MPA 21.09 by Key Media

CELEBRATING 20 YEARS

MPAMAGAZINE.COM.AU ISSUE 21.09

DIVERSITY AT HEART 86 400 is ready to represent the changing needs of its customers MEET THE AMA 2021 FINALISTS Find out who is in the running for the big awards

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INDUSTRY INFLUENCERS The women building others up for success

DIVERSITY AND INCLUSION How leading companies are becoming more inclusive

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SEPTEMBER 2021

CONNECT WITH US

CONTENTS

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

UPFRONT 02 Editorial

An equal opportunity to succeed

FEATURES

BACKING GENDER DIVERSITY Industry leaders gather virtually with the MFAA to discuss how they can help bring more women into broking

04 Statistics

How first home buyers are compromising

06 News analysis

The ongoing lockdowns are taking a toll

08 Opinion

The answer to winning female customers

FEATURES 30 Diversity of thought

Four women at Virgin Money on how the bank helps them be their best selves

FEATURES

32 Mental wellbeing a priority

Meet seven inspirational female leaders who have built incredible careers and are now supporting other women who are working their way up the ranks in the industry

34 Why equality is a man’s issue

Westpac has tips for brokers struggling with their own or clients' mental health

INDUSTRY INFLUENCERS

BIG INTERVIEW

MELISSA CHRISTY

86 400’s head of lending is positive about the direction the industry has taken when it comes to diversity and inclusion

ING explains why men need to get involved in the fight for gender balance

INCLUSION FOR ALL AT LIBERTY

38 The power of diversity

FEATURES

With programs to support LGBTQI+ groups, the non-bank is passionate about creating an inclusive workplace

36 Mentorship for women

How one female leader is using her experience to help others ANZ aims to foster a culture of creativity and curiosity with its diversity initiatives

40 First home buyers

The barriers faced by new buyers, and how brokers can help break them down

60 Multicultural workforces

The key to making cultural connections

Celebrating 20 years

FEATURES

MEET THE AMA FINALISTS

After a year of record-breaking loan volumes, see who is in the running for these prestigious awards

PEOPLE 62 Brokerage insight

The woman who was knocked down but picked herself up and built a brokerage

MPAMAGAZINE.COM.AU NOW ONLINE: Our daily newsletter. Keep on top of property market trends, business strategy, and what industry leaders have to say.

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UPFRONT

EDITOR’S LETTER

The truth about diversity

hen it comes to gender diversity in the finance industry, you might be forgiven for thinking there isn’t a problem. At first glance, all looks rosy – figures from the Workforce Gender Equality Agency (WGEA) show that 54.5% of the banking workforce are women; that is higher than the 50.5% of women across the entire workforce. However, if you look deeper, you’ll see that statistic doesn’t give the whole picture. Across the entire workforce, the proportion of female CEOs is 18.3%. But when you look at the banking sector, female CEOs account for just 10.5% of roles. Things get slightly better when looking at female directors: while only 31.8% of directors in the banking industry are female, this is still above the proportion of female directors in the working population, at 28.1%. Women, it seems, are more likely to be in lower positions across banking. They are paid less too: the gender pay gap among full-time employees is 24.7%, which is larger than the average of 20.1% across all industries. Meanwhile, MFAA research shows that the proportion of females in the mortgage broking industry is a mere 27%.

It’s time to put people’s needs first and ensure that supporting diversity is not a ‘nice to do’ but a must There is some cause for optimism, though. The WGEA figures show that 83.8% of employers in the banking industry offer paid primary carer’s leave for both men and women – compared to 52.4% of employers in all industries combined – and this offers greater flexibility for working families. Speaking to MPA’s sister publication HRD recently, Commonwealth Bank CFO Alan Docherty acknowledged the importance of giving people with a range of caring responsibilities and family needs an equal opportunity to succeed in their careers. “When people with diverse family needs feel supported in their workplace, not only do they benefit but their families and the broader community benefit too,” Docherty said. This is also true for the mortgage broking industry, which deals with the broader community every day. Encouraging diversity brings a host of business benefits, such as employee engagement and increased innovation, but, above all, supporting diversity allows people to be their best at work and at home. People are the bedrock of any company – it’s time to put their needs first and ensure that supporting diversity is not a ‘nice to do’ but a must for your organisation.

www.mpamagazine.com.au SEPTEMBER 2021 EDITORIAL

SALES & MARKETING

Editor Rebecca Pike

Publisher Claire Tan

Journalist Maria Hoyle

CORPORATE

Contributors Jen Dalitz, Gaiti Rabbani

Chief Executive Officer Mike Shipley

Production Editor Roslyn Meredith

Chief Operating Officer George Walmsley

ART & PRODUCTION Designer Cess Rodriguez Customer Success Manager Andi Zbojniewicz

Managing Director Justin Kennedy Chief Information Officer Colin Chan Human Resources Manager Julia Bookallil

EDITORIAL ENQUIRIES

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Mortgage Professional Australia is part of an international family of B2B publications and websites for the mortgage industry AUSTRALIAN BROKER

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MORTGAGE PROFESSIONAL AMERICA

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Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as the magazine can accept no responsibility for loss.

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Without SFG’s support, my business would not be the business it is today. I will be forever grateful to Will & the Team. Maryanne Elliot 360 MORTGAGE SOLUTIONS

1300 303 382 specialistfinancegroup.com.au Australian Credit Licence No. 387025

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UPFRONT

STATISTICS AFG HITS RECORD HIGHS

TOP FIRST HOME BUYER COMPROMISES 35%

34%

27%

26%

25%

Getting financial support from family/having family act as guarantor

Purchasing in a less preferred area

year-on-year increase in loan lodgements

42%

of loans were upgraders

Purchasing a smaller than preferred property

Purchasing with less than 20% deposit, which means paying lenders mortgage insurance

24%

Purchasing a property that needs renovations or repairs

AUSSIES HEADING TO THE REGIONS Figures show that COVID-19 has caused higher migration from Australia’s cities to regional areas. The largest annual share of capital city migration is to coastal centres close to capital cities.

27%

POPULATION FLOW FROM CAPITAL CITIES TO REGIONAL AUSTRALIA

of loans were refinancers

Migration index

130

$593,250

COVID-19 pandemic

115

122

100 85 Mar 18 Jun 18 Sep 18 Dec 18 Mar 19 Jun 19 Sep 19 Dec 19 Mar 20 Jun 20 Sep 20 Dec 20 Mar 21

national average mortgage size Index = 100, Mar 16 Source: AFG Index, June quarter Source: Commonwealth Bank

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HOUSING DEMAND OUTSTRIPS SUPPLY

A CHANGE IN TACK BY FHBS

The fall in active listings in June highlights the overall shortage of available properties and insufficient new properties to meet demand.

In a survey by ME Bank, around 67% of first home buyers said they would be willing to make compromises on certain homeownership choices so they could get on to the property ladder. Only a third of under 40s in the property market said they had bought their forever home.

New property listings nationwide Capital cities

-7.8%

21.4%

Regional areas

-1.4%

16.4%

TOTAL

-5.5%

19.4%

16% 13%

Buying an investment property to rent out before buying my first home

Active property listings nationwide

11%

Buying off the plan to purchase a property not yet built

Buying property with family and friends

Capital cities

-3.9%

-6.9%

Other

Regional areas

-2.6%

-30.6%

TOTAL

-3.3%

-19.7%

Source: ME Bank

FASTER TURNAROUND AHEAD? Figures from the final three months of FY21 show that lender turnaround times have dropped to 25 days from 27 days in the previous quarter. 30

Source: REA Insights Listings Report, July 2021 (for June data)

SAVVY HOME BUYERS Existing homeowners are more likely to save than active homebuyers. But active buyers are more likely to use savvy hacks for homebuying.

LENDER TURNAROUND TIMES* BY QUARTER

Savvy hackers 27.1 25.2

25.0

23.9

Days

22.5

19.5

20.1 20.4 20.6 19.7

21.2

22.7

21.0 19.8 18.8

18.1

*Average number of days from submission of the loan application by the broker to the lender providing formal approval FY18 Q1

FY18 Q2

FY18 Q3

FY18 Q4

FY19 Q1

FY19 Q2

FY19 Q3

FY19 Q4

FY20 Q1

FY20 Q2

FY20 Q3

FY20 Q4

FY21 Q1

FY21 Q2

FY21 Q3

FY21 Q4

Source: AFG Index

% of homeowners

% of active homebuyers

Take advantage of the First Home Loan Deposit Scheme

55%

59%

Search for discounts online when shopping

54%

89%

Get creative with their meals

23%

58%

Buy regionally to take advantage of the regional grants

17%

29%

Bought cheaper property to save on stamp duty

34%

n.a.

Started a side hustle

19%

n.a.

Sell items at car boot sales, on eBay, Facebook Marketplace, etc

46%

n.a.

Source: Great Southern Bank

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UPFRONT

NEWS ANALYSIS

Lockdowns a knock to confidence The nation’s lockdowns are taking their toll on new home lending and the financial comfort of Australians. While the RBA remains positive, there are still concerns about the economic recovery

THE VALUE of new home lending in Australia dropped for the first time this year in June, coinciding with the start of Sydney’s lockdown. Declining 1.6% over the month, it was driven by a 2.5% drop in owner-occupier lending – the largest fall since May 2020. Investment lending bucked the trend, with the value of new loans to investors growing for the eighth consecutive month, rising by 0.7% in June to reach $9.19bn. First home buyer purchases and loans for construction slowed over the month as incentives were wound back. Canstar group executive, financial services Steve Mickenbecker said he was expecting the softer figures to continue in line with the extension of the lockdown into July and August, foreshadowed by the subsequent lower auction prices. However, he added, “We shouldn’t over estimate the depth of June’s fall, with the month still up 84% on a year ago, when we were in the depths of the first COVID-19 lockdown. “The investment market remains resilient, though also more subdued, and investors may view the softening in prices as a buying opportunity in anticipation of the same rebound we saw from the first lockdown in 2020.”

Financial comfort at risk The drop in new home lending comes after a positive six months of financial comfort. In the six months to June 2021, comfort was at its highest level since ME Bank first commissioned its Household Financial Comfort survey nine years ago. Spending cutbacks, rising residential property and investment markets, an improved labour market and greater household financial resilience built as a result of

said that while many households were showing significantly higher levels of comfort than before the pandemic, there were still some sections of the population who were not feeling as comfortable, like

“Investors may view the softening in prices as a buying opportunity in anticipation of the same rebound we saw from the first lockdown in 2020” Steve Mickenbecker, Canstar the pandemic have all contributed to this. The rise in financial comfort was seen even after the phasing out of government support measures like JobKeeper and despite the ongoing threat of COVID-19; however, the survey was completed before the current outbreak in NSW. ME consulting economist Jeff Oughton

single parents, casual workers and selfemployed Australians. Single parents, couples with young children, retirees and households with low incomes were also more likely to experience ‘rent stress’, according to additional research by the bank. “Despite more households saving and an overall greater comfort with cash savings,

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positive territory, even in parts of the country facing the biggest virus challenges.” Hassan added that the availability of effective COVID vaccines was a key source of confidence. “Sentiment is much stronger amongst those that have either been vaccinated or plan to get the jab,” he said. “This group accounts for 76% of all respondents and has a combined sentiment read 10.7pts above those not willing to get vaccinated or who have yet to decide. The gap is literally the difference between optimism and pessimism – in index terms, 106.6 vs 95.9 – and is apparent across all age groups.”

Concerns over threat to economy

there’s still a significant proportion of Australians that remain highly vulnerable to a loss of income,” said Oughton. “With pandemic lockdowns continuing to occur across Australia, households with low

outbreak is evident in the Westpac-Melbourne Institute Index of Consumer Sentiment for August. While confidence is still well above the negative lows during last year’s lockdown, it’s at its lowest point for a year.

“With pandemic lockdowns continuing … households with low cash savings are at significant risk, especially in instances of extended strict lockdowns” Jeff Oughton, ME Bank cash savings are at significant risk, especially in instances of extended strict lockdowns like we’re currently seeing in New South Wales, Queensland and Victoria.”

Vaccines a source of confidence Maybe a clearer indication of how households are feeling in the middle of the current

Virus developments at the state level have had a particular impact on the index. The extended restrictions in NSW took a further 4.1% off confidence in the state, which is now down 14.8% from its May high. However, Westpac senior economist Matthew Hassan said: “Despite the deteriorating situation, sentiment has remained in

The Reserve Bank of Australia has predicted a strong economic recovery following the current wave of COVID-19 lockdowns. While it said it was prepared to provide more support if the pandemic worsened enough to harm the economic outlook for the year ahead, the central bank expects a rebound to begin before the end of the year. As of 6 August, banks had deferred around 14,500 mortgages since 8 July due to the ongoing lockdowns, as well as more than 600 business loans. Speaking to MPA recently, Shore Financial CEO Theo Chambers voiced his concerns about the risk of a debt crisis as Sydney remains in lockdown and other major Australian economies respond with their own restrictions. “The country is getting into debt to fuel growth, which has implications,” Chambers said. “In the US, inflation has gone through the roof on this quantitative easing we’re doing right now. “Some businesses get hurt permanently [by lockdown restrictions] and the ripple-on effect from people having to eat into savings during times like this to pay the extra rent or pay for expenses while no income is coming in. It really hurts the self-employed business earners the most. “I feel like it’s kicking the can down the road of a bigger global economic problem that might arise from this debt crisis that a lot of people talk about.”

