Broker. June 2023

Celebrating ANNIVERSARY Years

MOMENTUM GAINING

Building FBAA over three decades

Through the 2000s, the FBAA repositioned its brand, grew its membership and persevered through growing pains as it gained momentum.

6 INDUSTRY UPDATE

This year will see the International Mortgage Brokers Federation’s inaugural World Summit. The FBAA is heavily involved in the IMBF, with Peter White AM being the federation’s co-founder.

10

MUMBAI TO MELBOURNE

Melbourne-based mortgage broker Vee Shah’s finance career may have started in Mumbai, but it is here in Australia where he established a burgeoning agency, MTA Mortgage Brokers.

16 FROM DREAM TO REALITY

Award-winning buyers agent Kitty Parker shares how mortgage brokers are making property ownership possible for Gen Z, taking them from dream to reality..

CONTENTS

What's on At

36 MEMBER BENEFITS

Explore the benefits, deals, offers and savings exclusively for FBAA members.

38 BROKER IN BUSINESS

Sydney-based businesswoman

Yasmine Shah founded the Women’s Commercial Finance Forum in 2020.

42 WHAT’S ON

All the latest events and webinars happening at FBAA.

20 COVER STORY

As FBAA celebrates 30 years, we look back at the FBAA’s origin story. In this edition we speak to industry stalwart and former FBAA Chairman Jan Kirstein about what it was like during 2003 to 2013.

30

HOW TO USE CHAT GPT FOR BUSINESS IN 2023

AI tools will revolutionise how businesses work and perform daily tasks, but knowing where to start can be confusing. Here are simple tips to help you.

CONTENTS

EDITOR & HEAD OF CONTENT

Peter White AM

MANAGING EDITOR

Krystal Camilleri

SUB-EDITOR

Janet White

STAFF WRITER

Rachel Licciardello

CREATIVE DESIGN & PHOTOGRAPHY

Josephine Carter

Krystal Camilleri

ADVERTISING

Krystal Camilleri

TELL US WHAT YOU THINK

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NEWS, ADVERTISING AND ADMINISTRATION

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p: 07 3847 8119

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All information and images are subject to copyright. No part of this publication may be reproduced without prior permission in writing to the Finance Brokers Association of Australia Limited. The views and opinions of the authors and advertisers do not necessarily reflect the opinions of the publisher.

While every effort has been made to ensure the accuracy of information at the time of publishing, the publisher accepts no responsibility or liability for errors, omissions or subsequent consequences including loss or damage from reliance on information in this publication.

Industry Update

This year will mark the International Mortgage Brokers Federation’s inaugural World Summit. The FBAA is heavily involved in the IMBF, with Peter White AM being the federation’s co-founder. From this summit, the federation is hoping to shed light on the finance and mortgage broking industry’s issues that are shared around the world, and hopefully to workshop resolutions.

Global Insight

2023 IMBF WORLD SUMMIT

September 8, 2023 will mark the inaugural International Mortgage Brokers Federation (IMBF) World Summit in Las Vegas, USA. This summit will be an opportunity for around 100 brokers to come together from all over the world and discuss issues from their particular countries, and potential fixes. Attendance packages are available to FBAA members from June 15. (See page 14 for details.)

Many countries around the world are experiencing similar issues in their finance and mortgage broking industries, just at different speeds. This is the reason I co-founded the IMBF with Canada back in 2015, to be in front of the curve when issues arise. Through this summit, we will look at common issues on a world scale, and workshop solutions. From there, we will write a white paper with our findings, tailored to each country. Our IMBF member countries will then use this white paper in discussions with government and regulators. We want government and regulators to see that we are collaborating on a global scale and working through problems together. We believe this will support informed decisions. I know the Australian government will appreciate this global insight when looking to formulate new legislation or regulations relating to Australian brokers.

The USA’s major broker association, National Association of Mortgage Brokers (NAMB), is hosting their 50th anniversary conference that weekend. They have kindly gifted the IMBF the function room to reduce the cost of setting up this world summit.

The FBAA is heavily involved with the IMBF, and I invite any members interested in attending to contact me at pwhite@fbaa.com.au. This event is designed for those who have high-level interest in our industry and its global impacts and solutions.

AUSTRALIAN MORTGAGE AND RENTAL AFFORDABILITY SURVEY

We recently completed our second piece of research with McCrindle on the Australian Mortgage and Rental Affordability Survey. Our first piece was released around 18 months ago, and focused on what was happening with interest rates looking forward, and loan customers’ and renters’ stress points around affordability. At the time, 57% of people said if their

rent or mortgage payments went up by $300 or 1%, they could not afford it. Fast-forward to today, we have found that Australians are very resilient and we’ve not seen any concerning spikes in cases of hardship. Yet.

This second piece of research does, however, tell us there is a financial impact of this increased rents and mortgage payments. We’ve learned that 61% of people have cut back on their weekly spending habits, which includes grocery bills. Some 69% of people said they have cut back on holidays, leisure and social activities to be able to pay rent or mortgage payments, which is why we’re not seeing that abnormal strike in arrears or complaints and hardship. In line with that, 46% of people have either withdrawn on their mortgage, whether from an offset account or redraw, or their allocated savings, or they are about to withdraw funds. Other impacts are that 58% of people have taken on additional work or are looking at taking on more work to gain a second income and ease pressures of increased cost of living, namely mortgages and household expenditure.

With learnings like these, one of the things we look at is the impact on people’s mental health; 50% of people registered increased stress, 48% feel uncertain about the future and 26% have reported tension in their relationship. We know financial stress is a key contributor to divorce. These findings are obviously concerning, and we encourage anyone experiencing mental well-being or relationship concerns to access support. Financially, we encourage loan customers to reach out to their bank or broker to determine options.

