MPA 22.04

ISSUEMPAMAGAZINE.COM.AU22.04 INDUSTRY ROUNDTABLE Commercial lenders review the market and opportunities for brokers MORTGAGEAUSTRALIANAWARDS Revealing the finalists for the 2022 industry awards ELITE WOMEN 2022 Find out who made MPA’s list of exceptional female leaders in the profession How the mortgage and finance world is fostering greater diversity and inclusion ANFORINDUSTRYALL

ANFEATURESINDUSTRY FOR ALL MPA’s annual special edition on diversity and inclusion highlights industry efforts to create equal opportunity in the mortgage and finance business CONTENTS NOW ONLINE: Our daily newsletter. Keep on top of property market trends, business strategy, and what industry leaders have to CONNECTMPAMAGAZINE.COM.AUsay.WITHUS Got a story or suggestion, or just want to find out some more ProfessionalAUfacebook.com/Mortgagetwitter.com/MPAMagazineAUinformation? AUGUST 2022 BIG PATTERSONBIANCAINTERVIEW The owner and managing director of Perth careersbuildingwayisCalculatedbrokerageLendinghelpingpavetheforwomensuccessfulinbroking ROUNDTABLELENDERSCOMMERCIALFEATURES Major players in commercial finance discuss the state of the market and opportunities for brokers 32 SPECIAL 2022ELITEREPORTWOMEN MPA honours the most exceptional women in the mortgage and finance industry this year AWARDSMORTGAGEAUSTRALIANFEATURES Find out who’s made the list of Excellence Awardees in 202208 www.mpamagazine.com.au 1 54 UPFRONT 02 Editorial The road to diversity is challenging 04 Statistics Borrowers brace for rate hikes 06 Opinion A united effort is needed to drive change FEATURES 20 Towards wider representation The MFAA continues to build awareness of the value of a diverse industry 22 Financial wellbeing How ANZ is working to build people’s financial resilience 26 Cultural diversity Lendi Group is providing pathways for brokers from all backgrounds 28 Committed to reconciliation Liberty has an action plan to support First Nations peoples 30 Sharing prosperity Three SFG-affiliated brokers are making the most of broking’s rewards 60 Leadership How empathic leaders create a culture that drives strong team performance PEOPLE 62 Brokerage insight A thriving all-female brokerage aims to inspire more women to become brokers 64 Other life Ben Stevanovic is kicking goals, both personally and professionally 20 13

The report’s survey shows there has been a decline in the number of female brokers, which dropped 1.78% in April–September 2021 compared to the previous year. The proportion of female brokers in the industry also fell to 25.6%, the lowest since reporting began. Cultural diversity is also low in broking, with Aboriginal Australians and Torres Strait Islanders representing just 1.38% of survey respondents; those from an Asian cultural background making up 7.37%; and those from an Indian, Pakistani or Sri Lankan background comprising 3.23%. Conversely, respondents said that more than 85% of their clients were from culturally diverse backgrounds. The Australian Census 2021 figures show that 29.1% of Australians were born overseas and 48% had at least one parent born overseas.

look at progress towards diversity and inclusion in 2022, this special edition of MPA talks to the many organisations, including the MFAA, lenders and aggregators, that have set up programs or are making concerted efforts to foster greater diversity and ensure there is equality of opportunity across the industry.

Antony Field, editor, MPA

EDITOR’S LETTER

It’s clear that the industry needs to change and better reflect the customers it serves. A number of lenders and aggregators have set up programs to champion female brokers and encourage women to work towards leadership roles. As Jane Counsel, lead adviser for the Opportunities for Women report, says in her opinion piece in this issue, it will require everyone in the industry to play their part to effect change. It’s not going to be a quick fix; institutional and structural change takes time, hard work and buy-in, from the boardroom to the basement. But the good news is that broking is a career that’s open to everyone. Not all new entrants to the industry have banking or finance backgrounds. They come from all walks of life, attracted by the opportunity to run their own business, work flexible hours and build deep and trusted relationships with customers who are arguably making the most important decisions of their lives about buying homes or setting upTakingbusinesses.anin-depth

It’s not going to be a quick fix. Change takes time, hard work and buy-in, from the boardroom to the basement

2 UPFRONTwww.mpamagazine.com.au

Achieving diversity no easy task It’s clear that the mortgage and finance industry has a long way to go to reach the goal of having a truly diverse and inclusive workforce in which all people feel welcome, regardless of their gender, culture, religion, ability, or sexual orientation. You just need to look at the MFAA Opportunities for Women 2021 report to see where the industry is falling short.

www.mpamagazine.com.auEDITORIALENQUIRIES tel: +612 8437 antony.field@keymedia.com4784 SUBSCRIPTION ENQUIRIES tel: +61 2 8311 5831 • fax: +61 2 8437 subscriptions@keymedia.com.au4753 ADVERTISING ENQUIRIES claire.tan@keymedia.com Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as the magazine can accept no responsibility for loss. EDITORIALEditor Antony Field Contributors Jane Counsel, Tracey Ezar, Michelle Gibbings, Rebecca Houghton Production Editor Roslyn Meredith ART & PRODUCTIONDesigners Loiza Razon, Juan Ramos Customer Success Manager Andi Zbojniewicz SALES & MARKETING Publisher Claire Tan ChiefCORPORATEExecutive Officer Mike Shipley Chief Operating Officer George Walmsley Managing Director Justin Kennedy Chief Information Officer Colin Chan Director – People and Culture Julia Bookallil Key Media Australia (Mortgage) Pty Ltd tel: +61 2 8437 4700 • fax: +61 2 9439 4599 Sydney,www.keymedia.comAuckland,Denver,London,TorontoandManila MortgageProfessionalAustralia is part of an international family of B2B publications and websites for the mortgage industry AUSTRALIAN BROKER simon.kerslake@keymedia.comT+61284374786 NZ ADVISER alex.knowles@keymedia.comT+61284374708 CANADIAN MORTGAGE PROFESSIONAL john.mackenzie@keymedia.comT+14166448740 MORTGAGEBROKERNEWS.CA corey.bahadur@keymedia.comT+14166448740 MORTGAGE PROFESSIONAL AMERICA katie.wolpa@keymedia.comT+17203167423 MORTGAGE INTRODUCER (UK) matt.bond@keymedia.comT+447525456869 AUGUST 2022

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UPFRONT 4 www.mpamagazine.com.au STATISTICS BRACING FOR RATE RISES 76% of home loan borrowers have been prepping for rate hikes 29% have been saving extra cash in their savings accounts to help cover future rises in mortgage repayments Source: Mozo 11% have cut back on discretionary spending to build up savings to prepare for higher interest rates AUSSIES BUILDING HOMES ON SMALLER BLOCKS ABS data shows that the average site area of new houses in Australian capital cities has decreased steadily over the past 10 calendar years, dropping by 13% (or 64sqm) overall – from 496sqm in 2012 to 432sqm in 2021. The average floor area, meanwhile, reduced by 1% (or 3sqm). AVERAGE SIZE (SQM) OF SITE AREA FOR HOUSE APPROVALS IN COMBINED CAPITALS* Source: ABS* Greater capital city statistical areas of Sydney, Melbourne, Brisbane, Adelaide and Perth combined National home prices fell 0.55% in June from their peak in March of this year, while monthly home price growth has slowed down across the country, with widespread falls in June, according to the PropTrack Home Price Index. HOME PRICES DROP AGAIN IN JUNE 24% have been stashing money in offset accounts to help reduce home loan repayments 2012 2015 20182013 2016 20192014 2017 2020 2021 AUSTRALIAN HOME PRICES DWELLINGSALL MONTHLYGROWTH National -0.25% Capital cities -0.35% Regional areas 0.02% Sydney -0.4% Rest of NSW -0.02% Melbourne 0.61% Rest of Vic -0.13% Brisbane -0.09% Rest of Qld 0.11% Adelaide 0.42% Rest of SA 0.75% Perth 0.12% Rest of WA 0.11% Hobart 0.26% Rest of Tas 0.13% Darwin 0.08% Rest of NT 0.25% ACT -0.23% 400420440460480500 496 481 471 463 466 454 447 442 433 432

www.mpamagazine.com.au 5 NEW OWNER-OCCUPIER HOME LOANS DIP IN SIZE MORE HOUSEHOLDS JOIN MILLIONAIRES’ CLUB Source: CoreLogicMillionDollarMarketsreport Source: RateCity.com.au; ABS Lending Indicators, May 2022 In the 12 months to May 2022, 487 markets (450 house and 37 unit markets) joined the million-dollar club, CoreLogic has revealed. Of the total number of house and unit markets analysed in May, 1,367, or 30.4%, posted a median value of $1m or more. HOUSING BY THE NUMBERS Source: PropTrack Home Price Index, June 2022 Source: ABS AVERAGE SIZE OF NEW OWNER-OCCUPIER HOME LOANS, MAY 2022*NO. OF HOUSE AND UNIT MARKETS THAT JOINED MILLION-DOLLAR LIST, YEAR TO MAY 2022* The national average size of new loans for owner-occupier dwellings saw a slight rise in May to $615,310, up 0.7% month-on-month and 12% from a year ago. Meanwhile, the average size of these loans month-on-month has fallen in five states – NSW, SA, WA, Tas and the NT. * Represents markets in suburbs where the median house or unit value rose to >$1m by May 2022 * Includes construction and purchase of new and existing dwellings KEY HOUSING STATISTICS – 2021 CENSUS Average loan size Month-on-month change Year-on-year change National $615,310 $4,156 0.7% $65,812 12.0% NSW $780,762 -$5,273 -0.7% $68,868 9.7% Vic $643,067 $5,799 0.9% $75,175 13.2% Qld $536,289 $8,837 1.7% $76,906 16.7% SA $459,262 -$8,023 -1.7% $59,226 14.8% WA $466,846 -$4,643 -1.0% $35,656 8.3% Tas $445,781 -$1,997 -0.4% $57,953 14.9% NT $410,730 -$16,247 -3.8% $1,271 0.3% ACT $599,898 $3,577 0.6% $63,436 11.8% Sydney RestofQld ACTRestofNSW Melbourne PerthBrisbane Adelaide RestofVic BY STATE AND TERRITORY – JUNE 2022 GROWTHANNUAL MEDIANVALUE SINCECHANGEPEAK MONTHPEAK 11.53% $716,000 -0.55% March 2022 8.77% $778,000 -0.99% March 2022 19.22% $582,000 0% June 2022 6.41% $1,015,000 -1.52% February 2022 19.27% $704,000 -0.02% May 2022 5% $796,000 -1.77% February 2022 16.34% $571,000 -0.28% April 2022 23.75% $683,000 -0.09% May 2022 22.14% $546,000 0% June 2022 23.39% $584,000 0% June 2022 20.39% $340,000 0% June 2022 9.18% $537,000 0% June 2022 10.06% $409,000 -0.8% February 2022 17.4% $696,000 0% June 2022 22.31% $507,000 0% June 2022 6.92% $482,000 -0.58% October 2013 2.22% $420,000 0% June 2022 15% $852,000 -0.54% March 2022 128 100 71 59 33 32 30 15 10 Dwelling type No. of unoccupied dwellings HousingSeparatetenurehouses70%Ownedoutright31% OwnedTownhouses13%withamortgage35% 1,043,776Apartments16%Rented30.6% No. of private dwellings 10,852,208 The 2021 Census showed that private dwellings numbered 10,852,208 in Australia, 70% of which were separate houses, 13% were townhouses, and 16% were apartments. Of these dwellings, 31% were owned outright, 35% were owned with a mortgage, and 30.6% were rented.

If

UPFRONT 6 www.mpamagazine.com.au OPINION

MFAA research has focused on making invisible barriers to women in broking more visible, especially to the men with the power to drive change. Although the research has helped, the decline of female representation should be a concern to everyone. If we can’t retain female brokers in the boom times, then how can we possibly think we will fix this issue when the market turns the other way? The time for talking is over. It’s not just up to the MFAA to drive change; it’s up to all of us. As role models, how we approach the issue can be a positive catalyst for change. Here are five things we can all do to help retain female brokers:

‘YOU CAN’T be what you can’t see’ is a phrase I use to describe the importance of having diverse role models in all industries. When it comes to the mortgage industry, in which women represent less than 26% of all brokers, diverse role models are critical. I often share how role models influenced my early career decisions. As the daughter and granddaughter of two generations of female nurses, I was set to follow the family tradition until a chance encounter with an impressive young female journalist changed my destiny. I was an impressionable 11-year-old when 60 Minutes journalist Jana Wendt arrived in our country town and spoke to our class. Meeting such a powerful female role model encouraged my first career in journalism.

4 Celebrate a diversity of role models. Success in this industry wears many hats. Historically, successful role models have been skewed towards celebrating financial outcomes above all. Make sure to also cele brate those who are supporting commu nity initiatives, who are entrepreneurial or focused on sustainability, or who go above and beyond for their customers.

