent growth in SME lending through brokers,” Saoud says.
ORDE Financial has enjoyed a strong surge in SME deal volume, having grown its borrower base by 35% in the past year.
“SME lending is helping brokers diversify, deepen relationships and build more resilient pipelines”
Grant Smith, ORDE Financial
customers last year were self-employed, with around one in three applications using alternative documentation. The lender has responded by simplifying income verification for prime alt doc (ie only one document required), increasing loanto-value ratios, extending loan caps and accepting vacant land as security.
“All of this momentum is thanks to brokers, many of whom are expanding into commercial and SME lending and increasingly turning to ORDE as a key part of their solution for business customers,” explains Grant Smith, ORDE’s chief lending officer.
ORDE’s flexible product suite, including alt doc, lease doc and full doc, “enables brokers
to support a wide range of business needs and borrower profiles”, Smith adds.
“SME lending is helping brokers diversify, deepen relationships and build more resilient pipelines. We’re proud to work exclusively with brokers, supporting them as they help even more SMEs and selfemployed business owners achieve their goals in the years ahead.”
Heinnen says, “Small and medium businesses are looking for funding that reflects their unique circumstances. Brokers value the support Liberty provides in structuring solutions for a variety of clients that have circumstances often seen as being too complex.”
Liberty makes a habit of working closely with accountants to tailor alt-doc solutions to help SMEs, such as by accepting digital bank statements, business activity statements or accountant-prepared summaries to support income verification.
“With nearly 30 years of experience, Liberty understands the intricacies of business financing. Our long-standing commitment to broker relationships positions us as a trusted partner, helping brokers support clients with confidence,” says Heinnen.
Loan volumes reflect broker diversification
According to the MFAA’s 19th Industry Service Intelligence report, the number of mortgage brokers writing commercial loans increased 24.21% year-on-year in the April–September 2024 period. The value of commercial loans settled by mortgage brokers hit a record of nearly $22.7 billion during this period.
The growth in brokers writing commercial loans “reflects industry diversification”, explains Heinnen. “More brokers are expanding beyond home loans to meet broader customer needs, including those of selfemployed clients and small business owners who are not the focus of traditional lenders.”
Liberty is supporting this momentum by o ering brokers direct access to experienced
Source: Equifax Business Credit Demand report, June 2025 quarter
“We’re seeing the same shift in commercial lending that’s already reshaped residential. Customers are choosing brokers more than ever”
Barry Saoud, Pepper Money
business development managers and credit assessors. “We expect this trend to continue as brokers deepen client relationships and expand their service o ering,” Heinnen says.
Prior adds that “SME lending is becoming a core part of the broker pipeline. More brokers are turning to it because it helps balance out the volatility in the resi market alone, but, more importantly, it opens the door to deeper, longer-term relationships with SME clients.”
Since Prior considers it a smart way to grow a sustainable broking business, he doesn’t see this trend de-escalating any time soon.
“You’re not just writing one-off deals; you’re supporting clients through property purchases, business expansion and refinancing. That means more repeat business, more referrals and more resilience,” he says.
But it’s not just brokers reaping the benefits of changing consumer trends – the
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data shows that more and more SMEs are approaching non-bank lenders to support new investment.
Of course, ORDE, Liberty and Pepper Money are not the only ones targeting SME lending. In fact, it’s a hotly competitive segment that more and more alternative lenders are piling into. Banking majors, too, are upping the ante on what they can o er SMEs.
For Smith, the key to remaining competitive is providing top-notch support through ORDE’s credit team and business development managers. That way “we get a clear view of what’s happening in the market and what’s showing up in their pipeline. That feedback loop helps us stay responsive and evolve our products in ways that actually support the deals brokers are working on”.
On the policy front, ORDE has increased its commercial cap to $5 million per security in order to service the larger, more complex opportunities that brokers are bringing to the table.
“But it’s not just about product changes,” says Smith. “We’re also really focused on helping brokers grow confidence in this space, whether that’s supporting them through their very first SME or commercial deal, hosting educational webinars where they can build their SME lending skills or helping them navigate more complex scenarios as they build experience.”
Prioritising the broker experience is essential to maintaining a competitive advantage. “Liberty continues to back the broker channel, which remains a centre of our business model,” says Heinnen. This includes providing ongoing education, tools and support so more brokers can help businesses put their plans into action.
Saoud adds, “We listen to brokers and build around what they need. Through our Broker Research Hub, we co-design policy enhancements based on real feedback. That means every change we make is grounded in broker experience and pain points. Our commercial
lending offering is built to help brokers support their clients’ growth, resilience and long-term success. We know business owners don’t always fit into neat boxes – and neither should their finance options.”
What’s next for SME lending?
SMSF commercial lending is a space to watch, according to Smith. “More self-employed clients are using their funds to buy business premises, and brokers are helping them structure those deals in smarter ways.”
the same shift in commercial lending that’s already reshaped residential. Customers are choosing brokers more than ever.
“That momentum is real, and it’s growing. We believe it’ll continue. SMEs are leaning on brokers to navigate complex funding needs in a changing cost environment.