Our concern here is, have we got to the end of stretching that rubber band and is it about to snap?

Interestingly, this research also showed us that just under 20% of the people who sought help from a psychologist, therapist or counsellor to cope with rising interest rates are aged 18 to 28 years. These are people who have never seen an interest rate rise, they have only been borrowing within the last 10 years when interest rates always been on decline.

We have taken significant learnings from this research, and have had a number of critical conversations with media and government, with more to come. There are some key impacts here we need to watch. Our advice when talking to Australian loan consumers through media is always ‘talk to your broker’.

SENATE INQUIRIES

As always, I have been involved in the usual flurry of stakeholder engagement with consultation papers with government. In late April and early May, the FBAA was invited to appear in front of two Senate inquiries on behalf of industry, as the only representative broker association.

We presented on behalf of industry to the Senate Economics Legislative Committee, which looked at consumer data rights (CDR) outcomes. We presented on the issues and concerns we have identified and also where the value and benefits are in CDR. Although it’s early days, we believe CDR will be very beneficial to industry as it evolves and grows into the future.

The research we completed recently around Australia’s mortgage and rental affordability featured heavily in our presentation to Senate Select Committee to Cost of Living pressures. Within this presentation we were asked about our ongoing views regarding APRA and buffer rates. We maintained our position, that buffer rates and serviceability need to be should be reduced to 1.5-2% for existing

borrowers, that the existing 3% is too high and needs to be reassessed. Buffer rates remain on our agenda, and I will update you as this item progresses.

Peter White AM Managing Director

MUMBAI TO MELBOURNE

MTA Mortgage Brokers co-owners, Kerry Kalendra (left) and Vee Shah (right).

Melbourne-based mortgage

broker Vee Shah’s finance career may have started in Mumbai, but it is here in Australia where Vee has established a burgeoning agency, MTA Mortgage Brokers, alongside his business partner and former mentor Kerry Kalendra. We spoke to Vee about getting started in broking, morethan-doubling his business and his career highlights along the way.

Born and raised in Mumbai, India, you could say Vaibhav “Vee” Shah’s interest in finance and love for numbers was inherited. His father owns and operates an accounting firm, in which Vee worked. After completing a degree in finance and Master in Accountancy in Mumbai, Vee worked in investment banking in India. He then pursued further study, moving to Australia in 2012 and completing a dual Masters – Master in Finance and Master in Business Administration (MBA) – over two years at University of Victoria.

Upon completing his Masters in Australia, Vee returned to the finance industry as a financial analyst within a major bank. It was broking that eventually lured Vee long-term.

“After working in the finance industry for a few years, I realised I wanted to have a more direct impact on people’s lives,” explains Vee. “I thought mortgage broking was a great way to do that because it’s a very personal industry. You’re dealing with people’s homes, which are often their biggest assets, and you’re helping them to achieve their dreams of home ownership.

“I enjoy the complexity of broking, and helping people understand the structure of a loan and how it works.”

Knowing he wanted a career in mortgage broking, Vee worked as a loan processor to understand all aspects of broking. However, feeling stagnant in the company he was working for in 2015, Vee looked for new opportunity. This eventually led him to connect with Kerry Kalendra, owner of boutique Melbourne agency, Optim Financial (since rebranded to MTA Mortgage Brokers).

“I met with Kerry on a Sunday morning, over breakfast,” recalls Vee. “I was very clear with him that I wanted to be a mortgage broker within two years, and he offered to mentor me.”

From 2016 to 2018, Kerry mentored Vee and in 2017 sponsored his VISA so Vee could continue working and eventually pursue citizenship.

“I never thought much of mentoring, until I met Kerry,” admits Vee. “In this industry, people can be sceptical about whether to invest in mentoring. Kerry as my mentor really helped me go next level. He never withheld knowledge out of fear I would take business away from him, he was very open. I wouldn’t be here without him.”

Since 2016, Vee’s career at MTA Mortgage Brokers has progressed from loan processor to mortgage broker and now business owner, after he bought into MTA Mortgage Brokers in 2022. In all, Vee has assisted Kerry in settling more than $600m since 2016. Recognising they work well together, Vee and Kerry also recently launched a travel business, MTA Travel.

Since Vee stepped into his role as business co-owner, MTA Mortgage Brokers has experienced significant growth. “Since last year we have double our team from three to six, and we have also doubled our revenue. We have taken the business from writing around $75 million a year in loans, to this financial year we will have written over $160 million – and that has all been through word-of-mouth. This year we will implement digital advertising to drive further growth.”

While Kerry is no longer Vee’s mentor formally, the business partners and their team embrace a culture of always-learning. “We use a sales coach based in the US, by the name of Todd Duncan who operates under High Trust Coaching. Every year we take the whole team to attend a session. Todd is the OG of building trust in the mortgage industry. It was his coaching that took our mindset to the next level,” says Vee.

“Our team is incredibly diverse, across age and culture, and it’s our diversity that I believe is our strength. We profile prospective employees to understand whether they will be a good fit for our team. Protecting and enhancing our team culture is important to us.”

Vee’s career journey so far holds a track record of success and a strong work ethic. In 2018, he was nominated for Loan Administrator of the Year at the Australian Broking Awards and won Best Newcomer 2020 at The Adviser’s Better Business Awards.

Personally though, Vee says his greatest achievement has been receiving Australian citizenship last year. “Coming to this country as an outsider, I was very welcomed by Australia. I now feel privileged to be helping Australians achieve their Australian dream,” shares Vee.