Relatable role models are important, not just to show women they can succeed in a range of industries. It’s also about the power of role models who break outdated practices and social rules, break down barriers to women and other minorities, drive innova tive recruitment and retention, call out noninclusive behaviours, and are proactive in advocating for change. We all have a role to play to help enable greater gender, cultural and linguistic diver sity. If you care about this industry, you can’t be aDespitebystander.the fact that brokers account for nearly 70% of all mortgages, and their United effort needed to drive change customer base is incredibly diverse, the MFAA Opportunities for Women 2021 research report found that the representation of brokers is still predominantly white AngloSaxon heterosexual men aged 47–57. How can this be in 2022, you might ask? We know from the report’s research that the biggest perceived barriers to female participation are unconscious beliefs about gender roles in the workplace, safety concerns, and a lack of industry experience. But there are other subtle barriers and microaggressions that women face that have an impact on how included they feel. Almost 60% of men don’t believe women face any barriers; 21% don’t believe women are under-represented, and 55% are unsure. This is the perception gap: if it’s not happening to me and I can’t see it, it’s not a problem, and why would I need to do anything about it?

2 Be more curious. Ask why female brokers are leaving, and intervene earlier. Find out what the MFAA research says and how to get involved in initiatives. Explore state and federal funding to bring more women into your business, and ask women what they think needs to change.

Jane Counsel is lead adviser for the MFAA’s annual OpportunitiesforWomenreport. She also provides leadership training, coaching, and diversity and inclusion consulting services through her company, Jane Counsel & Associates. GOT AN OPINION THAT COUNTS? Email antony.field@keymedia.com the mortgage industry wants to boost female brokers, everyone must get involved, says Jane Counsel

greater

1 Be the change you seek. The standard you walk past is the standard you accept. Don’t walk past non-inclusive practices impacting women, and don’t accept that it’s OK for women and minority groups to be under-represented as brokers when they are not under-represented as your customers.

3 Be a rule breaker and game changer. Break the rules on outdated non-inclusive industry practices. Be innovative in how you recruit for female brokers; create opportu nities by offering part-time broking roles and other flexible working options.

5 Be actively inclusive. Identify how your unconscious biases might affect your ability to be inclusive. Operate with an inclusive mindset: think about the language you use in job ads to attract more diverse candi dates, and how you involve women and men equally as speakers at industry events; and create equal opportunities for men and women to progress their careers. all have a role to play to help enable gender, cultural and linguistic diversity. If you care about this industry, you can’t be a bystander

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BIANCA PATTERSON doesn’t gloss over the difficulties she faced when switching from the property business to mortgage broking 11 years ago. “I was attracted to the flexibility and fastpaced nature of the finance industry,” says Patterson. “I am a problem solver, so becoming a broker was a natural career progression.”

8 www.mpamagazine.com.au

Patterson says she loves compliance and administration and finds client and people management the biggest challenge in the business.“It’san ongoing challenge to get the right balance, delegating roles that are not the best use of my time or that I simply don’t enjoy.”

“As a new broker you don’t know what you don’t know, and there is only so much theory can teach you. You learn as new scenarios come up and as lenders change their policies.”

BIG INTERVIEW PEOPLE

Becoming a broker is not always easy, but Bianca Patterson, who runs a successful Perth brokerage, is passionate about supporting women to enter the industry and thrive “Broking is one of few occupations where woman have complete pay parity. We have the opportunity to earn as much as the effort we put in. Our income-earning potential is uncapped, and not biased by gender”

“The early days were challenging. I was a 26-year-old female with no banking or broking experience, so every new client was a significant learning experience.

Sadly, Patterson’s early days as a mortgage broker weren’t what she expected. “Unfortunately, in most instances the industry wasn’t welcoming,” she says. “I was overlooked, and if I was invited to attend events I was asked things like whose assistant I was, or who couldn’t attend – as if I had stepped in in someone’s place. Many of my early experiences were discouraging, and I see why we lose 50% of new entrants to the industry within the first 12 months.”

Running a broker business Patterson says setting up her brokerage, Calculated Lending, was one of the most rewarding yet challenging achievements of her“Itcareer.was hard work, and initially I failed at more things than I succeeded with, but over time I learnt more about myself and the sort of business owner I wanted to be, and that’s when everything just seemed to fall into place. “I know now that while it’s important to know how to run every function of the business, it’s impossible, and inefficient, to do it all.”

BIANCA PATHWAYCREATINGPATTERSON:ABETTERFORWOMEN

However, Patterson says she met other industry peers “who were, and still are, incredibly supportive of me and my career aspirations”.“Theyhelped me see that I should lead and be the change I wanted to see in the industry.”

Pushing for female participation Patterson is a member of the MFAA Opportunities for Women and community advisory panels and plays an active role in championing female brokers. “Broking is one of few occupations where woman have complete pay parity,” she says. “We have the opportunity to earn as much as the effort we put in, so our

Career highlight: “Right now! COVID was a blessing for our industry, forcing a change away from archaic processes so we can now work from anywhere in the world. I have spent the best part of the last six months travelling while working remotely and have big plans for the next few years.”

Career challenge: “Knowing when enough clients is enough, and when is the right time to step back and hand over the reins of the business so I can move on to my passion projects for the industry and in life.”

Name: Bianca Patterson Title: Director and mortgage and finance specialist Company: Calculated Lending Years in the industry: 11

PROFILE

Despite this, says Patterson, the industry is still struggling to recruit and retain women, with the proportion of female brokers now at an all-time low of 25.6%. “Our industry has so much to offer, and I believe it is all of our responsibilities to look at the way we have done things in the past and learn from them. “I hope that by sharing my experiences and by being actively involved in the MFAA initiatives and in these conversations, I can help shape our industry and the perception others have of it.”

Positive change Patterson says there has been significant change in the industry, especially over the last few “Diversityyears. and inclusion is an active conversation now. The business case for women in our industry is clear, and I see this paving the way for more flexible and transparent working conditions for all. “The industry is starting to celebrate some of our incredible talent for more than just the volume of business they write, and it’s great to hear their stories and to acknowledge that success is so different for all of us. This shift gives me confidence that we are on the right track, but we still have a fair way to go.”

“It’ been extremely well received across the industry and has allowed the often-untold story of a culturally diverse broker, a single parent or a working dad who built a business to give them more time with their family, to be heard and celebrated,” Patterson says.

income-earning potential is uncapped, and not biased by gender.”

“Diversity and inclusion is an active conversation now. The business case for women in our industry is clear, and I see this paving the way for more flexible and transparent working conditions for all”

This year the MFAA has also launched its Women in Finance Broking networking events, with great attendance by brokers and industry partners across the country.

CALCULATED LENDING AT A GLANCE

Location Perth, WA Team Bianca Patterson – director and mortgage and finance specialist Tracey Watkins – mortgage and finance specialist Services Home Construction/developmentCommercialInvestmentloansloansloans finance Business Equipmentfinancefinance Patterson says progress in female broker numbers was being made “until COVID threw a spanner in the works”. “Statistically, across the world women took on the bulk of the extra childcare and homeschooling during lockdowns, and we are going through ‘The Great Resignation’ with record numbers of people leaving their roles to start brand-new careers,” she says.

“These events highlighted that the conver sation is relevant, and that the perception gap is changing; however, we need to keep up the momentum to make sure that we make lasting change.”

Patterson says the Opportunities for Women panel is made up of a group of brokers and industry partners who review and analyse data from the annual MFAA Diversity and Inclusion survey, to unpack the issues in the industry and different age groups’ and genders’ perceptions of those issues. “We consider the answers to the set ques tions, and the comments, and try to find common themes in that year, and this has been happening year-on-year since we started the initiative.”

The common feedback has been that women want to feel included, says Patterson. They also want to hear from more female role models; to have events organised that consider them (not just drinking and golf days); and to have speakers focus more on issues that affect them. This feedback led to the MFAA launching its Champions of Diversity series, which interviews successful industry members who advocate for or demonstrate diversity.

“We have a real opportunity now to attract women into our industry, and with the right support and encouragement we will ideally be their final career choice.”

PEOPLE 10 www.mpamagazine.com.au BIG INTERVIEW

www.mpamagazine.com.au 13 SPECIAL REPORT CONTENTS PAGE Feature article 14 Methodology 15 Elite Women 2022 17 Recognising the achievements and commitment of female professionals in Australia’s mortgage industry 2022

finding support staff is an ongoing challenge.”

Other women respondents to the survey also pointed to COVID-19 as one reason behind the decline in female brokers. However, a range of factors beyond the pandemic are at play. One size doesn’t fit all Pink Finance director Nicole Cannon feels that women shy away from committing to being mortgage brokers because many jobs in the industry are commission based. In her opinion, women prefer a consistent salary and would typically look for administra tive roles, which reduces the overall number of female brokers versus male. The payMPA shares the perspectives of some of the exceptional women in the profession who made this year’s inaugural list of Elite Women, in a survey covering the tumultuous 12-month period prior to May 2022.

ELITE WOMEN BY LOCATION

Alycia Inglis, Stoneturn 9 24 15 3 2

“Disparity has been exacerbated by COVID-19, which meant many women divided their time between work and caregiving,” says Alycia Inglis, director at Stoneturn. “The reality is that the majority of brokers are solo operators, and it’s harder for women to be available around the clock with the other demands on their time, particularly as “The reality is that the majority of brokers are solo operators, and it’s harder for women to be available around the clock with the other demands on their time”

Conversely, over the same period, other markers have been heading in the opposite direction, such as interest rates, particular property values and lending trends.

Among the shifting sands of the previous 12 months, one trend is clear: the declining proportion of women brokers. The latest MFAA Industry Intelligence Service report shows that the proportion of female brokers decreased to a record low of 25.6% in the six months to September 2021. An MPA survey of brokers on aggregators in May of this year showed an even lower 22.1%.

WOMENCELEBRATINGINFINANCE QueenslandNewSouth Wales Victoria South Australia Western Australia

14 www.mpamagazine.com.au ELITE WOMEN 2022 SPECIAL REPORT

Cara Giovinazzo, founder of Borro, is taking similar steps to attract brokers.

“We now have a salaried model for our brokers where they can also earn bonuses and trail income on top of their base salary,” sheShesays.also points to the need for aggregators and industry bodies to introduce retention measures to keep women in broking. “There is a lot of opportunity to offer maternity/paternity-style processes to support men and women during this impor tant time of their life and ensure they are not faced with a decision to leave the industry,” Giovinazzo says. “A lot more can be done to support young families in this industry.” Flexible work practices are important. While the pandemic has ushered in an era of working from home, some workplaces are more progressive than others. Suzi Trajanovski, director of growth at Loan Market, says the company has been able to buck the industry trend and attract more female brokers over the course of the pandemic due to its flexible policies. “Over 2021, we had a 22% increase in female loan writers year-on-year [and a] 16% increase in female business owners.” In May of this year, MPA invited industry professionals from across the country to nominate exceptional female leaders for its Elite Women 2022 list. Nominees had to be working in a role that related to, interacted with, or in some way impacted the industry and should have demonstrated a clear passion for their work.

structure argument has merit when consid ering lawyers. There are more female solici tors than male in every Australian state and territory, but the majority are not in senior positions. Anecdotally, one reason for this is that young female lawyers delay promotion to partner positions because remuneration is commonly tied to the amount of business that is brought in, which is not the case for junior positions. To try to remove this disincentive, Cannon is introducing broker jobs at Pink Finance that start out as PAYG.

Nominators were asked to describe the nominee’s standout professional achievements over the past 12 months, along with their contributions to diversity and inclusion in the industry and how they had given back through volunteer roles and charity work. Recommendations from managers and senior industry professionals were also taken into account. After a thorough review of all the nominations, the MPA team narrowed down the list to the final 53 Elite Women who have made their mark on the industry.

METHODOLOGY She praises support groups such as Leading Ladies on Facebook as critical in a maleorientated industry. Natural selection While not all agree, multiple brokers cited examples of where they felt women were better suited than men to handling sensitive issues, such as divorce. “One of the things that female brokers ANZ is a proud sponsor of this year’s inaugural MPA Elite Women showcase. We remain committed to fostering an inclusive culture and improving the diver sity of our industry. We congratulate all of the Elite Women who have made their mark on the mortgage landscape and those who are being celebrated in this special report. Collectively, we can shift the narrative to highlight the economic benefit of diversity and the value that women, non-binary and genderdiverse groups add to our industry.

Natalie ANZGeneralSmithManager,RetailBroker

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Cara Giovinazzo, Borro

FROM THE SPONSOR

“There is a lot of opportunity to offer maternity/paternity-style processes to support men and women during this important time of their life and ensure they are not faced with a decision to leave the industry”

Competing in good times and bad Cassandra Woodyard is a business develop ment manager at Connective Home Loans and has the remarkable distinction of making not only the Elite Women 2022 list but also the Australian Broker 5-Star BDMs list for the second successive year. “This is thanks to her comprehensive understanding of the BDM-broker rela tionship,” says Michael Goerner, head of Connective Home Loans. “Cass knows Trajanovski,

While such services may add an X factor that appeals to some female clients, there is no doubt that women brokers are competing with their male counterparts in the traditional sense too.

Loan Market

“We have women who are trying to take control of their finances following the break down of relationships – commonly, these women were never allowed to be involved in the household finances – and some young women who have made unwise financial decisions that are coming back to haunt them,” says Katherine Persoglia, managing director of Property Before Prada. “I have no doubt that female clients grav itate to female brokers.”