“For brokers, it’s a chance to step up, build capability and unlock new income streams,” Saoud points out. “If you’re already working with small business owners, there’s huge potential to expand your o ering. So don’t be
“Small and medium businesses are looking for funding that reflects their unique circumstances”
Matthew Heinnen, Liberty
Commercial property purchases remain a big part of the mix, particularly for clients looking for stability and long-term value, while Smith is also seeing more demand for short-term interest-only funding.
Appetite for retained stock lending is also increasing, particularly among developers who want to hold assets post-construction and free up capital for the next stage.
Reflecting on the bullish MFAA commercial broking data, Saoud says, “We’re seeing
afraid to get into it. There’s opportunity here, and it’s worth exploring.”
Heinnen expects technology to continue reshaping SME lending, with automation, digital platforms and data insights driving faster, more accurate outcomes.
But “just as important is the human element”, he stresses. “Our experienced sales team continues to support brokers with insights and guidance to navigate complex scenarios and deliver flexible solutions.”
Affordability challenges and limited supply aren’t going away in the short term, but aspiring homeowners are rising to the challenge through innovative means
are firmly front and centre of Australian housing market discourse right now.
The Labor Government went to the May election armed with sweets aplenty for the nation’s FHBs, chief among them the Home Guarantee Scheme (HGS) expansion, which came into effect this month. Under the expansion (originally tipped for January 2026, then brought forward three months), every FHB, regardless of income, can buy a house with just a 5% deposit. House price thresholds have been significantly lifted, while annual quotas have been entirely removed.
Make no mistake, Australia’s housing market is still among the least affordable in the world, although the Housing Industry Association forecasts that the HGS expansion could reduce the time needed to save for a deposit by up to four years.
Critics of the government’s FHB incentives argue they will blow house prices out even further – criticisms that are unlikely to sway Labor’s vote-winning strategy to help FHBs.
Coupled with long-overdue rate relief, a sense of optimism is merited in the FHB market right now. That has been reflected by steady, if not stellar, lending volumes at the nation’s major and regional banks.
At Beyond Bank, first home buyer volumes have remained largely consistent since 2021, with the exception of a peak in 2024.
“Recent rate cuts by the RBA are helping to ease the burden on borrowers that had purchased during recent years,” says Beyond Bank’s head of third party, Darren McLeod. Borrowers that were ahead in their repayments but lost some buffer when rates shot up should see this burden eased.
supply” in the state. And while overall lending activity has surged in WA, the share of FHB loans is in decline.
These findings suggest that FHBs in WA are losing ground to other homebuyers, both in terms of relative market presence and their ability to access homeownership. Yet
“Any strategy that encourages homebuyers into the mortgage market in a prudent fashion is a plausible method in my view”
Darren
McLeod, Beyond Bank
Meanwhile, lower rates are helping new entrants over the affordability barrier, while borrowers who have sat it out on the sidelines in recent years are perking up.
Perth-based Bankwest also expects to see more FHBs entering the market as lower interest rates boost borrowing power.
The Bankwest Curtin Economics Centre Housing Affordability in Western Australia 2025 report revealed home purchase affordability issues or deposit constraints as the main reasons for renting, with only 44% of WA residents believing they’ll own a home in the future.
The report cited “a chronic imbalance between soaring demand and stagnant
Bankwest is proactively helping brokers to help their FHB customers.
“We continually strive to be the best bank for brokers in Australia by providing outstanding support and simple and efficient processes that deliver a smooth experience for their customers,” says Ian Rakhit, Bankwest’s general manager homebuying distribution.
The Bankwest Simple Home Loan, for instance, was introduced to meet the needs of customers – including FHBs – looking for a basic product with less fees and fuss. Sweeteners include no additional redraw costs and 100% offsets.
“Our simple and efficient digital experiences also help brokers set first home
buyers up for success, with a seamless in-app experience to set up and manage their home loan – providing visibility and flexibility such as repayment options to suit their pay cycle,” adds Rakhit.
“We pride ourselves on the collaborative relationship we have with brokers when it comes to creating secure, uncomplicated and genuinely useful digital banking experiences.”
ANZ has also seen sustained FHB growth over the last few years, particularly through the broker channel.
“It’s clear that first-time buyers are actively looking for support and guidance – not just with the loan itself but over their entire property journey,” says Natalie Smith, general manager, ANZ retail broker.
“This is where brokers can really add value, because there are a few upfront costs that can take first home buyers by surprise –things like stamp duty, government fees, legal expenses and pre-purchase inspections.”
To help with this, ANZ has enhanced its home loan calculator, available now via the bank’s broker portal. The calculator gives brokers a clearer picture of upfront costs based on the buyer’s individual situation, making brokers better placed to help their customers.
While McLeod is pleased to see the Home Guarantee Scheme expansion go ahead, he warns that “this is only half of the equation”. Far more needs to be done on the supply side to create a truly balanced housing market for first home buyers.
“Working with the private sector to incentivise build-to-rent-style initiatives, either dedicated completely to affordable housing or at least with a portion dedicated, is a start,” says McLeod, as is “looking for opportunities to streamline the approvals process across the country at local, state and federal levels of government”.