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UPFRONT

OPINION

GOT AN OPINION THAT COUNTS? Email rebecca.pike@keymedia.com

Winning over female customers The female economy represents a huge potential market for lenders, so how can they tap into it? Jen Dalitz, CEO of Women in Banking and Finance, explains BEFORE YOU judge a man, walk a mile in his shoes. Or her shoes, in the case of the lucrative market for home loans that single women represent. Once the sole domain of working men or dual-income households, single females have been steadily tip-toeing their way into the homebuyers’ market and now present a substantial opportunity for mortgage lenders that are willing and able to respond to the needs of this growing segment. Analysis by mortgage broker Loan Market found the proportion of single female first home buyers applying for a home loan has risen from 15.7% to 22% over the past year, becoming one of the fastest-growing homebuyer demographics in the market. This is hardly surprising when you consider the underlying data: women are the world’s most powerful consumers, and their impact on the economy is growing every year. The female economy is estimated to be worth $28trn worldwide – which is bigger than the economies of China and India put together twice over. The sheer scale of this business opportunity is obvious, but not all strategies are equal in winning over women as customers. In Australia, women comprise 50.4% of the population, 58% of all university enrolments and 47.2% of all employees. The pandemic has turbocharged the shift towards flexible and remote work, ensuring that more women than ever before will have access to meaningful work, and providing pathways to affordable housing markets outside of major capital cities. Recognising these trends, home lenders should be honestly evaluating how well they are positioned to respond to the needs and

wants of women as customers, and asking the following questions: 1. What perceptions do we present about the value of women in our organisation? Is this an attractive place for women to work? Are we supporting women in their career development, from entry through to leadership roles? Does our website and branding make women feel welcome as employees and customers? There are countless ways you can

align with the career life cycle of women, which is often very different to that of men. For example, where men typically follow a linear career trajectory, the career path of women has been shown to be M-shaped and correlated with a dip in earning during early child-raising years. Do your home loan products include flexibility to vary repayments or balance cash flow over these years? Could you assist women in saving and planning for these major life events? Could you offer life

Home lenders should be honestly evaluating how well they are positioned to respond to the needs and wants of women as customers demonstrate through your words and deeds that women are core to your business and their contribution is valued.

coaching or other services to help them navigate unplanned changes in circumstances, such as divorce or the death of a partner?

2. How good is our gender intelligence? Far more than just a feel-good factor, diversity and inclusion initiatives are about ensuring the contributions of women are valued and recognised in order to attract and retain women as employees, who in turn bring diversity of thought to the products and services you offer to customers. Women bring a wealth of lived experiences and knowledge of what women want and need.

The ability to win market share across any segment hinges on first knowing and then meeting the needs and wants of the target customers. Organisations that want to attract women as customers realise they need to engage women right throughout their business – from the frontline right through to leadership roles – and rightly recognise women for the exciting market opportunity they present.

3. Where can we innovate and improve products and services to meet the emerging needs and wants of women as consumers? There is a real opportunity to build products that

Jen Dalitz is the CEO of Women in Banking and Finance, a not-for-profit membership association aimed at increasing the representation of female leaders in the banking and finance sector.

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PEOPLE

BIG INTERVIEW

MELISSA CHRISTY: DIVERSITY AT THE HEART OF IT Offering a technological solution so that Australians from all walks of life can stay on top of their money, 86 400 also boasts diversity and inclusion in its workplace to ensure its service meets the varying needs of society

IN THE two years since 86 400 launched, it has continued to go from strength to strength. After stepping into home loans in 2019, partnering with more and more aggregators and being bought by NAB this year, the smartbank has outlasted and outshone its competitors in the fintech space. As the head of lending at 86 400, Melissa Christy juggles her role in growing its mortgage book as well as being mum to two kids – an 11-year-old boy and nine-year-old girl. And if that wasn’t keeping her busy enough, she has also been focusing on renovating and improving her home. “Despite being in lockdown, it’s been a great time to get those jobs done that you have been meaning to do for a while,” Christy says from her home in Sydney. Over the last 12 months, Christy’s primary objective has been building and growing 86 400’s home loan business, continuously improving its origination experience and making product enhancements to appeal to more customers in the current home loan

environment. In June 2021, the bank launched its first direct-to-consumer mortgage offering, and Christy has been working on developing this online mortgage origination channel with its design team.

amazing people. In particular, Christy believes mortgage broking is an excellent career path for women who love being around people and helping them achieve homeownership or their financial goals. It can also provide more

“Our business needs to represent the changing life stages of all our customers: the different ages, the different types of customers from different places” A diversity of perspectives Prior to joining 86 400, Christy worked at Virgin Money for almost five years, where she developed and launched the bank’s home loan business into the broker channel. She says her experience as a successful woman in finance has been great, and she enjoys working in an industry where there are lots of opportunities to develop and grow, adding that she has worked with some

flexibility for women who may be juggling kids and full-time employment. Supporting diversity and inclusion, Christy says it’s “at the heart of our organisation”. Employees range in age from their 20s to their 60s, the team is a good balance of males and females, and an impressive 19 languages are spoken across the business, a figure that’s growing all the time as the team expands. “Our business needs to represent the

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PROFILE Name: Melissa Christy Title: Head of lending Company: 86 400 Years in the industry: 25 Career lowlight: “A lowlight for me in my career has really come when I’ve not been in the right environment – either who I’ve been working with or for” Career highlight: “Launching a mortgage business from a blank sheet of paper. This has been a once-in-a lifetime opportunity, and I’m so thankful that I was able to lead it from the beginning with an amazing team who understand one another and work collaboratively”

www.mpamagazine.com.au

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PEOPLE

BIG INTERVIEW

changing life stages of all our customers: the different ages, the different types of customers from different places,” Christy says. “The fact that we have a diverse team means we can provide a better customer experience for everyone, because we’re not all of the same mould; we’re from all different walks of life, we’re from different countries, we’re different ages. So we see the different perspectives of different customers, and we can design with all of them in mind.” Understanding those customers has allowed the bank to craft its offering to appeal to a wide range of people, from those just starting out to those with decades of financial experience. Christy explains that the bank uses relatable human language, rather than the usual legalese, so that customers can understand exactly what 86 400 offers no matter their experience. The bank also offers a variety of home loan options so brokers can find the right fit for their clients, whether they are first home buyers or wealth builders looking for the perfect investment property. “From day one, our products and experiences have been designed to help every Australian take control so they can feel on top of their money,” Christy says.

Staying ahead of the competition The smartbank’s range of home loan products includes a couple of newer products that are out on the market. Its ‘Neat’ and ‘Own’ home loans boast great rates, an easy application process, and support from a local team. “We’re constantly improving our offerings and overall experience, and over time we will be able to appeal to a wider target market,” Christy says. “We continuously aim to keep ahead of the competition and be the best lender in the market.” While it was unclear at the start of the COVID-19 pandemic how the industry would

86 400 LAUNCHES DIRECT-TO-CONSUMER CHANNEL

After offering its lending products exclusively through brokers since inception, smartbank 86 400 announced earlier this year that it was launching a direct-to-consumer channel effective from 1 June 2021. But, according to head of lending Melissa Christy, nothing is likely to change for brokers. “I expect we will uplift our volume based on getting that direct customer, but the broker channel is still our main channel,” she told MPA in an exclusive interview. In fact, not only is the smartbank still committed to the third party channel, but it’s also pursuing more avenues within it after setting a goal to establish partnerships with every major aggregator in Australia by 2022. “We think we’ve got a proposition that’s very different in the market to what the other lenders have,” said Christy. “We want to have that accessible by every aggregator and every broker in the country.” Following an impressive story of growth since it gained a banking licence in mid-2019, the smartbank is already partnered with AFG, Connective, Mortgage Choice, SFG, Vow, PLAN and Choice. Keep up with more news from 86 400 online at www.mpamagazine.com.au.

“We are truly appreciative of all the brokers that have become accredited and helped us get here – we know it’s a new way to submit an application” fare, 86 400 has seen “amazing growth” over the past 12 months, adding more than $600m to its home loan balance sheet in the last nine months alone. On top of that, customer feedback has been positive, with the bank constantly trying to improve its Net Promoter Score. “We are truly appreciative of all the brokers that have become accredited and helped us get here – we know it’s a new way to submit an application that is different to what they do with every other lender,” Christy says. Asked why she thought more and more customers were turning to a smartbank like 86 400, Christy says she believes it’s because technology is at the forefront of everything the bank does. It is constantly keeping up to

date with changes in the market and aims to make the lives of its customers easier with its processes and app accessibility. Not to mention the “incredible customer service” from the in-house team, and great products and rates on offer. As 86 400 looks to the year ahead – although there remains some uncertainty due to COVID – the bank is focused on its merger with UBank as it ensures a smooth transition for the business and its customers. “Our constant focus is on improving our broker and customer experience, making sure that our app and products are consistent with the ever-changing market. We aim to expand eligibility as wide as possible to appeal to more customers even after the merger has been completed,” Christy says.

A c

P p

W s f p r p

W a t

T b v

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MPA -Full Page (w) 210mm x (h) 268mm

Kim, pilates lover

Punnaka, globetrotter

Lynette, master chocolatier

A network that celebrates you

Farzin, movie buff

Jenny, Halloween fanatic

Lorraine, gym enthusiast

Juan, avid freediver

“

Passionate adviser and property renovator.

LNS offers you the best of both worlds: The freedom to build your own business and the support of an experienced team. You’ll be celebrated as an individual, while enjoying all the benefits of a strong community.

Whether he’s renovating a home or securing a loan, Scott has a natural talent for problem solving. He brings the same passion and measured approach to his renovation projects as he does to helping people get financial. Nice work, Scott!

...PS, and when I’m not helping you build your business, I’m enjoying a post-cycling coffee with friends.

Scott, renovation master

- Brendan O’Donnell Managing Director, Liberty Network Services

We’re more than just an aggregator, because you’re more than just a mortgage broker. To find out more about becoming a Liberty Adviser, visit liberty.com.au/LNS.

Liberty Network Services Pty Ltd ABN 65 151 158 628 Australian Credit Licence 408042.

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Broker, mother and ultimate supporter. Linda thrives on helping people realise their dreams. Often working on the go while supporting her children’s soccer and modelling passions, she embraces new technology and doesn’t skip a beat when helping customers reach their financial goals. Linda – you’re a multi-tasking marvel!

Linda, supportive supermum

23/08/2021 9:41:29 am

FEATURES

INDUSTRYINFLUENCERS INFLUENCERS INDUSTRY

WOMEN OF PROGRESS Meet some of the female leaders today who are exceptional role models in their areas of business – across banks, non-banks and aggregators – for women working their way up the ranks in the industry

THE NUMBER of women in leadership positions across the finance industry is typically much lower than the number of men. While that may vary from business to business, overall the industry is seen to be quite male-dominated. We all know that there are some great women at all levels of the industry, but with men in the majority of senior positions and therefore more in the public eye, it can be hard for women to stand out. That’s why MPA is profiling some wonderful female influencers for the fourth year running. It’s important to recognise and celebrate the work of female leaders, lifting them up so that women across the industry can see the opportunities and potential out there. The women profiled over the following pages are strong leaders with a passion for supporting women and providing the tools to

help them grow and boost the number of females in the industry. Many of these female influencers have been in the industry for years and have seen it go from strength to strength in terms of equality. Some lead crucial education and support initiatives for women, and others are strong voices advocating for awareness. While this feature highlights just a few of the impressive women in the industry, it is not exhaustive. There are so many inspirational females, many of whom MPA has profiled in previous years. Thank you to the women highlighted this year for taking time out to speak to MPA, and also for being an inspiration to many others who may be considering their futures in the finance industry. Keep reading to find out more about this year’s Industry Influencers.

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FEATURES

INDUSTRY INFLUENCERS

need to be more male-dominant in their personalities, and they actually need to be super-strong females to be able to hold those roles,” she says. An acceptance of flexibility in the workplace, which has been sped up by COVID-19, is another example of how Clucas believes things are changing for the better, and she has benefited from this herself.

“I like to put myself in my customer’s shoes and think about how I would feel ... The increased empathy and humility that some females have over some males is a really good balance to bring’’

KRISTY CLUCAS VIRGIN MONEY

STUMBLING INTO banking after graduating with a science degree, Kristy Clucas joined a small-town bank branch and fell in love with the role the lender played in its local community. In the middle of a drought in regional Victoria, she was able to assist members of the community by providing drought relief. Fifteen years later, Clucas has progressed from this small-town role to become Virgin Money’s head of home loans. It hasn’t been an easy path, however. Clucas remembers having her first child and fielding questions from male leaders about when she would be having another. She

describes the feeling of being “put on a shelf ” and tells of how her husband moved up pay grades, whereas she remained at the same level while she had her two children. But “it’s starting to shift”, Clucas says. In recent years she has seen more females appointed to leadership positions, and she feels positive that this will encourage other women as they see their potential. Over her time in the industry, Clucas says she has worked with some great female leaders who held roles that were typically dominated by men. “[One thing] I really admire about them is that, often the perception is that females

“Who I work for is really important, and having a really supportive people leader is key to being able to juggle it all,” she says, adding that she has been lucky to have had leaders like this who allowed her to shift to an earlier workday so she could pick up her children from school. “Flexibility is 100% key to being able to work and look after the family at the same time,” Clucas says. Now a female leader herself, Clucas has introduced a different way of thinking about things. She says she can say to her team that something simply “doesn’t feel right”, rather than taking a black-and-white approach. “I like to put myself in my customer’s shoes and think about how I would feel about that if I was a customer. The increased empathy and humility that some females have over some males, I think that is a really good balance to bring into a team,” Clucas says.

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SINCE ITS recent acquisition of Mortgage Choice, REA Group’s Janelle Hopkins, chief financial officer and CEO – financial services, has been overseeing around 350 employees who make up the finance and financial services team. With both the Mortgage Choice and Smartline brands now falling under the REA Group name, there are also more than 945 brokers in its network. Hopkins, who graduated with a Bachelor of Commerce degree, has worked in financerelated roles for more than 25 years. While she says that historically there have been more men in the industry, she is seeing that change. At REA Group, there is a strong focus on gender diversity; there is gender parity in the extended leadership team, and in the

executive leadership team there are more women than men. Other initiatives include 20 weeks’ primary carer’s leave, flexible return-to-work options, Smartline’s Future Female Brokers program and Mortgage Choice’s Aspire program. “The motto ‘you can’t be what you can’t see’ resonates strongly with me,” Hopkins says. “I think seeing women take leadership roles, whilst being mothers, sisters, partners, carers or whatever else they might balance with their leadership, is really important.” In addition to her role at REA Group, Hopkins is chairman of the Group of 100, which represents the top CFOs around the country. “Being an accountant by trade, I love money and finance and seeing how making good decisions early can set people up for a better life with greater choices,” she says.