Services such as Property Before Prada cater to more than just the financials, making an effort to also offer support through wellness programs.

encounter is requests from female customers who feel a little more comfortable talking to another woman, especially when their financial literacy may not be as strong,” saysOlderTrajanovski.women are more likely to have left financial matters to their husbands, and after a divorce or death they need assis tance in dealing with debt, budgeting and other“Theseessentials.female customers often feel more comfortable telling their story to another woman,” she says. Female representation is even lower in rural areas. Ashleigh Pakis, director at Panache Financial, is one of only five brokers in Goulburn, a small town with a population of around 32,000 in the Southern Tablelands of NSW.“I’m the only woman, which is a key point of difference for female clients who appreciate my hands-on, compassionate approach,” Pakis says. Like Cannon, she is on a personal mission to address the gender imbalance, employing three women on terms that are highly flexible.

Bundy Financial, based in the suburb of Essendon in Melbourne, has a majority female“Havingstaff.a strong contingent of women in the office provides an end-to-end experience with talented female finance specialists who provide a level of empathy that’s perhaps harder to find across male-only brokerages,” says managing director Holly Bundy. Female brokers can be left to pick up the pieces of poor financial decision-making or manipulation of domestic affairs by the former partners of female clients.

PROPORTION OF FEMALE BROKERS IN FINANCE INDUSTRY Source: MFAA Industry Intelligence Service, 13th Edition 25.6%25.8%26.9%27.1%27.2%Apr 2019–Sept 2019 Apr 2020–Sept 2020 Oct 2019–Mar 2020 Oct 2020–Mar 2021 Apr 2021–Sept 2021 “Female customers often feel more comfortable telling their story to another woman” Suzi

16 www.mpamagazine.com.au ELITE WOMEN 2022 SPECIAL REPORT

Belinda Gibson, director of TM Financial Group, is another broker who recently employed two women and is in the process of mentoring them to become brokers.

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“The country wouldn’t be able to run the way that it’s supposed to if interest rates stayed at 2%,” she explains.

www.mpamagazine.com.au 17 “The wouldn’tcountrybeable to run the way that it’s supposed to if interest rates stayed at 2%” Rachel Farrell, Bloom Capital Cara Giovinazzo Founder and Senior Mortgage Broker Borro Phone: 0409 463 850 Email: cara@borro.com.au Website: borro.com.au Nicole Cannon Director and Senior Finance PinkBrokerFinance Phone: 0414 633 793 Email: nicole@pinkfinance.com.au Website: pinkfinance.com.au Belinda Gibson TMDirectorFinance Group Phone: 0448 275 630 Email: bgibson@tmfinancegroup.com.au Website: tmfinancegroup.com.au Katherine Persoglia Managing Director and Finance PropertyBrokerBefore Prada Phone: 0418 363 673 Email: katherine@propertybeforeprada.com Website: propertybeforeprada.com Peita Davies Finance Specialist and Franchise MoneyQuestOwner Penrith, Blue Mountains & Mackay Phone: 0452 214 202 Email: peita.davies@moneyquest.com.au Website: moneyquest.com.au/Penrith Rachel Farrell Managing Director Bloom Capital Phone: 0403 696 789 Email: rachel.farrell@bloomcapital.com.au Website: bloomcapital.com.au Sarah Thomson Managing Director and Broker Loan Market Geelong Phone: 0352 242 125 Email: sarah.thomson@loanmarket.com.au Website: broker.loanmarket.com.au/geelong-city Sue Hayter Founder, Mentor, Coach and QualityBrokerFinancial Group Phone: 0425 792 903 Email: sue@suehayter.com Website: suehayter.com Carol King Owner and Director Loan Market Buderim Phone: 0409 647 414 Email: carol.king@loanmarket.com.au Website: broker.loanmarket.com.au/buderim Caterina Nesci Director of ESG and International LaPartnershipsTrobeFinancial Phone: 0422 270 474 Email: cnesci@latrobefinancial.com.au Website: latrobefinancial.com Fiona Gray State Manager WA/SA/NT ALI Group Phone: 0415 119 094 Email: fionagray@aligroup.com.au Website: aligroup.com.au Heather Gallagher Head of Training and Education outsource Financial Phone: 0468 560 555 Email: heather@outsourcefinancial.com.au Website: outsourcefinancial.com.au Kirsty Colliver Director and Finance Broker Flair Finance Phone: 02 6884 5050 Email: kirsty@flairfinance.com.au Website: flairfinance.com.au that brokers often work around the clock, and she will always endeavour to answer or return calls in a prompt fashion when a broker is in need of guidance.”Goerner says the challenge ahead for brokers and BDMs will lie within the envi ronment of increasing interest rates as clients encounter lifestyle adjustments. With the Reserve Bank of Australia lifting official interest rates by 50 basis points to 1.85% in August and further increases expected later this year, there is little doubt that property prices will continue to moderate. Women brokers are ready to help clients come to terms with this.

“People need to kind of start remem bering the bigger picture.” Giving clients the right advice at the right time is part of the job, but one thing is for sure: the cohort of seasoned female mort gage brokers is here to stay.

Bloom Capital managing director Rachel Farrell welcomes higher rates as a return to a more “normal” economy.

the

18 www.mpamagazine.com.au ELITE WOMEN 2022 SPECIAL REPORT Alycia Inglis StoneturnDirector Andrea McNaughton Managing Director Loan Market Angela Tracey Director of Broker Success Loan Market Anita Fung Business Development Manager Australian Unity Bank Anita Marshall Owner and Mortgage Broker Advanced Finance Solutions Ashleigh Pakis PanacheDirector Financial Cassandra Woodyard CHL Business Development and Operations Manager Connective Broker Services Dani Davidson Funding.com.auDirector Daniella Mancuso National and NSW Business Development WisrManager Danielle Morrison Growth Marketing Manager Ubank Deb Purvis PurvisDirectorAgriFinance Deepti Alurkar Business Development Manager Aquamore Lending Deslie Taylor Owner Manager of Mortgage Choice in Ormeau Mortgage Choice Elizabeth Zaki Mortgage Broker OneSite Finance Emma Stephens Mortgage Broker Mortgage Choice Holly Bundy BundyDirectorFinancial Services Isabella Constantinou Associate Director of Sales Simplicity Loans & Advisory Joanne Attard Principal Advisor Jo Attard + Co Kama Atcheson Head of MoneytechPartnerships Karen Adams Mortgage and Finance Broker Harken Finance Karen Hall Business Owner and Broker Action Finance Mortgage Solutions Katrina Rowlands Managing Director Mortgage Success Kim Cawthorne Director and Accredited Mortgage Specialist Mortgages for Women Leanne Johnstone Owner Manager of Mortgage Choice in Lane Cove Mortgage Choice Lee Middleton Regional Manager Nectar Mortgages Louisa Sanghera ZippyDirectorFinancial Marissa Schulze RiseDirectorHigh Financial Solutions Melanie Evans Chief Executive Officer ING Australia Melissa Ashcroft General Manager The AAA Financial Group Mhairi MacLeod Owner and Principal Broker Astute Ability Finance Group Natalie Denyer BirdieDirectorWealth Polly Hoynes-Robson Head of Productivity Loan Market Preeti Kowshik Senior Mortgage Broker Home Loan Experts Renee Blethyn National Head of Broker Partnerships NextGen Richele Janjatovic Commercial Business Development Manager – Vic/Tas AFG Samantha Wills Head of Compliance Finsure Finance and insurance Suzi Trajanovski Director of Growth Loan Market Tanya Sale Chief Executive Officer outsource Financial Tes Anderson Business Development Manager Bankwest Vivienne Than Senior Mortgage Broker Home Loan Experts

www.mpamagazine.com.au 19For more information visit www.mpamag.com Entries close on 16 September WHO WILL BE NAMED AUSTRALIA’S BEST BROKER? Proudly sponsored by:

AUSTRALIA CONTINUES to become more culturally diverse, according to the 2021 Census. This provides more opportunities to all businesses, including the mortgage and finance broking industry. Australia’s peak body for the industry, the MFAA, says diversity is about recognising, respecting and, most importantly, valuing differences based on ethnicity, gender, age, race, religion and sexual orientation. “It’s important that we nurture a mortgage and finance broking industry that is set up to serve the needs of Australian homebuyers and business owners into the future,” says MFAA head of marketing and communications Stephen Hale. “This is so we can continue to provide customers with access to finance in an environment in which they feel welcome, understood and comfortable to be themselves. “Our members have told us that they value diversity and believe having a diverse industry is good for business. They also told us that they need support and resources to help them to achieve more diversity within theTheindustry.”MFAA has been pursuing initiatives informed by its annual diversity and inclusion survey to support brokers and the wider industry to take further action.

20 FEATURESwww.mpamagazine.com.au WOMEN IN BROKING

Hale says there are many factors, within and outside the industry, that influence why women continue to be under-represented. He says it’s important that the industry continues to understand these factors so it can ensure the broking business is accessible to women and offers sustainable career options.

brokingrepresentativemoreindustry

Striving for a

The number of female mortgage and finance brokers has fluctuated significantly over the years and is showing a downward

“In July, the MFAA launched its Women in Finance Broking networking events.

The need for this type of opportunity was clear, with all events across the country selling out within days” Stephen Hale, MFAA

“One thing that was clear in feedback from our members was the need for opportunities to connect with each other in a supportive environment,” Hale says. In July 2022, the MFAA launched its Women in Finance Broking networking

trend. This has prompted the MFAA to act. Since 2016, it’s shifted its diversity and inclusion program to support greater gender diversity within the industry. According to the 2021 Census, 50.7% of Australia’s population identify as female, yet the proportion of female brokers is just 25.6% – the lowest level since the indicator has been tracked – according to the latest MFAA Industry Intelligence Service industry data.

“Our goal with all our diversity and inclusion initiatives is to help brokers understand the barriers their colleagues and potential employees are encountering when it comes to being part of the industry,” Hale says. “Our strategic focus has been to provide resources to help our members look at ways to increase the diversity within their businesses and to increase retention, which we know is an ongoing challenge, particularly for women within the industry.”

The MFAA has devised a number of programs to ensure mortgage and finance broking is an attractive career option for people from all walks of life

“By showing what others are doing through the award, this provides a source of inspiration for others about what they can do that is appropriate to their business.

“The mortgage and finance broking industry remains a strong and vibrant industry that serves the needs of Australian consumers and business owners. By continuing to grow diversity within the business we can add to this strong foundation and ensure that it’s accessible to people from all walks of life as a career option.”

www.mpamagazine.com.au 21

many from being part of the industry, and this type of pathway in the industry can also offer the opportunity for young people or those without the financial resources to begin broking initially to enter the industry and build experience first.”

The MFAA’s e-book, Balancing Work, Life and Everything Else, includes case studies of brokers with a range of backgrounds discussing strategies they use to maintain events, which are designed to enable likeminded women and men to come together and support broader inclusion in the finance broking industry.

The MFAA has developed a guide outlining the government incentives available to broking businesses which could potentially support employment costs and training fees, such as for completing a Certificate III qualification.“Wehear from a lot of brokers who experience hurdles in establishing a sustainable balance between their work and all other aspects of life,” Hale says. “They often feel they need to ‘do it all’, and find it hard to take time out of their business for holidays and professional development. “Hearing from their peers about how they have put routines and businesses practices in place to support both a successful business and positive wellbeing is something our members told us they find useful in helping them to find what works best for their routine.”

The MFAA says providing a career pathway allows people from all backgrounds to enter the industry and progressively gain the skills and knowledge required to be a successful broker. There are also benefits to broking businesses of nurturing talent at the start of brokers’Thesecareers.benefits can include securing government incentives that enable a business to employ more staff than they may otherwise be able to, and to provide opportunities for candidates from diverse backgrounds. “Being part of the mortgage and finance broking industry doesn’t have to mean becoming a broker at step one, and, for women in particular, research has shown that a business with a structured plan is appealing,” says“StartingHale. a broking business can also require significant capital, which can preclude their wellbeing. Hale says every broker’s situation is unique, and the e-book profiles brokers with a range of circumstances, including those from two-parent families, brokers who are single parents or living with disability, regional brokers and those new to industry. It also guides brokers to other resources and services.

Source: MFAAIndustryIntelligenceServiceReport,13thEdition,1April–30Sept2021

Sponsored by DOWNWARD TREND IN PROPORTION OF FEMALE BROKERS IN THE INDUSTRY Apr Sept16-16 4,0004,5003,5003,0002,5002,0001,5001,0005000 05%10%15%20%25%30%28.3%3,700 3,871 27.4% 27.3% 27.1% 27.1% 27.0% 27.2% 26.9% 27.1% 25.8% 25.6% Apr Sept17-17 Apr Sept18-18 Apr Sept19-19 Apr Sept20-20Oct Mar16-17 Oct 17Mar 18 Oct Mar18-19 Oct 19Mar 20 OctMar20-21 Apr Sept21-21 3,708 3,779 3,746 3,679 3,361 3,267 3,292 3,209 3,249 Number of female brokers Proportion of female brokers

Hale says the response to these events has been“Thephenomenal.needforthis type of opportunity was clear, with all events across the country selling out within days.”

“Diversity and inclusion has so many opportunities for broking businesses that it can be hard to know where to start,” says Hale.

