Australian Broker 18.21 by Key Media

NOVEMBER 2021 ISSUE 18.21

Alternative lender enjoys big win Pepper Money finishes the year strongly with Non-Bank of the Year award /16

Mortgage industry’s finest celebrated Winners of the 2021 Australian Mortgage Awards unveiled /19

v Bank’s broker focus brings rewards Partnership with brokers helps Bankwest win Bank of the Year /26

MATTHEW PORCH Strengthened by a $120m warehouse facility, non-bank lender Aquamore is helping brokers and their SME clients get access to fast, flexible finance /14

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Perfect birthday present for Finsure Finsure marks 10th anniversary with Aggregator of the Year award /28

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NEWS

IN THIS SECTION

Lenders 86 400 CEO to leave role as merger continues /04

Aggregators AFG celebrates $6bn lift in home loan settlements /06

Market Pepper Money offers Aussie commercial property loans /10

Industry bodies Market reacts to APRA loan serviceability changes /12

Technology Frollo and REA join forces on open banking data /08

www.brokernews.com.au NOVEMBER 2021

GLOBAL WATCH What’s happening in the mortgage, broking and banking world in the United States and Canada? Here’s your snapshot of the news that matters most in North America

EDITORIAL

SALES & MARKETING

Editor Antony Field

Publisher/Sales Manager Simon Kerslake

News Editor Mike Wood

CORPORATE

Production Editor Roslyn Meredith

Chief Executive Officer Mike Shipley

ART & PRODUCTION

Chief Operating Officer George Walmsley

Designer Cess Rodriguez

INFLATION, TIGHTENING POLICIES PUSH U.S. MORTGAGE RATES UP 30-year fixed mortgage rate in the US has jumped to its highest point since April, according to Freddie Mac. Freddie’s Primary Mortgage Market Survey showed that the 30-year fixed rate home loan averaged 3.05% for the week ending 14 October, up from 2.99% the previous week. It was 2.81% a year ago. Freddie Mac chief economist Sam Khater said the modest upswing was not a surprise as inflationary pressure continues to build due to the pandemic and tightening monetary policy. “Historically speaking, rates are still low, but many potential homebuyers are staying on the sidelines due to high home price growth,” Khater said. “Rising mortgage rates combined with growing home prices make affordability more challenging for potential homebuyers.” The 15-year fixed rate mortgage was up seven points to 2.30%. THE

INTERFIRST MORTGAGE RAISES $175M TO FUND EXPANSION, TECH Interfirst Mortgage has secured $175m through an investment round led by StoicLane, a Chicago-based “long-term growth platform”. Funds managed by Oaktree Capital Management, MFA Financial, family offices and other strategic investors also participated in the funding round through a special-purpose vehicle, StoicLane said. The mortgage originator, also headquartered in Chicago, plans to use the money to accelerate growth and boost its technological advances. Interfirst also aims to leverage artificial intelligence to eliminate upfront fees and lower interest costs through its platform. “The mortgage industry is fragmented and ripe for disruption by tech-enabled, customer-centric platforms,” said Stoic Lane CEO and chairman Al Goldstein. US-BASED

Production Manager Alicia Chin Customer Success Manager Andi Zbojniewicz

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

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HIGH INFLATION TO PERSIST, ARGUES ROYAL BANK OF CANADA CEO in the form of “persistent inflation” is mounting, casting doubt on the PRESSURE Bank of Canada’s assurances that the elevated inflation rate will be temporary, according to Royal Bank of Canada CEO David McKay. The statement came in the wake of BoC governor Tiff Macklem’s recent assurances that while high inflation could be “a little more persistent” than expected, the main drivers would soon be resolved. Inflation has exceeded the central bank’s target rate of 1% to 3% since April and reached an 18-year high of 4.1% in August. “I’d say there is persistent inflation building,” McKay said. He said upward-trending inflation seems to be “more permanent … than temporal, but that’s a big disagreement between central bankers and those CEOs who see the world quite differently”.

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NEWS

LENDERS MYSTATE MOULA JOINS BANK PANEL NAMES ATNEW CHIEF AGGREGATOR EXECUTIVE FAST has announced the succession plan for its outgoing CEO, Melos Sulicich. Sydney-based Brett Morgan will take over from Sulicich in January 2022, marking a significant statement of intent by the Tasmania-headquartered bank, with Morgan representing a further step into the NSW and Victoria markets. Morgan was previously CEO of banking and wholesale at BNK Banking Corporation – owner of aggregator Finsure. MYSTATE BANK

TILLEY APPOINTED ANZ HEAD OF CORPORATE BUSINESS has made a significant change in its broker division, with Simone Tilley, GM of retail broker, moving to a new role. Tilley will take over as head of the bank’s corporate business in ANZ’s institutional division from 8 November. Paul Brick, who is responsible for ANZ’s relationship with aggregators and partners, will be the acting chief of retail broker until the hiring process finishes. Tilley has been a popular figure in the broker channel, especially as a thought leader for women in finance. ANZ

“We set out to help Australians take control of their money, and we’ve certainly achieved that and more – all made possible by amazing people” Robert Bell CEO, 86 400

Robert Bell, CEO, 86 400

CEO OF 86 400 STEPPING DOWN AHEAD OF MERGER WITH UBANK Robert Bell helped create Australia’s first smartbank, but he will depart in 2022. Meanwhile, work on merging 86 400 with UBank is gathering pace CEO Robert Bell has announced that he will be leaving his post, just as the digital bank is set to merge with UBank. 86 400 and UBank have been purchased by NAB and will be integrated into one entity in the new arrangement. UBank CEO Philippa Watson will take over from Bell at 86 400. Bell wrote a lengthy post on LinkedIn about his decision. “I’ll be stepping down as CEO of 86 400 early in the new year,” he said. “I’ll do so with an 86 400

enormous amount of pride in what the team have been able to build together. “As the founding CEO nearly four years ago, we set out to change banking in Australia. Building and then growing a new bank from scratch has dominated my thoughts (day and night) over the past four years, but all the hard work, long hours and challenges have been balanced with an equal amount of fun, so many incredible moments, firsts and achievements. From obtaining a banking license, launching our app, to reaching

more than $1bn in home loans. We have received multiple awards for innovation, market-leading NPS and app ratings and our incredible culture. “We set out to help Australians take control of their money, and we’ve certainly achieved that and more – all made possible by a team of amazing people, working together with passion and a shared sense of purpose. “I’m hugely grateful for having had the opportunity to be a part of that success, but the credit needs to go to each and every one of the 86 400 team past and present and our many partners.” NAB group COO Les Matheson said it had only been five months since NAB’s acquisition of 86 400, and colleagues across NAB, UBank and 86 400 had been working very hard on integration.

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ANZ & BROKERS

WORKING BETTER TOGETHER FOR YOUR PROFESSIONAL CUSTOMERS

Our LMI premium is currently waived, with no minimum income requirements, for eligible professional customers. For example, a medical practitioner who has an LVR of up to 95%* could save up to $36,000 based on an $800,000 home loan. Eligible Customers Include: Medical Practitioners, Specialists, Dental Practitioners, Optometrists, Chiropractors, Physiotherapists, Veterinarians, Lawyers, Accountants. The amount your customer could actually save depends on their circumstances, such as their profession, their loan amount and where their property is located.

ANZ Brokers * This LVR is for medical practitioners, specialists and dental practitioners who are existing ANZ lending customers (that have held an ANZ lending product for at least 6 months) with an owner occupier loan making principal and interest repayments. For other eligible customers, the LVR is up to 90%. Different LVRs may apply to other lending options, such as investment lending. Terms, conditions, fees, charges, and credit approvals and eligibility criteria apply to ANZ home loans. Please visit anz.com.au/promo/broker for the offer terms and conditions, including how to verify customers’ qualification/registration. © Australia and New Zealand Banking Group Limited (ANZ) 2020. ABN 11 005 357 522. Australian credit licence number 234527. Item No. 97528C 08.2021 WX248035

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NEWS

A G G R E G AT O R S MORTGAGE CHOICE TO PHASE OUT SMARTLINE will fold its Smartline broker brand into Mortgage Choice, ending months of speculation. Mortgage Choice has won out – the Smartline name will be phased out in February 2022. The broker groups will be combined into one system, using Mortgage Choice’s technology. “For 30 years Mortgage Choice has been a nationally recognised and trusted brand among consumers,” said REA Group CFO Janelle Hopkins. “Uniting all our brokers under the Mortgage Choice brand will support REA’s ambition to create Australia’s leading franchise broking business.” REA GROUP

FINSURE MARKS 10 YEARS OF SUPPORTING BROKERS Finsure has celebrated its 10th birthday, marking its growth from humble beginnings as a concept of founder John Kolenda to a network of 2,000 brokers with a $56bn loan book. “It’s a massive milestone,” said Kolenda. “So much has changed, but brokers have always been able to survive and thrive in the conditions.” Kolenda said brokers were now the first choice of consumers when it came to accessing finance, “underpinned by the expertise and choice that brokers support consumers with”. AGGREGATOR

People want to refinance when they’re seeing what the current interest rates are, and we’re also seeing first home buyers have a crack, with volumes increasing” David Bailey CEO, AFG

Commercial Loans

David Bailey, CEO, AFG

AFG ENJOYS $6BN BOOST IN HOME LOAN SETTLEMENTS Refinancing, first home buyers and investors are all contributing to AFG posting buoyant home loan settlement numbers in its latest quarterly figures is celebrating strong growth after posting its Q1 FY22 results. Brokers have lodged $24.1bn in home loans with the aggregator since the end of June, a spike of $6bn above the same period in 2020. AFG also provided insights into the wider state of the market based on settlements by its brokers. Fixed rates have now hit an all-time high of 38.2% of all home loans, while turnaround times have dropped to 21.8 working days from 25.2 days in Q1 FY22. CEO David Bailey was excited about the results, and paid tribute to the broker channel. AFG

“It’s a reflection of how busy our brokers are out there, helping clients and finding solutions,” he said. “What might be most surprising is, given the lockdowns in Sydney and Melbourne, just how active those markets continue to be. “If you look at the first phase of the pandemic, when we started coming out in July and August the daily run rates were strong, and they’ve been maintained. “People want to refinance when they’re seeing what the current interest rates are, and we’re also seeing first home buyers have a crack, with volumes increasing. We’ve seen investors come back into the market. We’re getting the wide

range of home loan requirements being catered for by our brokers.” APRA serviceability changes announced recently might well impact the market. “The MFAA came out and indicated that they thought about 5% of customer loans would be impacted,” Bailey said. “It’s probably a little early to say, but if you follow the trends of past APRA interventions, it’s generally impacted the ADIs first, and the non-ADIs have slipped into the vacuum.” AFG has already seen a 2% drop in market share from the big four banks, and non-banks might be well positioned to pick up that market share. The aggregator is also a lender through AFG Home Loans. “The non-bank sector offers an alternative. If a broker has accreditation with a wide variety of lenders, including non-banks, it’s offering more choice.”