“My wife Mona and my family have been, and continue to be, a great support as I’ve gone from student to broker to business owner. It’s important to me that I be an example for my three-month-old son, Prishiv.

“It’s funny, I never thought I would be a mortgage broker when I was studying my MBA but the curiosity for me to help people has never been stronger.”

“I enjoy the complexity of broking, and helping people understand the structure of a loan and how it works.”

From Dream to Reality:

How Mortgage Brokers are Making Property Ownership Possible for Gen Z

By - Kitty Parker, Director, Kitty & Miles Buyers Agency

The property market is constantly changing, and Generation Z are likely to face many obstacles in the hunt for their first piece of real estate. It can be daunting for Gen Z buyers to try and manoeuvre in the complex property market, but their mortgage broker can help them make informed decisions and provide essential advice.

As a mortgage broker, you are the knowledgeable professional who specialises in helping your Gen Z client understand the risks and rewards of a variety of loans. You can also assist this generation of buyers by helping them understand their financial needs, the best loan options for them, and negotiating with lenders on their behalf.

When it comes to buying property in 2023, Gen Z must consider how long they are willing to live in their property before making a loan commitment. This helps them, and you, determine whether an investor loan or owner-occupier loan is the better option. As a mortgage broker, you can also offer your expertise when

it comes to comparing lender rates and loan features so that your Gen Z clients can select the best option for their situation.

For Gen Z looking to purchase an investment property in 2023, mortgage brokers can provide insight into rental yield calculations, capital growth information, and government incentives. Brokers also have access to exclusive mortgage deals which aren’t available through public channels. As a mortgage broker you really are a wealth of important information for your Gen Z client.

It’s imperative that Gen Z buyers understand what they’re getting into when deciding to buy property so they don’t get overwhelmed by the process or take on too much debt. Australian property is very expensive in 2023 no matter where you buy! Your role as a mortgage broker is fundamental to ensuring your Gen Z clients can make wise decisions about buying real estate – and with utmost confidence.

Gen Z buyers often look to their mortgage broker to provide them with guidance on setting up good budgeting habits that allow for regular mortgage payments without causing financial stress over time. Working closely with your Gen Z client will

help them reach their property ownership goals without them stretching beyond their financial means.

There are challenges in navigating Australia’s ever-changing property market. As a mortgage broker, you are an experienced professional who can excel in helping the next generation of property owners achieve successful property purchases. With careful planning and sound advice from their trusted mortgage broker, Generation Z clients can best buy property in 2023 and set themselves up for many years to come. As a mortgage broker, you are more valuable to Gen Z than you may realise.

Author bio: Kitty Parker is the Director of Kitty & Miles, a multi-award winning buyer’s agency that helps residential property buyers across the country buy with certainty (they have a 100% success rate to back this). Their services range from expert auction bidding assistance through to a complete end-to-end concierge service.

To get in touch visit: www.kittyandmiles.com.au

“

Celebrating

ANNIVERSARY Years

GAINING MOMENTUM Building FBAA over three decades

This year marks 30 years since the FBAA officially formed in 1993. If the first decade of FBAA’s 30 years was focused on establishing the association and working through teething problems, the second decade was all about gaining momentum and pushing through growing pains. As the FBAA grew, it became the target of those wanting to crush the grassroots association. FBAA held strong, and with strategic, and often passionate, leadership from its board, and unwavering support from its members, the FBAA navigated a tumultuous 10 years spanning 2003 to 2013.

Celebrating ANNIVERSARY Years

As the FBAA this year celebrates 30 years representing brokers, we look back on the key achievements and challenges from each decade. For the 10 years from 2003 to 2013, there were many changes for the broking industry, namely the industry’s significant growth as new brokers entered the market, the introduction of legislation to what was at the time a highlyunregulated industry, the FBAA cementing its position as the premier advocacy body for brokers, attracting sponsorship from lenders and even getting FBAA accreditation recognised by lenders, the dawn of the internet age and, of course, the GFC hit.

During this period, a regional broker by the name of Jan Kirstein joined the FBAA, and quickly became a key player in leading and shaping the association over the next 16 years.

In 1988, Jan Kirstein – with his family, wife Carol, and their two children – moved away from the instability and civic unrest of his native Zimbabwe to Australia with “nothing but four suitcases and $280 in my pocket”. Jan also brought with him his experience having worked his way up in building societies, and started from scratch in his new hometown, Cairns, far north Queensland.

“I got a job with ANZ, basically as a gopher doing relief work in all areas of banking,” recalls Jan. “I learnt the Aussie way of doing things, and was promoted to ANZ in Innisfail then manager in Townsville. I built up the branches, then about 1994 I moved to a credit union in Townsville as regional manager. It was a very political organisation, so in 1996 I left and worked as a broker for a Perth-based company wanting to expand their business here in Queensland.

“They had six lenders on their panel and every so often they’d phone and say ‘don’t use this one, we haven’t met the volume so we won’t get paid’. We were also giving away a fair bit of our commission, so there were definitely frustrations.”

Jan recognised the value a broker played in delivering customers options and best outcomes, and decided to create his own business. He set up Brokir Pty Ltd. in Townsville, aggregating with AFG, in a shared office with second-hand furnishings. From there, Jan set up his second business, the high-performing mortgage business, Green Light Home Loans.

“Our biggest challenge at that time was not getting customers to know about our business, but rather educating people to know what a broker was and that we provided choice.”

Jan exhibited at home shows, spent significant budget getting out to teach people and market broking as an industry. After the usual financial hurdles getting a business off the ground, Jan established his brand and grew to the point where Carol joined him as office manager to handle accounts and staff.