He says the MFAA also believes it’s important to recognise and showcase industryled initiatives and individuals championing diversity in the industry, so it introduced a Diversity and Inclusion Award category in the MFAA National Excellence Awards.

“We have several resources to assist brokers and their customers looking to improve their financial resilience, feel

Smith says that in practical terms financial wellbeing “is about what we do with the money we have – how easily we can pay bills, make loan repayments or cope with financial setbacks, like an unexpected expense or a fall in income”.“Italsoincludes a sense of confidence that we will have enough money to enjoy life, into retirement and beyond.”

ANZ’s Natalie Smith explains how the bank is helping customers achieve financial wellbeing A commitment to boosting customers’ financial wellbeing

People with low financial wellbeing were more likely to feel they had no support from family, friends and the broader community.

“During times of uncertainty, brokers are well placed to support borrowers with specialist knowledge and guidance when it comes to buying, upgrading or refinancing a home. It’s possible that the first conversation that these borrowers have about their financial situation may be with a broker.”

22 FEATURESwww.mpamagazine.com.au FINANCIAL WELLBEING

As interest rates and inflation continue to rise, people need to know how to manage their money.

Smith says ANZ is here to help.

The latest ANZ-Roy Morgan Consumer Confidence measure shows that consumer confidence is at its lowest level since 2020 and continues to fall, particularly among mortgageNatalieholders.Smith, general manager of ANZ Retail Broker, says some customers with fixed rate terms are starting to roll off their loans, and there may be borrowers who haven’t experienced rate increases before. “As a result, more home loan customers may be reflecting on their financial wellbeing and looking for additional support, to ensure that they have the right product for their situation and property goals,” Smith says. “Financial wellbeing is not about how wealthy we are, how much we earn compared to someone else, or how much we know about the economy. While these factors have a positive influence, financial wellbeing is about how comfortable and positive we feel about our money, today and for the future.”

People with ‘no worries’ were also more likely to seek information, guidance or support with their finances from formal or professional sources in the last year, with approximately twice as many doing so as those with low financial wellbeing, according to the 2021Australianssurvey. with higher financial wellbeing reported being more comfortable talking to their main bank or having money conversations with people in their close circle of family and friends than those with lower financial wellbeing scores.

ANZ has been exploring the financial attitudes and behaviours of Australian adults for almost 20 years. However, the most recent ANZ survey of adult financial wellbeing, released in December 2021, showed that only 29% of Australians had ‘no worries’ when it came to their financial wellbeing. Smith says that although there are socio-economic factors that can influence a person’s financial wellbeing, such as health, unemployment, earning potential and the stage they are at in their life journey, the ability to seek support from family, friends or the broader community is also important.

ANZ DESCRIBES financial wellbeing as a measure of a person’s confidence with money, and financial literacy. Paying bills and meeting mortgage repayments, as well as handling unexpected financial expenses, is especially important during these tough economic times.

“Taking steps to strengthen your financial wellbeing is a lot easier with the right tools, guidance and resources to support you,” says Smith. “If Australians believe that they cannot access this support from their family, friends or their local community, it’s not surprising that many people turn to a professional source for guidance.

The program connects participants with a network of like-minded women in the broking industry and provides them with a greater understanding of the media landscape, the skills to enhance their professional profile, and the opportunity to expand their network.

For more information on the ANZ Financial Wellbeing Program and to access the resources referenced in this article, visit au/personal/financial-wellbeing.www.anz.com. FinancialWellbeing:A Adults Australia,

To promote gender balance and improve outcomes for all genders, ANZ also partners with industry bodies such as Chief Executive Women, the Diversity Council of Australia, and the MFAA’s Opportunities for Women.

Source: ANZ report on

Surveyof

in

Valuing diversity As well as supporting financial wellbeing, ANZ has a strong commitment to strength ening diversity and inclusion within the bank and the wider financial services industry.

December2021 Sponsored by LEVELS OF FINANCIAL WELLBEING IN AUSTRALIA No DoingworriesOK GettingStrugglingby29% 11% 17% 43%

Natalie Smith, ANZ better together with our brokers to help Australians achieve their home loan goals.”

www.mpamagazine.com.au 23 borrowers to compare home loan scenarios and better understand changes to their home loan“Inrepayments.addition,the ‘Manage your loan’ page on anz.com provides insights and tips to help get the most out of a home loan,” she says. ANZ customers can also access personalised insights, such as their monthly ‘Spend Summary’ and ‘Your Money Report’, through the ANZ App. “At ANZ, we want to help shape a world in which people and communities thrive,” Smith“Supportingsays. our customers to make the most of their money throughout their lives is critical to this, and each day we are working good about the future, and make financial decisions with greater confidence.” The resources are not just for ANZaccredited brokers, or existing ANZ customers; they’re free and available to everyone, no matter who they bank with, saysANZ’sSmith.Financial Wellbeing Program is designed to help people become a “Financial Wellbeing” – or a better one – in six easy “Thissteps.program provides simple, practical and educational information to plan a budget, reduce expenses, manage spending and save for a rainy day,” Smith says. The program includes the ANZ Financial Wellbeing Calculator, which can analyse a person’s attitude to money, and their confidence in the future, and allow users to assess their current situation.

The ANZ Financial Wellbeing Challenge also provides weekly challenges, coaching, tips and tools to help people build new habits and do more with their money, regardless of how much they have. Outside of the program, Smith says ANZ’s home loan repayment calculator allows “Financial wellbeing is about what we do with the money we have – how easily we can pay bills, make loan repayments or cope with financial setbacks”

ANZ is also committed to supporting the LGBTQI+ community. The bank has its own LGBTQI+ network, ANZ Pride, and has been recognised as a leading employer for LGBTQI+ inclusion. The major bank has been a strong supporter of the Sydney Gay and Lesbian Mardi Gras and QLife, which provides peer support and counselling for the LGBTQI+ community.

Established in 2018 and run in partner ship with Notable Media, the ANZ Doyenne program is designed to raise the visibility of female brokers and drive a more balanced representation of voices in the industry.

Celebrating 25 years of free thinking Over the past 25 years, Liberty has helped more than 700,000 free thinkers get financial – and we couldn’t have done it without you. Whatever the scenario, we’ve always worked alongside you to consider the big picture. And just look at what we’ve achieved together! So, thank you. To all the business partners we’ve worked with over the years… you’re truly free thinkers too. To grow your business, speak with your Liberty BDM today. Approved applicants only. Lending criteria apply. Fees and charges are payable. Liberty Financial Pty Ltd ACN 077 248 983 and Secure Funding Pty Ltd ABN 25 081 982 872 Australian Credit Licence 388133, together trading as Liberty Financial. Call your Liberty BDM today 13 11 33 liberty.com.au/broker

backgroundsbrokersCelebratingofall

26 FEATURESwww.mpamagazine.com.au CULTURAL DIVERSITY

“My parents came here with nothing – no family, no English, no help – and raised three kids on their own. I wouldn’t have this life if it wasn’t for them risking everything to move here” Matilda Phan, Lendi

“My dad migrated to Australia by boat in 1990 due to war and conflict happening in Vietnam,” says Phan. “It wasn’t until 1998 that my mum was able to fly over and settle herePhanpermanently.”saysshe works hard every day, “knowing what my dad had to go through to make it to Australia”.

The group offers a range of pathways to enter the industry and progress within its network.“We’recommitted to fostering a diverse and inclusive community for everyone, both at enterprise level and within our group broker network,” Cramb says. “Our customers come from all back grounds and walks of life, and speak many languages, so it’s important that this cultural and linguistic diversity is reflected in our workforce. We actively elevate the voices and celebrate the successes of our people from diverse backgrounds.” These voices include those of Lendi home

“All the stories you hear about the difficulty experienced by migrants travelling by boat AUSTRALIA IS one of the most multicul tural nations in the world, with close to 30% of its population born overseas, according to the 2021 Census. So it makes sense that Lendi Group, which boasts Australia’s largest retail broker network, ensures that its brokers are representative of the Australian population. And it’s definitely succeeding: 36% of the Aussie broker network are born overseas, and many of its other brokers are secondgeneration Australians. “This highlights the opportunity we provide for people from diverse backgrounds to build a successful business by partnering with us,” says Lendi Group CEO of distribution Brad Cramb.

Lendi Group wants its broker network to be as culturally diverse as its customer base. Brokers Matilda Phan and Amandip Singh talk to MPA about how their experiences have shaped their values loan specialist Matilda Phan and Aussie franchise partner Amandip Singh. Matilda Phan Phan was born in Australia to Vietnamese parents. She started her career in card and fraud administration at a major bank, before joining Lendi in 2018 as an associate and then becoming a home loan specialist, achieving impressive results.

Earlier this year, Phan was part of the first Lendi cohort of brokers to be inducted into the group’s Signature program, an industryleading performance program that identifies the top-performing 10% of the broker network and provides opportunities to further develop and elevate their results.

Singh started working as a broker at Aussie Craigieburn in 2014 under the guidance of are true, and then some. My parents came to Australia with absolutely nothing – no family, no English, no help – and raised three kids on their own. I wouldn’t have this life if it wasn’t for them risking everything to move to Australia.”

www.mpamagazine.com.au 27

Phan says her parents’ experience had a huge influence on her values and work ethic. “I hustle now so they can enjoy life the way they deserve to. Nothing gets handed to you in life; if you want to be rewarded, you’ve got to Becomingwork.” a mortgage broker was a “fluke”, Phan says. She started as an associate just to test the waters. “I didn’t even know what an interest rate was. However, the idea of being able to help people achieve a goal really appealed to me. Turns out I had a natural aptitude for sales and was really interested in how the home loan process works, so that helped me pick things up quitePhanquickly.”says after becoming a broker she knew she had made the right call. “The home loan process can feel overwhelming for some people, so being able to simplify things for customers and help them achieve something significant is the most rewarding feeling.”

Aussie franchisee Jenny Pulford. They formed a partnership to open the Aussie Melton store in 2021, and the two are now co-franchisees at Aussie Melton. Singh also assists customers at the Craigieburn store.

Singh says it’s an honour to support other people from migrant backgrounds to build a life in this beautiful country and achieve the dream of homeownership. “I love getting to play a part in their success story.”

Phan believes it’s important for people from diverse backgrounds to see themselves represented in the industry. “Diversity in the mortgage broking industry is crucial,” she says. “As our country is made up of people from such a broad range of backgrounds, broker diversity enables us as an industry to connect with more people and better assist their unique needs.”

She says organisations should actively celebrate the wins of people from diverse backgrounds and engage with them to ensure their needs are being met. “It’s good for brokerages and aggregators to champion diversity initiatives, whether that’s through in-house programs or by celebrating causes like Harmony Day.”

Singh studied to become an accountant but was drawn to mortgage broking after arranging his own home loan through a broker and realising it aligned with his genuine desire to help people. “People are my passion,” he says. “In accounting I was at the computer all day.”

Sponsored by Aussie Home Loans and Lendi joined forces in May 2021 to form Lendi Group, marrying Aussie’s household brand and extensive broker network with Lendi’s pioneering tech and processes Lendi Group now has more than 1,300 brokers and 230 stores Since 1992, its brokers have helped over one million Australians People born overseas make up 36% of the Aussie broker network, with many more being second-generation Australians “Having lived in two different countries at different stages of life, I am able to relate to the experiences of people from culturally diverse backgrounds and treat them with empathy” Amandip Singh, Aussie Home Loans

“[Jenny has] guided me every step of the way and has shaped me to become a better broker and businessman,” Singh says.

He says coming from a different ethnic background has allowed him to develop cultural awareness and sensitivity.

Amandip Singh A franchise partner at Aussie Melton in Melbourne, Singh spoke limited English when he arrived in Australia from India in 2006, but he has since carved out a successful career as a mortgage broker. “I moved to Australia to pursue further study,” he says. “I quickly identified that I would be able to build a bright future for myself in this country, so I decided to stay here permanently.”

“Having lived in two different countries at different stages of life, I am able to relate to the experiences of people from culturally diverse backgrounds and treat them with empathy.

“A diverse broking industry provides an opportunity for customers to access a broker whom they feel comfortable engaging with, whether that be because they speak the same language or share similar life experiences.”

Aussie workshops and events also provide a great platform to network with a diverse group of brokers and benefit from shared experiences, Singh says.

THE LENDI GROUP BROKER NETWORK

“My background has also been a huge influence on my work ethic, by fuelling me to work tirelessly to achieve the life I envision for Singhmyself.”says it’s important for a broker to build connections and trust with their customers to help them feel at ease.

“We recognise that being truly inclusive requires a commitment to reconciliation,” she says. “It’s not possible to create an inclusive society if First Nations peoples continue to experience significant discrimination and marginalisation.“ForLiberty, intending to contribute to a reconciled Australia is not enough – we must be accountable for our contribution to reconciliation.”BastiansaysLiberty is only at the beginning of its reconciliation journey, but its vision is clear. “It begins with creating an organisation that understands and respects Aboriginal and Torres Strait Islander cultures. At Liberty, we believe our community has a role to play in reconciliation, and we are keen to do our part.”