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NEWS

TECHNOLOGY CBA MOULA RELEASES JOINS PANEL NEW DIGITAL AT LOAN AGGREGATOR PRODUCT FAST FOR SMES has launched an SME digital lending product using invoices as collateral instead of property. Stream Working Capital, designed by fintech Waddle, is available now to SMEs and will be offered to commercial brokers in the future. CBA general manager working capital Andrew Speers said it could remove entry barriers to finance. “Customers offer us their business assets in the form of invoices as collateral to size the lending ... We can instantaneously assess and provide approvals.” CBA

GETCAPITAL JOINS TECH COUNCIL OF AUSTRALIA lender GetCapital has joined the Tech Council of Australia. Over the last seven years, GetCapital’s technology teams have developed proprietary platforms that help businesses trade, pay and access funds. CEO Jamie Osborn said the lender expects to grows its tech team by over 50% by the end of 2021. “We’re keen to work as part of [the council] to find ways to overcome the hurdles of talent attraction and retention, which have been exacerbated by the pandemic.” SME

“The new [open banking] rules mean that brokers can get rapid access to CDR data without the need to get accredited” Gareth Gumbley CEO, Frollo

Gareth Gumbley, CEO, Frollo

FROLLO, REA LINK UP TO PROVIDE OPEN BANKING DATA TO HOMEBUYERS As open banking becomes a game changer for brokers, consumers and lenders, Frollo is joining forces with REA Group to provide up-to-date information to borrowers will partner with open banking fintech Frollo to roll out a new financial passport that could speed up the homebuying process significantly. The new passport will use open banking technology to empower homebuyers, giving them the chance to see up-to-date financial information while searching for properties on realestate.com.au’s huge database. “Streamlining the mortgage lending experience is one of the biggest, immediate opportunities for open banking,” said Gareth Gumbley, CEO of Frollo, whose REA GROUP

software will power the process. “The secure use of real-time, accurate financial data can make a mortgage application a breeze for consumers, while reducing risk and cost for lenders and brokers. “What we’ve launched with REA Group is a first step to making homebuying more accessible for consumers, using the Frollo Financial Passport. “Millions of homebuyers on the REA platform can now instantly generate an open banking-powered income and expense report, helping them decide their budget early on in the homebuying process. “We don’t share data with REA

Group directly, but the consumer can upload the information to their REA account. This has removed the need for REA to get accredited, and reduced their time to market to less than six weeks. “REA Group launching an open banking-powered product is a big milestone for the Consumer Data Right, and we’re excited to be a part of this.” Gumbley said this could offer brokers great assistance in managing customer expectations regarding the sort of loan they could get and what that loan might be able to buy on the current market. Australia’s open banking rules changed last month, with customers now further empowered to access their own data and share it with their brokers. “The new rules mean that brokers can get rapid access to CDR data without the need to get accredited.”

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27/10/2021 2:58:38 pm

TECHNOLOGY UPDATE

ING STREAMLINES SMALL BUSINESS LENDING

John Kolyvas, National Sales Manager – Commercial, ING

lender ING is expanding its commitment to the broker channel, announcing the introduction of electronic lodgement for commercial loan applications. As one of a growing number of lenders to streamline the processing of commercial loans with an electronic lodgement offer, ING can now better support broker diversification and revenue growth. “By adopting electronic lodgement, our aim is to make it easier for brokers to branch into commercial lending with small business borrowers by guiding them to enter the correct information into the application,” says ING National Sales Manager – Commercial John Kolyvas. Kolyvas talks of the reluctance of some brokers who process home loans for small business customers to take the next step into commercial lending, even when the opportunity exists. “It’s the perception of complexity,” he says. “So we worked closely with NextGen to make our application form in ApplyOnline Commercial similar to what brokers are accustomed to with the NON-MAJOR

Steven Hudson, Customer Executive, NextGen.Net

“By adopting electronic lodgement, our aim is to make it easier for brokers to branch into commercial” John Kolyvas, National Sales Manager – Commercial, ING ApplyOnline residential model. “The number of commercial loans sourced through brokers is gaining traction as business customers realise the value of the ongoing services that brokers provide. “Our aim is to demystify the commercial loan process and make it easier for brokers so they can benefit from this trend.” NextGen.Net Customer Executive Steven Hudson says, “As part of our delivery, we’ll support not only ING but their brokers as well. ING’s business development managers and sales support team already have a strong understanding of the residential ApplyOnline platform. Now they are ready to support brokers onboarding to grow their small business finance portfolio.” ApplyOnline Commercial provides a ‘plug and play’ distribution for ING to offer its commercial products to the

third-party channel. It offers a streamlined application framework which ensures that accurate information, and the required documentation, is captured at point of sale and provided to the lender. ING’s offering is a secured commercial property loan. “By using ApplyOnline it will be more efficient, especially with the ‘Supporting Documents’ service, because commercial loans entail many more supporting documents,” says Kolyvas. “Electronic lodgement will mean a lot less gaps in the information provided by the broker.” Referring to the ApplyOnline serviceability calculator, which assesses whether a customer can afford a loan, Kolyvas notes that “this issue is often the big unknown in commercial lending”. “A lot of brokers resist using a commercial servicing calculator because of their complexity,” he

says, adding that ING configured the ApplyOnline serviceability calculator to accommodate its specific requirements. Hudson says, “We have a metrics engine built into ApplyOnline that looks at lenders’ services. We input a number of parameters, and we have a live metrics calculation that gives green or amber lights to show how a loan services and what the important ratios are. “It’s a key ApplyOnline feature that contributes to application quality. Having this metrics engine improves the quality of the data being captured so loans can be assessed faster.” Kolyvas points out that electronic lodgement is the first step in the streamlining of ING’s end-to-end commercial loan processing. “Step one was to ensure the front end could easily capture accurate information,” he says. “We’re now addressing everything else, such as how the loan is assessed, how quickly it’s assessed, and how the information gets transposed between our system and ApplyOnline. Ultimately we want to automate the process much as possible.”

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27/10/2021 2:58:49 pm

NEWS

MARKET GAP BETWEEN UNIT, HOUSE VALUES ON THE RISE dwellers looking to upgrade to bigger living spaces should expect affordability constraints as the gap between median house and unit values widens, says CoreLogic. ABS figures show that first home buyer commitments have fallen 22.8% since January, alongside a 22.9% jump in housing values in the 12 months to September. Median house values stand 34.4% higher than unit values. The widest margin is in Mosman Park, Perth, where the median unit value is just 21.4% of the house value. UNIT

LA NINA WARNING FOR SMALL BUSINESSES lender OnDeck is issuing advice to commercial brokers on how they can best react to natural disasters affecting their clients. Meteorologists are forecasting a 70% chance of the La Nina effect this summer, with cyclones, tornadoes and flooding more likely to occur. OnDeck national channel and partnerships manager Nick Reily said brokers should be checking with SMEs to ensure they have appropriate cash flow. “Our survey confirmed that seven out of 10 (65%) small businesses have been impacted by extreme weather in the past.” SME

Barry Saoud, general manager mortgages and commercial lending, Pepper Money

PEPPER MONEY OPENS UP COMMERCIAL PROPERTY LOANS TO AUSSIE BROKERS Aussie Home Loans brokers, who have traditionally focused on home loans, can now access Pepper Money’s commercial property loans, offering them a great way to diversify of the biggest names in the mortgage industry, Pepper Money and Aussie Home Loans, have come together to give brokers a unique opportunity to diversify into the SME space. Pepper will launch its commercial property loans scheme across the Aussie lending panel, giving Aussie brokers access to its products, as well as a streamlined process to help mortgage brokers gain an easy entry point into the commercial lending world. Pepper Money’s general manager mortgages and commercial lending, Barry Saoud, who moved to the lender from TWO

Aussie in July, said the link-up would be a boon for brokers looking for new income streams. “It’s really exciting to bring this commercial offering that caters for small business clients and property investors to the Aussie brokers,” Saoud said. “It’s very important for brokers to be able to diversify their income, not only for themselves but also to help provide more products to their existing customer base. “If you read the recent MFAA report, in the six months to March 2021 there was over $10bn in commercial loans settled by brokers, so it’s a growing market.

“What we’re hoping to do through this product offering is to support brokers to diversify their income, grow their portfolio into this space, and help them identify their self-employed customers and commercial property investors from their existing base and try to create that holistic approach to lending that looks after not only their residential needs but also their commercial needs.” Saoud said there was a misconception that commercial loans were complicated and hard, but while there were some complex SMEs that required more effort, Pepper Money provided support throughout the process. “Our commercial product offering is catered for the ordinary residential broker who wants to expand into this space. What we’ve done is align the commercial application to the residential application.”