One consistent issue in those early years was issues with lenders. “The lenders would often ask ‘why aren’t you using us’. I remember one of the majors asked me and I laid it out for her; their processes made it difficult for us to do business with them – it was a cumbersome system reliant on mail, where other lenders would accept fax. This of course was before internet and emails, when we worked by phone and fax. To her credit, she changed the system so we could do business with that bank.”

Jan discovered firsthand that changing the industry relied on active brokers, just like him, identifying issues and straight-talking with decisionmakers to enact change.

“Being outside of a capital city, being remote, we had no access to training, the lenders didn’t come see us, it was difficult to be heard,” shares Jan. “What we needed was an association that was for brokers.”

“These were the days you would open up the newspaper and there’d be a full-page ad by a major bank stating ‘do not use brokers’.”

In 2001, he joined an industry association and proposed and then established a sub-committee for Townsville. Unfortunately, he remained weighed down by the same issues. “I requested training for brokers in our region, and the guy told me ‘you’re a sub-committee, you’ve got no say, you’ll do as I tell you.’ At the time I’d never heard of FBAA, but I got wind they were visiting town so I organised a meeting.” From there, Jan’s entire sub-committee signed on as members to FBAA. That was in 2002.

“I didn’t realise when we joined that first association, that while it said it represented brokers it was actually sponsored and influenced by the big lenders ,” explains Jan. “These were the days you would open up the newspaper and there’d be a full-page ad by a major bank telling customers ‘do not use brokers’. Many lenders saw the broker industry as a risk to their business. In their eyes, brokers offered too much choice and were able to translate confusing jargon lenders liked to use to prevent easy comparison. We endured great anti-competition pressures.”

From 2002, Jan became FBAA’s north Queensland representative. By 2003 he stepped into the role of Director, then National President, and around 2005 he formed the association’s inaugural Board and was appointed Chair, a position he held for the most part until he retired November 2019. During that period, 2003 to 2013, Jan’s and his fellow board members’ work with the young association was entirely voluntary.

“We paid our own travel, we slept in really mothbeaten hotels, we did it all to advance the broking industry and protect competition for Australian brokers and most importantly loan customers. It was a struggle at times, I won’t lie,” confesses Jan. “We were a small association, but we had a clear mission and purpose. Many times, I was pressured by another association to merge. Many heated conversations were had. We even had someone infiltrate our Board,” shares Jan. “But, the FBAA was built for brokers by brokers, while the other association had banks pulling its strings – I did not believe merging was in the best interest for either brokers or customers.

“Can you imagine if brokers fell by the way, where the lenders would be? Brokers’ whole job is to lay it out and compare apples to apples, instead of confusing customers by comparing apples to oranges.”

A major challenge for FBAA was getting FBAAaccredited brokers recognised by some lenders. “The reason, of course, was the lenders wanted to steer brokers to the association they had influence in. Then, around 2007, ACCC was engaged in an official inquiry about something and FBAA made a submission which named a major lender as not acknowledging FBAA accreditation despite FBAA being a registered industry association,” recalls Jan. “That worked in our favour. There were potential anti-

competition ramifcations and lenders took notice. Suddenly, all lenders accepted our accreditation and our members could write loans without having to join a second association. That was our turning point for growth.”

For the broking industry as a whole, the early 2000s was a period of growth. With this came the cowboys, brokers who entered the industry with no experience or interest in doing what’s best for customers, only there for the lure of money. “Our advocacy for brokers really ramped up over this period,” says Jan, “because we had next to no regulation and we needed to protect the integrity of our industry.”

FBAA meetings could get heated, and Jan says he ended up with a footy whistle to keep the Board in order. “There was a lot of passion and emotion in what we were building, everyone believed in what we were doing and everyone wanted their say. Trying to control that passion as Chair, was difficult at times.”

FBAA founding member Stan Millar was inaugural Board Secretary and held that position until he retired around 2015. “Those Board meetings could get quite interesting at times,” confirms Stan. “Thankfully Jan didn’t have to use his whistle all that much,” he laughs, “just the threat was enough.

“Obviously when you get people who are passionate about a subject, coming from disparate backgrounds and so forth, you get conflicts at times,” Stan continues. “There was never anything acrimonious about it, it was just discussions would get heated, then it was over, and we went back to getting on well.”

As well as instigating the development of a Board, under Jan’s leadership the FBAA overhauled the association’s management and brought in John Mulcair as financial manager and Peter White as managing director. Faced with individual states introducing template legislation, Jan and the FBAA recognised the need for legislation to be national. “Our strategy here was to really focus on advocacy, lobbying government and getting in the decisionmakers’ ears,” recalls Jan. “Peter took on this role; this was very much by design. And he was exceptionally good at it.” - Story continues pg 26

“Can you imagine if brokers fell by the way, where the lenders would be?”

At Gateway we don’t believe that reducing your impact on the environment should cost you more. That’s why we’ve introduced two discounted Green Home Loans to reward your clients who have taken steps to reduce their home’s impact on the environment.

Our Green Plus Home Loan has been recognised by MOZO’s Expert Choice panel as Green Home Loan of the Year for 2022. The Green Plus Home Loan is designed to reward borrowers, who’s homes have been certified as 7 Stars or higher by NatHERS or the Residential Efficiency Scorecard, with a rate discount of at least 0.25% from our Premium Package 80% LVR product for the life of the loan.

Our Green Home Loan offers a rate discount of 0.15% for homes that have a Residential Efficiency Scorecard rating of 4 Stars up to a

maximum 6 stars or have not been certified but contain a wide range of environmental and energy efficient features like solar panels or certified insulation and double glazed windows.