Beyond Bank intends to keep supporting the scheme with product offerings aimed at
Canberra East
Maroondah
Brimbank
Casey – North
Knox
Parramatta
Mount Druitt
Tuggeranong
Whittlesea – Wallan
Belconnen
Hobart – North West Wyndham
Maribyrnong
Molonglo
Casey – South Gungahlin
Moreland – North Darebin – North
Brunswick – Coburg
Dandenong
Note: ABS SA3 regions
“We pride ourselves on the collaborative relationship we have with brokers”
Ian Rakhit, Bankwest
assisting brokers with the needs of their first home buyer clients. With income caps and quotas removed, and property price caps lifted from this month, McLeod expects to see more FHBs seeking access to the scheme.
Despite persistent affordability struggles, “there are some positives working in buyers’ favour”, says Smith, highlighting the solid labour market and household disposable
incomes rising, supported by mid-2024 tax cuts, lower rates of inflation and interest rate cuts.
“That said, we know that housing affordability remains a challenge,” she adds. “We’ve seen a drop in new property listings – both year-on-year and compared to the 10-year average – which has been a key driver behind recent price growth.”
Rising rents aren’t making the task any easier, notes Smith. “And that’s where our Family Security Guarantee can make a di erence. By allowing a family member to use the equity in their home or investment property as security, eligible buyers could reduce their loan-to-value ratio and avoid paying lenders mortgage insurance. It’s one way we’re helping more first home buyers get into the market sooner.”
Although there are a variety of government incentives to tap into, a quick glance at Australia’s median house price-to-income ratio is a solid reminder of how much the chips are stacked against first home buyers. However, FHBs are proving an entrepreneurial bunch, with strategies like rentvesting and stepping-stone investing on the rise.
“Many first home buyers are concurrently planning for a family, which may cause them to quickly outgrow a smaller home, so rentvesting allows them to purchase the house that best suits them in the future, instead of just what they can afford right now,” McLeod explains.
Without adequate planning, rentvesters risk being stung by unexpected costs involved in renting out a property, but McLeod says “any strategy that encourages homebuyers into the mortgage market in a prudent fashion is a plausible method in my view”.
Restvesters are not able to tap government incentives, including the HGS (which requires a property be your primary place of residence), although “continuing to live where they want, whilst entering the property market and accessing potential capital growth and tax benefi ts via negative gearing, can still be a great strategy”, says McLeod. “This is where sound financial advice from a broker can assist borrowers weighing up the best lending solution to fit their needs.”
First home buyers are also using the stepping-stone strategy to take advantage of government benefits and concessions. That
could involve settling for a unit before working your way up to the Australian dream of a detached house on a big piece of green land, or moving away from the trendy city hotspots for a portion of your life.
But stepping-stone investing is a lifestyle sacrifice that not all are willing to make. Stamp duty alone can cost tens of thousands of dollars per move, while apartments have
So, is now a good time to buy your first home or not?
While house prices remain sky high in most regions, “this isn’t anything new”, says McLeod. “With so much uncertainty in real estate and the current housing crisis, it may be preferable for FHBs to take the security of getting onto the market now instead of waiting and hoping for a correction.
“It’s clear that first-time buyers are actively looking for support and guidance – not just with the loan itself but over their entire property journey”
Natalie Smith, ANZ retail broker
historically seen less capital appreciation compared to houses.
“Rentvesting and stepping-stone buying provide a way for first home buyers to get a foot on the property ladder and potentially take advantage of the benefits of capital growth,” says Rakhit.
However, he warns that “there are lots of things to consider, such as the costs of managing a rental property if rentvesting and the costs of moving house if stepping-stone buying, such as stamp duty, and the challenge of any changes in market conditions impacting your ability to save or build equity”.
“It’s important to consider your longerterm life goals. Knowing what you want to achieve and understanding the options available can help you get started on your property journey,” Rakhit says.
Smith also cites bridging finance –which allows buyers to leverage equity and move between properties without having to sell first – as a practical solution for those looking to make their next move. “It’s another way that brokers can support customers with flexible options in the current market,” she says.
“If you are in the market and everything stacks up as to a ordability and your future plans, now is as good a time as any for FHBs to take advantage of all the incentives and o ers that are currently out there to assist in buying your first home.”
Rakhit says, “It’s always a great time to chat to your broker about your property goals and what’s the best strategy for your personal circumstances. Property ownership remains important to many Australians, and we’ll continue to support brokers to help first home buyers navigate the opportunities and complexities to start their homebuying journey.”
Smith agrees that “now is a great time for brokers to focus on first home buyers”.
“With interest rates easing and borrowing capacity increasing, younger buyers may be more actively seeking trusted advice,” she says.
“We know that fi rst-time borrowers are more likely to seek support from a broker – and importantly, they’re likely to return to their broker for help with future lending needs. Whilst the first home loan may be a starting point, it’s often the beginning of a long-term relationship.”
Innovation can only happen when brokers are involved at every stage of the process. It’s a relationship business after all
WHILE EVERY lender, brokerage, aggregator and broker association in the mortgage business uses technology, not all technologies are created equal. But when MPA caught up with prominent players from across the industry to discuss the state of broker tech, it became clear that there are a few universal truths about what tech should bring to the table.
Speed and e ciency sit atop the no-brainer pile. As Peter White, managing director at the FBAA, says, “Speed and e ciency are the obvious advantages of improved broking
technology, and in time this will help take care of all of the ‘grunt work’ involved.”
documents and enabling a 24/7 level of client support.