28 FEATURESwww.mpamagazine.com.au FIRST NATIONS COMMITMENT

The government has apologised for policies that led to thousands of Aboriginal and Torres Strait Islander children – known as the Stolen Generations – being removed from their parents. Efforts are being made to close the gap between Indigenous and non-Indigenous Australians when it comes to life expectancy, health, education, housing, and incarceration rates. There is also a strong push to recognise Aboriginal and Torres Strait Islander peoples in the nation’s constitution, and in recent years there has been a wider acknowledgement and celebration of First Nations cultures. But it’s clear that to create a better understanding of First Nations cultures and meaningful dialogue between Indigenous and non-Indigenous Australians, it will require the efforts of individuals and organisations, not just the Bastiangovernment.saysinclusion has always been important to Liberty and the company is proud to have “built and maintained an incredibly diverse and inclusive culture”.

FOUR PILLARS OF THE REFLECT RAP

Relationships: Establish and strengthen mutually beneficial relationships with Aboriginal and Torres Strait Islander stakeholders and organisations.

Respect: Increase understanding, value and recognition of Aboriginal and Torres Strait Islander cultures, histories, knowledge and rights. Opportunities: Improve employment outcomes by increasing Aboriginal and Torres Strait Islander recruitment, retention and professional development.

Governance: Establish and maintain an effective RAP Working Group (RWG) to drive governance of the RAP.

Working closely with Reconciliation Australia, Liberty has committed to a formal Reconciliation Action Plan (RAP) designed to build awareness and provide tangible benefits for Aboriginal and Torres Strait Islander peoples. A RAP is a strategic document that outlines practical plans for action.

Liberty is dedicated to reconciliation with Indigenous Australians and has formed an action plan to attain that goal, says chief people officer Anne Bastian reconciliationtoWorkingachieve

Liberty’s RAP follows Reconciliation Australia’s well-established framework, which aligns with its own organisational values: fair, learning, accountable, invested and resourceful. “We consider this our first step in building respectful and enduring relationships with Aboriginal and Torres Strait Islander communities,” Bastian says. Liberty is focusing on how it can partner with Aboriginal and Torres Strait Islander communities to create economic equity. It has partnered with the Kinaway Aboriginal Chamber of Commerce to connect and build relationships with Aboriginal and Torres Strait Islander businesses. It will also soon be partnering with Supply Nation, Australia’s leader in supplier diversity.

The non-bank provides an annual online SBS Inclusion Program on Aboriginal and Torres Strait Islander inclusion for all staff to

Bastian says Liberty’s inaugural Reflect RAP sets out a purposeful agenda with 33 deliverables identified within four pillars: relationships, respect, opportunity and governance. “The knowledge we gather through actioning these deliverables – and the relationships we form – will enable us to actively contribute to reconciliation.”

AUSTRALIA HAS come a long way since its First Nations peoples were granted the right to vote in federal elections in 1967.

“In consultation with our internal Reconciliation Working Group, we have also launched a policy that specifically focuses on the needs of Aboriginal and Torres Strait Islander staff members,” she says. “It supports them to attend culturally significant events and ceremonies that they will have during certainLiberty’stimes.”RAP also features a major site-specific commission titled Cultural Reflections – Infinite Interconnections by the highly regarded Barkindji artist Kent Morris (pictured right). Morris says the work “speaks of infinity, interconnection, respect and reconciliation through a First Nations lens”.

Liberty’s new cultural leave policy allows individuals to exchange an existing public holiday with a day that’s more relevant to their beliefs and traditions. There is also a policy designed to support staff and their partners who are undergoing fertility complete. Bastian says the course is designed to help people understand the importance and advantages of Indigenous cultural diversity.

Liberty’s internal initiatives support a range of diversity dimensions, including gender, age, disability, LGBTQIA+ and cultural“We’rediversity.continuing our work towards greater LGBTQIA+ awareness and advocacy at Liberty, and our Pride Network is helping to lead the way,” says Bastian. Set up in 2019, the network aims to provide a safe space for LGBTQIA+ team members to support one another.

Bastian says financial services has historically been a male-dominated industry, and Liberty is committed to gender equality and empowering its female leaders with guidance, training and support. “We work closely with the Workplace Gender Equality Agency to monitor and improve opportunities for women across ourFemaleorganisation.”staffare supported through a range of programs and partnerships with Work180, Grad Girls and Diversity Council Australia.

www.mpamagazine.com.au 29

Bastian says as Liberty puts the Reflect RAP into action, “we gain a greater understanding of the needs of First Nations peoples”. “We also increase our awareness of what is required of us to provide a supportive and inclusive environment. Everything we learn guides us to make changes in our business that will strengthen our ability to have an impact on reconciliation.”TheRAPdeliverables to date have enabled staff to develop greater cultural awareness and professional development practices, Bastian says. “From our NAIDOC Week dance workshop to a moving Stolen Generations presentation, staff have enjoyed listening to and embraced a range of perspectives on reconciliation.”Oneofthekey actions of Liberty’s Reflect RAP is to improve employment outcomes by increasing Aboriginal and Torres Strait Islander recruitment, retention and professional development. “First Nations peoples are welcome to apply for any advertised role with Liberty, knowing that our application process allows us to respond in a culturally appropriate manner,” says Bastian. “By continuing to build a welcoming and inclusive culture, we hope to extend career opportunities and encourage more First Nations people to join Liberty.”

treatment. It acknowledges the challenges that couples face and offers compassion, understanding and support.

“Liberty is also a proud sponsor of MFAA Opportunities for Women,” says Bastian. Sponsored by

Anne Bastian, Liberty

“It’s not possible to create an inclusive society if First Nations peoples continue to experience significant discrimination and marginalisation”

While Evimero Finance supports different charities each year, one is especially close to

“We felt called by God to sell our house and move to Kenya with our then one-year-old daughter to look after the children,” Rutherford says. “It initially started as a children’s home; however, it now supports children to live in family homes either by reconnecting them with their extended families or by connecting them into new families.”

The Light: community Christian radio Red Nose: support for those affected by the death of a baby or child “We are blessed with a successful business, and it fills our buckets to be able to bless others too” Dee Rutherford, Evimero Finance

SFG-affiliated brokers Dee Rutherford, Christian Arsenis and Bernard Desmond discuss how they have benefited from a career in the industry and how it can help others Sharing the plentiful rewards of broking

CHARITIES SUPPORTED BY EVIMERO IN 2022 Kivuli Project, Kenya: kivuliproject.org

THERE’S A reason Australia is called the lucky country. It enjoys one of the highest living standards in the world and has abun dant natural resources, a strong economy and a thriving democracy. Dee Rutherford and her brother Christian Arsenis, directors of Melbourne brokerage Evimero Finance, and Bernard Desmond, CEO of Melbourne brokerage Blank Financial, understand Australia’s good fortune.

OM Australia: Christian mission agency SALT (Sport and Life Training): works to improve culture in sporting clubs

Rutherford’s heart. She and husband Dan set up the Kivuli Project in Kenya in 2010, when 40 orphans and vulnerable children were left displaced after their previous home closed.

MPA caught up with the brokers, who all aggregate with Specialist Finance Group. Evimero Finance: sharing prosperity Dee Rutherford and Christian Arsenis set up their brokerage in October 2019. “We felt led to establish Evimero, and set it up a little differently with the aim of not only being profitable enough to pay ourselves a set wage but to also be able to give back to charities and not-for-profit organisations with 100% of the profits the business makes,” saysEvimeroRutherford.means ‘prosper’ in Greek, and Rutherford says the brokerage wants “to encourage people to realise their potential to prosper in life”. Based in Warrandyte, the business employs a team of seven, which it expects to grow to 11 by the end of September – with four brokers and seven support staff.

Mackay Animal Rescue Society

Just One Cambodia: capacity-building through business initiatives in Cambodia

Trudy Crowley Foundation: support for those affected by ovarian cancer CBM (Christian Blind Mission)

The Kivuli Project focuses on the safety and welfare of children and families; counselling; COVID-19 relief measures; and family-strengthening initiatives.

Explaining the brokerage’s philanthropic approach, Rutherford says there is potential to earn a “truckload of money” in the finance industry if you’re good at what you do, and there’s the temptation to adjust your lifestyle to suit your ever-expanding bank balance. “But what for? We want to be generous with what we have and not only help our customers to prosper but others where we can too.”

30 FEATURESwww.mpamagazine.com.au PHILANTHROPY

Rutherford and Arsenis give 100% of their profits to charities each year. Desmond migrated to Australia from Dubai 10 years ago and set up a successful broker business and a new life for himself and his family.

Destiny Rescue: rescues children from sexual exploitation and human trafficking

Evimero Finance also supports Destiny Rescue, an Australian charity that rescues children from sexual exploitation and human trafficking in Latin America, Africa and Asia, and works to reintegrate them back into their communities.

Bernard Desmond was born in India to a middle-class family and moved to Dubai at the age of 22.

“These vulnerable, innocent children deserve their lives back,” says Rutherford. “The work of Destiny Rescue agents is extremely dangerous but vitally important.”

Desmond says initially he suffered from culture shock and struggled to find a job in lending, but he was eventually employed as a Westpac personal banker and then worked as an ME Bank mobile lending manager.

Bernard Desmond, Blank Financial Dee Rutherford with some children from the Kivuli Project in Kenya

“We help people achieve their financial goals, and we get paid well for it. It’s a great feeling and an even better vocation.” Arsenis says few people, especially those from a disadvantaged background, know what brokers do. “We think we are moving in the right direction though, with the amount of people using brokers to find the right loan for them. But there’s not enough staff to manage the growing demand, and there’s a real opportu nity for newcomers to learn, grow and forge a rewarding new career. “We’d love to see the industry start working with refugee agencies, schools and universities, starting at the grassroots of education, offering traineeships and raising awareness of our wonderful industry,” says Arsenis. “We need newbies to cope with the growing demand, and it’s not happening fast enough.”

“I am the oldest of two kids,” he says. “Growing up, my parents provided us with a great foundation through family values and education. I saw how my dad operated his business; a lot of my early learnings have come from watching him operate his business while raising a young family.”

Rutherford says Evimero Finance doesn’t openly advertise to clients that it gives all its profits“Weaway.areblessed with a successful business, and it fills our buckets to be able to bless others too. We want to challenge other successful business owners to be more generous with what they have. Just do something, give something to whatever cause may be close to yourSo,heart.”how can the mortgage industry boost diversity and “Educationinclusion?andexposure,” says Arsenis. “We know we are biased, but we think the mortgage industry is one the best, most rewarding service-oriented industries in Australia, helping people from all walks of life achieve financial freedom though home

Blank Financial: a career highlight

He married Lavinia in 2008, whose parents lived in Melbourne, and the couple moved to Australia in 2012 for a better future.

While he says he knew on arrival in Australia that he wanted to be a broker, he also wanted to provide for his family before starting his own business. In 2017, Desmond decided the time was right. “It’s been one of the greatest highlights of my career and life. This is a great industry that rewards and celebrates diversity, accepts people from all backgrounds and provides them with equal opportunity to succeed. This one decision has transformed our family’s life for good. We are so grateful.”

He says SFG’s support has been instru mental in helping him grow as a person and business owner. “SFG is not just our business partner; they are truly part of our family.”

While he had a comfortable life, Desmond says he was curious and wanted to travel abroad. He landed a job in logistics in Dubai and then moved into banking in 2006.

Sponsored by “This is a great industry that rewards and celebrates diversity”

www.mpamagazine.com.au 31 ownership or helping investors structure their loan portfolios to maximise their returns.

Desmond says the mortgage industry provides rewarding career pathways, and these need to be showcased to the next generation.

BROKERSKNOCKSOPPORTUNITYFOR

32 FEATURESwww.mpamagazine.com.au COMMERCIAL LENDERS ROUNDTABLE 2022

Buoyant is one word to describe the nation’s businesses, which have survived the pandemic and are looking for capital. A group of key commercial lenders and brokers joined MPA’s annual roundtable to talk about the market and where it’s heading

While the latest MFAA Industry Intelligence Service report shows that the number of mortgage brokers also writing commercial loans rose to 5,268 in April–September 2021, this was still just 28.8% of all brokers.

“The final component we see good demand for is construction, which is one area of commercial that’s had a really challenging 12 months, and it’s likely to have another challenging 12 to 24 months in relation to supply issues and staff shortages.”

La Trobe Financial remains calm but cautious regarding construction, Bannister said. “It’s a really finely balanced segment that requires lenders’ support to ensure the

www.mpamagazine.com.au 33

To discuss the opportunities for brokers and the state of the market, MPA brought together some of the major players in commercial finance for its 2022 Commercial Lenders Roundtable, held at Café Sydney.

Attendees included Chris Thomas, execu tive commercial broker and equipment finance sales, NAB; John Mohnacheff, group sales manager, Liberty; Ivan Mioc, general manager commercial broker, ANZ; Robynne Frost, former executive manager of broker partnerships, business banking, Suncorp Bank; Cory Bannister, senior vice president and chief lending officer, La Trobe Financial; Cameron Poolman, CEO, OnDeck; Jonathan Street, CEO, Thinktank; and Steve Sampson, chief commercial officer, Prime Capital. Representing commercial brokers were Isabella Constantinou, associate director at Simplicity Loans & Advisory and winner of MPA’s Top Commercial Brokers for 2022, and Nick Wilcox, an associate director at Blue CranePepperCapital.Money head of commercial Malcolm Withers was unable to attend in person but provided his views in writing. What trends have occurred in the commercial lending space over the last 12 months? The discussion kicked off with Cory Bannister tackling the first question. “The last 12 months have been a period of rebound for a lot of the commercial sector post COVID restrictions,” he said. “Some sectors, retail being one, hospitality, tourism – those that you would expect to rebound is what we’veHowever,seen.”