JANELLE HOPKINS REA GROUP

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all staff as well as 54% of new hires last year were female. Murphy heads up the bank’s women’s development forum, which was established to provide opportunities to take time out with female colleagues. It includes guest speakers who come in and share their experiences as well as the simple opportunity to network.

“It comes back to ‘you can’t be what you can’t see’, so it takes us some time to change those perceptions that we can have those opportunities”

CAROLYN MURPHY TEACHERS MUTUAL BANK

ALTHOUGH SHE got into finance “a bit by accident”, Carolyn Murphy has taken every opportunity available to her in her career. And in March 2021 she was appointed chief digital bank officer at Teachers Mutual Bank Limited. In this newly created position, Murphy is working to embed a digital banking ecosystem. “It’s highly collaborative, and it’s got a big focus on digital technology and supporting our goals in improving the member experience,” Murphy says. Joining the business when it was known as NSW Teachers Credit Union back in 2005, Murphy went on to hold various roles, one

involving the launch of Health Professionals Bank. Before that she worked at Statewide Building Society and Ultradata Australia. Over the years, Murphy has seen a lot of women working in the industry, but not necessarily in senior leadership positions. “This is changing, but there’s still a long way to go,” she says. “It comes back to ‘you can’t be what you can’t see’, so it takes us some time to change those perceptions that we can have those opportunities [to lead].” Having said that, Murphy is proud to be at an organisation like Teachers Mutual Bank, where 44% of the board are female, 40% of the executive team are female, and 62% of

An advocate for wider diversity and inclusion, Murphy is also part of a diversity and inclusion committee at the bank. Made up of staff across different levels, genders and cultures, it aims to put strategies in place to foster a diverse and inclusive workplace. The bank also has a reconciliation action plan working group that focuses on understanding the history, heritage and traditions of the Aboriginal people and Torres Strait Islanders and putting a framework in place for this. Murphy is also working on the early stages of setting up an asylum seekers subcommittee, looking at ways the bank can support those looking for asylum in Australia, and working with groups like Talent Beyond Boundaries, which provides skilled migration pathways for refugees. These focused strategies demonstrate the bank’s commitment to inclusion, says Murphy. “We set goals and objectives that are measurable, so it’s really about setting that smart action to show we’re not just talking the talk, we’re walking the walk and really delivering on that,” she says.

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THERE WERE very few female business owners, or women in senior roles, or female BDMs, when Suzi Trajanovski started out in the third party space 17 years ago. In fact, she was hired as a lender’s first female BDM. Now, as national network growth manager at Loan Market, Trajanovski focuses on growing the aggregator and its member businesses by scaling them up with the right people. While “men still dominate the industry”, there are more women coming through, and she says groups like Loan Market’s Leading Ladies – of which Trajanovksi is president – are contributing to that. The initiative officially started in 2017 with the aim of bringing female business owners together to share experiences and offer support. “Leading Ladies of Loan Market really enables women to open up and engage in a

no-judgment space,” Trajanovski says, adding that it is beneficial not just to brokers but also to their customers. “There are some unique client requests female brokers receive as well. One of the things female brokers encounter is requests from female customers who feel a little more comfortable talking to another woman, especially when their financial literacy may not be as strong.” Over the last year there has been a 37% increase in female members of the Loan Market network; women now make up around 45%. Trajanovksi says helping people become confident in their own journeys is one of the perks of her job. “Women don’t expect opportunities to be handed to them because they’re women; they want to be challenged to become the best they can be, and really mix it with the boys!” she says.

SUZI TRAJANOVSKI LOAN MARKET

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“What I love most about my role today is the opportunity to influence and shift the dial on women in the commercial lending space. As a female leader I’m happy to give time to see other women succeed.” Hyde says it’s important for NAB to reflect the same diversity that is seen in the wider industries the bank serves. Events like Women in Finance aim to promote inclusion by introducing more women to commercial finance. By extension, people from diverse backgrounds, experiences and cultures will enter the industry, bringing fresh ideas and perspectives and a better understanding of

“Having a gender diverse workforce fosters problemsolving and satisfied customers”

ANITA HYDE NAB

JUGGLING TWO active children and her role as head of specialised and private, commercial broker, at NAB, Anita Hyde says she “wouldn’t have it any other way”. She has worked in the finance industry for more than 20 years, over which time her career has evolved and spanned a range of roles, all contributing to the position she holds today, which is about connecting the right bankers with commercial brokers across specialised industries such as health, professional services, education and more. If there is underrepresentation of females in mortgage broking, then the commercial industry is really lacking, but Hyde says this

is “both a challenge and an opportunity”. “Often women waste energy trying to fit into male-dominated environments. Instead, I think it’s important to just focus on your own style,” Hyde says. “When you allow yourself to be authentic, the magic happens and true capability is unleashed, teams are happier, and that means greater customer outcomes.” On top of NAB’s push towards gender equality, including its recent Women in Finance series showcasing successful women in the industry, Hyde mentors fellow women in the workplace. “Seeing a mentee grow and build their own profile within the business is extremely rewarding,” she says.

different customers so lenders can provide tailored solutions. “NAB’s commercial customer base is extremely diverse, so having a gender diverse workforce fosters problem-solving and satisfied customers,” Hyde says. Although it has been at a “slow and steady pace”, Hyde says diversity in the industry has improved. She believes the biggest barrier to women coming in is self-doubt or ‘imposter syndrome’, hence the importance of female role models sharing their successes. “When women are exposed to powerful women, they are more likely to realise the same achievements themselves,” she says. “Mentorship programs are great as they give women the opportunity to develop professionally and seek career guidance from other women in the industry. I have been fortunate in my career to have amazing support from my leaders, both male and female, which has made a huge difference. When an organisation leads from the top you will achieve a greater focus on diversity.”

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focusing on technical skills, compliance, and improving business practices. Gallagher says she loves what she does. Her passion for education aligns with the aggregator’s mantra, ‘Education is empowerment’, and she says it’s been “a thrill” to watch her mentees thrive. “Quite simply, I measure my success by the success of the brokers I mentor,” she says. “It’s been so rewarding to see so many of my new entrants recognised across the industry in our various award programs. “But there is more than that. I have a broker in NSW who sent me an email in

HEATHER GALLAGHER OUTSOURCE FINANCIAL

PASSIONATE ABOUT educating brokers, outsource Financial’s head of training and education has spent the last 18 months launching new learning initiatives at the premium aggregator. Heather Gallagher started out in the industry 16 years ago, writing home loans at a major bank, before transitioning into the broker space about nine years ago. Gallagher joined outsource Financial in 2019 to head up the business in NSW and the ACT, then stepped into her current newly created role in January 2021, which saw her take the reins of the complimentary 12-month mentoring program for new brokers, as well

as a six-month course for experienced brokers diversifying into commercial finance. “My role is to help all outsource brokers be successful in a way that matters to them, understanding this can look very different depending on the broker, and it isn’t always about writing the most loans or making the most money,” she says. Over her time at outsource, Gallagher has delivered a complete redesign of both the residential and commercial mentoring programs and launched a learning festival to engage members at the beginning of the pandemic. This transformed into a national weekly education program for all members,

“We all have something we want to learn or get better at. Successful people recognise this and have the acumen to self-assess and seek out support” June that means the world to me. She is a rather introverted person, and she said the webinars that I run inspired her to run her own webinar with fellow business owners.” Mentoring is important to new brokers entering the industry, as they have a lot to learn, and it can be quite complex. But Gallagher says “everyone needs a mentor”, even experienced brokers. Gallagher herself has benefited from a variety of mentors, both formally and informally across her career, who she credits with helping her get to where she is today. “We all have something we want to learn or get better at. Nobody has it all figured out,” she says. “Successful people recognise this and have the acumen to self-assess and seek out support from people who complement their skill set, that they can learn from.”

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I think it’s the only way to raise awareness of how easily we can all succumb to unhelpful biases,” she says. In her current role, Bastian is a champion of Liberty’s inclusive workplace culture. She says inclusion is a muscle that we all need to activate and continually develop, and fostering success is really about finding a way for all people to work together in a cohesive, respectful and inclusive way. But she acknowledges that when a company has so many different people working together

“I believe that most of the gender biases still present within the industry are subconscious”

ANNE BASTIAN LIBERTY

DURING THE 20 years she has worked at Liberty, Anne Bastian, group manager, culture and community, has grown with the business, from its days as a smaller start-up and as it evolved to today’s public listed company. While many people in finance often say they fell into their role, almost the opposite happened for Bastian. Although she graduated from university with a degree in banking and finance, a “fortunate series of opportunities” led her down the path towards HR. After graduating, she held roles in HR at ANZ and then at a tech company. Liberty seemed like a great fit after that, as a finance company that was leveraging technology.

“The company was only a few years old when our worlds collided, but it seemed like the perfect match,” she says. Remembering the early days of her career, Bastian says it was expected that managers would be male, and most opportunities were offered to males. These days, there’s greater equality in terms of the number of males and females working in the industry, but statistics show that there are still more men in senior positions, and the pay gap still exists. “I believe that most of the gender biases still present within the industry are subconscious rather than intentional, which is why it’s so important to speak up when you recognise it.

in the same environment, that doesn’t always happen naturally. “At Liberty, our vision is for inclusion to become part of our everyday culture, rather than a specific area that requires education, awareness and effort on just a few dates of the year,” she says. “Until then, it’s a privilege and honour to be on a quest for inclusion, and to be involved in creating the culture where all community members are thriving as their authentic selves.” As head of culture and community, Bastian has overseen a range of initiatives at Liberty, including diversity and inclusion training, disability awareness training, and bi-monthly Women in Leadership workshops. The non-bank has also introduced new KPIs for managers with respect to women having roles throughout the company. “We know that our team members thrive when they can bring their authentic selves to work, and as a result, so does our business,” Bastian says. “Therefore, it’s essential that we implement the correct framework to ensure that our community feels safe and supported to do so.”

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FEATURES

WOMEN IN BROKING

Overcoming the perception gap In a virtual discussion facilitated by the MFAA, industry leaders talked about the importance of female participation in broking, what some of the challenges are, and what needs to be done to support greater gender diversity

EACH YEAR for the last three years, the MFAA has run its Opportunities for Women initiative. Starting with a survey of association members across the industry, it then holds workshops and discussions to consider the feedback and see what the industry needs to be doing to better support women. One of the key issues highlighted by the research is the clear perception gap between men and women, as men often don’t see the barriers women are saying they experience. While the leaders taking part in the panel discussion at this event were all highly posi-

gathered around the virtual table were asked what needed to happen to support women entering the industry.

Mark Haron, Connective Susan Mitchell, Mortgage Choice/Smartline Susan Mitchell, CEO, broker, at Mortgage Choice and Smartline, said she was “a big believer in stories”. She thinks it’s important for women to hear stories from other women about what they went through and how they succeeded. “That’s one of the most powerful ways of doing it,” she said.

“I’ve met some impressive female brokers ... but the feedback we’re getting is that their experiences are not always that positive” Mike Felton, MFAA tive about the role women play in the broking industry, MFAA CEO Mike Felton noted that the proportion of female brokers still sat at around 27%, and he questioned why. “I’ve met some impressive female brokers in my time, but the feedback we’re getting is that their experiences are not always that positive,” Felton said. The six industry leaders

from an admin to a loan writer and be able to move up that salary scale is really important.”

Mitchell also pointed out that while around 80% of administrative staff are women, the figures drop to just around 33% female loan writers and 27% female franchise owners. “We all know talented admin are practically writing, and they’re perfectly capable of being very talented loan writers. More structured programs that actually allow them to train up

Connective director Mark Haron said we all have a role to play to help women in our industry thrive. “We know that time and time again research shows the positive impact gender diversity has on business performance, and for brokers, it’s particularly important they reflect their client base,” he said. The aggregator’s Empower Series initiative is designed to inspire and connect female brokers. Going beyond that, it provides all brokers with the tools and resources to educate and empower their female clients. “It’s crucial to tailor learning and development programs and facilitate opportunities for peer-to-peer support,” Haron said. “It’s a priority for us to shine a light on females and their positive contribution, but I think, as an industry, we could do more to encourage greater female participation.”

Chris Slater, AFG Admitting that he’d had his own wake-up call regarding unconscious bias, AFG’s head of sales and distribution Chris Slater called on everyone who has the chance to bring in new entrants to “be part of the

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solution”. Using its conferences, AFG has been challenging its brokers to think about diversity when they hire, or else miss out on great opportunities to run a better business. “You can’t be a spectator. You’ve got to admit, like I had to, that you’re probably just spectating, but you can add some value,” he said. “This isn’t an issue that’s going to get solved if everyone says, ‘it’s not my issue’, so we need you to participate and be part of the solution.”

Kathy Cummings, BOQ Positive about the opportunities for women in the broking industry, BOQ’s head of distribution, Kathy Cummings, said women needed the right mindset, tenacity and confidence to succeed, as well as know when to share the load. “Women try to do everything,” she added. “Women coming in have to value their time and put their efforts where they’re going to be successful. Outsource anything that they absolutely don’t have to do; it’s a shared responsibility.” She emphasised how important it is that broker employers should provide the right mentorship and support to women they bring into their businesses. “Women have got to have the confidence to back themselves, and we can give them that by being there and being a mentor,” Cummings said. “I think we all try and

FEMALE REPRESENTATION IN BROKING Number of female brokers 4,500

27.8%

28.3%

27.4%

27.3%

27.1%

3,779

3,746

3,700

3,500 3,000

3,708

3,871

Gender diversity has been a priority for Loan Market for some time, and its Leading Ladies initiative is a great example

-30% 26.9%

27.1%

-25%

3,312

3,679 3,361

3,267

3,292

-20%

2,500 -15%

2,000

-10%

1,500 1,000

-5%

500 0

0% Oct 15– Apr 16– Oct 16– Apr 17– Oct 17– Apr 18– Oct 18– Apr 19– Oct 19– Apr 20– Mar 16 Sep 16 Mar 17 Sep 17 Mar 18 Sep 18 Mar 19 Sep 19 Mar 20 Sep 20

Note: The number of aggregators providing gender-specific data fell from nine aggregators for IIS 8 to eight aggregators for IIS 9, 10 and 11. Source: MFAA Industry Intelligence Service, 11th edition

of that. But listening to the MFAA research showing that a lot of industry players don’t believe it is a priority, executive chairman Sam White said he would look to do more surveys to measure how Loan Market could improve. “When it gets measured, it gets done,” he

Kathy Cummings, BOQ

Sam White, Loan Market

27.0% 27.2%

4,000

“Women have got to have the confidence to back themselves, and we can give them that by being there and being a mentor” avail ourselves to those starting out to do that. At every opportunity it should just be part of what we do and the way we operate.”