White also believes that as broker tech becomes more sophisticated, it will help brokers meet their primary governance obligations, most notably the responsible lending guidelines and best interests duty.
Echoing White’s comments, Melissa Christy, head of lending origination at AMP Bank, says, “Speed and efficiency are the basics, but great broking technology should go well beyond that.”
Christy sees in broker tech a real opportunity to help mortgage professionals deliver better outcomes for customers. She says, “That means giving them tools that reduce admin, surface real-time insights and support smarter decision-making.”
Broker tech should be the “quiet partner that frees brokers to do what they do best: provide advice and build trust”, Christy adds.
“I’m very optimistic about AI and consider it a very powerful tool to propel our industry forward”
The big focus for broker tech advancements in 2025, notes White, is the huge benefits they have in improving application processing times, following up outstanding
Peter White, FBAA
Beau Bertoli, co-founder and chief revenue officer at non-bank lender Prospa, agrees that broker tech should go beyond simply providing speed and e ciency.
“First, it should integrate seamlessly to amplify a broker’s existing offering, reducing the mundane and manual pieces of day-to-day operation so that the broker is freed up to spend more time servicing their clients, allowing for relationships and trust to grow,” he says.
Bertoli believes advancements in broker tech should serve to elevate a broker’s offering and empower them to help clients in new areas to solve cash flow and finance-related challenges. “Furthermore, the technology brokers prioritise in using and upskilling … needs to be designed to enhance the human experience, not replace it,” he adds.
journey more efficient, while also keeping customer data safe.”
Choice is fundamental to the broking value proposition, Devine notes, “and technology has a key role to play in increasing the amount of choice for borrowers. Better tools, alongside product and policy search and selection support, enable brokers to broaden the choice they provide”.
Marie Mortimer, chief commercial officer at Firstmac, says, “For me, the real role of broking technology is to take away unnecessary manual work so brokers can focus on what matters most – their customers.
“If we can remove repetitive processes,
“The best broking technology is co-designed with brokers, not built in isolation” Beau Bertoli, Prospa
For example, the Prospa IQ innovative machine learning quoting engine removes the friction of manual credit analysis. “With this time-saving tool, brokers can now bypass the admin and jump straight into highvalue, needs-based client discussions faster, more innovatively and more impactfully,” Bertoli explains.
Beyond speed and efficiency, Nicole Devine, general manager product, financial services at Mortgage Choice’s parent company REA Group, believes there are three core elements that technology unlocks, namely an even better customer experience; safe, secure automation; and even more choice.
“Technology should deliver an even better experience for the customer by minimising the friction that can exist in the home loan application process,” says Devine.
“Technology also allows brokers to strengthen their customer relationships through timely, relevant and personalised prompts so brokers can connect with clients at key moments. Through automating as many steps as possible, tech plays a fundamental role in making the home loan
we not only lift productivity but also reduce rework and improve conversion rates for both brokers and lenders. It’s about creating space for people to do their best work, rather than being stuck in the mechanics of the process.”
At Commonwealth Bank, the lending giant’s general manager – third party banking Baber Zaka says, “we believe broking technology should do more than deliver speed; it should enable brokers to provide strategic, personalised guidance in a dynamic lending environment”.
“Technology should be proactive, using data and insights to anticipate broker and customer needs,” Zaka adds. “It should be transparent, making information easy to access and act on.”
More than ever, having the best broker technology is crucial to gaining a competitive advantage in today’s lending market.
“Five years ago, brokers relied on static product tables and gut feel,” explains Bertoli. “Today, real-time insights and predictive tools are guiding decision-making. It’s the exciting
shift from the industrial age of lending to the dynamic digital era of intelligent broking, and we are at the forefront of this evolution.”
In Bertoli’s view, Prospa’s strategy is unique because it’s entirely focused on tangible outcomes that deliver clear value.
“The features we aim to implement are designed to serve SME needs, not internal efficiencies,” Bertoli says. “It is not just about better tools; it’s about a better way of working.
Brokers are no longer just intermediaries – they’re the pivotal experience leaders, guiding clients with clarity, speed and confidence, and their role is integral to the client-broker relationship.”
AMP Bank has been particularly vocal about its broker tech innovations in recent months. Its overhauled broker portal, designed in collaboration with Simpology, has garnered a lot of attention since officially launching in August.
Christy stresses that the portal was designed in close collaboration with brokers. “We don’t just build technology for brokers; we build it with them,” she says. “That means our solutions are grounded in real workflows, not assumptions. We’re also taking the long view – investing in scalable, flexible infrastructure that can evolve with the industry.
“And crucially, we’ve hand-picked the best tech providers in the market to help us build technology that keeps the human connection front and centre.
“Broker feedback doesn’t just shape what we do; it defines it,” adds Christy. “Our new lending platform was co-designed with brokers, from features to workflows, ensuring it solves the challenges they actually face. By putting brokers at the centre of development, we avoid assumptions and deliver technology that genuinely works for them, not around them.”