Additionally, these products come with a 100% offset account which can be accessed with Gateway’s Eco Visa Debit Card. The Eco Visa Debit Card is the first from an Australian bank and made from plant materials unlike traditional PVC cards, meaning it’s kinder on the environment and produces significantly less carbon in its production.

If your clients are looking for a Bank that will recognise and reward their efforts to reduce their impact on the environment talk to our Gateway Broker Team to find out how our offering can help them reduce the impact on both their pockets and the planet.

Also by design, was the FBAA’s global understanding of the broking industry. Leading up to the National Consumer Credit Protection (NCCP) Act, Jan and Peter flew to the UK with an industry forum and took the opportunity to meet with Ministers and department heads to understand the advice they were giving to Australia and ASIC. “It helped prepare our position as to why we can’t just base our laws off another country without understanding the nuances.”

This helped progress FBAA’s reputation as an association that knew its industry, understood what was happening around the world, and elevated its appeal as an advisor to decisionmakers. Since the early 2000s, FBAA has been involved in most key industry discussions relating to regulation and legislation, even often as the only representative industry voice.

“One of our biggest challenges was getting government to take notice of us,” recalls Stan. “They did though, that was a major achievement. That, and launching the FBAA’s first ever National Industry Conference in July 2012, in Sydney. The conference today is a major industry event with over 1000 attendees each year.”

Other challenges through the period included adjustment to the age of the internet as brokers and customers shifted from paper applications and faxes to internet and email. Also, the global financial crisis (GFC) which hit 2007-09.

“I believe the GFC actually led to many loan customers viewing banks as not always having their best interests in mind,” says Jan, “and that’s when brokers really got a foothold.”

Since then, FBAA’s influence and membership has grown in tandem. “Our membership grew organically, but we built momentum so the more we grew the quicker we grew,” offers Jan. “We were then able to bring in expert consultants to help us grow more strategically. It’s rewarding to watch the FBAA in its current growth phase, and where the association continues making headway for brokers. As an industry, we still have challenges ahead, but we have a strong association leading the way.”

For Jan, looking back on the FBAA’s second decade, 2003 to 2013, he describes it as “a time of growth, a time of trials and tribulation,” a tough 10 years, driven by purpose and passion.

“It wasn’t always an easy run,” he reflects. “There were times I would think, ‘What could I be doing better with my time?’ I almost gave it away a couple of times, but I’m stubborn. The fact is, I enjoyed the fellowship and I believed in FBAA’s purpose – I still do. I’m proud of what we’ve achieved.”

“As an industry we still have challenges ahead, but we have a strong association leading the way.”

Imagine

a community where you are not only able to hear other perspectives but also understand them.

Welcome to The Artemis Space, an FBAA supported women’s community to discuss the issues, challenges and needs you have in our industry.

The Artemis Space has been aptly named after the Greek Goddess of nature, women and archery. It symbolises reaching an objective with the greatest speed, accuracy and focus. Its intention is to create a safe and supportive community where women/womxn can have open-minded, matter-of-fact discussions to understand what holds you back in order to pave the way forward.

Join us and the women professionals in our broader industry to transform constructive discussions into practical change, wholeheartedly supporting you to connect, grow and thrive with excellence.

If you would like to be a part of the conversation, we meet monthly for 1 to 2 hours by video conference. To engage with a variety of views, we will rotate the composition of the groups, creating an opportunity for you to meet other likeminded people.

NOW

...and be part of ‘paving the way’

HOW TO USE CHATGPT FOR business in 2023

Artificial intelligence (AI) tools will revolutionise how businesses work and perform daily tasks, but knowing where to start can be confusing. Here, netStripes founder and CEO Dinesh De Silva offers some simple tips to help you integrate AI tools into your business and maximise its benefits.

Everyone knows about ChatGPT, but there are a host of other tools that can also help business owners. We have previously spoken about AI innovations in our boot camps and webinars. From IoT and virtual to augmented reality, AI has slowly been making its way into our daily lives, and now more so than ever.

Here are some tips on making AI work for your business.

Write effective prompts on ChatGPT

To get the most out of ChatGPT, you must understand how to use prompts effectively. The better the prompt, the better the outcome from it. For example, ask ChatGPT to be an expert in finance or SEO, then feed it more detailed information on the task.

E.g. You are a mortgage broker with 30 years of experience in Sydney. Write plagiarism-free copy and call-to-actions for three Facebook ads focusing on the keyword ‘Investment Properties’. Do you understand?

The sophistication of the prompt entirely depends on how much information you can provide for context. The more information you add to the prompt, the more refined the outcome will be to meet your specific request.

Essential guidelines for creating prompts:

• Be specific: Provide as much detail as possible and the context for that prompt.

• Be concise: Keep your prompts brief, focusing on the most relevant information.

• Use natural language: Write prompts like talking to a real person, using proper grammar and sentence structure.

You can use the tool to create advertising copy, website content, simple documentation, and even brainstorm ideas. Then, refine the content and add a personal touch to ensure it sounds like you and connects with your business goals and consumers.

Stay updated on other AI tools.

Aside from ChatGPT, there are other AI tools that, as a business owner, can help make daily tasks much easier for you. Here are some of the tools which I recommend.

• Otter – write meeting notes with realtime transcription and summaries, recorded audio, and slide capture.

• Mid journey - creates text-to-image files.

• Maker AI – Ideal for content and image generation.

• Loom – screen recording.

Taking advantage of these AI-powered tools should be a part of your business game plan. With it, you can save time and resources to hit your business goals faster.

The downside of AI

While many positive things exist, we shouldn’t ignore the negatives. AI tools are still in development and have their fair share of drawbacks, limitations, and risks, especially when used for malicious intent.