NAB’s Economic Data Insights EOFY Special Report, covering the week to 2 July 2022, showed a bigger than normal boom in spending almost across the board, combined with very strong business inflows. “All states except NT and Tasmania gained, with Victoria and NSW,” said NAB Group chief economist Alan Oster. “Results were especially strong in mining, manufac turing, hospitality and construction.”

DESPITE RISING inflation, higher interest rates, labour shortages and supply chain issues, commercial lending has held its own over the past 12 months. Conditions remain strong for many small businesses as they bounce back from the COVID-19 pandemic and look for fast, efficient access to capital.

While the major bank’s monthly business survey for June showed business confidence had fallen to a below-average +1 index point as global uncertainty, interest rate hikes and inflation clouded the outlook, business condi tions remained strong across Australia and most industries, including retail. As the residential property market softens, the opportunity for brokers to boost their business through commercial offerings grows. Supply chain problems mean SMEs need quick access to cash flow.

There are also fewer players in commer cial broking and therefore less competition.

Bannister said there were likely to be some headwinds on the way for those sectors, given the Reserve Bank’s two 50 basis point increases to the official cash rate in June and July. He said that while it had been a really strong 12 months of rebound for retail, hospitality and tourism, “they’re not out of the woods“Industrialyet”. logistics, on the back of the e-commerce boom, has done incredibly well and is likely to prosper for the foreseeable future,” Bannister said.

Office attendance had recovered better than expected, with more and more employers now calling for staff to come back in.

John Mohnacheff Group salesLibertymanager, Cameron Poolman OnDeckCEO, Steve Sampson Chief commercial officer, Prime Capital Ivan Mioc General commercialmanagerbroker,ANZ

Chris Thomas Executive commercial broker and equipment finance sales, NAB Isabella Constantinou Associate Simplicitydirector,Loans&Advisory

Frost said Suncorp Bank had seen strong demand for property development finance, supported by buyer demand and availability of residential property, but there had been supply challenges impacting the availability and price of building materials. She has also seen a significant increase in lending for warehousing, due to growth in demand from property developers as well as “Developersrenovators.arenow actually either getting all of the supplies up front, storing them, or even asking their suppliers to hold on to them. Quite a few developers have gone under recently because of supply issues,” said Frost.

Frost said that in the small busi ness sector, Suncorp Bank had seen businesses increasingly purchasing their own premises. “So that’s to escape the fear of being at the mercy of the landlord via increases in rent, and [due to] concerns about landlord hard ship or selling to capitalise on property values,” she said.

“We have the largest agri bank across Australia, and what we’re seeing is that the global instability is continuing good, strong demand for Australian produce,” he said. “Despite some of the weather challenges, including floods, regional Australians are really living up to their reputation, and their farmers are very resilient. They are in extremely good shape. They are looking to expand, and their only constraint is essen tially lack of labour.”

Nick Wilcox Associate director, Blue Crane Capital BROKERS significant debt, which is encouraging.”

“We’ve also seen a lot more confidence in start-up businesses prepared to take on

Malcolm Withers Head of Peppercommercial,Money

Chris Thomas concurred, adding that regional Australia was another part of the economy that was growing strongly.

THE PANELLISTS

Jonathan Street ThinktankCEO, Robynne Frost Former executive manager of broker partnerships, business banking, Suncorp Bank

He said commercial was a natural hedge against inflation, and it was an asset class that, despite some challenges, was likely to attract further strong demand and perform well over the next few years as “residential cools a little bit”.

Cory Bannister Senior vice president and chief lending officer, La Trobe Financial

sector continues to progress. However, you do need to go about it in a really careful and cautious way.”

“There’s still huge pockets of investor capital chasing high-quality assets which produce a good yield with less volatility than perhaps equities or crypto, for example –both of which were popular in the last two or threeRobynneyears.”

Chris Thomas, NAB

“We have the largest agri bank across Australia, and what we’re seeing is that global instability is continuing good, strong demand for Australian produce”

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Adding to Thomas’s comments about agri finance, Frost said Suncorp Bank had a strong agri book. “A strong trend we’re seeing is succession planning [in farming]. Mum and dad are moving out or retiring, and the kids are taking over,” she said.

Cameron Poolman said OnDeck, like the other lenders, saw the same trends in terms of commercial finance growth across the board. “We’re seeing probably a bit more granu larity in construction – the ones that we’re wary about are the fixed-price contracts; builders are stuck with supply chain infla tionary pressures,” said Poolman. Australia also differed slightly from other overseas markets, Poolman said. “You look to the US – everyone’s quite pessimistic about how the world’s going to look and around consumer confidence, and we don’t feel like “Mattthat.Comyn [Commonwealth Bank CEO] just came back from the US with a Thomas said labour shortages were an ongoing concern in capital cities for trading businesses but more acutely in regional parts of the country. “But the positivity of that is it’s forcing innovation, and we’re a seeing strong demand for equipment financing as farmers move to future-proof their busi nesses through automation.”

The flow-on effect was that for the first time in a long time, resilient country towns were growing beyond their traditional foot print of families and communities, “which is driving more businesses and population growth”, Thomas said. He said this was exciting because these regional towns have positive infrastructure “Many SMEs are looking to invest more into their businesses post-pandemic. The opportunities for brokers are there, especially with an estimated two million SMEs in Australia desiring a trusted business adviser” Malcolm Withers, Pepper Money

Commenting on the SME market, Steve Sampson said small businesses were coming to Prime Capital for funding. “We’re seeing the requirements for working capital for customers that used to be bankable a couple of years ago who are now finding it difficult to get working capital from the majors,” he said. “A lot of customers are coming to us; we’re basically bridging them while they’re recov ering so that they can be bankable again.”

INCREASING NUMBER OF MORTGAGE BROKERS ALSO WRITING COMMERCIAL LOANS Apr Sept16–16 Apr Sept18–18 Apr Sept20–20OctMar16–17 OctMar18–19 Number of mortgage brokers writing commercial loans OctMar20–21OctMar17–18 Oct Mar19–20Apr Sept17–17 Apr Sept19–19 Apr Sept21–21 2,0003,0004,0005,0006,0001,0000 Source: MFAAIndustryIntelligenceService,13th edition, April–September 2021 5,268 4,7274,5394,486 3,6703,4813,6173,668 2,932 2,627 2,374

and great communities but have struggled to attract people in the past. “Now it’s drawing people to them. Maybe the pandemic has brought a shift back to understanding what the opportunities are in regional Australia,” he said.

Sampson said SMEs also wanted funds quickly. He agreed with Frost’s earlier point about tenancy issues. “With interest rates being low, it’s been cheaper to buy premises than to rent premises. Commercial purchases are at the fore; as the economy picks up, we’ll see more and more of that happening I think.”

At ANZ, Ivan Mioc said the need for working capital wasn’t a trend a year ago. “I think the pandemic put a lot of deposits into the banks,” he said. “Now we’re starting to see that probably taper off, and the requirement for working capital has started to pick up.” Cafes, restaurants and accommodation industries were lifting, he added. “I think local accommodation, particularly in the country, is starting to really pick up; where perhaps pre-pandemic people were probably travelling more overseas, now they’re moving aroundMalcolmAustralia.”Withers said Pepper Money had seen customers needing help and assistance “We’re seeing a lot more commercial bankers [shift into broking], and it’s a credit to all of us in the room that have been involved in the industry”

“Unpicking that for customers really does present an opportunity for brokers to present lots of different solutions to speed up the access to capital. Access to capital still remains a big issue,” he said. Due to the lack of staff, the aspiration to “own four restaurants is gone”, Poolman added. “They’re going to own one and have a really starting to say, ‘well, you really do need a diver sified portfolio beyond managed funds’. As a result, we’ve seen an enormous spike in selfmanaged funds and limited recourse borrowing arrangements,” Mohnacheff said. Agreeing with Bannister’s point about businesses changing from rentals to property purchases, he said business owners were now able to make large lump-sum contributions through their super funds and use that asset to buy a commercial property.

Robynne Frost, Suncorp Bank across three keys areas: debt structuring, access to longer loan terms, and access to higher“ThisLVRs.hasprovided customers with access to debt solutions that empower them, using a loan structure that best works for them, whether it be reduced repayments through longer loan terms, reducing the deposit needed to enter the commercial property market, or debt consolidation allowing the customer to refinance their debts to a lower repayment.” What sectors of the economy are thriving and need finance? For Liberty the biggest trend was a change in financial planning, said John Mohnacheff.

“The moment financial advisers went feefor-service, they were less inclined to protect their asset base. More and more of them are

“That’s burgeoning. It’s a really wonderful thing,” Mohnacheff said. “Financial planners are starting to get on board and are recom mending that. So the trend is working more closely with financial planners, and that’s an absolute benefit for the entire economy.”

Thinktank had also seen a significant shift in its borrowers, said Jonathan Street. cool online offering and invest in that,” he said. “And so utilise things that don’t require people. I’m not sure how that’s going to play out into the future.”

similar perspective that Australia may not be as negatively impacted as what we’re seeing in thePoolmanUS.” said small businesses were borrowing money to add cash because the supply chain was really difficult, and they just didn’t have time to access capital when an order came in. “And so that’s a new thing for us. They actually don’t have a purpose; they just wantSampsoncash.” said SMEs were experiencing a “perfect storm”, in that they were not able to get cash but their property values had increased over the last few years, so they could tap into those properties to secure cash to get them through.

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Thomas said this highlighted that brokers, bankers working with brokers, and their credit teams really needed to understand all elements of the supply chain.

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Nick Wilcox said industrial finance was the top priority for his clients.

“It’s a lot more common now to buy a commercial property; there’s lenders doing About 90% of Thinktank borrowers are self-employed SMEs, and 80% have been self-employed for five years or more. “Where these borrowers would have come to us in the past and borrowed through personal names, companies or trusts, they’re increasingly shifting to self-managed super funds because of the long-term wealth advantages of those, plus the ability to manage cash flow effectively,” said Street. Business owners could also put surplus funds into their SMSFs or adjust rent within the current market range to manage their cash flow in the business. Street said SMSFs were also an asset protection mechanism: if COVID-19 lock downs or other unforeseen circumstances arose, the property in the SMSF was protected from other creditors.

But Constantinou said the biggest recent trend was clients being uncertain about what they wanted to do. “They might come to us with an inquiry and then take three months to decide whether they actually want to proceed with it, whereas typically, it might have taken three weeks.”

“One area that I particularly have seen a lot of growth in recently is regional prop erty,” Constantinou said. Where developers had typically “played in the metro areas”, they were now seeking regional areas to set up land hubs and tap into growing regional markets. “I definitely see that in the property development space as some potential for growth there.”

“Traditionally, my clients have been a mix of SME borrowers and commercial inves tors. They previously would have wanted to buy a house or a resi investment property, but now they are becoming more educated on the appeal of commercial property, yields and capital growth for certain asset classes. Also, we’ve seen an uplift in PAYG clients also getting into commercial investment properties,” Wilcox said.

Withers’ view was that industries performing strongly included those that serviced the digital economy, businesses that provided bespoke manufacturing of parts, and the energy industry, which had grown significantly in the past few years. “This has resulted in strong performance in assets such as warehouse/industrial, and we are seeing a strong appetite by investors for recovering assets such as retail and strata management, especially in suburban areas,” he said.Isabella Constantinou said everyone was sharing great insights. She said more was happening in the industrial space in terms of commercial and investment assets, with businesses looking to improve logistics. She also highlighted the growing regional centres as an opportu nity for growth for investors and developers.

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Street said it was a great time for brokers because there were more reasons to talk to their clients and support their business refer rers with options for lending in multiple ways.

Ivan Mioc, ANZ

A lot of commercial borrowing was attached to warehouse and industrial, he said, with borrowers looking to acquire premises so they could run a “business that will be flexible and adaptable under changing circumstances”, particularly in infrastructure, support services, logistics and“It’sdistribution.thesame themes that Steve and Cameron mentioned around cash flow and managing their borrowings to give them extra flexibility should different circum stances present,” Street said. “We’re also seeing a lot of professionals moving back out to the suburbs and buying property there because of the decentralisation away from the CBDs and hybrid working.”

RISING VALUE OF COMMERCIAL LENDING SETTLED BY MORTGAGE BROKERS ($) Source: MFAAIndustryIntelligenceService,13th edition, April–September 2021 Apr Sept16–16 Apr Sept18–18 Apr Sept20–20OctMar16–17 OctMar18–19 OctMar20–21OctMar17–18 Oct Mar19–20Apr Sept17–17 Apr Sept19–19 Apr Sept21–21 8.05bn 7.90bn 8.85bn 8.94bn 9.05bn 8.79bn 8.99bn 9.69bn 9.37bn 10.27bn 13.40bn

“Businesses are resilient; the pandemic has taught us that. They’ve adapted to new ways of operating, and we’ve got a strong economy backed well by financiers”

Poolman said small businesses were impacted by consumer confidence, which had dropped, but this may have been affected by people coming out of the pandemic.