“It’s really exciting to bring this commercial offering that caters for small business clients and property investors to the Aussie brokers” Barry Saoud General manager mortgages and commercial lending, Pepper Money

VALUE OF COMMERCIAL LENDING SETTLED BY MORTGAGE BROKERS Source: MFAA Industry Intelligence Service, 12th edition, 1 October 2020 to 31 March 2021

$12bn $10bn $8bn $6bn

$5.74bn

$4.82bn

$8.05bn

$7.90bn

$8.85bn

$8.94bn

$9.05bn

$8.79bn

$8.99bn

$9.69bn

$9.37bn

$10.27bn

$4bn

Apr 15– Sep 15

Oct 15– Mar 16

Apr 16– Sep 16

Oct 16– Mar 17

Apr 17– Sep 17

Oct 17– Mar 18

Apr 18– Sep 18

Oct 18– Mar 19

Apr 19– Sep 19

Oct 19– Mar 20

Apr 20– Sep 20

Oct 20– Mar 21

$2bn $0bn

Note: Commercial brokers as those mortgage brokers who had written a commercial loan through their aggregator’s panel for the period. Mortgage brokers who solely wrote loans direct with lenders are not included.

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27/10/2021 3:00:34 pm

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NEWS

INDUSTRY BODIES QUEENSLAND MOST POPULAR CHOICE FOR INVESTORS Investment Professionals of Australia has released its annual investor survey. PIPA surveyed 800 investors and found that 76% expected further property price rises in the next year, up from 41% in 2020, while 62% believed that now was a good time to invest in property. Queensland was the most popular location for investment. PIPA CEO Peter Koulizos said the survey also showed that investors were very keen to have property investment advice from qualified professionals. PROPERTY

ACCOUNTANTS MORE POSITIVE ABOUT ECONOMY in Australia’s economic CONFIDENCE outlook increased over September and early October, according to a survey by CPA Australia. Last month the accounting industry body surveyed 144 accountants about economic and business sentiment. “General economic sentiment has lifted, which is positive; however, accountants remain more likely to be pessimistic, notwithstanding rising vaccination rates,” said CEO Andrew Hunter. Thirty-two per cent are confident about the Australian economy over the next three months, while 42% are worried.

“More than one in five new [home] loans approved in the June quarter were at more than six times the borrower’s income” Wayne Byres Chairman, APRA

Wayne Byres, chairman, APRA

APRA CHANGES WILL HURT FIRST HOME BUYERS MOST — INDUSTRY APRA has moved to take some steam out of the Australian property market by tightening serviceability standards, but some are concerned about the impact on first home buyers and property industry leaders say APRA’s long-expected changes to home lending conditions will push first home buyers further out of the housing market. APRA announced last month that it was tightening loan serviceability regulations to constrain Australia’s runaway property market. Writing to ADIs, the regulator said its expectations were now that they would judge borrowers at 3.0 points above the product rate, up from 2.5. “In taking action, APRA is focused on ensuring the financial system remains safe, and that banks are lending to borrowers who can afford the level of debt BROKERS

they are taking on – both today and into the future,” said APRA chair Wayne Byres. “While the banking system is well capitalised and lending standards overall have held up, increases in the share of heavily indebted borrowers, and leverage in the household sector more broadly, mean that mediumterm risks to financial stability are building. “More than one in five new loans approved in the June quarter were at more than six times the borrower’s income, and at an aggregate level the expectation is that housing credit growth will run ahead of household income growth in the period ahead. With the

economy expected to bounce back as lockdowns begin to be lifted around the country, the balance of risks is such that stronger serviceability standards are warranted.” Housing Industry Association chief economist Tim Reardon said over 90% of renters wanted to own a home, but APRA’s decision would make it even harder for them. “First home buyers are the group who are typically constrained by serviceability thresholds. It is this group that will be hit the hardest by these changes.” Julian Fadini, founder of property acquisition service Prpty360, said the “last thing Australia needs at the moment is instability in the property market given the overarching challenges that we have in the economy”. Damien Roylance, managing director of brokerage Entourage Finance, said APRA’s changes would affect first home buyers and investors the most.

OPTIMISTIC OUTLOOK ON RESIDENTIAL PROPERTY INVESTMENT Source: 2021 PIPA Annual Investor Sentiment Survey

Do you believe now is a good time to invest in residential property?

61.59%

Yes

17.67%

20.74%

Unsure

10%

20%

30%

40%

50%

60%

70%

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COVER STORY

FAST, FLEXIBLE LOANS GIVE BROKERS MORE OPTIONS Non-bank lender Aquamore has been funding businesses with short-term property-backed loans since 2016. Head of third party distribution Matthew Porch says a new $120m warehouse facility will boost Aquamore’s growth and ability to help brokers and their clients access finance head of third party distribution, Matthew Porch, is excited by the opportunities $120m in warehouse funding will provide the Sydney-based company. Porch says the institutional bank providing the funding believes in the Aquamore team and product. “They plan to continue funding the business as we grow the loan book. We expect to have exhausted the first tranche by the middle of next year, given the unprecedented demand we are seeing for our product,” says Porch. “This facility puts us in a key position to continue assisting our brokers with solutions their clients appreciate. In a way we were kind of compelled to seek an institutional funding partner after the success we saw with our smaller fund. “Brokers appreciate our transparency, simple pricing structure and flexibility with policy, which allows us to structure deals in a way our competitors may not. This warehouse facility isn’t simply access to capital; it’s a shared vision with a financial institution who has the same long-term goals as us.” Porch says Aquamore has access to further funding. “It’s simply a case of us being in a position to deploy it all to the market. We are confident this is the first tranche of many, which will bode well for our brokers as our cost of funding begins to fall as we scale our business.” AQUAMORE’S

Loan types, purposes “Our core is very simple: $300,000 to $5m loan sizes, short-term in nature with our average term of 12 months backed by Australian real estate collateral,” Porch says. “Many private lenders don’t like the smaller 14

and short-term deals, whereas we do and like to facilitate this kind of business.” Brokers and their clients can access finance for residential, commercial and land projects, with loan terms of two months to two years. Porch says Aquamore clients take up loans for a variety of purposes. “The most popular at the moment appear to be loans for commercial property purchases. We assess these transactions on the strength of the lease, and an appropriate interest coverage ratio gives us the majority of the basis for

studies potential loan deals, and its capacity-to-service calculations. “We have a focus on providing a solution that is right for the client by analysing their profile accordingly and not simply looking solely at the asset that backs them.” The lender also prefers interest to be serviced monthly. “This is proving popular amongst our brokers as it frees up headroom in the client’s overall limit, and it also allows us to price competitively as we have correctly priced our risk. “Our capacity-to-service calculations are easy to conduct and understand, which is in

“We focus on a solution that’s right for the client by analysing their profile and not simply looking at the asset that backs them” the interest rate applicable,” he says. “Our offering is a simple fully drawn advance product which is perfect for these kinds of scenarios. We have also had a few construction-type scenarios where the client pledges an unencumbered asset unrelated to the underlying project to leverage up against, an approach we are comfortable with.” Aquamore is focused on growing its loan book sustainably, says Porch, by “filling it with loans to good borrowers”. “We understand the major lenders have greatly reduced their appetite for commercial loans in the SME space, and the ones that haven’t aren’t always in a position to assist in a timely manner.” Porch says Aquamore’s points of difference include the way it

contrast to many major lenders.” Porch says Aquamore will consider pre-payment or capitalisation of interest in the right circumstances, but this is not the default position. “Our product is called a secured business loan and is structured as a fully drawn advance.” Aquamore loan advantages So, why should brokers choose Aquamore over other lenders? “We analyse scenarios on a case-by-case basis in respect to the purpose of funding, interest rates and loan terms,” Porch says. “We understand that every borrower is different, and we can accommodate this accordingly. “We are not hemmed in by a restrictive credit policy, and we are

AQUAMORE LENDING MATRIX As-is lending between $300,000 and $5m Non-coded loans (company borrowers) Real estate-backed loans – residential, commercial and land Focus on first-mortgage deals (can do second-mortgage deals at moderate LVR behind an ADI) Metro and non-metro locations accepted Max 75% LVR for residential houses or units; 70% LVR for commercial; 55% for land banking 2- to 24-month terms; clear exit strategy required Rates start at 5.95%

not simply an asset-based lender.” Porch says this is advantageous because many private lenders will only consider blue-chip properties in prime locations. “We’re happy to consider collateral that is non-metro or regional, as our scope goes beyond simply the security on offer.” There is also some flexibility when it comes to loan terms. “The length of our traditional facility is short, but we are happy to roll these come expiry if the client’s account conduct has been good, and we have the breadth and depth of capital to give the clients comfort that we won’t be chasing them out the door come the expiry of their term.” Aquamore’s pricing structure is also very transparent, Porch says. Commitment fees or engagement costs are not normally charged, while valuations and legal requirements are at cost, quoted up front by the provider.

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Aquamore’s short-term funding lines are a solutions-based approach, Porch says. “More often than not, the broker will be involved in the back-end exit refinance, which allows them to boost their income by collecting a commission on both parts of the transaction.” Aquamore’s loan facility can be considered a bridge, he says. “A client uses our funding to get settled, and tidies themselves up within 12 to 24 months to then present themselves to a major lender for a long-term set-and-forget facility.” From loan enquiry to settlement takes an average of three weeks. “Even writing one of these a month can significantly boost a broker’s income position. “For example, a short-term bridge deal of three months is in our appetite. The broker will retain full control of the relationship and after the three months will be front of mind for that client’s whole-of-wallet requirements.”