Close broker collaboration is clearly a fundamental aspect of developing new tech in the industry as a whole. As Mortimer says, “Why build something that doesn’t meet the needs of the people who actually use it? Broker feedback is central to
ensuring technology delivers real value and practical benefits.”
Speaking of competitive advantages, Mortgage Choice has a clear di erentiator through its relationship with REA Group, which means Mortgage Choice brokers are uniquely positioned to connect with the more than 12 million Australians who visit realestate.com.au each month.
“Our brokers also benefit from the power of PropTrack, REA’s property data and insights business,” says Devine. “Our ability to connect property data with property seekers and finance at scale is what makes Mortgage Choice unique.
“At Mortgage Choice, feedback from our brokers is fundamental to system design,” she continues. “The only way to create technology that delivers real value is to involve the people who use it every day. That’s why we consult our broker research panel and tech working groups before we even start coding and get them to test prototypes and features along the way.”
White agrees that getting broker feedback is critical when implementing new broker technologies.
“Broking technology will only reach its full potential if brokers are co-designers,” he says. “As the end users, it’s essential that brokers have a seat at the table in developing these new technologies. The insights brokers bring can’t afford to be ignored in this process because they’re the ones on the frontline. Of course, we also welcome input from other stakeholders as part of this co-design process.”
Bertoli says, “The best broking technology is co-designed with brokers, not built in isolation.” This was the approach Prospa took when crafting Prospa IQ. “We had to identify the barriers brokers faced and how our technology could be used to create better experiences for clients.”
While every lender uses tech to gain an upper edge, CommBank is using its heft to ink strategic partnerships with the likes of OpenAI, Amazon Web Services and
Source: MFAA TheValueofMortgageandFinanceBroking2025 report (Deloitte broker survey 2024) Areas
Microsoft. This is “giving us early access to cutting-edge tools that accelerate innovation and broker enablement”, says Zaka. CommBank’s broker tools are informed by broker feedback “to enhance usability, transparency and trust, designed to make
technology work for brokers, not the other way around”, Zaka adds.
AI: buzzword or game changer?
There can be no conversation about technology in 2025 without bringing up artificial
intelligence. But the big question is – is AI just another buzzword or an actual game changer for the industry? There appears to be pretty clear consensus on the matter, although there is still debate on how to implement AI in a beneficial and ethical way.
“AI is absolutely a genuine game changer,” Mortimer confirms. “I’d compare it to the arrival of the internet – disruptive, revolutionary and something that will reshape the way we work. Right now, we’re sitting at the peak of the hype, but what comes next are the real productivity gains. That’s where the true transformation will take place.”
Zaka notes that AI is already reducing effort across customer, broker and operations workflows, speeding up credit assessments, surfacing policy scenarios and streamlining broker processes.
He adds, “While I understand there’s buzz around AI replacing the human touch, our focus is on using it to enhance service delivery.” AI, Zaka explains, helps anticipate
broker and customer needs through data insights, and assists with practical tasks like drafting communications. Yet human expertise “remains essential in complex, highstakes decisions”.
In Bertoli’s view, yes, AI is a genuine game
Devine points out that “AI is a game changer not just for the broking industry but for all industries.
“That said, brokers are ultimately responsible for the advice and service they provide, and we can’t risk that responsibility by being
“Speed and efficiency are the basics, but great broking technology should go well beyond that”
Melissa Christy, AMP Bank
changer, but only when applied with purpose. In broking, he explains how AI is already transforming the way data is analysed, deals are structured and risk is assessed.
“The key is not just having AI but having the right AI, built around broker workflows and customer needs,” Bertoli says. “When done right, it’s not hype – it’s high impact.”
careless with our AI adoption,” she says.
Mortgage Choice has been “very intentional” with its AI rollout by focusing on solutions that help brokers save time and build richer relationships with their customers, Devine says.
She adds that Mortgage Choice offers a suite of broker reports that use proprietary REA Group data and sophisticated AI modelling to provide predictive insights into which customers have the highest likelihood to refinance. “We also launched AI-powered natural language search across some of our Mortgage Choice platforms.”
Earlier this year, Mortgage Choice brokers also received secure access to Google’s Gemini AI tool, which helps them with simple but tedious tasks such as writing emails, summarising text and fact-checking files and documents, Devine says.
Mortgage Choice brokers also gained access to AI-powered insights through NextGen’s open banking tool, the Frollo Financial Passport.
In Christy’s view, “AI is absolutely a game changer, when applied thoughtfully”.
AI’s power lies in streamlining document collection, boosting data accuracy and surfacing insights that help brokers act faster and smarter, she says. “But AI on its own isn’t the revolution; it’s AI embedded in a broader ecosystem that drives real change.”
Bertoli says, “AI should be seen as a
co-pilot, not a replacement.” The best innovations in broking tech “are those that free up time for deeper client relationships, not diminish them”, he adds.
“By automating repetitive tasks and surfacing better insights, AI allows credit teams and BDMs to focus on what they do best: building trust, solving problems and delivering tailored solutions.”
Bertoli believes the broker’s role will only increase in importance as they evolve into “a fully fledged adviser to their client”.
One thing brokers are becoming increasingly vocal about is how the broking industry intends to implement AI tech in a way that retains the human touch they value so highly.