Frost said SMEs were operating in different ways to complement or maximise their cash flow. “A trend we’re seeing is more businesses with outstanding tax debt, and the government is now starting to offer formalised, structured repayments. This illustrates businesses have been struggling with cash flow.”

Construction had experienced pain points, including the fallout caused by large building

Short-term unsecured loans offered by OnDeck were not generally promoted through advisers, Poolman said. “We’re speaking to a lot of our customers – their accountants are actually saying this is a good idea for you to have this cash available to do what you wantBannisterwith.” said labour was also causing an issue. “We really need to accelerate migration back to those historically normalised levels. Everywhere you look there’s labour shortages.”

How are rising costs, higher interest rates, supply chain issues and staff shortages affecting businesses and commercial lending?

“A lot of lenders also help clients with buying their owner-occupied property at 80% to 85% LVR, with low rates over a 30-year term, similar to a home loan repay ment structure which helps with cash flow.”

“In our sector, for instance, the cost of recruitment has increased significantly, and I query the sustainability of that shift.”

He said the shortage of workers was creating pressure, both in terms of having people actually doing the work, but also its impact on wages: in some sectors, wages had been pushed to record levels.

companies getting into trouble due to supply chain problems and interest rates, which were only going to get worse, Sampson said. “Counterbalancing that, you’ve got busi nesses that are bringing back manufacturing to Australia because of those reasons, and that has got a direct flow-on then to property.”

In addition, Suncorp Bank has been seeing a trend of businesses choosing to arrange monthly payments for services such as electricity instead of paying them off on a yearly basis, Frost said. Sampson pointed out that interest rates hadn’t really kicked in yet. “So it’s hard to say really how business is going, because we’ve never written as much business, but that might be a part of the market that we operate in to help those customers and get from A to B.”

Wilcox said he had a lot of clients with SMSFs, both for investment and owneroccupier purchases, but mainly commercial.

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The vital part SMEs play in the Australian economy – data as at June 2020 There are 2.4 million SMEs in Australia They employ more than 7.4Australiansmillion SMEs generate >$700bn of the economy’s output

ECONOMIC SIGNIFICANCE OF SMALL BUSINESS LENDING

“Traditionally, we look at discretionary spending and see what small businesses are impacted by that, but we just haven’t seen them impacted yet, so that’s something we’re watching really carefully.”

Manufacturing businesses were looking for industrial property, and he believed this was a good thing for the economy.

This was “super important” to solve a lot of challenges for commercial and SME busi nesses, Bannister said. Mohnacheff said immigration was the key to addressing staff shortages. He said if Australia adopted the new policy (which had been in place in New Zealand for years), which he described as a “wonderful, welcoming approach to labour”, it would go a “long, long “We’ve seen an enormous spike in self-managed funds and limited recourse borrowing arrangements. Working more closely with financial planners, accountants and advisers is an absolute benefit for the entire economy”

John Mohnacheff, Liberty lease-doc [loans], doing a lot of them at 70% LVR.

Source: SmallBusinessAccesstoFinance:TheEvolvingLendingMarket research paper, Australian Productivity Commission, 30 September 2021

“One thing that’s come out of a pandemic is that we’ve realised that we can’t control the supply chain, and it’s going to run havoc with our economy until we do,” Sampson said.

“Likesolutions.Nicksaid, the lease-doc solution is a

Constantinou agreed that there were definitely opportunities for residential brokers to diversify into commercial.

Mohnacheff added that the ATO had returned to its pre-COVID debt collection diligence. “They were on a little hiatus for two years as many struggled through COVID lockdowns and hardship, but the government collection agency is now going to be quite serious in collecting that [tax debt]. “Brokers should be aware, not panic. There are lenders out there who don’t mind tax debt. Right? You’ve got a tax debt because you’ve made a profit.” Mioc said ANZ knew that businesses were resilient. “The pandemic has taught us that. They’ve adapted to new ways of operating, and I think most points about labour are right, and all the things we’ve spoken to. “But I genuinely think that we’ve got a strong economy backed well by financiers, and I think businesses will see this through; we’ve already seen that.” In response, Street said: “Well, the last thing the RBA wants to do is pull the rug out. They don’t want to see unemployment dramatically rise; they don’t want to precipi tate widespread business failures.”

There’s a record number of mortgage brokers moving into commercial finance. What’s attracting them? Wilcox said for most brokers the attraction to commercial was to be able to help their clients with all their finance needs, ensuring they were offering the full suite of lending options for property transactions.

If the residential broker referred their client to a commercial broker, they could be at risk of losing the client altogether, so those trusted partnerships were important, he said.

Thomas said if the trusted adviser emerged from that, it would be someone offering advice and comfort by dissecting the impact of rates and other challenges affecting SMEs. “Interest rates rising alone should not be a deterrent from future business investment when this country has such a fantastic oppor tunity to seize the day,” he said.

Thomas agreed with Poolman’s comment about Australia being in a good position. “We have to keep reminding ourselves of that sometimes, and not getting caught in the headline,” he said. Street echoed Thomas’s comments and said low interest rates and intense competi tion meant that the cost of borrowing had insulated businesses’ ability to contend with these“Asfactors.ratesrise, there will be an increasing challenge for borrowers and businesses to deal with these very front and centre issues that aren’t going away any time soon,” he said. “It’s the best time for brokers to be closely involved with their clients to help them through the many challenges that we’re going to have ahead, because cash flow is going to tighten quite a lot over the coming months.”

“It’s hard to say no to a client. Most mort gage brokers are individual operators, so if you’ve got a network of clients and you get an opportunity, it’s a difficult conversation to turn a client away or on to another operator.”

Thomas switched the discussion to interest rates, which he said were very topical. “We’re still in a very low interest rate envi ronment, particularly around the commer cial side,” he said. “This is a fantastic opportu nity for commercial brokers to be able to unpack for their clients what a rising interest rate environment looks like and put context around it, in respect to what the opportunity is of investing in their business.”

www.mpamagazine.com.au 43 way to fixing our supply chain issues and our labour“They’reshortages”.notgoing to come in and start farming in the major cities,” Mohnacheff said. “They will come and actively work in these emerging wonderful rural communities which have been horribly underserviced.”

It was also getting easier for brokers to offer commercial lending in the investment and owner-occupier spaces, Wilcox said, adding that trade publications such as MPA were also encouraging brokers to diversify.

However, “there’s some brokers that don’t want to do it,” he said. “I get residential brokers giving us deals who say, ‘I want to stick in my lane; I’ll give you the commercial’.”

“Since COVID, there’s been such immense competition in the market with some of the major banks that pulled out of certain assets in commercial lending,” she said. “There was so much competition in the non-bank space and so much opportunity for alternative lending

“What we’re seeing more recently is just the broader lender landscape has become much more broker friendly. The majors used to try and resist dealing with brokers and commercial, but now they’ve had a renais sance and they’re actively out there supporting and offering better deals, better engagement, better processes.”

I first started, only 50% of people used a mortgage broker; now it’s 70% –so these guys are actually going to use a broker to get their commercial finance”

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Cameron Poolman, OnDeck shop deals so their clients could take advan tage of lending opportunities.

Sampson said every time Prime Capital did a webinar or training “we’ll get an application that brokers didn’t know they could set, and very soon after we get another one”. It was up to commercial SME lenders in the space to educate brokers, he said. “I think the stat is 28% of [residential] brokers have written one commercial loan last year. It should be a lot more than that. They’ve got self-employed people on their books. We try and teach our brokers how to mine that database to see who might be avail able and how we can really make them solu tion providers as against just brokers.”

“Whenfinance.”

Street said there was still a long way to go, but it “was coming together with a lot of effort across the industry”.

Diversification had been a long time in the making, said Street, who praised the good work of aggregators, industry associations such as the MFAA and FBAA, and lenders for educating brokers and helping them work very easy way for resi brokers to write some commercial business if they see that their client has an investment property in their portfolio. It’s a very simple way to start.”

Constantinou said residential brokers could easily dabble in commercial finance if they had a fundamental base knowledge of it. “I think there’s a great support system within the industry to help resi brokers gain more knowledge on how to play in the commercialResidentialspace.”brokers could get involved in commercial lending through a referral network or by writing business directly through banks, she pointed out. “If you’re trying to do both, say, 50–50, that’s where it becomes quite difficult, because the home loan space is so regulated; there’s so many policies that don’t necessarily apply to commercial,” said Constantinou. Mioc said the broker aggregators had done a really good job of promoting diversifi cation through their education streams. “That’s great from the aggregators’ perspective but also for the brokers to be offering a full service to their clients, and as Nick mentioned, the additional income stream is also valuable for brokers,” he said. “We invest heavily in making sure that as brokers are diversifying, they’re getting the right education; they’re learning about the complexity of servicing commercial customers. So, I think, more broadly, the industry is kind of pushing this way, which allows the broker to retain and then grow stronger relationships with their customers, and I think that’s an absolute trend in theSampsonindustry.”said the home loan market was very crowded, so he questioned whether brokers would want to play in that pool or would find it easier going elsewhere. “My BDMs this year are not BDMs in the real sense; they’re coaches and they’re trainers. We’re spending a lot of time talking to brokers about how we operate, our differences, and how easy it can be to write commercial

Another emerging trend, said Frost, was an increase in people choosing broking as a career. “We’re seeing a lot more commercial bankers [shift into broking], and it’s a credit to all of us in the room that have been involved in the industry.”

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Poolman agreed. He said that with 2.4 million small businesses in Australia and one in five consumers running a small business, there were big opportunities for brokers. “When I first started, only 50% of people used a mortgage broker; now it’s 70% – so these guys are actually going to use a broker to get their commercial finance. “If you don’t do it, they’re going to go somewhere else. Do you want to hand your relationship to someone else? Everyone’s getting better at engaging with brokers from a funding point of view.

“In our type of product, it’s six months of bank statements and you’ve got an approval in two hours, and that’s actually getting easier for the brokers to deal with and service the customer.”

“Many SME owners are looking to invest more into their businesses post-pandemic. The opportunities for brokers are there, “Industrial logistics, on the back of the e-commerce boom, has done incredibly well and is likely to prosper for the foreseeable future” Cory Bannister, La Trobe Financial

Withers said that despite supply chain disruptions, increasing expenses, staff short ages and wage pressure, SMEs were confi dent about pivoting their businesses and finding new opportunities to thrive.

Mioc agreed there had been a trend of new brokers being accredited who were formerly commercial and corporate bankers and “really understand the complexity of commercial transactions”, and perhaps that wasn’t happening pre-pandemic. “We’ve seen more mortgage brokers diver sify, and we’re seeing more good commercial and corporate bankers entering the commer cial broker industry,” Mioc said. Thomas supported the point that growth was coming from both mortgage brokers moving into commercial and the ex-busi ness banker who wanted to become a commercial“Touchingbroker.onthe industry bodies and the aggregators, I would say the work has only just begun,” he said, “because a number of the bankers going into broking get quickly consumed by volume and need to spend time on their businesses.” He said there was a great opportunity for the industry to support new small business owners in growing their businesses over and above customer interactions and transac tions by helping them recruit staff, develop their strategies and build their businesses. He added that mortgage brokers also had to ask themselves: What was their core? What was their value proposition? How did it fit into a broader strategy? “Commercial may not be for everyone, just as mortgages are not just for everyone,” Thomas said. Sampson argued that the more diversified a broker’s book was, the more valuable it was – that had been proven many times. “So, if they have a mix of home loans, commercial and leasing, you’re going have a much more valuableStreetbusiness.”saiditwas also a defensive play for brokers to offer that wider value proposition. “So, if the client is going to think about their need for residential, commercial, or other types of finance, they ring their broker first and not the bank, or may be introduced to another broker via an accountant or a lawyer. So they become more of a relationship manager and control the client link.”

Frost said broking was not only an incred ible career choice but would lead to growth in commercial finance. “I think that by having more experienced commercial bankers join the industry, this has really helped us balance out the skill base of brokers.“There’s a big difference between a lazy commercial transaction crossing a home loan broker’s desk, as opposed to a goodquality broker who is really committed to diversification.”Frostsaidthere were plenty of options for brokers; “if it’s just the one [commercial] transaction, a referral program is a better outcome for that customer”.

Fast, simple, loans.™ So your clients can get back to business. That’s how many aggregators have added us to their panels in the last year. Find out why. Call 1300 766 info@primecapital.com075 primecapital.com/solutions

2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Sensis Business Index

*Since July 2019, surveyed SMEs have been asked about their perceived ability to access finance currently compared to two months ago. Prior to this, SMEs were asked for their assessment on access to finance at a point in time. ‘Net balance’ is the share of SMEs stating that it is relatively easy to access finance, less the share stating that it is relatively difficult.

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SHARE OF SMES FINDING IT DIFFICULT

Constantinou said the commercial space was so complex and vast compared to resi dential finance. “I think what deters a lot of residential brokers is that there’s so many different facets of it. Maybe they don’t know where to start.”