Proportion of female brokers

said. “It will be interesting to see what our female brokers say about how we can get better on it.” White added that while some barriers were being lifted for women – like potential safety concerns being improved through the use of more digital meetings – he felt it was important that prospective female entrants

could see women in the roles they aspired to. “Not just in [broking] but in the corporate team. If there’s not enough females in that team, it also sends the message, am I welcome in this group? That’s why diversity of everything is so important, not just of gender, because we also need to match the communities we serve.”

Mike Felton, MFAA Felton said the push for gender diversity had to remain a strategic priority, adding that it was up to the industry to communicate better what it took to be successful. The MFAA has also introduced a diversity award as part of its Excellence Awards to better celebrate female role models. “It’s always said, you set the culture from the top, so we’ve all got a key role in that, but it really is right across the industry,” Felton said. “There’s a great business case here, and everybody at every level of the organisation can benefit from it, so it really is up to everyone in the industry to be doing whatever we can.”

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FEATURES

LGBTQI+ INCLUSION

Taking pride in diversity Creating a safe space where people can bring their true selves to work is paramount for Liberty – and building greater LGBTQI+ awareness and inclusion is one of its key goals “WHEN YOU start a new job you try and find your tribe, because the reality of being same-sex attracted is that you don’t know if a workspace is safe. So you have to try to find someone in the LGBTQI community in your workspace to ask them, ‘What’s it like here?’ When you ask that, you mean, ‘Can I be out? Is this safe?’ ” That’s the experience of many LGBTQI+ individuals in the workplace, and creating a safe environment where they can feel they belong is something Liberty takes seriously. The comments come from a Liberty employee who is also a member of the financial institution’s Pride Network, and they go on to say: “Having the Pride Network there provides the names and contacts and such a sense of comfort that you can truly bring your whole self to work each day.” Established in 2019, the network aims to provide a safe space for team members to come together to support one another with the unique challenges and experiences LGBTQI+ staff may face. “To us, being a truly significant employer means creating an environment where everyone can bring their authentic selves to work,” says Liberty CEO James Boyle. “An important part of this is ensuring team

members feel comfortable to be out in the workplace, should they wish to be. The wellbeing of our team is of the utmost importance,

comfortable and safe when they come to work at Liberty,” says Boyle. It seems such initiatives are sorely needed. According to the Diversity Council of Australia’s Out at Work: From Prejudice to Pride report, LGBTQI+ people make up the second-largest diversity group, ranging from 10% to 15% of the population. However, the report indicates that only one third of LGBTQI+ employees are fully out at work. For Liberty, creating a safe and inclusive environment for its LGBTQI+ people is not just the right thing to do; in a diverse world it simply makes business sense too. “Inclusion has always been important for Liberty. Since day one, our goal has been to support financial inclusion by looking outside the box to support more people to get financial,” says Boyle. Earlier this year, Liberty received Bronze

“To us, being a truly significant employer means creating an environment where everyone can bring their authentic selves to work” James Boyle, Liberty and we know that we are stronger together. “As a business, we have built an incredibly diverse and inclusive culture, which we’re very proud of. To continue this trajectory, we’re committed to a range of important initiatives, and working towards greater LGBTQI+ awareness and inclusion is one of our key goals.” Through workshops, events, activities and resources, Liberty aims to create visibility and empower its LGBTQI+ staff. With a range of Pride banners, lanyards and Liberty-branded Pride T-shirts, it wants to create greater awareness of the LGBTQI+ community. “We believe this is an important step in supporting community members to feel

status and was recognised as Most Improved Small Employer in the Australian Workplace Equality Index annual LGBTQ Inclusion Awards. However, the organisation is not resting on its laurels. “While accolades like these are a great indicator that we’re on the right track, we know there is still much more important work to do in this space, and this is just the beginning,” says Boyle. Liberty’s diversity and inclusion goals extend across different areas and are designed to unite and integrate its community. Recognising that financial services has historically been a male-dominated

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OUT IN THE WORKPLACE: THE POSITIVES LGBTQI+ employees who are out to everyone at work are:

50%

more likely to innovate than workers who are not out to everyone at work

35%

more likely to work highly effectively in their team

28%

more likely to provide excellent customer/client service LGBTQI+ employees who are not out to everyone at work are:

“Since day one, our goal has been to support financial inclusion by looking outside the box to support more people to get financial” James Boyle, Liberty industry, Liberty is committed to supporting the women in its workforce with a range of programs and partnerships. “This includes partnerships with Work180, Grad Girls and Diversity Council Australia, as well as our in-house Women in Leadership workshops, which empower our female leaders with guidance, training and support,” says Boyle. Liberty is a proud sponsor of the MFAA Opportunities for Women initiative and has been a finalist in the Employer of the Year

as likely to feel down as employees who are out to everyone at work

45%

less likely to be satisfied with their job Source: Diversity Council of Australia report: Out at Work: From Prejudice to Pride

category of the Australian Women in Finance Awards for the past two years. The company also provides disability awareness training for all its leaders, and offers all staff membership of the Diversity Council of Australia, giving them access to a range of learning resources, unique research and more. The different cultures that make up Liberty’s workforce are honoured through a range of education initiatives featuring guest speakers from a variety of backgrounds, as

well as ‘Around the Globe’ catered lunches comprising cuisines from all over the world. With respect to reconciliation, Liberty’s Reconciliation Action Plan is currently being finalised, and a new Reconciliation Committee is in place. “We understand that true, authentic inclusion takes time, and that there are simply no quick solutions,” says Boyle. “But we’re committed to laying the groundwork needed to build a truly inclusive culture.”

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FEATURES

DIVERSITY OF THOUGHT

A different way of thinking Fostering a diverse and inclusive workplace is at the core of Virgin Money. MPA spoke to four of the bank’s female staff to find out what that looks like HAVING WORKED in the finance industry for six years, Kimberly Zhao has seen her fair share of male-dominated environments. But on joining Virgin Money in 2020 she found herself part of a well-balanced team who encourage her to speak up and show her the possibilities for growth. Although she says product and pricing analysis is highly specialised and typically a male profession, Virgin Money “saw the potential” in her and helped her identify and harness the skills she already had in order to become the bank’s home loan product analyst – something previous organisations had not given her the opportunity to explore. “Every one of us should choose and pursue a career driven by passion rather than by gender,” she says. The gender balance in the product team allows for greater diversity of thought, Zhao says. Everyone has a different way of thinking about things, and the culture at Virgin Money means she can express her opinions and challenge the process. “It’s important to have different skill sets and views as it helps to generate a better outcome,” she says, adding that her manager,

head of home loans Kristy Clucas, encourages that different way of thinking. Clucas says she is not the only one with this attitude, though; across the board, Virgin Money is a supporter of females and, importantly, of elevating them. “From our CEO down, everyone wants to see everyone succeed,” she says.

pay scale, she remained at the same level. She says it took two and a half years after having her second child before she finally felt she was moving forward. “That’s a really important lesson, that supporting people through those childbearing years is such an important factor,” Clucas says, adding that Virgin Money has a “family-first culture”. Working mums are a great asset to any team. Virgin Money’s NSW business development manager, Sonia Molnar, says that as a working mum she is more determined to come in, do a good job and prove herself.

“It was almost like I was damaged goods that could only do a smaller job because I’d only be there three days a week” Kristy Clucas, Virgin Money This is not something Clucas has seen everywhere. After having her first child while at a previous organisation, Clucas says she felt like she had been “put on a shelf ”. “It was almost like I was damaged goods that could only do a smaller job, because I’d only be there three days a week,” she explains. She was asked continuously whether she was having another child, and while she watched her husband progress and go up the

The support and encouragement she gets from Virgin Money means she is “a better person” when she gets home to her family. “I think my family reaps the benefits of me being more present and an authentic self, because I am being rewarded and appreciated in what I do, and that drives me to continue to work,” Molnar says. While the majority of brokers in the industry are men, Molnar has noticed that

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most of the support team she sees are women. Molnar says working in ‘banking’ has certain connotations that put women off, but it’s about realising that it’s a service industry. “When you realise what is actually involved – you’re doing most of the work already, and the interviewing is just being a people person – I think a lot more women would enter the industry,” she says. In her five years at Virgin Money, broker sales operation manager Milva Speranza says she has always seen an emphasis on diversity. But when she first started out in the industry she met some male colleagues who were sceptical of women in the industry, although she was fortunate to have worked for some supportive male leaders.

Thankfully, there “has been a big shift”. At Virgin Money, Speranza says, “we support each other and value the experience and knowledge

“We have brokers who come from all different cultures and backgrounds, and when they see that our team reflects the broker network in terms of that diversity, it helps create a bond with them as our broker partners.” To encourage and support more women in the industry, she says “flexibility is key”: the flexibility to balance family life and professional life, and this applies also to men. She adds that more women should be out there promoting the businesses they are working in and the types of roles available. “There’s so much you can do within this industry; it doesn’t mean just fitting into one type of role,” she says. “We’ve got women working in every team, from marketing to

“Every one of us should choose and pursue a career driven by passion rather than by gender” Kimberly Zhao, Virgin Money of the women and everyone in the team”. Having worked in brokerages in the past, she says it’s also important that businesses like Virgin Money support not just female representation but all kinds of diversity.

finance to analytics to product. If we have a diversity of women in all those teams, it does help to create that creative thinking and problem-solving to get the best solution for the customer and the business.”

HOW IS VIRGIN MONEY SUPPORTING WOMEN AND DIVERSITY? Proudly owned by the BOQ Group, Virgin Money Australia is committed to an inclusive workplace that values and leverages difference, creates new possibilities, and better connects us with customers and communities. In 2021, the BOQ Group was awarded the Workplace Gender Equality Agency Employer of Choice for Gender Equality citation, part of a voluntary best practice recognition program designed to encourage, recognise and promote organisations with an active commitment to achieving gender equality in the workplace. Virgin Money supports all people – regardless of gender – to reach their potential and, through appropriate work-life integration, manage family and caring responsibilities. This includes: providing increased flexibility, where it’s possible – from flexible working hours, compressed work weeks and time in lieu, to working from home or another location, part-time work, job sharing, and purchased or unpaid leave paid parental leave for primary carers of 16 weeks, inclusive of all genders, adopters, foster carers, surrogacy, miscarriage and stillbirth initiatives to address gender balance in the workforce on the frontline, at leadership, senior leadership, executive and board levels a focus on merit-based gender balance during recruitment and selection, talent identification and talent development a focus on gender equality that’s further enabled through a dedicated employee-led networking group

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FEATURES

MENTAL HEALTH

Keeping wellbeing front of mind With a strategy for ensuring that mental ill-health is not a barrier in the workplace, Westpac has some tips and encouragement for mortgage brokers who might be struggling with their own mental health, or that of their clients THE SUSTAINED disruption caused by COVID-19 has impacted millions of people’s lives across Australia, and with that comes a strain on mental health. In fact, last month, Lifeline recorded its highest-ever number of calls in one day, with 3,345 calls made to the organisation on 3 August. But as brokers continue to work with borrowers who may be in difficult financial situations during the pandemic, major bank Westpac reminds them that they are not psychologists and therefore are not expected to counsel their clients. It’s not just borrowers who are struggling with their mental health; having conversations with these borrowers can take a toll on brokers’ mental health as well. Not to mention the stress of running a business, particularly during a pandemic and with financial worries of their own, while facing long hours and often lonely stretches of time.

MENTAL HEALTH RESOURCES National Debt Helpline: 1800 007 007 Small Business Support line: 1800 413 828 Relationships Australian: 1300 364 277 Beyond Blue – 24/7 coronavirus support line: 1800 512 348 Lifeline – 24/7 telephone counselling service: 13 11 14

Westpac has a workplace mental health strategy based on the notion that mental ill-health does not discriminate or preclude someone from being a great contributor or performer. It works to improve the psychological health and safety of its workforce

“The more we prioritise our own wellbeing, the better we’re able to face the challenges we’re experiencing during the ongoing COVID-19 pandemic” Katie Botha, Westpac 32

through best practices and education. “The pandemic has accentuated the importance of investing in our mental health and wellbeing and has encouraged a proactive movement across the mental health domain,” says Westpac Group’s mental health officer, Katie Botha. “People are continuing to recognise that it’s OK not to be OK, and an increase in stress levels, concern and anxiety are all very normal human reactions to an exceptionally abnormal situation. “The more we recognise this, the better we can become at supporting each other and encouraging early help-seeking behaviours when people encounter significant life events, or when we see emerging signs of compromised mental health and wellbeing.”

Supporting borrowers’ mental health If a broker does identify any situational stressors or changes in a customer’s typical behaviour – or indeed, that of one of their colleagues – Botha says it’s important to acknowledge the concern and have an open conversation, but then refer them to a professional support service. Brokers are in an important position for early identification and intervention at the first signs of potential vulnerability, she says. “Often brokers are engaged for financial support when a person experiences a

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significant life event, such as health concerns, a partnership breakdown, the birth of a new family member, or other significant life stressors,” she says. “Therefore, if brokers can identify that a customer is experiencing a significant stressor, they have the opportunity to proactively connect that person with additional support resources.” But what should brokers look out for? Botha says considering the borrower’s situation is the first step. Adverse and challenging life events affect people in different ways, and financial concerns can have an amplifying effect. For example, the birth of a child might be something to celebrate, but there are additional stressors that can come along with it. There are also behavioural changes that brokers can look out for: the customer might be withdrawn or disengaged, their mood might be flat or overexaggerated, their use of language might change, they might experience cognitive difficulties, or their responsiveness to calls and messages might increase or decrease. If brokers are encouraged not to be counsellors, what can they do in their conversations with borrowers? Botha says brokers should ask open

“The pandemic has accentuated the importance of investing in our mental health and wellbeing, and has encouraged a proactive movement across the mental health domain” Katie Botha, Westpac questions to encourage the customer to talk to them, and then respond in an empathetic way without assuming they know how the customer feels. “Rather than saying, ‘I understand’, try saying, ‘I can’t imagine what you’re going through’ – this shows a strong level of empathy for the customer,” Botha says. With this empathy, brokers can suggest online and phone support options.