Christy acknowledges that the idea that AI may replace human input is an understandable concern, “but it’s also a misconception”. She explains, “AI isn’t here to replace the human touch; it’s here to enhance it. By taking care of repetitive and manual tasks, AI allows credit teams, BDMs and brokers to
and consider it a very powerful tool to propel our industry forward. Yes, we need to be vigilant about how AI is used, but it’s also essential that we’re guided by expert advice, both locally and internationally.
“We need to heed what global experts are saying. While AI might streamline some client interactions, it will never be a substitute for the genuine human touch and trust that a broker brings to the client relationship.”
Devine points out that “relationships define the broking industry. Whether that’s the relationship between brokers and their customers or the relationship between brokers and banks. Good tech helps our industry be more strategic and intentional with those relationships by removing points of friction in the home loan process and freeing up time for humans to focus on building the relationships that make this industry what it is.”
At CommBank, Zaka says, “we understand that brokers value the human touch, especially in moments that require empathy, judgement and experience. Our approach to
“Technology has a key role to play in increasing the amount of choice for borrowers”
Nicole Devine, Mortgage Choice
focus on what truly matters: understanding complex customer needs, building relationships and providing expert guidance.”
Mortimer agrees that AI is “an enabler, not a replacement”. While conceding that in certain circumstances there will be less of a requirement for the human touch, “people will always want to deal with people – that’s not going away”, he says. He predicts that those who embrace AI for efficiency while keeping the human element at the heart of what they do “will stand out and thrive”.
White says, “I’m very optimistic about AI
AI and automation is designed to enhance that human connection, not replace it but to boost productivity.”
As tech and AI evolve, brokerages, lenders, aggregators and broker associations continue to roll out exciting new innovations that aim to improve the customer experience.
Mortimer reveals that streamlined loan processing is high on Firstmac’s agenda, citing reducing manual touchpoints and making good use of existing data as key focus areas.
“Much of the information that brokers pass on already exists elsewhere; it’s about validating and connecting those sources so decisions can be made more quickly and with greater confidence,” says Mortimer. “There will always be a role for human judgement, but it should be informed by accurate and trustworthy data.”
Through technology, Prospa aims to provide “more holistic experiences for brokers, enabling them to better serve their clients by focusing on innovations that simplify complexity and unlock opportunities”, says Bertoli.
To make good on these promises, Prospa recently launched its partner app, which contains unique quality-of-life features.
“This was the motivation behind Prospa IQ,” says Bertoli. “To enable brokers to initiate every conversation with a predetermined outcome. By leveraging datadriven insights to initiate funding conversations, we have established a new standard – enabling every funding conversation to begin with a number, not a guess.”
Over at Mortgage Choice, the national brokerage network has launched a number of ‘Gemini Gems’ as part of its AI Academy. These act as agents that do the heavy lifting on administrative tasks, and it continues to build more of them.
In November, Mortgage Choice’s Professional Development Days will take a deep dive into practical applications of AI, to upskill brokers. “We’re experimenting with agentic agents that can take action, including a document management agent to help brokers classify documents and natural language search for policy and product,” says Devine.
AMP Bank’s aforementioned broker platform, meanwhile, was not designed to be set and forget. Christy explains, “Its modular design means we can continue to innovate at scale, embed AI in the future, [with] further automation and smarter CRM integration as the platform evolves.”
What does that mean in practice? “Brokers
will see applications approved faster; be more confident of decisions; have intelligent data capture, real-time portfolio insights and tools that help identify customer opportunities earlier,” says Christy. “And because it’s all within one broker-first system, the experience feels seamless, not stitched together.”
CommBank is looking for ways to make it easier for brokers to get the help they need without picking up the phone. It will soon enable escalations to be submitted directly via CommBroker, removing the need to call the Broker Support Hub, “allowing brokers to focus on what matters most, their clients”, Zaka explains.
“We understand that brokers value the human touch, especially in moments that require empathy, judgement and experience” Baber Zaka, CommBank
“At the same time, we’re rolling out our new Broker Relationship Optimisation platform designed to help relationship managers better understand broker businesses and anticipate their needs.”
As for FBAA? “Can I just say, watch this space on both issues,” says White.
“The future for brokers is very bright, and I urge them to constantly embrace new technologies,” he adds. “Day in, day out, brokers are engaged in ‘paper warfare’, but the technologies being developed are going to help liberate a whole new generation of brokers from this drudgery.”
As demand for aged care rises, BOQ Specialist delivers industry knowledge and financial solutions to help operators thrive
OVER THE next 40 years, Australia’s population aged 85 and older is projected to triple. As of June 2024, there were 581,500 people in this age bracket, around 12.4% of the over-65 population. While they represent a smaller share of the overall senior community, Australians aged 85+ drive a disproportionately large demand for aged care accommodation, reflecting their greater need for specialised housing and support services compared with younger cohorts.
At the same time, the broader retirement market is evolving rapidly. Today’s retirees are seeking more than just housing security, with growing expectations for lifestyle, community and choice. Together, these forces represent one of the most significant demographic shifts in Australia’s history and place both aged care and retirement living firmly at the centre of the nation’s future.
For business owners, this presents both tremendous opportunity and immense pressure. Operators in this sector must balance rapid growth and rising demand with financial sustainability, regulatory compliance and the delivery of high-quality services and care. The stakes are high, and so is the need for the right support.