Matthew Porch, head of third party distribution, Aquamore

“In the instance where we pre-pay interest for the term, should the client refinance early – after minimum loan term obligations – we will refund them the unutilised interest.” Aquamore also accepts accountant declarations and self-declared income for servicing, and its expression of interest in a deal is made known early in proceedings. “If we aren’t going to write the deal, it’s a quick no, allowing

other solutions to be found.” Speed of loan turnaround is another attraction for brokers. “We can provide terms the same day, and we can issue letters of offer within 24 hours, subject to receipt of the requested information. We also have an easy apply online portal which we encourage brokers to take advantage of.” Broker diversification Porch encourages brokers who work solely in the residential home

loan space to diversify. “Diversification has been a hot topic over the past 18 months, with everyone being forced to adapt to new ways of working, and looking at fields they may not have done previously.” He says branching out into commercial loans is a great way for brokers to diversify and improve their income streams. “Furthermore, private lending offers the opportunity to build strong relationships with clients.”

Market trends Porch says there is undoubtedly pent-up demand for finance, especially in the hospitality sector. “If you looked at the queues outside the pubs on Monday 11 October in Sydney, that tells you all you need to know.” But he predicts that business confidence will take a while to get back to pre-pandemic levels, with a lot of apprehension around what happens next. “Given the state governments have such a focus on case numbers, the inevitable spike in numbers may lead to restrictions coming back into play, although I’m very hopeful this will not be the case.” Porch says Zoom and Microsoft Teams have been lifesavers for many commercial businesses, but he still prefers the face-to-face approach. “Now there’s a sense of normality coming back, I hope this leads to a busier commercial finance marketplace. “We look forward to playing our part in the recovery of the SME market after a tumultuous couple of years.” Porch encourages brokers to reach out to Aquamore with any scenarios they want to discuss. “We can provide a quick expression of interest and an out-of-the-box solution for almost any transaction. We’re happy to run over our policy with any interested referrers at any time.” AB www.brokernews.com.au

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NON-BANK OF THE YE AR

PEPPER MONEY REWARDED FOR OUTSTANDING GROWTH Pepper Money is celebrating after being crowned Non-Bank of the Year at the 2021 Australian Mortgage Awards, as well as winning the Best Industry Marketing Campaign award. It’s the culmination of an incredibly busy and fruitful period for the non-bank lender as more and more brokers turn to Pepper Money for its flexible loan solutions to help their clients

the AMA Non-Bank of the Year and Best Industry Marketing Campaign awards tops off what has been a triumphant 12 months for Pepper Money. The leading alternative lender turned 21, launched on the ASX, raised billions of dollars through well-backed securitisations, and enjoyed a 41% rise in net profit after tax on the back of a home loan boom. Pepper Money also appointed Barry Saoud as general manager mortgages and commercial lending and inked a deal giving Aussie Home Loans brokers access to Pepper Money commercial loan products. “We are delighted to be recognised again as Australia’s best non-bank lender by the Australian Mortgage Awards,” says Pepper Money CEO Mario Rehayem. “This year the non-bank sector has been ultra-competitive, which makes these awards extra special to everyone at Pepper. “We’ve got a lot to celebrate this year, along with these two big wins – including our 21st birthday, our return to the ASX in May 2021, and our Philippine office (PSO Manila) joining the Circle of Excellence at the prestigious Asia CEO Awards 2021. It’s all so we can offer an award-winning non-bank option to help dreams become real life.” Rehayem says the AMA wins mean so much to Pepper Money. “The team are humbled and WINNING

overwhelmed with excitement. Our team has a huge sense of pride; we believe in our people, brand and our mission to help people succeed. “Importantly, these awards have given the entire Pepper Money team the recognition they deserve and are a huge validation that we are progressing in the right direction.”

“When brokers build trust in a lender, they form a level of confidence in the people, product and processes behind the brand. Trust isn’t built overnight, and it cannot be replicated. “What sets us apart in the market is trust, transparency, speed to yes, consistency, diversification

“This year the non-bank sector has been ultra-competitive, which makes these awards extra special to everyone at Pepper” Mario Rehayem, CEO, Pepper Money Rehayem says the awards would not have been possible without the continued support of brokers and introducer partners. “I want to congratulate and thank everyone, including our team, our valued partners, brokers and shareholders for playing a part to help us achieve this outstanding result.” Trust is a crucial factor driving the success of Pepper Money, Rehayem says. “Brokers trust Pepper Money to get the deal done. They trust us to deliver consistent market-leading turnaround times; they trust us to deliver consistent credit decisioning; and they trust us to look after their customers post settlement.

of products, and our people. These are the ingredients to our success and why we’ve been recognised as the leading non-bank in the market.” Rehayem says Pepper Money has built a reputation of trust among brokers, aggregators and white label partners. “The huge emphasis we have placed on broker education has forged a strong relationship with our broker network. “Brokers have been advocates of our Pepper Product Selector and Pepper Resolve; they have told us that the speed and accuracy of the decision via PPS and Resolve is unrivalled in the industry. “The unique price guarantee removes any surprises and difficult

PEPPER MONEY’S INGREDIENTS FOR SUCCESS A strong reputation of trust among brokers, aggregators and white label partners Consistency in credit decisioning and time to yes have been huge drawcards Speed and accuracy of the decision via the Pepper Product Selector and Resolve are unrivalled in the industry Huge emphasis on broker education and people

conversations with their customers post indicative approval, which positions Pepper Money at the forefront of the market delivering this unrivalled transparency.” Pepper Money’s Credit Cascading Model, which is attached to a diverse range of credit policies and products, increases the probability of conversion for the customer. “Ultimately, our consistency in credit decisioning and time to yes has been a huge drawcard. We have held our infamous 24-hour turnaround times for the past four years, which instils confidence with the broker network when recommending Pepper Money,” Rehayem says. Pepper Money is also ahead of the pack when it comes to marketing – winning Best Industry Marketing Campaign for its ‘Real Life’ loan options campaign.

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Mario Rehayem, CEO, Pepper Money

“Our Real Life campaign was recognised as Best Industry Marketing Campaign 2021 for being highly successful in achieving brand awareness, reach and lead targets,” says Pepper Money head of marketing Sarah Pikardt. “Inspired by customer insights into how real-life events impact Australians and their ability to get finance, our multichannel integrated campaign normalises the idea of non-conforming lending. “After pivoting creative and channels to the new reality of 2020–21, it achieved outstanding

“What sets us apart in the market is trust, transparency, speed to yes, consistency, diversification of products, and our people” Mario Rehayem, CEO, Pepper Money results, including 40% growth in brand awareness, 2.37 million completed video views, and significant home loan and personal loan enquiry growth.”

Pikardt says the campaign was created to show Australians they have options, and they don’t need to give up on their dreams. “The challenges Australians face

are just a moment in time and don’t define who they are as people. Because at Pepper Money we see people for who they are, not for what their situation is. The Real Life campaign has helped brokers have positive conversations with more clients – and positioned Pepper Money as the home of loan options. “We’re thrilled to be recognised in this highly competitive category. To be up against major competitors like the traditional banks with big budgets and win is a true reflection of our team’s creativity and passion for the Pepper Money brand.” AB www.brokernews.com.au

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

Things you should know: © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.

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AMA21

Celebrating 20 years

CONGRATULATIONS TO THE 2021 WINNERS National Awards Westpac Australian Broker of the Year • Louisa Sanghera, Zippy Financial Liberty Australian Brokerage of the Year • Home Loan Experts Brokerage Awards Resimac Brokerage of the Year – Diversification • Empower Wealth Brokerage of the Year (1–5 Staff) • PFS Financial Services Brokerage of the Year (6–20 Staff) • XIN Mortgage CBA Brokerage of the Year (>20 Staff) • Home Loan Experts Brokerage of the Year – Regional • Loan Market Geelong NextGen.Net New Brokerage of the Year • Everlend BOQ Broker Best Customer Service from an Individual Office • Entourage Most Effective Digital Strategy – Brokerage • Zippy Financial

Broker Awards La Trobe Financial Broker of the Year – Commercial • Kevin Wheatley, Bayside Commercial Mortgages FBAA Broker of the Year – Independent • Louisa Sanghera, Zippy Financial Pepper Money Broker of the Year – Specialist Lending • Mark Davis, The Australian Lending & Investment Centre Equity-One Broker of the Year – Productivity • Daniel Pym, Loan Market Double Bay Broker of the Year – Regional • John Contarino, Mobile Finance Broker MFAA Young Gun of the Year (Franchise) • Luke Whitbread, Mortgage Choice Erina, NSW Adelaide Bank Young Gun of the Year – Independent • Andrew Hadjidemetri, Australian Financial & Mortgage Solutions Industry Awards Best Industry Marketing Campaign • Pepper Money Best Industry Service • NextGen.Net

BDM Awards Bankwest Best Aggregator BDM • Tracey Najjar, Centrepoint Alliance Lending Best Major Bank BDM • Lesley Klaege, ANZ Best Non-Major Bank BDM • Milenko Novakovic, ING Mortgage Choice Best Non-Bank BDM • Michelle Rose, La Trobe Financial Lender Awards MSA National Bank of the Year • Bankwest Non-Bank of the Year • Pepper Money Loan Services Team of the Year • Better Choice Home Loans Most Effective Digital Strategy – Lender • Bankwest Fintech Lender of the Year • 86 400

Aggregator Awards Prime Capital Aggregator of the Year (Up to 500 Brokers) • MoneyQuest OnDeck Aggregator of the Year (Over 500 Brokers) • Finsure

Visit australianmortgageawards.com.au Event Partner

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AUSTR ALIAN MORTG AGE AWARDS