Looking after your own mental health To brokers having those conversations with clients, Botha says: “Don’t be hard on yourself. These conversations can be challenging, but they’re extremely important, and often your good intentions will show through.” She adds that it’s vital to “care, not carry”.

Having these conversations with borrowers can be difficult, but brokers should also be prioritising their own mental health and wellbeing, and not just when they are not at their best or might be struggling. “The more we prioritise our own wellbeing, the better we’re able to face the challenges we’re experiencing during the ongoing COVID-19 pandemic,” Botha says. One step brokers can take is to go “back to basics”: prioritise sleep, eat a wellbalanced diet, exercise, and make sure they are maintaining social connections (even if only virtually). Take time to do the things you love, like reading a book, listening to a podcast, or spending time with household contacts, Botha suggests. Reminding brokers that “none of us are invincible”, Botha encourages them to remember that it’s important to maintain work-life boundaries. She recommends implementing a regular work routine and engaging in end-of-day activities to help them switch between work time and personal time. “Remember to be kind to yourself. It’s OK to feel flat, it’s normal to feel frustrated and annoyed by current COVID-19 events, but also if you feel like you’re thriving in the current environment, that’s OK too,” Botha says. “However, if you feel yourself increasingly unable to manage, don’t go it alone. Reach out and remember that early help-seeking behaviour always leads to better outcomes.”

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FEATURES

REPRESENTATION

Gender diversity as a human issue Gender diversity is not just a women’s issue to fix, says ING’s Glenn Gibson, who encourages men to become actively involved in the push for equality

CHAMPIONING GENDER diversity is something everyone should be doing, regardless of the gender you identify as, says ING’s head of retail, Glenn Gibson. In the banking industry, around 90% of CEOs are male; that means men need to be involved in conversations to encourage greater female representation. The same goes for the mortgage broking

act on,” he says. “Men need to be fighting to make the change, otherwise we will not get anywhere.” Gibson says that while it is great to see men moving beyond simply attending the right events, and that there have been more male voices taking part in the discussion, there is still more that can be done.

“How will we ever achieve gender equality if men aren’t actively educating themselves on the lived experiences of their female colleagues?” Glenn Gibson, ING industry, in which women make up around 27% of brokers. Gibson believes progress has been made in the industry, but there is still a long way to go, and he adds that the most important thing is to recognise that gender diversity is “not just a women’s issue to fix”. “This statistic cannot be ignored, and it’s one that men need to acknowledge and

“This includes questioning or calling out when diversity isn’t taken into consideration – not only attending women’s industry events but, better still, organise one; find or create a diversity group; actively include women in conversations and ask them for their opinions,” he says. “More than anything, be vocal when you don’t see others displaying the right behav-

iours. As the quote goes, the standard you walk past is the standard you accept.”

Diversity is better for everyone Supporting and encouraging diversity in the industry is not just the right thing to do, Gibson adds. It better equips the industry for success. Not only does a diverse and inclusive workplace ensure that everyone feels comfortable enough to be their authentic self at work; it is also one that customers want to do business with. “This is because it’s equipped to relate to the experiences and perspectives of its customers, who all come from different walks of life.” Gibson says a balanced workforce is “better for everyone”, and it’s not just gender diversity that’s important. He points to sexuality, nationality, demographic and age. “Having a wide range of attitudes, beliefs and simply life experiences in your business means you can think differently,” he says. “It’s important that everyone looks at their business and considers where they could make a change to have a more balanced model. Customers are all different,

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therefore our staff need to be different so we can better relate.” Research into female representation in the industry, though, has shown that men are failing to see the barriers that women face. Gibson says “this comes down to ignorance”, and he encourages men in the industry to give women opportunities to share their experiences, and to actively engage in conversations about diversity. He also suggests men can join or set up a diversity committee at work, and attend events and read, to learn more about diversity. “Just because you can’t see the barrier

It also has an initiative called Sparks – a community designed to inspire and empower women in technology. Furthermore, in order to support working families, ING has banished ‘primary’ and ‘secondary’ carer labels from its parental leave policy, providing all parents with equal rights to parental leave. “We encourage and give staff the freedom to stand up for diversity at work or when at industry events,” Gibson adds. “We celebrate the diversity of our staff through our internal communication channel and events, and we take diversity

“Be vocal when you don’t see others displaying the right behaviours. As the quote goes, the standard you walk past is the standard you accept” Glenn Gibson, ING doesn’t mean it’s not there,” Gibson says. “How will we ever achieve gender equality if men aren’t actively educating themselves on the lived experiences of their female colleagues?”

Encouraging diversity at ING Looking back at the progress that has been made, however, Gibson says there are now more conversations about gender diversity and equality, and he is encouraged by more men actively taking notice and doing what they can to be part of the solution. ING runs an initiative called the Lioness Community, which aims to champion a more gender-equal society by creating change through education, awareness and events, and by influencing policy and processes. One in three members of the group today are men. That is not the only thing ING is doing to promote gender equality at the bank.

into consideration when it comes to recruitment. “Essentially, we do everything we can to ensure our people feel they belong.” As a male in the industry himself, Gibson says he practises what he preaches. He is an active member of ING’s Lioness Community and has a 50/50 blend of men and women who he coaches and mentors within ING as well as the wider industry. Explaining that recruitment, promotion, reward and recognition play a major part in his personal actions towards building a more diverse business, he says he wants to be “surrounded by the best people”, and he believes he needs to develop a diverse group of individuals who are equally to be able to achieve that. “It’s easy for me as I’m passionate about diversity, and I make sure that I not only support diversity but drive it,” Gibson says.

BRINGING YOUR WHOLE SELF TO WORK ING has introduced the following initiatives to support its diverse workforce:

Equal parental leave: The terms ‘primary carer’ and ‘secondary carer’ have been removed from ING’s leave policy, and all new parents are now entitled to 14 weeks’ paid parental leave. Flexible working: Empowering its staff to manage their work, ING supports working from home and varying start and finish times. Lioness Community Group: This group aims to build and champion a more gender-equal society by creating awareness and understanding of gender equality issues. Rainbow Lions: This is a community that helps LGBTQI+ employees feel included, respected and valued. Parents and Carers Community: Focusing on improving the experience of parents and carers so they can thrive at work and home, the community listens and encourages engagement across the group and advocates for change to embed family-friendly policies and practices into ING culture.

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FEATURES

MENTORING

Lifting women up through mentorship Using her own experience as a female rising through the ranks in the finance and broking industry, La Trobe Financial’s Michelle Bannister mentors other women on their journey to do the same

SINCE STARTING out in the mailroom at La Trobe Financial 25 years ago, Michelle Bannister has worked her way up the ranks at the non-bank lender to her current position as senior executive – head of distribution. Bannister puts a lot of this down to the support she has received from the organisation, which has helped her grow and develop not only in her career but as a person. Now, she wants to support more women to choose a career in broking and finance. Heading up a team of 35, she enjoys mentoring and helping other people succeed. La Trobe Financial provides tailored training and education for its female employees, as well as ‘women in finance’ events with inspiring female speakers. In order to boost the number of women in the industry, Bannister believes promotion and messaging via industry bodies is needed to show women how broking has changed and now offers work-life balance. Beyond that, the industry has also come a long way towards being seen as a professional career path, by implementing and promoting a number of key qualifications and training programs. As a result, broking

has become more appealing to younger people as an profession they can join out of school or university. “Traditionally, a typical broker was a retired banker who had been working for over 20 years within the banking sector, took a package from the bank and moved into finance broking as a natural fit for their skill set and an opportunity for them to run

maturing of the broking industry as it moves further towards being recognised as a true ‘professional service’.”

Helping mentees reach their goals Having seen both positive and negative changes over her years in finance, Bannister is using her experience to mentor others. Mentoring is something she believes the

“I believe that female leaders and executives within business light a path for opportunity and career progression for other females entering the ranks” Michelle Bannister, La Trobe Financial their own business,” Bannister says. “There is nothing fundamentally wrong with this, other than that perhaps broking was something people did after their careers, rather than a profession that people aspired to at the beginning of their careers. More recently, we have experienced a

industry has become very good at over the last five to 10 years and is offered to both men and women. These kinds of opportunities were not available when she started her journey, when young females were often afraid to ask for support or guidance in the event they were seen as failing.

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“If I can share a little of my experience to help support and lead others in their career, in leadership or in their own business, then I see this as my way of giving back to an industry that has provided a great pathway for me,” she says. Some of the areas in which mentees often need help include converting leads, tailoring different sales approaches, learning the best ways to listen, and building a solid team. One thing Bannister also teaches her mentees is “how to dust yourself off and try again” when you don’t achieve a goal the first time. She says the importance of doing this is often overlooked, as the path to reaching your goals is not always steady, and resilience and determination are two qualities she promotes very strongly. When Bannister is mentoring others, she tries to put herself in the mentees’ shoes, thinking back to how she felt when she entered the industry and identifying what her key learnings were at the time. “I usually like to challenge people to identify what’s going to set them aside from others in a similar role, and how they can make an impact and brand for themselves in what is often a crowded room – I find this to be a great starting point for working towards achieving their goals,” Bannister says. “Everyone has a different journey, and if I can assist in playing a small part through mentoring, then hopefully it helps the overall experience of the mortgage industry.”

The importance of female mentors Regardless of gender, it’s important to have a mentor you can trust, respect and admire. But for many women, having a female mentor to look up to is really important. Bannister says she is a big believer in women being able to identify with and look to female leaders and mentors. For instance, it can be hard for a woman to admit to a male colleague or mentor that there are times when she needs help or support in her career,

“I challenge people to identify what’s going to set them aside from others in a similar role, and how they can make an impact … in what is often a crowded room” Michelle Bannister, La Trobe Financial

but it’s much easier to open up to other women in the industry and lean in for advice, as they have often faced similar challenges. “The majority of the time we are facing the same challenges others have already faced, so if we can be seen to share some of our knowledge and experience, then we’re set to make the overall industry a better place,” Bannister says.

“I believe that female leaders and executives within business light a path for opportunity and career progression for other females entering the ranks. “I feel that women help other women lift, as we want to see the best in each other, we want to see others succeed and, critically, we understand each other.”

ABOUT LA TROBE FINANCIAL As one of Australia’s leading non-bank financial institutions specialising in asset management and credit, La Trobe Financial is committed to making a positive impact on its community. With seven decades of proven credit management, La Trobe Financial has funded over $36bn of investment for more than 205,000 customers. Its investors include large global institutions, Australia’s major banks, family offices, fund managers and 55,000 everyday investors in its award-winning Credit Fund.

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FEATURES

DIVERSITY IN FINANCE

The power of a diverse business Strengthening diversity is a cornerstone of ANZ’s company values – and its latest initiatives to support women in broking and the LGBTQI+ community are creating a ripple effect WHEN ANZ says it believes in diversity, it puts its money where its mouth is. Building a culture of respect for all people is a key part of the major bank’s organisational values, and it’s been involved in a number of initiatives to support positive change. The bank has been recognised as a leading

big four banks and is responsible for about 60% of ANZ’s Australian mortgage flows. “I began my journey in agribusiness lending money to farmers,” says Tilley, who’s been in the finance industry for 25 years – 11 of them at ANZ. Tilley’s mother was a significant role model.

“[Diversity can] strengthen governance, problem-solving and decision-making processes by fostering a culture of innovation, creativity and curiosity” Simone Tilley, ANZ employer for LGBTQI+ inclusion, and the ANZ Doyenne Program is making important strides to grow awareness and progress in terms of female representation in broking. The program was set up in 2018, and Simone Tilley, ANZ’s general manager of retail, was instrumental to its creation. Tilley is the only female broking head at one of the

“She was the first woman in Australia to start her own label adhesive flexographic business. I learnt a lot at an early age from the courage and determination she exhibited.”

Promoting women at leadership levels Tilley is passionate about greater female representation in finance, particularly at

senior levels. “For ANZ, it’s more than just an issue of gender equality – it’s about accessing the talent, markets and economic opportunities that gender equality brings,” she says. “It makes sense for our workforce to reflect the communities we serve.” Tilley points to Oliver Wyman’s 2020 Women in Financial Services report, which shows that Australia’s major financial services companies have the second-highest representation of women on executive committees in the world. However, globally, just 20% of women are on executive committees and 23% are on boards. And the MFAA’s latest Opportunities for Women report shows that the number of female brokers in Australia continues to fall – down 604 in March 2020 compared to April 2017. Tilley says the report identifies what women regard as the top three barriers to entering the finance industry: unconscious biases, a culture that is not inclusive of women, and a lack of development and progression. Creating and investing in programs that support women in their careers is essential to retaining female brokers, Tilley says. When she took up her role as ANZ’s head of retail broker five years ago, there were “virtually no women” featured in industry magazines. This prompted Tilley to address the gap by setting up the Doyenne Program, providing support, tools and encouragement to women already running established and respected businesses. New doyennes (female brokers) are recruited each year and take part in a series of learning events to build skills based on developing their profile, raising visibility and networking. “I’m proud to say it has delivered incremental change, including improved balance in broker media,” says Tilley. The program is run in partnership with Notable Media journalist Amanda Gome,

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Inclusion for Pride communities

AUSTRALIA RANKS HIGHLY FOR FEMALE EXECS Australia has the second-highest female representation on executive committees globally, but the global average is just 20%. % of women on executive committees in major financial services firms by country/jurisdiction

Change 2016–19 (ppts)

Israel

38%

Australia

34%

+11 +10

Sweden

33%

Finland

32%

+12

Thailand

31%

Norway

31%

+0 -2

Canada

30%

South Africa

30%

USA Netherlands Nigeria

26%

25%

24%

Singapore

23%

Colombia

22%

+15

Spain

22%

+11

20%

Hong Kong SAR

20%

France

20%

Global average

20%

+4 Source: Oliver Wyman’s Women in Financial Services 2020 report

former CEO of Crikey and publisher of BRW magazine and SmartInvestor. The program’s goals include: • creating a strong pipeline of female role models to drive a more balanced representation of female voices in the mortgage industry • providing female leaders with the skills to build a digital profile and influential network in a social world and to amplify and support leaders and colleagues • positioning female leaders as thought leaders and experts

• connecting female mortgage leaders and brokers with each other and ANZ executives • developing female influencers in the finance industry who are a go-to point for journalists Tilley says there is substantial research on the benefits of diversity. “It can improve business outcomes, increase profitability and strengthen governance, problem-solving and decision-making processes by fostering a culture of innovation, creativity and curiosity. Research has shown that organisations that invest in diversity outperform organisations that do not.”