“Brokers have an opportunity to unlock value for their clients through BOQ Specialist,” says Karen Carter, general manager commercial third party, Bank of Queensland. “Our specialised bankers combine deep industry knowledge with tailored financial solutions to support growth and long-term success.”
Running an aged care or retirement business has never been more challenging. The sector continues to navigate the e ects of ongoing government reforms, with providers adjusting to new funding models, stricter quality standards and mandated sta ng requirements. Compliance demands are significant and require constant investment in training, systems and governance.
At the same time, workforce shortages remain one of the greatest obstacles. With demand for aged care workers far outstrip-
“Whether funding liquidity requirements, refurbishment, development or core debt finance, BOQ Specialist o ers products and expertise designed to support [aged care business] operators throughout their journey” Karen Carter, Bank of Queensland
ping supply, operators are under pressure to recruit, train and retain skilled sta in an increasingly competitive market. Meeting new minimum sta ng requirements only adds to the financial and operational strain.
The challenge does not end with sta ng. Rising operational expenses, from the cost of utilities and food to insurance and medical supplies, are tightening margins. Many facilities are also ageing and require costly
upgrades or full redevelopment to meet modern expectations for comfort, accessibility and design. Securing capital for such projects can be di cult, particularly when lenders are unfamiliar with the complexities of the industry.
“BOQ Specialist supports operators and stays across industry challenges,” Carter says. “Whether funding liquidity requirements, refurbishment, development or core debt finance, BOQ Specialist o ers products and expertise designed to support operators throughout their journey.”
Opportunities in a changing market
Despite the challenges, the outlook for aged care and retirement living remains strong, with significant opportunities for growth.
Carter notes that today’s retirees are seeking more than just basic care. “They want lifestyle, community and choice.”
This demand is driving the rise of retirement villages and communities that integrate wellness, recreation and social connection alongside essential support services. “For business owners, this creates the chance to design and operate o erings that truly meet evolving expectations,” Carter says.
Technology is also reshaping the sector. Telehealth, digital health records and smart monitoring systems are improving care quality while boosting operational e ciency. As Carter explains, “Business owners who adopt these innovations can streamline operations, reduce costs and deliver a
higher standard of care, giving them a competitive edge.”
Property development presents another avenue for long-term growth. There is increasing demand for purpose-built facilities, and retirement living and aged care projects are attracting investors. Carter highlights a growing trend of providers, such as Aveo, Lendlease and Bolton Clarke, that combine retirement living and aged care under one brand to allow residents to transition seamlessly as their needs change.
With structuring complexities now the norm across land ownership, investor equity and income models, BOQ Specialist provides trusted advisory services to ensure debt is structured to suit clients’ needs. In particular, BOQ Specialist supports aged care and retirement operators with tailored funding solutions, including development finance and core debt for land lease communities.
Role of specialist brokers in the sector
Brokers can be instrumental in connecting aged care and retirement operators with the right financial solutions. In a sector where lending requirements can be highly specialised, brokers can act as trusted advisers, guiding clients through complex funding needs.
By working with BOQ Specialist, brokers can give their clients access to tailored
stronger client relationships and play a bigger role in a fast-growing sector,” Carter says.
“With BOQ Specialist’s personal approach and industry know-how, brokers can feel confident their clients are well looked after.”
“With BOQ Specialist’s personal approach and industry know-how, brokers can feel confident their clients are well looked after”
Karen Carter, Bank of Queensland
banking expertise and industry-specific finance options. Whether it’s structuring large-scale property loans or supporting cash flow through flexible facilities, BOQ Specialist collaborates closely with brokers to ensure clients have the right support.
“For brokers, this is a chance to build
a sustainable future together
The aged care and retirement industry is more than just a market trend; it is a cornerstone of Australia’s future. Business owners in this sector carry the responsibility of caring for older Australians, while brokers have the chance to support them
in securing the financial tools they need to thrive.
BOQ Specialist understands the retirement industry intimately and is particularly adept at development project finance. It has the experience and expertise to structure deals that acknowledge the unique di erences between retirement projects and standard development transactions.
By working together, operators, brokers and BOQ Specialist can ensure that the aged care and retirement sector not only meets the demands of tomorrow but also creates lasting communities where older Australians can thrive.
A life of turmoil has given Beaver a deep desire to help others – with integrity, resilience and perseverance
LIKE MANY Aussies, Minh Beaver (née Vu) arrived on these shores with little more than the clothes on her back.
Beaver was just 18 months old when her family fled their home in the wake of the Vietnam War.
Rescued by an American gas tanker after drifting in the treacherous waters of the South China Sea for five days, she and her family spent years in limbo in Japan before making their way to Sydney’s southwest suburbs in the early 80s.
Although Beaver was barely five years old when they made the journey to Sydney, she has vivid memories of it – memories kept fresh by retellings passed down by her garment-making parents.
While it was a tumultuous start to her life, Beaver fondly remembers being embraced by the country her family has called home for 40 years.
“You come with empty hands – nothing,” she says of the refugee experience. Yet to her and her family’s surprise, they were endowed with the riches of a supportive, giving community.