AI images

For AI image software to improve, it has to build off pre-existing work, raising concerns about the integrity and the practice’s legality. In addition, the recent viral fake Trump photos prove that AI images can be used to perpetuate misinformation or even identity theft.

Unreliable information

AI in its current form often produces inaccurate information because it cannot analyse and interpret research as people can. And the longer the content is, the more likely it is to have errors. So all AI

content has to be vetted by a person to ensure data accuracy.

AI tools will revolutionise how small businesses work and perform daily tasks, but knowing where to start can be confusing. For further advice, get in touch with netStripes on 1300 10 8880 or visit www.netstripes.com

FBAA members have free access to the advisory service on digital and innovation.

Author Bio: Dinesh De Silva is the CEO & Founder of netStripes, a digital and marketing solutions business in Sydney. He is a leading authority on small and medium business digital innovation and is regularly called upon to share his insights as a thought leader.

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“We have the power to create a more aligned, sustainable, and empowering industry that we and future generations can thrive in.”

Broker in business: Yasmine Shah

More than 1200 women and 30 industry partners including lenders and fintech companies make up the Women in Commercial Finance Forum. Here, we meet the forum’s founder, and owner of boutique financial brokerage Ethical Finance, Yasmine Shah, to talk about what drives her.

Sydney-based Yasmine Shah started in the finance industry some 17 years ago, working her way up from the bottom. First in a mortgage call centre, then as a credit analyst, then mortgage broker, before moving into fintech as a BDM and various strategic partnership management roles. Throughout her career, Yasmine identified a need to connect with and support women in her industry and founded the Women’s Commercial Finance Forum (WCFF) in early 2020. In just three years, the forum has grown to include 1200 members and 30 industry partners including banks, non-banks and fintech organisations.

“As a female BDM and ex-broker at the time, I noticed that women like me were few and far between,” recalls Yasmine, “and I knew how elated I became when I saw other women who shared my passion for commercial finance, business and fellow entrepreneurs. We wanted to help each other by having a brains trust of thoughts, ideas and strategies we could share with one another.”

Yasmine says women experience particular challenges in the commercial finance industry, including dealing with discrimination, sexism, and gender bias from potential clients, lenders, and even colleagues. Women in this sector also often report that they

struggle to access the same opportunities and resources as their male counterparts which they say limits their growth and success.

“The commercial finance industry can be complex and challenging to navigate,” offers Yasmine. “Women must manage compliance, timelines, lenders, and clients, as well as a fast-moving suite of stakeholders. This workload is often heavy and time-intensive, leading to stress and feelings of isolation and loneliness.”

The WCFF came together in a Facebook group in February 2020, and quickly grew from there. Three years on, Yasmine describes the forum as a strong and mighty community of likeminded and inspired women who actively seek out and support one another.

This year, the WCFF appointed three women to the forum’s Board alongside Yasmine; Ulrika Lobo, Sonja Pfitz and Sarah Wells who combined have decades of relevant experience in strategy, pedagogy, advocacy, operations and marketing. This was a critical step to ensure the WCFF’s sustainability and ability to meet its bold future plan for its members.

“Before the WCFF came along, many women in the commercial finance sector were not readily attending events and PD days and if they did, they did not feel empowered or engaged because they seldom saw other women being celebrated in this space,” offers Yasmine. “The success of WCFF summits over the last year is a testament to the progress made to date for women in this sector. More women in commercial finance attend events and PD days and have a desire to connect with their peers and network with other professionals in the industry to learn more about

pathways and services available to help them excel in this sector – a win-win for women and for our industry.”

Looking to the next 12 months, WCFF will continue to grow, supporting more women in commercial finance to learn key commercial skills, leverage their networks and grow their businesses, careers or practices. As a part of this, the WCFF will launch an industry-first coaching program and introduce unique opportunities for men and women to make an impact supporting women in commercial finance. The WCFF will offer upskilling webinars for women at various stages of their commercial finance careers, and boost networking opportunities with online events. The WCFF also focuses on advocacy for women in commercial finance through the guidance and support of women-focused initiatives across the country.

Aligning with WCFF’s mission, Yasmine is also involved with FBAA’s new industry initiative, The Artemis Space. The Artemis Space focuses on delivering education, advocacy and awareness, transforming constructive discussions into practical change, whilst wholeheartedly supporting women/ womxn to connect, grow and succeed with excellence within the finance industry.

Earlier this year, Yasmine founded a niche business, which focuses on harnessing impact and building long-term financial sustainability with finance. “Ethical Finance Australia is a movement of #impactbrokers,” shares Yasmine. “We offer all consumer and commercial finance services and partner with insurance and wealth creation organisations to support our clients to achieve their impact and legacy goals, whilst staying true to their own values and beliefs.”

To operate Ethical Finance Australia, Yasmine has partnered with Michelle Moncada who has over 20 years’ experience in the finance broking industry, and Mariana Chahine who has over 17 years’ experience in banking and financial services.

“We are a formidable team. Michelle looks after our operations, compliance and partnerships, Mariana focuses on our customer acquisition and onboarding and I focus on commercial and asset finance.”

Yasmine’s work with WCFF, The Artemis Space and Ethical Finance Australia all align to the values she lives and breathes by: bringing people together, doing the right thing, being responsible and sustainable and leaving people and places better and thus creating impact.

“During my 17-year career journey in the financial services industry, I’ve faced many obstacles, from closed doors to brick walls to glass ceilings. However, I’ve come to wear the bumps and bruises from those challenges as badges of wisdom,” shares Yasmine.

“In difficult times, it’s crucial to have good people around you. With over 18,000 men and women brokers in our industry, we have the power to create a more aligned, sustainable, and empowering industry for each other to thrive in,” she says.