For ANZ, this means not just pushing for greater female representation but also supporting the LGBTQI+ community. ANZ has had an LGBTQI+ network, ANZ Pride, available to employees since 2007, and has been recognised as a leading employer for LGBTQI+ inclusion. The network aims to be a voice, contact point and support mechanism for LGBTQI+ staff and their allies, as well as to increase diversity, inclusion and respect through active engagement of its people. The company is a principal partner of Sydney Gay and Lesbian Mardi Gras, which it has participated in since 2007. And this March, ANZ announced it was partnering with QLife, which provides peer support and counselling for the LGBTQI community – donating $100,000 to help fund its work. The social effects of the pandemic were particularly challenging for LGBTQI+ Australians in rural and remote communities, where QLife experienced a 78% increase in calls made to the service year-on-year. Mark Hand, ANZ group executive, Australia retail and commercial banking, says: “We are really pleased to support QLife so they can continue to provide this essential service to our LGBTQI+ communities. Organisations such as QLife are making a real difference when it comes to bridging the gap between isolation and connection.” ANZ’s donation will provide an additional 2,250 hours of anonymous and free telephone and web counselling and support for thousands of LGBTQI+ community members throughout 2021. To celebrate the way the LGBTQI+ community has come together in the face of a challenging 12 months, ANZ has created a short film. Starring members of the LGBTQI+ community, including ANZ employees, the music video highlights the emotions many people in the community experience.

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FEATURES

FIRST HOME BUYERS

FOMO driving first home buyers With rising house prices and record-low interest rates, there’s been a sense of urgency among first home buyers over the last 18 months. Genworth’s latest research shows exactly where the opportunities lie for mortgage brokers

REASONS FHBS NEED BROKER SUPPORT % Yes

2021

2020

Reviewing the contract and any other legal paperwork 46.4% 44.3%

Determining the right loan for my needs 41.6% 41.3%

Determining my borrowing capacity 40.8% 35.3%

The Genworth report shows that 77% of prospective first home buyers are finding it difficult to save for a deposit, and each year fewer first home buyers intend to put up a deposit of 20% or more. Interestingly, a higher percentage of buyers who had recently bought their first home thought saving for a deposit was difficult – suggesting that saving for a deposit is even harder than many anticipate.

“The common barrier for both recent and prospective first home buyers when saving to purchase property is the continually increasing size of the deposit” Pauline Blight-Johnston, Genworth

Applying for a loan 40.6% 44.3%

Getting pre-approval for a loan 39.9% 37.0%

Note: Graph represents top five responses; multiple answers were allowed Source: Genworth First Home Buyers Report, 2021

THE NUMBER of first home buyers reached a 12-year high in February 2021, and although it has since dropped back down slightly, the numbers for June are still 50% higher than they were a year ago. First home buyers seem convinced that now is a good time to buy. In fact, two in three prospective first home buyers think that is the case, according to Genworth’s First Home Buyers Report for

2021. Nine in 10 of those buyers cited potential future property price increases as the reason, with seven in 10 driven by ‘FOMO’ (fear of missing out). First home buyers have also been buoyed by government incentives as well as record-low interest rates, but it has still not been easy, and they are certainly facing their fair share of challenges – even without the resurgence of COVID-19 uncertainty.

Genworth CEO Pauline Blight-Johnston says education is “fundamental” to preparing first home buyers for this. “The common barrier for both recent and prospective first home buyers when saving to purchase property is the continually increasing size of the deposit required in a housing market where prices are escalating,” she says. Other challenges perceived by first home buyers include housing affordability, finding

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“The experience of buying a first home can be a stressful and confusing time ... Mortgage brokers can provide guidance to first-time buyers when they most need help” Pauline Blight-Johnston, Genworth a suitable property in the right location and budget, job security concerns, and satisfying a lender’s requirements to secure a loan. These concerns – and the fact that four in five prospective first home buyers believe the buying journey is stressful – show just how important help from a mortgage broker can be. “Mortgage brokers have a great opportunity to get involved earlier in the homebuying process to guide first home buyers in understanding their individual situation and help them realise their homeownership goals,” Blight-Johnston says. According to the report, nine in 10 prospective first home buyers trust brokers to support them in their journey – but they are more likely to turn to their parents or friends for information and support. Three in 10 will meet with a broker referred by their family or friends. The top three reasons that first home buyers are turning to brokers include for help with reviewing the contract and other legal paperwork, determining the right loan for their needs, and calculating their borrowing capacity. This provides an opportunity for mortgage brokers to be “the source of truth” for buyers, providing information earlier in the process. “The experience of buying a first home can be a stressful and confusing time, from finding the right loan to obtaining pre-approval and understanding the terms of the sale contract. Mortgage brokers can provide guidance to first-time buyers when they most need help,” Blight-Johnston says. With 84% of prospective first home buyers feeling a growing sense of urgency to buy their

first property as prices go up, two thirds believe they are stretching themselves too much in order to buy, and 57.5% are losing hope. They are therefore adjusting their expectations and behaviours. Almost 82% concede their first property is likely to be one that is not necessarily their ‘dream’ or ideal property. Many are compromising on the size, type or location of the property. Despite these adjustments, many first-time borrowers are facing the reality that they may not achieve the 20% deposit. Using lender’s mortgage insurance is becoming an increasing likelihood: 30% of prospective first home buyers said they were ‘very likely’ to use LMI, up from 25% in 2020. The proportion of prospective first home

buyers who are ‘not likely at all’ to use LMI is at just 2.3%. One in four recent first home buyers turned to the ‘bank of mum and dad’ for financial assistance, although two in three felt guilty about it, and three in five said it was awkward. “Our research shows that on average it takes around 12 years to save a 20% deposit for a median-priced unit in Sydney. In Melbourne, it’s estimated to take nine years,” Blight-Johnston says. “With increasing property prices, getting first home buyers into the market earlier so they can benefit from price growth is crucial. Lenders mortgage insurance is a solution to get into the property market today, rather than tomorrow.” Mortgage brokers play an important role in promoting education and awareness, and particularly in addressing the misconceptions about LMI. They can explain the longterm financial benefit of using it to bridge the savings gap and purchase a home sooner. “In this digital age, there is an opportunity for mortgage brokers to provide information and position themselves online as trusted and reliable experts who can provide resources and information to prospective first home buyers,” Blight-Johnston says.

www.mpamagazine.com.au

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23/08/2021 9:23:53 am

Celebrating 20 years FRIDAY, 15 OCTOBER 2021 • THE STAR SYDNEY Celebrating its 20th anniversary, the annual Australian Mortgage Awards will proudly return this year as a prestigious gala event – with a group of stellar excellence awardees vying for the big prizes AFTER A year like no other, it’s fitting that the Australian Mortgage Awards will mark its 20th anniversary by recognising the brokers, brokerages, BDMs, lenders, aggregators and service providers that have raised the bar during the extraordinary challenges of the past 12 months. It’s never been more important to celebrate the outstanding achievements of those who make the mortgage industry great – to inspire us all to continue working hard, keep connected and, most importantly, rebound from a period of massive upheaval. The Australian Mortgage Awards team received an incredible response to the nationwide call for the 2021 nominations. MPA would like to extend a massive thank-you to those who submitted nominations, as well as to the esteemed judges for their important work in selecting the final winners. The winners will be revealed and celebrated at the awards gala on 15 October at the The Star Sydney. To reserve a table, visit australianmortgageawards.com.au or contact awards@keymedia.com.au. Finally, MPA, along with our esteemed sponsors and publisher Key Media, would like to congratulate this year’s excellence awardees, who are listed on the following pages.

australianmortgageawards.com.au

EVENT PARTNER

#AusMortgageAwards

AWARD SPONSORS

BROKER

www.mpamagazine.com.au

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23/08/2021 11:53:05 am

EVENT PARTNER

A MESSAGE FROM OUR EVENT PARTNER

2021 MARKS the 12th year of Westpac’s partnership with the Australian Mortgage Awards, and we’re delighted to be a long-term supporter. 2021 has tested the resilience of Australians. From floods to a deadly pandemic that’s changing the way we live and work, the broker community has continued to demonstrate its ability to adapt to the changing operating environment and help customers with their homeownership needs. We’re just as committed to helping more Australians into their homes today, and into the future, as we always have been. Australians value the choice and independence mortgage brokers provide, and this is something to celebrate together at this year’s AMAs. The third party distribution channel continues to contribute strongly to the growth of the Westpac Home Lending Portfolio and is testament to the strong and sustainable relationships we have built with brokers. We’ve listened to what brokers need and have made changes to help brokers around the country, opening more doors to customers. Our commitment to service excellence is stronger than ever, and we’re continually looking for new ways to improve the broker experience across product, policy, process and support. Congratulations to all the finalists – you should be extremely proud of your achievements during these challenging times. We look forward to celebrating your hard work, dedication and service for our industry.

OFFICIAL PUBLICATIONS

ORGANISER

Warren Shaw Head of mortgage broker distribution, Westpac Group

www.mpamagazine.com.au

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23/08/2021 11:53:22 am

Celebrating 20 years

LA TROBE FINANCIAL

FBAA

• Adrian Lee, Catalyst Debt Capital

• Abdulrasool (Russell) Munfaredi, Mortgage Pros

BROKER OF THE YEAR – COMMERCIAL

• Barry Thatcher, Thatcher Finance • Daniel Green, Green Finance Group • Ian Robinson, Robinson Sewell Partners • John Encina, Experity Capital • Josh Egan, Astute Melbourne City South and Gippsland • Kevin Wheatley, Bayside Commercial Mortgages • Melissa Ashcroft, AAA Mortgages

BROKER OF THE YEAR – INDEPENDENT

• Anthony O’Flynn, IFA Mortgages and Finance • Chris Hill, Smartmove Professional Mortgage Advisors • Damien Roylance, Entourage • Jordan Beh, Insight Finance • Karen Bashford, South Coast Business and Financial Solutions • Kris Menon, KM Finance • Louisa Sanghera, Zippy Financial • Mark Davis, The Australian Lending & Investment Centre • Stephen McClatchie, Loans Australia

PROUDLY SPONSORED BY

Established in 1952 and with $12bn of assets under management, La Trobe Financial is one of Australia’s leading diversified wealth managers, specialising in funding and investment solutions. La Trobe Financial has been a proven and trusted investment partner for institutional and retail investors, operating Australia’s largest retail Credit Fund with $5.6bn in assets under management and 55,000 retail investors.

The Finance Brokers Association of Australia Limited (FBAA) was established in 1993 and is respected as the leading professional association to finance and mortgage brokers in Australia, with its leadership recognised internationally. The FBAA not only insists on the highest levels of professionalism, ethics and standards from its members, but it is the industry association of choice by finance professionals.

La Trobe Financial has over 5,100 distribution points across its two growth engines. Wealth products are distributed through 1,600 advice practices, and loans are distributed through 3,500 brokers.

The FBAA philosophically stands to support your business needs as well as your mental health and leads the advocacy to government for the industry, ensuring that brokers’ rights and future are preserved and well protected.

It is 80% owned by Blackstone, one of the world’s leading investment firms with more than US$649bn of assets under management worldwide and 20% owned by management.

E: info@fbaa.com.au P: + 61 7 3847 8119 W: fbaa.com.au

E: info@latrobefinancial.com.au P: 13 80 10 W: latrobefinancial.com

www.mpamagazine.com.au

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23/08/2021 2:00:10 pm

EVENT PARTNER

EQUITY-ONE

BROKER OF THE YEAR – PRODUCTIVITY • Ben Walker, BW Finance Solutions • Daniel O’Brien, PFS • Daniel Pym, Loan Market Double Bay • Jacob Decru, Loan Market – One Network Broking

BROKER OF THE YEAR – REGIONAL • Fiona Erquiaga, Smooth Sailing Finance Consulting • George Mihalopoulos, Connected Finance • Heath Williams, Loan Market Newcastle • Jason Cuerel, Mortgage Innovations

• James Chee, Ding Financial

• John Contarino, Mobile Finance Broker

• Jenish Manandhar, Home Loan Experts

• Karen Bashford, South Coast Business and Financial Solutions

• Josh Bartlett, Mortgage Advice Bureau • Michael (Xin) Jin, MXJ Finance • Prakash Rai, Home Loan Experts

• Mhairi McLeod, Astute Ability Group • Paddy O’Sullivan, Mortgage Choice Nowra

• Xijing (Vivian) Wu, Ayers Financial Group

PROUDLY SPONSORED BY

Equity-One has established itself as a leader in commercial lending by providing fixed rate solutions with flexible repayment options. Equity-One offers a genuine alternative to business borrowers looking for traditional personalised service.

Dean Koutsoumidis Managing director E: deank@equity-one.com P: +61 3 9602 3477 or +61 4 1236 5029 (international) W: equity-one.com

www.mpamagazine.com.au

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23/08/2021 2:00:22 pm

Celebrating 20 years

PEPPER MONEY

MFAA

• Ditte Westbury, Viking Mortgages

• Alyssa Russo, Loan Market Mermaid Beach Qld

BROKER OF THE YEAR – SPECIALIST LENDING

• Jodie Wolfenden, Loan Market Gold Coast • Mark Davis, The Australian Lending & Investment Centre

YOUNG GUN OF THE YEAR – FRANCHISE

• Luke Whitbread, Mortgage Choice Erina NSW • Ryan Pappas, Mortgage Choice Sydney NSW

• Marwan Rahme, Kanebridge Capital • Matthew Punter, The Savings Centre • Mhairi MacLeod, Astute Ability Group • Thomas Morison, Smartmove Professional Mortgage Advisors • Will Hamer, Hamer Finance

PROUDLY SPONSORED BY

As Australia’s number 1 alternative lender, we live our mission: to help you succeed.