Her first-hand experience of her family’s hardships – first as refugees, then losing everything again in Australia’s brutal ’80s recession – fuelled a deeply industrious work ethic in Beaver that has shaped her into the highly successful broker she is today.
Beaver’s journey into the world of finance was not entirely of her own design. As she recalls, not with self-pity but humour, “My parents were not okay with me doing anything creative.”
But helping others with their finances was a deeply personal venture for Beaver, shaped by witnessing the pain of bankruptcy, which she admits was compounded by her family’s relative lack of financial literacy.
Beaver developed a strong understanding of mortgage finance through her numerous roles in the retail banking and mortgage management sectors.
thing. They helped me with the emotional intelligence side of things too.”
It goes without saying that Beaver believes mentorship is a must-have for any aspiring broker. “Surrounding yourself with the right people is essential, because even though I had so much drive, I didn’t connect with people that well.”
She warns against isolating yourself when
“I’m always dealing with people’s finances, so I take everything seriously. Because for me it’s do or die”
“My bosses always told me my working ethics were through the roof,” she recalls. “I would just work, and I would be quite relentless to get things done. I’m always searching for an outcome.”
Mentorship played a big role in Beaver’s early years as a financial professional.
“When I started working, I had really good mentors,” she says. “And they really got behind me to channel my energy into some-
starting out on your broking journey.
“I think everyone just kind of sticks to themselves, or they consider each other as competition … I think a lot of brokers independently just feel a bit scared to network,” says Beaver.
Beaver’s journey through the financial services industry led her to join boutique
Not everything goes to plan in this world, but that shouldn’t stop you from having one in the first place. Discussing lessons she learned on the way to becoming a broker, Minh Beaver says, “I wish I’d planned better. It would have been easier if I’d actually had the capital to fund myself for at least a year into brokering.” It’s a lesson every new-to-industry broker should heed, particularly when more than half of all brokers fail within the first year.
“I would just work, and I would be quite relentless to get things done. I’m always searching for an outcome”
brokerage Experity Group in 2020, where she was given the tools to expand her client portfolio and trail book.
Beaver describes Experity as “a group of really experienced brokers, a group of really good people who have been in the industry for a long time”.
She adds, “When you surround yourself with really solid business, you’re going to get a solid business as well.”
However, Beaver has reached a new point in her journey, setting the stage for the next big chapter in her unorthodox life. She is
preparing to leave Experity to launch her very own brokerage, Evolve Money.
Like most of her biggest life moments, it will be a family a air, with husband Corey coming in with a complementary set of skills and knowledge to support the business.
Corey is a sales and marketing expert in his own right. He has helped generate leads for Beaver in the past and will no doubt be a driving force behind the success of Evolve Money going forward.
To help get Evolve Money o the ground, Beaver purchased a trail book in 2022. In
Location: Sydney, NSW
Services offered: Residential, commercial, SMSF, low doc, reverse mortgages, asset finance, overseas borrowers, expats, coaching and education
Years in industry: 20+
fact, that’s where the brand name Evolve Money came from. But while the name will remain, she is making some meaningful changes to the branding.
Evolve Money’s logo is imbued with symbolism from Beaver’s Vietnamese heritage. It symbolises ‘Ðức’, explains Beaver, meaning ‘integrity’ in her mother language.
Integrity is important when, as Beaver says, “my clients have been with me throughout their life journeys, through marriage, buying a home, upgrading, having children and even divorce”.
Through her experience as a refugee and all the hardships of her upbringing, Beaver has learned the true value of resilience and perseverance – virtues she now uses to guide her clients towards achieving the Australian dream.
“I’m always dealing with people’s finances, so I take everything seriously,” she says. “Because for me it’s do or die.”
While launching your own business is a stressful endeavour, Beaver’s 20-plus years of industry expertise gives her some solid foundations to build on. Having platinum status with a number of top-tier lenders won’t hurt either.
Yet there are always more lessons to be had.
“I don’t consider myself a top broker,” says Beaver. “I’m always learning, there are always challenges in this industry, and you’ve just got to stay ahead of the game … My strategy is to continue helping Australians like I do.”
TELL
“ My WhatsApp status has been ‘Always walking!!!’ for over five years now ”
PRAVIN MAHAJAN, chief executive and founder of Bheja.ai, is a mortgage broker with over 25 years’ experience building banking and fintech platforms. He understands how Australians manage loans, yet says his clearest insights come during long walks in nature.
“I find sanctuary in the simple act of walking, away from the digital noise of daily life,” Mahajan says. “Walking is more than exercise; it’s a moving meditation that helps clear my mind.”
On weekends, he trades “screens for scenery and notifications for the rustle of leaves”, often covering 10km and sometimes stretching to 25. His personal record for a walk stands at seven hours and 31 minutes, but the achievement he values most is mental clarity.
“Stepping onto a trail brings immediate calm. Weekly worries fade with each step,” he says.
The practice, Mahajan adds, “improves my fitness and restores my wellbeing”, helping him stay balanced as both a mortgage broker and innovator.
10km
Pravin Mahajan’s regular goal for a weekend walking reset
25km
His longest distance target for a weekend walking challenge
7.5hrs
Mahajan’s proudest endurance walking achievement