“I have made a conscious decision to partner with likeminded women in my businesses because I have learned that going fast and alone is not inspiring and void of joy. In order to achieve true impact, we must go together and enjoy the tremendous rewards of our collective success.”

Learn more at www.womenscommercial.finance

What's on At

jun 14

THE ARTEMIS QUARTERLY EDUCATION FORUM

Essentials in Business - Planning for the New Financial Year Ahead

The Artemis Education Forum is designed to deliver practical learning in areas of business that often fall into the gaps.

In this session Joanne Brooks will provide an overview of the essential business areas you need to be across coming into EOFY.

Click the register now button to register

REGISTER NOW

JUN 15

Q&A WITH WHITEY

Join our webinar discussions as we dive deep into many different facets of brokering. Each month we will delve into a different topic and have a specialist guest speaker on to answer your questions.

This event will be available to register for on our website soon!

Q&A WITH WHITEY

Join our webinar discussions as we dive deep into many different facets of brokering. Each month we will delve into a different topic and have a specialist guest speaker on to answer your questions.

This event will be available to register for on our website soon!

JUL 20 AUG 17

Q&A WITH WHITEY

Join our webinar discussions as we dive deep into many different facets of brokering. Each month we will delve into a different topic and have a specialist guest speaker on to answer your questions.

This event will be available to register for on our website soon!

SEPT 19

RUOK? DAY MELBOURNE

It’s our national day of action when we remind Australians that every day is the day to ask, ‘are you OK?’ and start a meaningful conversation whenever they spot the signs that someone they care about might be struggling with life.

The event will be held in Melbourne this year. Stay tuned for more information.

This event will be available to register for on our website soon!

SAVE THE DATE

sept 21

Q&A WITH WHITEY

Join our webinar discussions as we dive deep into many different facets of brokering. Each month we will delve into a different topic and have a specialist guest speaker on to answer your questions.

This event will be available to register for on our website soon!

SAVE THE DATE

oct 12

FBAA COMMERCIAL MASTERCLASS SYDNEY

The masterclass ensures that brokers have a high level of understanding on every aspect including how to read a valuation, how to understand and assess different markets, writing local applications and the importance of things like executive summaries

This event will be available to register for on our website soon!

COMMERCIAL MASTERCLASS SYDNEY

Nov 03

FBAA NATIONAL INDUSTRY CONFERENCE

The broking industry’s largest conference, and FBAA’s signature event. This one-day conference brings together a top-shelf line up of speakers, talking on a variety of topics from regulatory changes, broker pain points, technology, innovation, business coaching, economics, forecasting, general wellbeing and mental health.

Held this year at the Royal Pines on The Gold Coast, it’s an event not to be missed!

This event will be available to register for on our website soon!

SAVE THE DATE

SAVE THE DATE

FBAA GALA DINNER

The Gala dinner is held the evening of the National Industry Conference and just before the Awards Of Supremacy. It carries its own unique theming and is the most in-demand and talked about event in the finance industry.

This event will be available to register for on our website soon!

SAVE THE DATE

FBAA AWARDS OF SUPREMACY

The Awards of Supremacy are held the evening of the National Industry Conference, just after the Gala Dinner, and celebrates the top performers within our membership base and within the industry.

This event will be available to register for on our website soon!

SAVE THE DATE

Helping mentors inspire & challenge the next Generation of brokers

As a Mentor:

The FBAA Mentoring Program will provide you with the necessary tools to ensure the mentee achieves the skills and knowledge to be a competent and responsible finance broker.

As a Mentee:

The FBAA Mentoring Program will enhance your skills and provide specific knowledge and tools to help you excel as a finance and mortgage broker.

STATE PRESIDENTS 2023

Western Australia - State President

Nu-Age Vehicle & Asset Finance

Mobile: 0407 236 337

Email: wa@fbaa.com.au

South Australia & Northern Territory - State President

Nieuvision Financial Planning Mobile: 0402 201 510

Email: sa@fbaa.com.au

Victoria & Tasmania - State President

Opica Group Mobile: 0412 497 110

Email: vic@fbaa.com.au

Queensland - State President

Mortgage Now Mobile: 0414 628 111

Email: qld@fbaa.com.au

New South Wales & Australian Capital Territory - State President

Mortgage Rate Finder Mobile: 0450 573 336

Email: nsw@fbaa.com.au

Would you like more information on an FBAA event or PD Day thats happening in your local area? Maybe you have some feedback or an issue you would like to discuss?

Finance Brokers Association of Australia

Level 1, 1 Miles Platting Road, Eight Mile Plains QLD 4113

Post: PO Box 4792, Eight Mile Plains QLD 4113

Phone: (07) 3847 8119 / Email: info@fbaa.com.au / Web: www.fbaa.com.au

Jill Fleck

Kym Russell

Paul Biddle

Brett Spencer

Graham Doessel

Tony Carter

Chair | Director

Cert IV Finance, Graduate Management Qualification (GMQ) – UWA

Tony Carter has been involved with the motor and finance industry for more than 40 years. The last 20 years he has been Dealer Principal and Director of three motor dealerships. He has been engaged with finance since his early career days at AGC and was a licensed finance broker in WA from 2004 to 2013, ending as an ACL holder when he resigned from the motor dealership position. Today, Tony holds a credit representative role under his son’s company and runs his own vehicle and finance brokerage in WA.

Over the past 20 years Tony has been on three not-for-profit boards; BIZLINK (Chairman), Asthma Foundation WA (Chairman), and Asthma Australia (Director).