INDUSTRY’S BEST CELEBRATED NEXTGEN.NET NEW BROKERAGE OF THE YEAR

Presented by Renee Blethyn, NextGen.Net

Winner Everlend (Evelyn Clark)

MFAA YOUNG GUN OF THE YEAR — FRANCHISE

wasn’t the glamorous night out that everyone had hoped for, but the 2021 Australian Mortgage Awards still drew impressive crowds. COVID again put a stop to hosting a capacity crowd at The Star Sydney, but hundreds tuned in to see the AMAs screened live online last month and discover the winners of the mortgage finance industry’s most highly celebrated awards. TV and radio presenter Erin Molan was MC and kept proceedings light and cheeful. Once again, the AMAs were proudly supported by event partner Westpac. IT

team of five employees. Sanghera started her finance career in 1983 when she got a job at NAB on leaving school. After taking a break to have two children, she restarted her career, this time as a broker. Not only did Sanghera win the FBAA Broker of the Year – Independent award at this year’s AMAs, but Zippy Financial also won the award for Most Effective Digital Strategy. And Sanghera’s crowning achievement was being named 2021’s Westpac Australian Broker of the Year. “Winning Broker of the Year is

“Brokers continue to play a key role in helping customers with the Australian dream – buying a home” Peter King, CEO, Westpac Group

Presented by Mike Felton, MFAA

Winner Luke Whitbread, Mortgage Choice

PRIME CAPITAL AGGREGATOR OF THE YEAR (UP TO 500 BROKERS)

Presented by Steve Sampson, Prime Capital

Winner MoneyQuest (Michael Russell)

“This is the 12th year Westpac has partnered with the Australian Mortgage Awards,” Westpac Group CEO Peter King said. “It’s a great opportunity to celebrate your outstanding achievements over the past 12 months. “Brokers continue to play a key role in helping customers with the Australian dream – buying a home. They trust and value your independent service and advice, and they look to brokers to help navigate a complex landscape of choice.” Australian Broker caught up with some of the award winners. Louisa Sanghera, Zippy Financial Working incredibly long hours is paying off for Louisa Sanghera. The multi-award-winning finance broker runs Zippy Financial in Sydney with an all-female

a massive opportunity for me in terms of marketing. The fact that I can say to everybody, ‘I’m Australian Broker of the Year’ – that’s going to bring in business,” says Sanghera. “It is nice to be recognised, just to see all the hard work, all the tears and sweat that goes into every single day and all the sacrifices I’ve made … to see that it is paying off. “The AMAs are also my favourite event of the year.” Sanghera says it was also good to win Most Effective Digital Strategy and Broker of the Year – Independent. She’s now desperately trying to find more staff, especially good-quality credit managers to help meet demand. “We always put the clients first. I’m working 18- to 20-hour days because I can’t find staff. My right-hand woman, Tracy Pollard

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BOQ BROKER BEST CUSTOMER SERVICE FROM AN INDIVIDUAL OFFICE

– she’s been working from nine till midnight.” So, what are the secrets to Sanghera’s success? “I only bring in quality staff with lots of experience. They all know what they’re doing, so everything runs smoothly. It’s about having good systems, good procedures, and we all work extremely hard.” Sanghera says switching to aggregator Specialist Finance Group means she now has access to the best software in the industry. Alan Hemmings, Home Loan Experts Sydney-based brokerage Home Loan Experts won CBA Brokerage of the Year (Over 20 Staff ) and Liberty Australian Brokerage of the Year. CEO Alan Hemmings says its 24 brokers are thrilled. “Especially given the level of competition we were up against,” says Hemmings. “Everyone had a great year, and for us to be recognised as one of the best is a great achievement for the team.” Hemmings says the support provided to Home Loan Experts

Presented by Simon Elwig, BOQ Broker

customer base, Hemmings says. “We don’t have a set of lenders that we go to, so the team this year have used over 60 different lenders. We really work on the brokers trying to find a solution for the customer.” He says brokers have coped well with COVID after moving to a flexible working model last year. “We track everything that happens in the business, so we can see how busy our brokers are, how busy our back office is ... even though we’re not necessarily in the office, we have regular meetings.” Home Loan Experts will

“It’s tremendously gratifying to be honoured by our industry. It’s a great tribute to our hard-working team”

Winner Entourage (Damien Roylance, Vincent Moore, Hume Leow)

ADELAIDE BANK YOUNG GUN OF THE YEAR — INDEPENDENT

Presented by Raj Kapoor, Adelaide Bank

Winner Andrew Hadjidemetri, Australian Financial & Mortgage Solutions

PEPPER MONEY BROKER OF THE YEAR — SPECIALIST LENDING

Allan Savins, executive director, Better Choice Home Loans brokers was a big reason for the company’s success. “We’ve really tried to get back to the basics. We allow them to just be the broker – talking to customers, building rapport, and then we’ve taken a lot of the admin function off them. That’s where we’ve seen some real uplift.” Brokers have also been focusing more on the repeat and referral

continue to grow, says Hemmings. “There’s no doubt we want more brokers to make sure we improve our service offering to our customers. We’re very different to a lot of the other businesses – our brokers are all salaried.” More clients are keen to interact online, he says. “How can we make it easy for the customer to deal with us where we

OFFICIAL PUBLICATIONS

Presented by Barry Saoud, Pepper Money

Winner Mark Davis, Australian Lending & Investment Centre

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can give them a number of different options and get them set with a lender – that’s the focus for us.”

BANKWEST BEST AGGREGATOR BDM

Kevin Wheatley, Bayside Commercial Mortgages “Overwhelmed” is how Kevin Wheatley described his reaction to winning the La Trobe Financial Broker of the Year – Commercial award, a highlight of his career. “I’ve had the AMAs elude me

Presented by Ian Rakhit, Bankwest

Winner Tracey Najjar, Centrepoint Alliance Lending

his own brokerage, Australian Financial & Mortgage Solutions, last year. The move has paid off, with the new broker being named Adelaide Bank Young Gun of the Year – Independent. How did Hadjidemetri react to his win? “Excitement. I literally jumped out of my seat,” he says. “Being recognised as Young Gun of the Year in my first year of

“Everyone had a great year, and for us to be recognised as one of the best is a great achievement for the team” Alan Hemmings, CEO, Home Loan Experts

LA TROBE FINANCIAL BROKER OF THE YEAR — COMMERCIAL

Presented by Cory Bannister, La Trobe Financial

Winner Kevin Wheatley, Bayside Commercial Mortgages

CBA BROKERAGE OF THE YEAR (OVER 20 STAFF)

Presented by Adam Croucher, Commonwealth Bank

Winner Home Loan Experts (Alan Hemmings)

for the best part of 15 years,” says the managing director of Bayside Commercial Mortgages. He says it has been wonderful to receive other “minor awards”. “But for me, the AMAs was the pinnacle of my career, and I was overwhelmed to receive that award. “I’d like to thank my staff, including my commercial manager Rob Taylor – he’s just a gem; his tireless efforts in supporting me are highly valued.” Bayside covers a broad range of finance, from car loans to asset funding, commercial construction and residential loans, and Wheatley says it’s more diversified than most commercial brokerages, with its own corporate and legal advisory business. “Brokers are funny people – they’re very, very good at raising finance for individuals and companies, but they’re not very good at giving advice when businesses start falling over.” While commercial finance has stagnated due to COVID, Wheatley is confident it will ramp up quickly due to major infrastructure projects. “If you look at the shortage of property across Australia, we’re going to see a lot more land subdivisions and packages for first home owners – that’s going to keep the finance industry buoyant for a very long time.” Andrew Hadjidemetri, Australian Financial & Mortgage Solutions After a six years in banking, working at Westpac and Commonwealth Bank, Andrew Hadjidemetri set up

starting Australian Financial & Mortgage Solutions gives me the reassurance that my skill, knowledge and expertise, which I’ve converted into a streamlined process for my clients, really works. Knowing this will give me more confidence in my approach, which will undoubtedly be reflected in my business.” Hadjidemetri says COVID-19 has been the biggest challenge, changing the way brokers work. “Our business is built on relationships and trust, and this can be difficult when we can’t meet clients face-to-face. COVID-19 changed the game, but it also taught me to develop my online services to make my processes even easier for clients. “I want to help educate and assist as many Australians as I can with their financial needs and goals.” Michelle Rose, La Trobe Financial With 17 years of finance industry experience, La Trobe Financial’s senior manager – clients partnerships Queensland, Michelle Rose, was thrilled to win the Mortgage Choice Best Non-Bank BDM award. “My initial reaction was, wow, I cannot believe what I’m hearing. It was an out-of-body experience,” says Rose. “When I saw the video being played, it took me a moment to realise that I had actually just won, and I wasn’t dreaming. I am truly humbled to have achieved such an accomplishment.” Rose says the award would not

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have been possible without the La Trobe Financial team, and the win is as much for them. “Since I started three and a half years ago at La Trobe Financial, I have had nothing but 100% support from the entire La Trobe Financial team, our leadership group – and especially Michelle Bannister, head of distribution, and Cory Bannister, chief lending officer. My motto is Team Work equals Dream Work, and, without these, achievements would not be possible.” Rose says the AMAs are highly recognised in the industry, and she hopes this will help her support more people to realise their financial dreams. “I’m very passionate with my work, and I strive each day to help as many people as possible. I have recently been promoted to state manager, and one of my goals is to expand the La Trobe Financial brand and ensure that all business partners are aware of the market-leading products that we provide in the mortgage space.” Ben Magnus, Empower Wealth Winning Resimac Brokerage of the Year – Diversification proved to be a hit at Melbourne’s Empower Wealth. “When I announced this to the team on Friday night, the virtual platform we operate on lit up like a Christmas tree – everyone was very excited,” says head of mortgage broking Ben Magnus. “We were absolutely thrilled to be recognised for best brokerage

inspires us to deliver exceptional client outcomes.” The win will motivate Empower Wealth to explore new and exciting services for clients and expand its footprint across Australia. The brokerage aims to build long-term deep connections with clients. “Sometimes brokering can be very transactional; you settle and move forward – whereas at Empower Wealth each of our services has a touchpoint at various parts of the client journey. This helps keep the trusted relationship and the interaction live.” Magnus says the core focus is on helping clients become “financially free” by educating them on how to manage their money better and use Empower Wealth’s MyWealthPortal, its proprietary money management platform. Luke Whitbread, Mortgage Choice Former professional golfer Luke Whitbread has got into the swing of things when it comes to broking. After two years at Mortgage Choice Erina, Whitbread has been named MFAA Young Gun of the Year – Franchise. It’s the second year in a row that a broker from Mortgage Choice Erina has won this award. Whitbread’s colleague Katie Dowton took the title in 2020. “It was a pleasant surprise,” says Whitbread, referring to his award. “I also felt a lot of satisfaction knowing the effort the team and I have made over the past year to grow and develop our business was at the highest quality.”