The Mortgage & Finance Association of Australia (MFAA) is the peak national industry body for professional finance brokers, lenders, aggregators and service providers.

Since 2000, we’ve been providing a variety of home loan solutions, including some the banks won’t – we also provide car loans, personal loans, loans for professional equipment, and commercial loans. Our goal is to provide you with first-class service and innovative products to help cater to the needs of your clients who are unable to meet the lending criteria of traditional lenders and mortgage insurers. P: 1800 737 737 W: pepper.com.au/broker

Established in 1982, the MFAA represents over 13,500 members and contributes to a healthy, competitive mortgage and finance industry through advocacy, education and business-building support. Our finance brokers operate within a professional Code of Practice that supports the alignment of the retail mortgage market with consumer trust and confidence. Together with our members, we work with industry, regulators and government to assist our members to match consumers with mortgage or financing outcomes that meet their individual financial objectives.

Stephen Hale Head of marketing P: +61 2 8905 1300 W: mfaa.com.au

www.mpamagazine.com.au

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23/08/2021 2:00:30 pm

EVENT PARTNER

ADELAIDE BANK

RESIMAC

• Andrew Hadjidemetri, Australian Financial & Mortgage Solutions

• Ayers Financial Group

YOUNG GUN OF THE YEAR – INDEPENDENT

• Elodie Blamey, Clover Financial Solutions • Lalit Parmar, Smart Loans & Conveyancing • Luke Oxenham, Empower Wealth Mortgage Advisory • Manish Devnani, Deals Mortgage • Matt Spears, Evoke Capital • Pallavi Laroia, Excel Mortgages • Steven Korner, Glass Financial Group

BROKERAGE OF THE YEAR – DIVERSIFICATION

• Bayside Commercial Mortgages • Birdie Wealth • Empower Wealth • Experity Capital • Loans Australia • Momentum Wealth • Money Merchants • Successful Ways

PROUDLY SPONSORED BY

As a lender solely dedicated to third party distribution, we’re renowned for going out of our way to support brokers. While the way we do things has certainly progressed over time, who we are, and what we stand for, remains unchanged. Competitive pricing and smart products are just one part of the Adelaide Bank experience. It’s the people element that makes our business special and our personal approach that sets us apart.

Resimac is one of Australia’s premier non-bank lenders. We offer competitive interest rates and flexible home loan options with great features to a wide range of customers, including the selfemployed and those with previous credit impairments. We service over 50,000 customers, with assets under management in excess of $15bn.

We have the strength of Bendigo and Adelaide Bank Limited, a top 60 ASX company, behind us and a history of over 150 years. We look forward to continuing our support of the industry and providing an even more compelling case for you to do business with us.

P: +61 2 8267 2000 (Corporate) P: 1300 787 898 (Broker) E: sales.support@resimac.com.au (Broker) W: resimac.com.au (Corporate) W: broker.resimac.com.au (Broker) A: Level 9, 45 Clarence Street, Sydney NSW 2000

W: brokers.adelaidebank.com.au/contact-us W: brokers.adelaidebank.com.au

www.mpamagazine.com.au

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23/08/2021 2:00:37 pm

Celebrating 20 years

CBA

BROKERAGE OF THE YEAR (>20 STAFF) • Astute Melbourne City South and Gippsland • Empower Wealth • Home Loan Experts • Loan Market – One Network Broking • Redrock Group • Shore Financial • Simplicity Loans and Advisory • Smartmove Professional Mortgage Advisors

BROKERAGE OF THE YEAR (1-5 STAFF)

• Exceller8 Financial • IFA Mortgages and Finance • Loan Market Double Bay • Mortgage Choice Elsternwick • Numero Uno Finance • PFS Financial Services • Stoneturn • Thatcher Finance • Zippy Financial

• The Australian Lending & Investment Centre

BROKERAGE OF THE YEAR (6-20 STAFF) PROUDLY SPONSORED BY

• 1st Street Financial • Ayers Financial Group At Commonwealth Bank, it’s about working together. We are dedicated to continually improving the experience to make our partnership stronger. We recognise that buying a home is a big commitment, so it’s important that our broker partners and their customers are supported through every step of the homebuying journey. P: 13 25 88 W: commbroker.com.au

• Hejaz Financial Services • Mortgage Advice Bureau Melbourne • Mortgage Choice Hornsby and the Northern Beaches • Mortgage Choice Melbourne • Mortgage Pros • XIN Mortgage

www.mpamagazine.com.au

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23/08/2021 2:00:52 pm

EVENT PARTNER

BROKERAGE OF THE YEAR – REGIONAL

NEXTGEN.NET

NEW BROKERAGE OF THE YEAR

• Astute Gippsland

• Crew Financial

• Aussie Launceston

• Ding Financial

• Carol King Loan Market Buderim

• Everlend

• Loan Market Geelong

• Excel Mortages

• Punters Savings Centre Group

• FirstPath Financial Group

• South Coast Business and Financial Solutions

• MoneyQuest Burwood • Ortus Financial

• Sphere Finance • Wealthfolio Financial Services

Smartmove Professional Mortgage Advisors 2020 Australian Brokerage of the Year

PROUDLY SPONSORED BY

NextGen.Net is Australia’s leading technology solution provider to the lending industry, focused on delivering quality products and services to a range of banks, non-bank lenders and brokers. Our mission is to make lending easy by delivering best-in-class Software as a Service (SaaS), and leading the market in quality management, compliance and processing efficiencies. P: +61 2 9929 5999 W: info@nextgen.net

www.mpamagazine.com.au

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23/08/2021 2:01:03 pm

Celebrating 20 years

BOQ BROKER BEST CUSTOMER SERVICE FROM AN INDIVIDUAL OFFICE

MOST EFFECTIVE DIGITAL STRATEGY — BROKERAGE

• Entourage

• Birdie Wealth

• Loans Australia

• Carol King Loan Market Buderim

• MoneyQuest Penrith & Blue Mountains

• Ding Financial

• Mortgage Choice Ormeau

• Entourage

• No Fuss Home Loans

• Link Advance

• Premier Financial Advocates

• Mortgage Choice Ormeau

• Shore Financial

• Smartmove Professional Mortgage Advisors

• Zippy Financial

• XIN Mortgage • Zippy Financial

PROUDLY SPONSORED BY

BROKER Bank of Queensland (BOQ) is one of Australia’s leading regional banks. Over the past 12 months, the bank has invested in reinvigorating its third party proposition under the leadership of Kathy Cummings, who came on board as General Manager, BOQ Broker, in January 2020. From simplifying their product offering, processes and procedures to launching a Secure Broker Portal, the BOQ Broker team has already undergone a significant transformation, and they are far from finished, with plenty of exciting enhancements still in the pipeline. With an ambition to be the regional bank of choice for brokers and customers, BOQ is focused on making it as simple and convenient as possible for brokers to partner with them to provide exceptional home lending experiences, whether a customer is looking to buy their first home, their next home or refinance.

BEST INDUSTRY MARKETING CAMPAIGN

• 86 400 • AFG • Bankwest • La Trobe Financial • Liberty Financial • Mortgage Choice • Pepper Money • Suncorp

P: 1300 434 697 E: BOQBroker@boq.com.au W: boq.com.au

www.mpamagazine.com.au

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23/08/2021 2:01:09 pm

EVENT PARTNER

BEST INDUSTRY SERVICE

• Affordable Staff • Broker Essentials • iLOAD Loans • NextGen.Net • Nodifi • Sherlok

PRIME CAPITAL

ONDECK

• Centrepoint Alliance Lending

• Astute Financial Management

• Liberty Network Services (LNS)

• Aussie Home Loans

AGGREGATOR OF THE YEAR (UP TO 500 BROKERS)

• MoneyQuest • Purple Circle Financial Services

• Social Broker

• Finsure • Loan Market • Mortgage Choice • outsource Financial • Specialist Finance Group

• Wikibroker

Bankwest 2020 Loan Services Team of the Year and Most Effective Digital Strategy – Lender

AGGREGATOR OF THE YEAR (OVER 500 BROKERS)

PROUDLY SPONSORED BY

Prime Capital is a non-bank lender dedicated to providing specialist mortgage products to Australian SMEs. Our vision is to help our clients “Own Tomorrow” with fast, simple loans. We deal solely with brokers and strive to say “yes” where others say “no”. We’ve helped thousands of SMEs right across Australia and have settled more than $2.4bn since 1997.

Having loaned over US$13bn to more than 110,000 small businesses worldwide, OnDeck is a proven leader in transparent and accountable online lending. Since 2006, we’ve been offering smart, simple solutions that put brokers and their clients first, delivering more capital, faster and more often.

E: info@primecapital.com P: 1300 766 075 W: primecapital.com

Nick Reily National channel and partnerships manager E: nreily@ondeck.com.au P: +61 4 1475 0896 W: ondeck.com.au/broker

www.mpamagazine.com.au

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23/08/2021 2:01:20 pm

Celebrating 20 years

BANKWEST BEST AGGREGATOR BDM

BEST MAJOR BANK BDM

• Angela D’Angelo, Choice Aggregation

• Blake Hauber, Westpac

• Greg Cooke, PLAN Australia

• Derani Guastella, NAB

• Hannah Carter, SFG

• Kevin Skafte, ANZ

• Heather Gallagher, outsource Financial

• Lesley Klaege, ANZ

• Kavish Kamal, Connective

• Sam Tang, Westpac

• Mark Lewis, FAST – Finance & Systems Technology

• Tracy Smith, Westpac

• Noushig Megerditchian, Finsure • Patrick Clarkson, FAST • Patrick Moore, Loan Market • Tracey Najjar, Centrepoint Alliance Lending

BEST NON-MAJOR BANK BDM PROUDLY SPONSORED BY

• Adam Livas, MyState Bank • Ava Aso, Adelaide Bank • Aysun Portoglou, 86 400 Bankwest’s heritage spans 125 years, and we’re proud to have been partnering with the broker industry since the 1970s. We have the ambition to be the Best Broker Bank in Australia and will continue to support brokers in the critical role they play in improving customers’ financial wellbeing across Australia.

Ian Rakhit General manager third party – personal and business banking E: ian.rakhit@bankwest.com.au P: +61 4 7684 2344 W: bankwest.com.au

• Grant Roden, Bankwest • Heidi Hayward, Bluestone • Jess Stevens, Adelaide Bank • Milenko Novakovic, ING • Nicholas Ganis, Macquarie Bank • Omar Moussa, St. George • Rick Cavanagh, Suncorp • Tes Anderson, Bankwest

www.mpamagazine.com.au

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23/08/2021 2:01:26 pm

EVENT PARTNER

MORTGAGE CHOICE

MSA NATIONAL

• Belinda Gray, Bluestone

• 86 400

• Christopher Rayner, Firstmac

• Bankwest

• Glen Gillespie, Better Mortgage Management

• ING Bank

• Joel Harrison, Thinktank

• Macquarie

• Linette Laverdure, Moula

• MyState Bank

• Lydia Li, Prime Capital

• St. George Banking Group

• Matthew Hall, Liberty

• Westpac

BEST NON-BANK BDM

BANK OF THE YEAR

• Michelle Rose, La Trobe Financial • Samantha Kyriakidis, Pepper Money • Stacey Madejewski, La Trobe Financial

PROUDLY SPONSORED BY

Mortgage Choice’s nearly three decades of experience gives you the perfect platform to build your career in an industry on the up. Ethics, credibility and trust have been the backbone of our business since day one, while our transparent, community-first approach continues to set us apart.

MSA National has established itself as market leader and the safe choice in uncertain times by launching a string of digital ‘firsts’ that are revolutionising the documentation and settlement process. It is no coincidence that lenders who partner with MSA have happier customers and happier brokers.

E: homeloans@mortgagechoice.com.au P: +61 13 77 62 W: mortgagechoice.com.au A: Level 10, 100 Pacific Highway, North Sydney NSW 2060

Sam Makhoul Founder and managing director P: +61 4 1888 8966 W: www.msanational.com.au

www.mpamagazine.com.au

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23/08/2021 2:01:34 pm

EVENT PARTNER Celebrating 20 years

NON-BANK OF THE YEAR

LOAN SERVICES TEAM OF THE YEAR

• Better Choice Home Loans

• 86 400

• Firstmac

• Bankwest

• Heartland Reverse Mortgages

• Better Choice Home Loans

• La Trobe Financial

• Resimac

• Liberty • Pepper Money • Prime Capital • Resimac

MOST EFFECTIVE DIGITAL STRATEGY – LENDER

FINTECH LENDER OF THE YEAR

• Bankwest

• 86 400

• Firstmac

• Butn

• Heartland Reverse Mortgages

• MoneyPlace

• Moula

• Resimac

• Wisr

• St. George Banking Group • Westpac

Westpac 2019 Most Effective Digital Strategy – Lender

www.mpamagazine.com.au

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23/08/2021 2:01:57 pm

OPENING DOORS TOGETHER We’re working with you to open doors for more Aussies. westpac.com.au/brokers

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21151/0721

23/08/2021 2:02:04 pm

EVENT PARTNER Celebrating 20 years

WESTPAC AUSTRALIAN BROKER OF THE YEAR

LIBERTY AUSTRALIAN BROKERAGE OF THE YEAR

TO BE ANNOUNCED ON THE NIGHT…

This award recognises the most outstanding mortgage broker in Australia. The finalists in this category comprise the winners of the individual broker categories:

This award recognises the most outstanding brokerage operation in Australia. The finalists in this category comprise the winners of the brokerage categories:

• • • • •

Broker of the Year – Commercial Broker of the Year – Independent Broker of the Year – Productivity Broker of the Year – Regional Broker of the Year – Specialist Lending

• • • • • •

Brokerage of the Year (1–5 staff ) Brokerage of the Year (6–20 staff ) Brokerage of the Year (Over 20 staff ) Brokerage of the Year – Diversification Brokerage of the Year – Regional New Brokerage of the Year

PROUDLY SPONSORED BY

Australians have been through a lot since Westpac opened its doors in 1817. Wonderful, challenging, exhilarating moments – we’ve seen most of them up close and personal. Banking is often invisible in our lives, and even though we’re pretty sure you don’t think about us all the time, you’re interacting with us and our products nearly every day, and when it does matter, we’re there to back you.