Special Responsibilities

Chair of the FBAA Board of Directors | Member of Finance, Audit Investment and Remuneration Committee | Member of Governance and Risk Committee | Chair of Nomination and Membership Committee | Member of Education Development Committee

| Leader of State President Liaison Advisory Group | Member of Concierge Advisory Forum

Principal Broker Brokerage WA

Phone: 0418 911 220

Email: tcarter@fbaa.com.au

Peter White AM

Managing Director | FBAA Life Member MAICD

Peter White AM has vast experience in banking and finance, spanning more than four decades. He is highly engaged with government and industry regulators, ensuring and protecting the future of our industry and dealing with regulatory matters of the day.

Peter’s activities with FBAA include representation on the Advisory Board of the Small Business Association of Australia, as Chairman of the Global Board of Governors for the International Mortgage Brokers Federation (IMBF), and the industry’s passionate advocate for mental health awareness. Peter was awarded as a Member of the Order of Australia (AM) in the June 2019 Queen’s Birthday Honours List, for his significant service to the finance sector and to the community.

Special Responsibilities

Government, media and strategy | Leader of Concierge Advisory Forum | Leader of Combined Industry Forum | Leader of International Mortgage Brokers Federation

| Leader of Education Platform Steering Committee | Member of Finance, Audit, Investment and Remuneration Committee | Member of Governance and Risk Committee

| Member of Nomination and Membership Committee | Member of Education Development Committee | Member of State Presidents Liaison Advisory Group | Member of Equity Release Advisory Forum

Phone: (07) 3847 8119 Email: pwhite@fbaa.com.au

KIM SZIGETI

Company Secretary | Director

JJP (Qual), DipFS, AFB, MAICD, GIA (Affiliated)

Kim Szigeti has vast experience in finance and mortgage broking, spanning more than 25 years. Kim joined FBAA in 2005, was Secretary to the Queensland Council from 2007 to 2009 and was elected to the Board in 2017. She was appointed to the position of Company Secretary in 2017.

Kim is a member of the Australian Institute of Company Directors and the Governance Institute. Over the years Kim has been involved in numerous volunteer positions within the community as Chairperson, Coordinator and Secretary to secure donations and organise events.

Special Responsibilities

Chair of Governance and Risk Committee | Chair of Education Development Committee | Member of Nominations and Membership Committee | Member of Education Platform Committee

Mortgages Can Do Phone: (07) 5592 2635

Email: kszigeti@fbaa.com.au

STEPHEN RASMUSSEN

Treasurer | Director | FBAA Life Member

B.Com (Prof Acct), Cert IV (FMB),CPFB, MAICD, FBAA Life Member

Stephen Rasmussen has been involved in the finance and banking industry for more than 40 years. He started in a branch environment, acquiring broad lending experience across retail and SME sectors, before starting his own broking business in 1995. Stephen joined FBAA as a member in 2000, was appointed Queensland and Northern Territory State President in 2009 and was elected to the Board as a Director in 2016.

Special Responsibilities

Finance, Audit, Investment and Renumeration Committee | Leader of Equity Release Industry Advisory Committee | Member of Governance and Risk Committee | Member of Combined Industry Forum

Principal Tailored Lending Concepts

Mobile: 0412 295 875

Phone: (07) 4637 0836

Email: srasmussen@fbaa.com.au

Director

BEc, MBA, GAICD, Grad Dip FP, Grad Dip App Finance & Investment

Clive Kirkpatrick is a successful executive with more than 30 years’ experience in banking and financial services both in Australia and offshore. He is experienced in strategy formulation and execution, business management, sales management and people leadership. Clive’s generalist background and sound understanding of marketing, product development, legal and compliance is supported by an MBA (Master of Business Administration). Clive has developed governance and directorship skills through GAICD and memberships and has a specialist knowledge and demonstrable capability in distribution.

Special Responsibilities

Member of Finance, Audit, Investment, Remuneration Committee | Member of Governance and Risk Committee | Member of Dispute Resolution Service | Member of Concierge Advisory Group

Director

Kircon PTY LTD

Mobile: 0439 564 885

Email: ckirkpatrick@fbaa.com.au

DipFMB, DipBA

Felicity Heffernan has been a business owner for 22 years, and run her own mortgage brokerage since 2007. Based in Newcastle, NSW, she is also the author of two books and speaks publicly on assisting people who want financial freedom. Felicity has served on the FBAA NSW State Council and as past NSW State President. She holds a strong advocacy position for the improvement of financial competencies to be lifted in Australia.

Special Responsibilities

Member of Dispute Resolution Service | Member of Nomination and Membership Committee | Member of State Presidents Liaison Advisory Group

CEO Property Loan Advisor

Mobile: 0417 024 300

Email: fhefferman@fbaa.com.au

Clive Kirkpatrick

Felicity Heffernan Director

An experienced board director, Barry is a Chartered Accountant whose roles have included chairing HBF Health, Bethanie Group and Bethanie Housing as well as Churches of Christ in WA. He was a board member with Plan B Group Holdings Limited, Plan B Trustees Ltd, HBF Health, HBF Insurance, Westcare, together with various committees of the Uniting Church in Australia and major not-for-profit sports associations. Formerly

Nick Wormald is a certified mortgage finance professional and business finance specialist, working with Australia’s up and coming entrepreneurs to unlock growth with the right application of finance. Based in Sydney, Nick is a speaker, author and youth mentor.

Accumulating over 22 years experience in business investment, business strategy and management, Nick currently leads a team of

Get finance against your trail income

One product with a simple goalto unlock the potential of your trail income without the need for a second mortgage

Barry Honey Director

Nick Wormald Director

Celebrating

ANNIVERSARY Years

“Far and away the best prize that life offers is the chance to work hard at work worth doing.”

~ Theodore Roosevelt