“I’ve had the AMAs elude me for 15 years. It’s the pinnacle of my career, and I was overwhelmed to receive that award”

EQUITY-ONE BROKER OF THE YEAR — PRODUCTIVITY

Presented by Tom Danaher, Equity-One

Winner Daniel Pym, Loan Market Double Bay

FBAA BROKER OF THE YEAR — INDEPENDENT

Presented by Peter White, FBAA

Winner Louisa Sanghera, Zippy Financial

MORTGAGE CHOICE BEST NON-BANK BDM

Kevin Wheatley, managing director, Bayside Commercial Mortgages in diversification. We work hard to ensure all our clients experience the best of Empower Wealth and each of our services.” Magnus says the award has underpinned the strengths of the brokerage’s core values and its altruistic drive. “It speaks deeply to who we are as a company and what

Whitbread thanked his team, especially mentor and business partner Anthony Knight. “At this stage I don’t think I fully understand the potential reach this has, but it gives the team and I the confidence that we are on the right path and will continue to support our clients at the highest level.”

Presented by David Zammit, Mortgage Choice

Winner Michelle Rose, La Trobe Financial

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LIBERTY AUSTRALIAN BROKERAGE OF THE YEAR

Presented by John Mohnacheff, Liberty

Winner Home Loan Experts (Otto Dargan, Vivienne Than, Mohit Lal Pradhan, Alan Hemmings)

Whitbread says Mortgage Choice provides great support to brokers with branding, leads, broker systems and technology. “Then there’s the support we get from our state teams and franchise business managers. It all helps us to be more efficient as brokers and makes us a stronger business.” Whitbread says the broker team is constantly learning and refining processes to improve the client experience.

MSA NATIONAL BANK OF THE YEAR

Presented by Ayhan Baba, MSA National

Winner Bankwest (Ian Rakhit)

RESIMAC BROKERAGE OF THE YEAR — DIVERSIFICATION

Presented by Steve Wallace, Resimac

Winner Empower Wealth (Ben Magnus)

Savins says a few developments at Better Choice in 2021 contributed to the win. “One was to speed up and streamline our loan application process for our broker network through our partnership with NextGen.Net, which allowed us to integrate new compliance technology into our ApplyOnline platform, making it more digitalised.” Better Choice also secured a

“I felt satisfaction knowing the effort the team and I made to grow and develop our business was at the highest quality” Luke Whitbread, mortgage broker, Mortgage Choice Allan Savins, Better Choice Home Loans A streamlined loan application process helped Better Choice Home Loans win Loan Services Team of the Year, says executive director Allan Savins. “We were incredibly proud and excited to be recognised by the Australian Mortgage Awards, and it was a terrific surprise,” he says. “It’s tremendously gratifying to be honoured by our industry. It’s also pleasing to have this achievement after what has been a very challenging period for all during the COVID pandemic. It’s a great tribute to our hard-working team.”

$500m funding pipeline through Goldman Sachs Group, and a $250m residential warehouse program through Bendigo and Adelaide Bank. “This has enabled us to launch new loan products as part of the Better Choice Ultimate Range.” Savins says Better Choice knows how important service is to brokers, and it has always been a priority. “To have that formally recognised in the industry, it gives us a great platform that brokers will hopefully gravitate towards. With our loan services team leading the industry, and our Ultimate product range having launched in recent months, we are confident

www.brokernews.com.au

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In partnership with

ONDECK AGGREGATOR OF THE YEAR (OVER 500 BROKERS)

Presented by Cameron Poolman, OnDeck

that brokers will continue to choose Better Choice for their clients’ needs.” George Srbinovski, 86 400 It has been a whirlwind few years for 86 400. After launching in 2019 as Australia’s first bank to operate purely online, its star has risen rapidly. 86 400 is now on the lending panel of all major aggregators – the latest addition was Finsure last month. 86 400 has been named the fastest open banking provider by Frollo, was recently

Winner Finsure (John Kolenda)

George Srbinovski. “It’s a reminder of the team’s hard work over the past two years. We’ve constantly been striving to provide a great loan service to our brokers, and this award is reflected in our efforts.” Srbinovski says 86 400’s digital processes and ease of access for brokers have been well received. “Turning unnecessary paperwork into a digital process has allowed us to branch out to more aggregators to further our presence in the broker network to help assist brokers with their customers. “We constantly receive positive

“The fact that I can say to everybody, ‘I’m Australian Broker of the Year’ – that’s going to bring in business”

WESTPAC AUSTRALIAN BROKER OF THE YEAR

Presented by Bridget Wallington, Westpac

Winner Louisa Sanghera, Zippy Financial

NON-BANK OF THE YEAR

Presented by Marielle Yeoh, PEXA

Winner Pepper Money (Barry Saoud)

FINTECH LENDER OF THE YEAR

Louisa Sanghera, principal broker, Zippy Financial acquired by NAB and will merge with UBank. For the second consecutive year, 86 400 has won the Fintech Lender of the Year award. “We’re very proud of our win, especially for the second year in a row, as it goes to show how far we’ve come in establishing the brand and the support of the broker channel,” says the bank’s head of broker distribution,

feedback from the broker channel on our lending processes and how we have made it easier to assist customers, whether they have been buying, refinancing, or investing. “We’re always improving and refining our application process, and this wouldn’t be possible without the support from the broker network. Through the support of our brokers, we achieved wonderful growth.” AB

Presented by Blake Buchanan, SFG

Winner 86 400 (George Srbinovski)

www.brokernews.com.au

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FE AT URES

BANK OF THE YE AR

BROKER FOCUS SPURS BANKWEST VICTORY After winning the Most Effective Digital Strategy – Lender title at the Australian Mortgage Awards for the second year running, Bankwest can now add MSA National Bank of the Year to its trophy cabinet is powering ahead with its goal of being the best broker bank in Australia. With its focus on partnering with brokers to deliver the best customer experiences, and its investment in technology and staff to meet the growing demand for mortgage finance, Bankwest’s efforts are paying off. Australian Broker caught up with Ian Rakhit, general manager third party banking, to talk about Bankwest winning the coveted Bank of the Year title, as well as the award for Most Effective Digital Strategy – Lender at the AMAs. “It was a fantastic evening celebrating our industry with the Australian Mortgage Awards, and I’m very proud of the recognition received by Bankwest,” Rakhit says. “The evening also coincided with the first Friday of some restrictions easing in Sydney, so I was enjoying my first trip to a pub in two months watching the awards on my iPad, which made the evening even better! “To be rated so highly by brokers means a great deal to me and my colleagues who work every day to support brokers. “Bankwest strives to be the best broker bank in the country, and we are as committed as ever to backing our brokers to deliver the services, tools and support they want and need, to make their jobs and dealing with us as easy as possible.” Rakhit says Bankwest’s commitment to collaborative relationships is central to its broker model, “so a big thank you” must go to its teams supporting brokers, and to brokers themselves. “To win the best digital strategy two years running tells me about consistency and how we are continuing to update and evolve our digital tools to make brokers lives easier. BANKWEST

“Bankwest wants this to continue into next year and aim for a hat-trick of wins. We have more digital enhancements planned for this year – watch this space.” 2021 has been a wonderful year for Bankwest, Rakhit says, as it was able to help record numbers of customers move their loan or purchase a home. “That’s a tremendous privilege and one Bankwest takes seriously. We experienced volumes above our capacity, and we’ve taken some big learnings on how to cope better going forward. The plans we made and implemented are already showing value, with our processing capability at record highs.” Rakhit outlined what’s behind Bankwest’s AMA wins.

customers in their own right, and we seek opportunities to make them successful and perform well in front of their customers.” Rakhit says to achieve this vision means: sharing new data and insights

with brokers (leads, flight risks, back book) sharing the work (making brokers’ lives easier, not harder, through automation and digitisation) accelerating the process (removing rework, automating manual steps, providing better information for brokers) “We have openly declared our relationship with our crucial broker network one of our major strategic

“To be rated so highly by brokers means a great deal to me and my colleagues who work every day to support brokers” Ian Rakhit, general manager third party banking, Bankwest “Bankwest has a clear value proposition for both its customers and brokers,” he says. “We aspire to make every customer experience and interaction brilliant – no matter if it’s in-person or digitally, whether our customers are self-serving their everyday banking or making a lifechanging purchase like a first car or a place for their family to call home.” Bankwest’s broker value proposition is backing brokers to deliver brilliant customer experiences. “Our strategy is driven by a desire to truly partner with brokers and work together for mutual benefit. We view brokers as business

priorities and set our ambitions on being Australia’s best broker bank. “This is not simply because the vast majority (80%) of Bankwest’s home loan customers have chosen us through their broker, but also because of the authentic, collaborative relationship we’ve developed with our 12,000 accredited brokers.” Rakhit says further strengthening that relationship forms a critical part of Bankwest’s strategy for the future, because only together can they deliver “brilliant customer experiences every day”. Technology is also a vital part of Bankwest’s success.