Liberty is a free-thinking finance company that offers innovative solutions at competitive prices to support customers with greater choice. Over the past 23 years, this approach has seen over 600,000 customers get financial with Liberty across home, car, personal and business loans, as well as SMSF lending and insurance products.

Sof Tsialtas Whether you’re saving for your first big road trip or turning a side hustle into a full-time gig; starting a family, downsizing to start a new adventure or getting financially literate – we’re here. Life is eventful – that’s why we help.

National sales manager E: accreditations@liberty.com.au W: liberty.com.au

Visit westpac.com.au/brokers or speak to your BDM today.

www.mpamagazine.com.au

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23/08/2021 2:02:18 pm

Subscribe to Australia’s leading publication for the mortgage and finance industry

SCAN TO LEARN MORE

Be the first to access • Interviews with the biggest names in the industry • Iconic special reports and industry rankings like Brokers on Banks, Brokers on Aggregators and Top 100 Brokers • In-depth features to help brokers build their business

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23/08/2021 12:09:20 pm

EVENT PARTNER Celebrating 20 years

A LOOK BACK: THE 2020 AWARD WINNERS Westpac Australian Broker of the Year Mhairi MacLeod, Astute Ability Group

Australian Brokerage of the Year Smartmove Professional Mortgage Advisors

La Trobe Financial Broker of the Year – Commercial Greg Pierlot, The 500 Group

FBAA Broker of the Year – Independent Kris Menon, Origin Finance

Pepper Money Broker of the Year – Specialist Lending Mhairi MacLeod, Astute Ability Group

Broker of the Year – Productivity Josh Bartlett, Mortgage Advice Bureau

Broker of the Year – Regional Mhairi MacLeod, Astute Ability Group

MFAA Young Gun of the Year – Franchise Katie Dowton, Mortgage Choice

Adelaide Bank Young Gun of the Year – Independent Thomas Morison, Smartmove Professional Mortgage Advisors

Brokerage of the Year – Diversification TM Finance Group

Brokerage of the Year (1–5 staff) Atelier Wealth

Brokerage of the Year (6–20 staff) BF Money

Commonwealth Bank of Australia Brokerage of the Year (>20 staff) Smartmove Professional Mortgage Advisors

Brokerage of the Year – Regional MoneyQuest Wollongong

NextGen.Net New Brokerage of the Year Experity Capital

BOQ Broker Best Customer Service from an Individual Office Time Home Loans

Most Effective Digital Strategy – Brokerage Infinity Group Australia

Best Industry Marketing Campaign Aussie

Best Industry Service Broker Essentials

Aggregator of the Year (Up to 500 brokers) National Mortgage Brokers

OnDeck Aggregator of the Year (Over 500 Brokers) Loan Market Group

Bankwest Best Aggregator BDM Peter Bryant, Vow Financial

Best Major Bank BDM Natalie McCullough, CBA

Best Non-Major Bank BDM John Loukadellis, Macquarie

Mortgage Choice Best Non-Bank BDM Belinda Gray, Bluestone

Bank of the Year ING

Non-Bank of the Year Resimac

Loan Services Team of the Year Bankwest

Most Effective Digital Strategy – Lender Bankwest

Fintech Lender of the Year 86 400

CELEBRATE YOUR SUCCESS! Join the highly anticipated Australian Mortgage Awards gala on 15 October at The Star Sydney, where we will reveal the big winners and celebrate the successes of the mortgage industry over an incredibly challenging year. For table reservations or sponsorship opportunities, visit www.australianmortgageawards.com.au or contact awards@keymedia.com.au. 58

www.mpamagazine.com.au

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Mortgage brokers are our priority. Citi Business Development Managers provide expert and attentive service to you throughout the mortgage process.

Speak to your Business Development Manager today. If you are not an accredited Citibank mortgage broker visit citibank.com.au/mpa

© 2021 Citigroup Pty Limited. All rights reserved. ABN 88 004 325 080, AFSL No. 238098, Australian credit licence 238098. Citi, Citi and Arc Design and other marks used herein are service marks of Citigroup Inc. or its affiliates, used and registered throughout the world.

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23/08/2021 12:09:59 pm

FEATURES

MULTICULTURAL WORKFORCES

Building connections across cultures In a multicultural and diverse world, it’s important to know how to interact with each other – particularly in the workforce. Cultural intelligence specialist Gaiti Rabbani explains the value of connecting with people from different cultures and how to do it

WE ARE living in an increasingly diverse global community. More often, we are being called on to work, learn and teach in situations where there is more than one culture at play. Acquiring the knowledge, skills and experience necessary to manoeuvre effectively in multicultural environments is increasingly important. Especially in this time of restricted travel when we are reduced to less-than-ideal communication channels, cultivating cross-cultural understanding is key. Research demonstrates that cultural intelligence may easily be the single greatest difference between thriving in the 21st century world and becoming obsolete.

Recognising your personal culture lens Encountering another culture and respecting and accepting the similarities and differences from our own is a much-valued skill as our vast world shrinks to a global village. We cannot develop this level of empathy without sharpening our own self-awareness and recognising our personal cultural lens. Our cultural looking glasses are accustomed to our own societal rules and definitions of what is normal and what is not.

When someone behaves differently to our own social codes, we can be quick to judge their behaviour as abnormal or even wrong. Recognising cultural expression as a learned behaviour separate from personality promotes a deeper level of understanding.

The culture iceberg Initially, when two people from different cultures come together, they observe the visible features of culture. In some cultures, including Australia, it is a sign of respect to

however, it is polite to hold eye contact only briefly – especially in situations where the listener may be of a higher social status. Sporadic meeting of the eyes indicates respect rather than a lack of interest. We often refer to the iceberg analogy to illustrate the concept of culture. Developed by anthropologist Edward T. Hall in the 1970s, the model showcases the depth and breadth of culture, likening the complexity of culture to an iceberg. You can see the top 10% of an iceberg, while 90% of its mass sits

Developing your cultural understanding offers a pathway to navigating confusing situations and making appropriate adjustments to connect with others of different cultures look someone in the eye when they speak to you. It demonstrates active listening and assures the speaker that you are engaged and interested. In return, if the other person holds eye contact it signals confidence in what is being said. In many Asian cultures,

below the waterline, out of sight. Culture is much the same: the visible layer is a very thin slice. Consider a cross-cultural business encounter. If each person relies only on the observable behaviour – in this case, eye

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contact – it will most likely trigger mutual feelings of mistrust or questions about respect. While different cultural groups may share the same underlying values, such as respect and trust, with this example we can see that the expression of these values can differ. The iceberg model highlights why we cannot judge a new culture purely on what we see. Instinctively we know there’s more to a situation than we initially perceive. Take a moment to consider what happens when someone’s behaviour goes against your cultural norms. Did you perceive the other person’s behaviour as unacceptable? Disrespectful? Was your perception true? It is essential to take time to uncover the beliefs that underlie the behaviour. Developing your cultural understanding off ers a pathway to navigating confusing situations and making appropriate adjustments to connect with other people of different cultures. Let’s go back to the example of eye contact. There’s a tendency to confuse cultural preferences with personality traits. Could the person holding direct eye contact be perceived as rude and intimidating in Asian culture? Could the person consciously offering a fleeting glance be seen as untruthful or lacking confidence to an Australian? You don’t need to have an international remit to be faced with culturally complex situations. Australia’s domestic population is one of the most culturally and linguistically diverse in the world. A country of immigrants, Australia’s people come from over 190 nations, and more than 75% of the population identify with an ancestry other than Australian. Our cultural narratives start taking form during childhood, from the multiple layers of culture we experience in society. We learn the norms of the cultures we are exposed to, and these learned ideas become integral to

our personal value system. To connect across cultures with people of diverse backgrounds, we first need to understand the values that mould our own lens of the world. The question is not what you look at but what you see, in the words of Henry David Thoreau.

Gaiti Rabbani is a cultural intelligence specialist, an executive adviser people and culture, and founder of Rabbani Collective, a company that enables businesses to harness the potential of their people through custom learning and development programs.

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PEOPLE

BROKERAGE INSIGHT

MediCredi: Built on the drive to succeed Determined to run her own business, mortgage broker Toni Stevens overcame the hurdles she faced, arming herself with the knowledge and experience to set up and build a thriving brokerage DESPITE BEING unsuccessful in an earlier attempt to become a mortgage broker, Toni Stevens did not let that stop her. Now, she is the director of MediCredi, a boutique brokerage that provides solutions to the healthcare industry. Stevens joined the industry at just 19 years old, when she started her broking career completing home loans over the phone at iSelect. She went on to contract to a broking firm in Melbourne, but although she had allowed herself six months’ worth of income to survive the commission-based role, she didn’t. But she went on to join Bankwest as a BDM looking after a portfolio of around 400 brokers, a move she says propelled her career forward. “It was the best decision I made for my career at the time,” Stevens says. “I learnt so much about the industry and about great brokers, what they do well and how they run their businesses. It taught me so much more about lending and back-end processes.” Then, after spending some time working at a fintech in the peer-to-peer lending space, she met her now senior BDM through a chance encounter, and it pushed her to “make that leap” and branch out on her own. Armed with the knowledge and experience she had gained, a solid business plan, and enough money to back her business, Stevens founded MediCredi in March 2019.

When she entered the industry as a young woman, Stevens says she noticed that her male counterparts did not have to work as hard as she did to earn recognition and respect; she says their abilities were never

“I found that pushed me to be better and rise above the stigma. I was fortunate that I had strong women around me in leadership roles who I could look up to for guidance.” MediCredi’s core customer base is medical

“There were times throughout my career where I did have to prove myself, my ability to deliver, my knowledge and experience” doubted as much as she felt hers were. “There were times throughout my career when I did have to prove myself, my ability to deliver, my knowledge and experience,” she says, although she used that as motivation.

professionals who have access to its holistic offering, from home loans to equipment loans, or funding to help with fitouts. The majority of business comes through word of mouth, and Stevens’ own networking.

BROKING AND MOTHERHOOD Running MediCredi throughout her pregnancy and now as a mum to her six-month-old daughter, Toni Stevens is an advocate for the opportunities broking offers women. She says it is a fantastic career choice for females, as it allows the flexibility and autonomy to “run your own show and schedule”. She adds that it is a business in which communication skills and relationship-building are key to being successful – and that is something women are great at. “The industry allows you to scale your business and earning potential depending on how busy you want to be, which is fantastic for women and mothers,” Stevens says. “You are able to set up a home office and successfully be present at home, as well as be available for your clients.”

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MEDICREDI AT A GLANCE Franchise owner: Toni Stevens Location: Cheltenham, Victoria Year founded: 2019 Customer base: Healthcare professionals Services offered: Residential loans, commercial loans, goodwill loans, equipment finance, car loans, fitouts Number of employees: 5

“Streamlining processes in your business and finding ways to be more productive is more important than ever to make it in this industry” She says you never know who your existing clients know or what they might be looking at doing, so it’s important to be open to conversations and building relationships. “Get out of your comfort zone a little,” Stevens says. “Opportunities are everywhere. I can’t tell you the amount of business I have written from a simple conversation with someone about what I do and how I can help.” Although last year made things more

challenging, the business has continued to grow. Stevens needed to hire new staff, which meant hiring staff without meeting face-to-face, and then onboarding them via Zoom. The business focused on communication with clients and setting realistic time frames and expectations throughout the year, and Stevens wants to remain committed to this moving forward as the brokerage continues along its upwards trajectory.

She also plans to adopt more technology to make its processes as easy as possible for herself and the customer. Over her 10 years in the industry, Stevens has noticed that processes have become increasingly difficult, with the amount of work going into writing a deal becoming more time-consuming than ever. “Streamlining processes in your business and finding ways to be more productive is more important than ever to make it in this industry,” she says. She has also seen the industry improving in the way it is supporting and encouraging women. With professional development days for women, networking events and Facebook community groups, she says there is a lot of support out there – and at the moment, that is really needed. “I think it’s important for women to connect with others and share knowledge and support. Especially if you are a solo broker, it can be quite a lonely gig,” she says. “Reach out to others and build relationships. We need to support one another. This is the toughest I have seen the industry, and I think we all need to support each other as much as we can.”

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PEOPLE

OTHER LIFE

TELL US WHAT YOU GET UP TO Email rebecca.pike@keymedia.com

Number of half marathons Evelyn Clark has run

10 yrs

Age Clark started playing golf

16 yrs

Age she was named Club Champion of Victoria Golf Club

RACING TOWARDS HER GOALS Sport is an important part of life for broker Evelyn Clark, who spends her free time running and playing golf

“Ru nning in particular provides space to completely zone out a nd take in the environ ment, or work towards a goal”

WHEN SHE’S not writing home loans, Everlend broker Evelyn Clark can be found out on the golf course or running. Introduced to golf by her grandmother, who sat on the board of Women’s Golf Australia and still plays to this day even after multiple hip and knee replacements, Clark spent her teenage years competing and representing Victoria in the sport. Now, she plays about once a month, often with great friends she’s made along the way. A few years ago Clark also took up running. She “fell in love with the success of seeing constant improvement” as she trained for her first Connor’s Run – an 18km run she has now done five times. One of three half marathons Clark has run was an event she organised to support bushfire relief for 30 locals. “I love pretty much any sport. For me, exercise and sport are my outlet from work and life,” Clark says.

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MPA 21.09

Articles inside

Brokerage insight

First home buyers

Why equality is a man’s issue

Diversity of thought

Mental wellbeing a priority

Multicultural workforces

Mentorship for women

News analysis