BANKWEST: BROKER VALUE PROPOSITION  Winner of MSA National Bank of the Year and Most Effective Digital Strategy – Lender awards  12,000 accredited brokers  Digital home loan process with faster settlements  Broker Portal – live chat, live application tracking, learning library; pricing tool provides immediate reprices for customers  Free Health and Wellbeing Assistant program for brokers

“Our investment in technology, specifically through our dedicated Broker Portal, has helped to refine our service and brought together features such as live chat, live application tracking, and our learning library that supports brokers in running and growing their business.” Brokers are also able to access the Pricing Tool via the portal to provide immediate reprices to new and existing customers, delivering the best possible price without delay. “The case ownership model designed to ensure single-person responsibility for the processing of an application ensures that we can resolve problems quickly, thus leading to an expedited customer experience.” Rakhit says to support the development and mental health of brokers, Bankwest’s BDM teams deliver various virtual learning and development training sessions, policy updates and meditation/wellbeing sessions. Brokers receive complimentary access to Bankwest’s Health and Wellbeing Assistant program, a confidential service connecting brokers with trained coaches for when they need extra physical,

www.brokernews.com.au

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In partnership with

Ian Rakhit, general manager third party banking, Bankwest

mental, social or financial support. Rakhit says 2021 has been challenging for the industry due to additional market volume affecting turnaround times. “Bankwest took a continuous improvement approach in managing application volumes, in addition to increasing the number of colleagues in the processing team. “Our Australia-based mortgage processing and national BDM and BSM teams worked tirelessly to

provide support to brokers and their customers, be it on the phone, digitally or via our dedicated online Broker Chat functionality.” Recognising technology’s crucial role in helping brokers provide great customer service, Bankwest’s new digital initiatives and improvements to support brokers include a fully automated solution for repricing existing customer loans. This enables the best possible rate to be automatically applied to an

existing customer home loan at the click of a button. “Our digital home loan process means customers can now sign their contracts digitally, from any device, within minutes, reducing time to settlement,” says Rakhit. “The technology also enables us to send documents to brokers for review 12 hours prior to the customer, allowing them to pick up and correct errors and to contact the customer with the good news,

which we know is important in the broker-customer relationship.” Bankwest also uses comprehensive credit reporting to validate data whenever possible, improving the customer experience and enhancing customer safety by reducing the requirement for manual documents. “We have re-evaluated and simplified how we validate a self-employed income,” says Rakhit. Following broker feedback, Bankwest’s Complete Home Loan Package has been amended, moving the offset and card products to optional. “This was welcomed by brokers who see the benefits of the package in terms of flexibility and rate. We also made our upfront valuations free for all brokers, helping to widen our appeal and give brokers certainty at a critical moment.” Bankwest is also planning a number of new tech features. “We are looking to expand the number of valuations capable of being sourced through the Bankwest Broker Portal using our automated valuation model; introduce dynamic LVR features into our Pricing Tool; and expand DocuSign functionality to home loan transfers. Further details to be announced as we build additional capabilities.” So what does a post-pandemic world look like for Bankwest? “The global pandemic has cast a cloud of uncertainty over Australians for 20 months, and we know from previous research, as well as property market figures, that people have a strong drive to feel secure, with a roof of their own over their heads,” Rakhit says. “We have an opportunity to support customers in realising their dream of owning their own home – to provide the experience and guidance that helps them navigate one of the most significant purchasing decisions they’re likely to ever make. “The opportunity ahead is to help customers – and to provide support to brokers so they can help customers have the best possible experience as they begin to forge the rest of their lives out of the uncertainty of the pandemic.” Rakhit says brokers are critical to Bankwest’s success. “We will continue to support brokers help customers buy a home or save money on their existing loan. The past few years with regulation and a pandemic has shown how important our health and our connections are. We’re looking forward to growing as our brokers’ lives and businesses grow.” AB www.brokernews.com.au

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FE AT URES

AGGREG ATOR OF THE YE AR — OVER 500 BROKERS

FINSURE MARKS 10 YEARS WITH MAJOR AWARD Finsure has been named OnDeck Aggregator of the Year (Over 500 Brokers) at the Australian Mortgage Awards on its 10th anniversary, capping off an exciting year of growth in loans and its broker network

FINSURE: 10 YEARS OF BUILDING BETTER BROKERS  Started operations in October 2011  Network of over 2,000 brokers  Loan book of more than $56bn  Cutting-edge CRM broker platform Infynity features Client Centre, rapid loan comparisons  Broker Academy – 24-month training course with dedicated mentors to help brokers become successful  OnDeck Aggregator of the Year (Over 500 Brokers)

better way to celebrate 10 years in business than by winning the Aggregator of the Year award at the AMAs. Finsure managing director John Kolenda spoke to Australian Broker about the broker group’s major achievement and how its focus on great technology, attention to detail and developing highly skilled brokers has helped drive its success. Kolenda says the Finsure team is elated with the AMAs win. “The aggregation industry is highly competitive, so to be acknowledged as the leader in this particular category was incredibly humbling and extremely rewarding,” he says. “What makes this success even more exciting is that we have been celebrating the 10th anniversary of Finsure, which commenced operations in October 2011. “I have taken enormous pride in the awards and milestones Finsure has achieved over the past decade, but this honour will be a memorable one coming in our 10th year. “When we started Finsure in 2011, I could not have imagined the speed of our growth and all the accomplishments of the group, which now has a network of more than 2,000 brokers and a loan book of more than $56bn.” Kolenda says the Aggregator of the Year award arrives off the back of one of the most challenging periods that Finsure has faced. “Our team have not only risen to the challenge but excelled. The achievements we have made are a tremendous tribute to the WHAT

hard work of all our staff and our broker partners. “It speaks volumes for the calibre of staff that we have, and that they didn’t let the difficulties they’ve faced during lockdown periods overwhelm them but inspire them to reach another level. To be recognised for their above-and-beyond commitment and hard work means the world to them.” There are a few simple reasons for Finsure’s success, says Kolenda.

and above all the highest calibre of brokers, all of whom appreciate the individual attention and support we provide them and their brokerages.” In 2021, Finsure has achieved plenty of high points in its development as a market-leading broker aggregator. Kolenda says Finsure has become one of the fastest-growing aggregation businesses and a multiple award winner by offering a diverse lending panel, flexible

“The aggregation industry is highly competitive, so to be acknowledged as the leader in this category was incredibly humbling and extremely rewarding” John Kolenda, managing director, Finsure “We never settle for second best or simply do things for the sake of doing them,” he says. “Everything we do, every goal we set ourselves, is for the betterment of our broker network and ensuring they continue to receive the market-leading service they have come to expect from Finsure.” Finsure “ticks a lot of boxes” in its approach. “We have, I believe, the best staff and management team in the industry, the leading CRM platform in Infynity, the agility to quickly adapt to our everchanging industry requirements,

commission models, its own Broker Academy, comprehensive marketing solutions and extensive broker support services. “During the 2020/21 financial year, Finsure demonstrated the breadth and scale of our business with a strong operating result. “Settlements through Finsure’s platform of $22.2bn represented a 42% increase on the prior year, with the number of accredited brokers increasing by 15% year-on-year to over 2,000. “Our total loan book of $56.6bn grew by 24.5%, reflecting the strength of our broker network and

www.brokernews.com.au

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In partnership with

John Kolenda, managing director, Finsure

the continued attractiveness of our award-winning service offering,” Kolenda says. “These have been fabulous accomplishments for Finsure to build up the business to this level in 10 years, and we are determined to keep growing.” So, what opportunities are there for Finsure brokers over the next 12 months? Kolenda says the aggregator will continue to focus on customer-centric tools and services, such as its recently launched Client Centre, to deliver truly

“Finsure’s ability to keep raising the technological bar has enabled our broker network to be more confident about attracting new customers” John Kolenda, managing director, Finsure end-to-end support to brokers. “Our focus is to keep on doing what we do best – rolling out new initiatives to support our brokers. “Finsure’s ability to keep raising

the technological bar has enabled our broker network to be more confident about attracting new customers, and we’re seeing greater utilisation of our

services in response to this.” Kolenda says Infynity also delivers cutting-edge customer management tools to help brokers remain on top of outstanding tasks and keep strong lines of communication with their clients. “Finsure’s technology offering also connects brokers to thirdparty services through our service store and helps brokers remain on top of their compliance obligations by automating many of the processes and providing in-depth reporting on their applications.” AB www.brokernews.com.au

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FE AT URES

OPINION

THINKTANK’S RESIDENTIAL PIVOT THE RIGHT MOVE When Thinktank recently closed its first residential mortgage-backed securities issue for $500m, director Per Amundsen says it validated a strategy of diversifying from small commercial loans into the residential debt market

a COVID-19 environment, Thinktank’s diversification has allowed the specialist commercial and residential property lender to weather the pandemic’s economic impact, to the extent that in the 12 months to 30 June 2021 it settled more than $1bn in loans for the first time – a 33% increase on the previous financial year and an important milestone. Back in 2006 when Thinktank opened its doors, residential debt was not on the radar. Instead, small commercial loans of up to $3m (although most transactions were much smaller) for the self-employed, professionals and small to medium-sized employers were the focus. The founding leadership of Thinktank believed there was a sizeable niche for an innovative lender that understood the market more intimately than the major banks and could deliver superior loan product options and faster turnaround times. So it proved. When Thinktank closed its sixth and largest commercial mortgage-backed securities (CMBS) transaction of $600m in October last year, this took its total rated bonds issued to $2bn. As with the other issues, it met with keen institutional demand in domestic (77%) and overseas (23%) markets and confirmed the company’s reputation as a prominent capital markets issuer in the commercial property asset class. But obviously these self-employed clients, professionals and SMEs also seek residential finance, and Thinktank, via its deep and trusted network of mortgage brokers and aggregators, is well positioned to provide this as a logically adjacent product. By 2018, residential loans had steadily grown to comprise between 10% and 15% of its book. However, the coronavirus has seen that percentage of loans rise to about 50% today. Two key factors have been at play. Commercial finance activity fell. A pandemic that was understandably shaking business confidence and shrinking the economy inevitably meant a slowdown

in demand for commercial loans. Across the finance market, commercial lending activity initially fell by around 40–50%, and borrower hardship support grew. But to the market’s surprise, and, to be honest, Thinktank’s initial surprise, residential lending quickly picked up, so much so that calls have emerged for regulatory intervention to take some heat out of the market where the higher risks are perceived. The fact the company funded more than $1bn in loans in the 2021 financial year can be largely ascribed to a combined increase in residential and SMSF lending, more than compensating for the temporary decline in commercial lending. Although the commercial property market generally has been recovering well since the initial shock of COVID-19 (retail remains a weak spot, while some individual market segments such as industrial have

first RMBS issue was strong, with the transaction launched at $400m but lifting to $500m due to keen demand. This reflects the ongoing strength and stable performance of the Australian securitisation market. The widely reported losses seen overseas in the wake of the GFC simply didn’t happen in Australia. Thinktank’s investors have not experienced a single loss from its six CMBS transactions of more than $2bn issued to date. Thinktank is looking at two or three new securitisation transactions in 2022, potentially two residential and one commercial, and each is expected to be larger in size than preceding transactions. Thinktank is confident of strong underlying and ongoing institutional demand for forthcoming issues, further enhancing its reputation in a still-growing and important market that is a vital part of the supply of

Although the commercial property market has been recovering well since COVID-19, it lags behind demand for residential finance

Per Amundsen Director, Thinktank

remained solid throughout), it still lags behind demand for residential finance. It was in this environment that Thinktank launched its first residential mortgage-backed securities (RMBS) issue in August 2021, with ratings assigned by both Standard and Poor’s and Fitch Ratings. Pricing was fully disclosed with the Class A1 notes set at a margin of 0.90% above the 30-day Bank Bill Swap Rate. The margins above the 30-day Bank Bill Swap Rate for the remaining notes ranged from 1.05% for Class A2 to 6.3% for Class F. The bonds were placed with 21 institutional investors, of which 83% were domestically based and 17% offshore. Real money investors represented 57% of the total amount issued, while banks accounted for 43%. Institutional support for the company’s

credit to business and consumer borrowers. This, in turn, offers product diversification and significantly adds to competition with the country’s major banks. The outlook for the commercial property lending market over the next 12 to 18 months has improved noticeably over the last few months. Borrower hardship requests have slowed almost to a halt, and both sentiment and activity have picked up, with rising expectations around the end of lockdown and a strong bounce-back across the economy quickly thereafter. Owner-occupiers and investors are increasingly looking beyond the current environment and have begun taking advantage of low interest rates, competitive lending options and broad-based government stimulus. AB

www.brokernews.com.au

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Are you ready for 2022? Listen to updates on the industry, economy, property market and insights into 2022 and beyond. Speakers include:

Mike Felton

Richard King

Jacquie Scammel

Adelaide Timbrell

Partner GRACosway

MFAA CEO

Leading customer service expert

Michael Pascoe Your MC

Senior Economist, ANZ Bank

National Professional Development Virtual Event 11 November 2021

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28/10/2021 9:17:16 am pm 1/10/21 4:00

DATA

PROPERT Y MARKET ANALYSIS

COVID-FREE STATES SHOW POPULATION GROWTH Australian’s population growth has stalled due to the coronavirus pandemic, but numbers are rising in some states where COVID has had little impact, says independent property analyst Michael Matusik is essentially about supply and demand. Demand comes in two forms – the number of people looking to buy an existing property, and the underlying need to build more homes. Population growth is a key factor when determining underlying demand. In short, the higher the level of population growth, the greater the need to build more homes. In general, each time an area’s population increases by 2.5 people there is a need to build another dwelling. The table at right breaks down last year’s population change by state and territory. Due to the federal government’s response to COVID-19, Australia’s population has basically stalled, standing at around 25.7 million. There was an increase of just 35,700 new residents over the past 12 months – the lowest growth rate since the population declined in 1916 due to World War I. Natural increase – an increase of 131,000 – was offset by substantially more people leaving to go overseas than coming into Australia. Net overseas migration (NOM) was -95,300 for the 12 months ending March 2021. NOM is historically positive and a major driver of Australia’s population growth. The country had a NOM of between 200,000 and 300,000 per annum for many years until COVID hit.

POPULATION GROWTH, YEAR ENDING MARCH 2021

REAL ESTATE

Annual change State/territory

Population estimate

Natural increase

Internal migration

Overseas migration

Total

NSW

8,176,368

43,011

-17,796

-13,486

11,729

Victoria

6,648,564

28,821

-18,191

-53,484

-42,854

Queensland

5,206,400

29,147

30,785

-15,999

43,933

1,771,703

5,109

963

-3,398

2,674

2,675,797

17,673

3,248

-5,676

15,245 2,091

Tasmania

541,965

1,286

1,143

-338

247,023

2,642

-1,097

-375

1,170

ACT

431,826

3,325

945

-2,603

1,667

25,704,340

131,014

-95,359

35,655

Australia

Source: ABS

COVID’s impact One thing which is clear from these figures is that the ‘COVID zero’ states that have not been heavily affected by the virus and associated lockdowns are growing in population, while the most affected states are declining or stable. There is a clear movement of people out of NSW and Victoria into Queensland and WA, while SA has turned the tables from losing population to interstate migration to a slight gain. Michael Matusik Director, Matusik Property Insights

Looking forward Population growth is expected to recover once international borders are reopened, which, as at the last guidance, should

be from 2022. Immigration accounted for two-thirds of Australia’s population growth prior to the pandemic, and the federal government appears committed to resuming past NOM flows. Current Treasury projections have Australia’s annual net immigration back to 235,000 people by fiscal 2024, and the latest Intergenerational Report suggests that NOM – again averaging 235,000 people per year – will apply for decades to come. If this happens, Australia’s population will increase by 13 million people (more than 50%) over the next 40 years to 39 million people – equivalent to adding another Sydney, Melbourne and Brisbane to Australia’s existing population.

NICK YOUNG: TRAIL BOOK SALE EXPERT Smart succession planning starts early Maximise the sale of your trail book and business as a whole 03 8508 6666 | 0417 392 132 | nyoung@trailhomes.com.au | trailhomes.com.au www.brokernews.com.au

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PEOPLE

Aggregator Finsure

IN THE HOT SEAT

Jayden Brown is excited about having set up his own Sydney brokerage, Harrow and Co. He brings the same drive and determination to his career that enabled him to play golf in the US on a university scholarship

You moved to New York in 2017 to be a student athlete. What was that experience like? It was a once-in-a-lifetime opportunity for me to A play golf on scholarship at Long Island University, New York, in 2017. I’ll never be able to replace the memories, friendships and experiences I had. Every second weekend, I travelled around America to compete in golf competitions. I also studied finance, management and marketing as a triple major. I learned the principles of money and how to make people wealthy. Captaining a Division 1 golf team and competing at such a high level provided me with skills that I will now apply to my business, such as hard work, motivation, dedication and drive.

What motivated you to become a broker, and how have you adapted? A The main reason I wanted to become a broker is to help people build wealth. I want individuals to learn that debt is a tool and should be utilised as a vehicle to build equity. I aim to change people’s perceptions of debt from negative to positive by demonstrating how properly managing debt can help them develop wealth. I also feel that being a broker is a critical profession since you are assisting individuals in maximising their hard-earned funds in order to improve their financial position. My finance experience has helped me adapt fast as a broker, but this is not a numbers game for me – I truly care about assisting people and making sure they come first.

Jayden Brown, director, Harrow & Co Mortgage Brokers

How do you plan to stand out in a competitive market? I want to set myself apart by doing things that other brokers A aren’t. Is your broker calling you every three to six months to see if the equity on your transaction has increased? Do they provide you with

possibilities for accumulating wealth? Do they even let you know you’re in a better position today than you were before? This is where Harrow & Co comes in. We have specialists that can add value. Rather than letting your money sit and waste away, we provide you with the chance to grow wealth. These options and avenues we use have been incorporated from brokerages in New York, the finance capital of the world. What are your goals for the brokerage? My mission is to educate people. The majority of my clients just want A to know how much money they can borrow. I ask myself, ‘How can someone spend their whole life savings on a purchase with no goal or strategy?’ When people are educated, they can make informed judgments, which increases their chances of being wealthy. Overall, I want people to view debt as a tool for accumulating wealth. We have the necessary structure and people in place at Harrow & Co to make this possible. AB

www.brokernews.com.au

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AB_Full

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25/10/21 10:15 am 27/10/2021 2:48:24 pm

Thanks for the AMA-zing awards! We’re honoured to be recognised by Australian Mortgage Awards as the MSA National Bank of the Year 2021, in addition to winning Most Effective Digital Strategy - Lender. We’re as committed as ever to backing our brokers with the services, tools and support they need to deliver brilliant customer experiences. Learn more at bankwest.com.au/brokers

bank less Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit licence 234945.

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