Having a support network and being educated by industry bodies and lenders was key so brokers didn’t feel commercial lending was “a daunting space to enter into”, she said. Wilcox said the aggregators, the MFAA and banks were now doing a much better job of supporting brokers to diversify into commercial finance. Formerly a small business banker at St. George Bank for six years, he said a lot of residential brokers would contact him, and he would educate them or write a deal for them. Mohnacheff said a very interesting statistic illustrated the importance of commercial lending.

What are the advantages for brokers diversifying into commercial lending, and how do you support them to be successful?

From an educational and professional development perspective, Constantinou said there was a long growth trajectory for a residential broker’s business.

“Residential brokers can easily dabble in commercial finance if they have a fundamental base knowledge of it. There’s a great support system in the industry to help them gain more knowledge” Constantinou, Simplicity

“If you ask any family that’s taken a home loan through a broker and in two years’ time ask them who the broker was, 95% will not be able to tell you – fact,” he said. “It’s been proven by Aussie and all the big resi writers: it’s very difficult just to remember that one transaction. But when you have a commercial transaction with a broker, you don’t do it like, ‘oh, I’ve got to get rid of this customer really quick; I only want to touch them once, I want to move on to my next deal’ – you work with that individual.”

Loans & Advisory

especially with an estimated two million SMEs in Australia desiring a trusted busi ness adviser. Brokers are increasingly sought after to help SMEs achieve their short- and long-term business goals.”

“They can pick one segment, learn what they need to learn, start playing in that area of commercial, and then once they’ve got their handle on that, move into something else and slowly grow their business until such point where they might be writing a little bit in all segments of the commercial lending space.”

ACCESS FINANCE Relatively2011 difficult Relatively

Bannister said there were four key bene fits to broker diversification. Firstly, it would diversify the broker’s TO easy Net balance

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The connections or “sinews” between a commercial customer and their broker were far stronger, said Mohnacheff. “Commercial people will go back to the well again and again. Once they’re there, it’s wonderful repeat busi ness, and as their business grows, so will the broker’s business. There’s so many more touchpoints along the life cycle of a commer cial loan than there ever is in a home loan.”

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“Our business sits behind the broker, helping them build their business.

Frost said one area where more support could be required was with the lending choices commercial brokers offered to clients. “We talk about best interest duty – more commercial brokers are talking to us about ‘we want to make sure we’re providing the right choice for our customers’,” she said. “I actually think, as a collective industry, we have to do a better job of keeping our brokers informed of all commercial product choices available to their customers.”

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Constantinou said this was a key factor, and she tended to use the same lenders over and over again because it was self-fulfilling. “I end up building a better relationship with those certain BDMs, so then we’re able to facilitate what we think is a better option for the client, but there might be something out there that we’re not even aware of, because some of the banks just may not be as forefront for us,” she said.

revenue stream. “You haven’t got all your eggs in a particular segment of the market, so if you’re a residential broker and the market turns, you’re not left exposed,” he said. “I think it’s really important when we talked about the rising-rate environment, commercial being a natural hedge.”

The second benefit for brokers was being able to market themselves to a wider audi ence and originate more customers who supported the broker’s residential business. Thirdly, the broker could protect their revenue stream by protecting their customer footprint. “Because if you don’t service them, they will call the bank or another broker, and once they’re gone for the commercial transac tion, as to John’s point, you helped them during the hardest stuff; the easy stuff goes as well.”

It’s about making sure they have all the support, tools and information that helps them do their job quickly and efficiently”

Jonathan Street, Thinktank

Frost admitted it would require extensive lender support, but she said it definitely warranted consideration. From a broker’s perspective, Constantinou said it was an “out of sight, out of mind thing”. “We deal with the lenders that we speak to and see and have something to do with regu larly. The other ones just get lost in that noise of blasts from the BDMs about new policies or rates,” she said. “Some lenders would see more business just by appearing in front of us and saying, ‘Hey, guys, this is our offering. This is how we can support you as brokers; this is how we can support your clients; and this is where we have a distinguishing factor for a lot of transactions’.”

“We are long-term advocates for the training and education of brokers, and actively support brokers with regular training,” Withers said.

Withers said momentum was continuing to build for brokers eager to diversify into commercial lending. “Brokers can diversify their revenue stream and build stronger relationships with clients not just for home loans but for those looking for business solutions also,” he said. He said Pepper Money tools such as the Pepper Product Selector, over 20 years of specialist and SME knowledge, dedicated BDMs around Australia, and a real-life approach to making deals happen created a game changer for business owners and brokers.

Bannister said the fourth benefit was protection against regulatory change. “Up until two months ago, we still had the spectre of a rem [remuneration] review hanging over the broker industry. Thankfully, that appears to have been stayed for now, but one thing 2020 taught us is to expect the unexpected, and don’t think that perhaps it won’t go around again. So I think commercial could be looked at as regulatory hedge to the residential space.”

He said whether brokers were seeking alternative verification loans that were faster and simpler, or an equity release, an 80% LVR, or a loan size of up to $4m, Thinktank wanted them to have a succinct view of what it could offer as a lender and where it wasn’t able to help.

Mohnacheff said Liberty was also purely broker, and one of the niches it had relied on for a very long time was accountants.

“You go to an accountant because you’re the one to start a company, to help companies in financial difficulty, or to assist those with an ATO debt, right? That’s small businesses;

Thomas said the question about access to capital was one that came up regularly. “So clearly, as an industry, we have to keep working harder at connecting to the 2.4 million small businesses, and for NAB’s part, what we promise to brokers is that we will give you access to the best of NAB. “With many agri centres, business centres in metropolitan areas, a lot of specialists and support bankers, our BDMs, all up on any one given day we’ll have about 800 of our colleagues connecting with brokers. We want to support those brokers to connect with moreRegionalcustomers.”locations were as important as metro locations in making sure all clients that needed support had those connectivity points, Thomas said. “Part of it’s about products and services, but a lot of it’s about insight and partnership. We very clearly see brokers as trusted advisers.”

“It’s all about being clear with brokers as to where we can help, so we don’t waste their time,” Street said. “It’s really just making sure that our business sits behind the broker, helping them build their business. We’re not after access to the client or the client relation ship. It’s about making sure that the broker has all the support, tools and information that helps them do their job as quickly and as efficiently as they can.”

“Brokers would say to us, ‘we’re struggling getting referral sources’, and we would say, ‘have you tried accountants?’

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“Traditionally, my clients have been a mix of SME borrowers and commercial investors, but now I’ve seen an uplift in PAYG clients” Nick Wilcox, Blue Crane Capital

Sampson said one of the approaches Prime Capital took was to not just teach or show brokers the products but actually show them the market. “So, where is the commer cial market, the SME market? Where are the gaps in that market? How can you fulfil them? And how can you actually mine your database to find those little pearls that will diversify your business?”

“Our current training program covers technical-based training on our products and policies, assessing customers’ income and servicing, as well as training focused on developing confidence by giving brokers the tools they need to identify an opportunity and have a quality conversation around it.”

Some studies have shown that SMEs find it difficult to access finance, or don’t know where to go. How are you reaching these customers and ensuring a smooth loan process for brokers and clients?

Thomas said the role NAB looked to play with its brokers was to give them access to what it had as a big national bank and allow them to draw down on those products, services, insights and advice to support them in their conversations. He said the bank wanted to build longterm relationships with both brokers and their customers. “That is the essence of commercial relationship banking, relation ship broking: be there three, four times a year for them when they need you.”

Thinktank deals only with brokers, so Street said the non-bank’s job was to support brokers and their clients.

“There’s a yawning gap there – a lot of that 70% are going to be small business people. I think it’s a matter of time before those customers that naturally would go to a broker for a home loan should be naturally going to a broker for a commercial loan. The only thing that would stop that is probably that the broker is not offering that.”

That business would then say they found it hard to access capital, Poolman said. “The opportunity as the broker is to present whether it’s equipment, finance, data finance, unsecured finance, property secured, what ever the right product is for them … I don’t think it’s as hard to access capital as what some people say, if the broker is able to provide them with the right product.”

“My BDMs this year are not BDMs in the real sense – they’re coaches and they’re trainers. We’re spending a lot of time talking to brokers about how we operate, our differences, and how easy it can be to write commercial finance”

Steve Sampson, Prime Capital that’s why they go to an accountant. They don’t go to an accountant and say, ‘can you give me a home loan?’ ”

Poolman said small businesses would find it easier to access capital if they knew where to look.“Around this table, we’re all quite comple mentary to each other in terms of products and customers that we service. If a customer looks directly on to the web or Google, they’re just going to get a result that’s optimised by the funder to service them, where that may not be the right result.”

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Bannister said there was more inclusive approach from lenders now. “It’s the breadth and depth of lenders and their solutions I think makes a difference. “If I go back five or six years ago, it was a pretty steep barrier to entry for a lot of brokers to get into commercial; you had to arrange all of your individual accreditations first. But through the innovation of lenders and their products and the removal of lots of those barriers and just the general accept ance that we’re willing to help and support brokers who want to have a go, I think has enabled more and more to get involved.”

Frost sees a huge opportunity in this space. “We’re reaching those customers through our brokers, and we expect more small businesses will be reaching out to brokers to learn how to access finance in the future,” she said. “This is aligned to what we’ve seen in the home lending space, where the majority of home loans are handled by brokers.“Weensure a smooth loan process for brokers and clients through our specialised business development managers, who have deep industry expertise and are passionate about educating brokers so they can best serve their Witherscustomers.”saidPepper Money knows that all businesses are unique, and so are their lending needs. “That’s why we’ve got a range of prime and near prime commercial prop erty loans, including full-doc and alt-doc options for customers who need commercial lending solutions up to $3m in loan size.”

He said the advantages of Pepper Money’s commercial loans included the ability to deliver a fast commitment and provide confi dence in lodging a deal. “We deliver fast assessment that provides a broker direct-to-credit engagement and a fast time to cash where we are able to provide a seamless settlement,” Withers said. “But the biggest thing is allowing the brokers to talk directly to our credit managers, which is really important to ensure the broker is able to tell that customer’s story directly to the credit manager if there are any questions. We stand by the broker every step of the way.”

But Mohnacheff said that if brokers went to an accountant and said, “Do you have any customers that have an ATO debt, cash flow problems, want to buy a commercial property, or are setting up an SMSF?”, they probably would.

“It is a lay down misère – that’s where theyMohnacheffdeal.” said Liberty helped brokers expand their referral networks by gaining a better understanding of and forming deeper relationships with their accountants. “There’s thousands; every small business should have or probably does have an accountant. So, forming that bond, and that broker becoming that important link between accountant, borrower and broker is another sinew that we can really help them with. Helping them to diversify by creating deeper and more meaningful referralWilcoxrelationships.”agreedabout the value of account ants to a broker’s business. “I’ve been a broker 12 months, but I was in business banking for six years. All my business previously came from brokers, and they all had accountants. So going out as a broker, I’ll speak to accountants, and they would say, ‘I already have a broker and they’re residential’. So, Wilcox pivoted by offering commercial finance, taxes, anything non-residential. “My trick is I speak to that accountant, I build a relationship, I go to meet them for coffee.”

Sampson said 70% of home loans were handled by mortgage brokers, but the percentage of commercial loans that brokers dealt with was quite low.

Terms and conditions apply to the indicative offer. See the Pepper Money broker portal for full details. All applications for credit are subject to credit assessment and eligibility criteria. Terms and conditions, fees and charges apply. Pepper Money Ltd ABN 55 094 317 665. Australian credit licence 286655 An offerhomeindicativeloanin under 5 RealPepperminutes?ProductSelector.lifeoptions,reallyfast. Jump online, answer a simple set of questions about your client’s current situation, and we combine that with their automatically retrieved credit score to provide an indicative offer. If all the information provided is correct and verified, then so are the rates and fees offered. All in under 5 minutes. • No impact on their credit report • Prime to specialist • Like having a digital BDM The home of loan options.

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The Australian Mortgage Awards is set to make its return as an in-person event on 14 October with some of the mortgage industry’s biggest names vying for the top prizes

14 OCTOBER 2022 • THE FULLERTON HOTEL SYDNEY SCAN ME Scan the QR code to view the full list of Excellence Awardees

#AusMortgageAwards

Winners and Excellence Awardees will be honoured at the live event, which will be the perfect opportunity for key members of the mortgage industry to celebrate their stellar work as they reflect on a remarkable year. Be sure to reserve a table and join us, as this will be an unmissable evening bringing together everyone in the industry from across the country to celebrate, connect and raise a glass to their outstanding achievements. Popular TV presenter Ed Kavalee will be the MC, and attendees can dance the night away to party band Furnace and The Fundmentals. Visit www.australianmortgageawards.com.au or contact awards@keymedia.com.au for table reservations or sponsorship opportunities.

#AusMortgageAwards www.australianmortgageawards.com.au www.mpamagazine.com.au

FRIDAY, 14 OCTOBER 2022 THE FULLERTON HOTEL SYDNEY australianmortgageawards.com.au EVENT PARTNER

THE EVENT will see the country’s leading brokers, brokerages, lenders, aggregators, BDMs and service providers recognised for their achievements over the past 12 months.

•

Mortgage Professional Australia, Australian Broker and Key Media congratulate each of this year’s Excellence Awardees. To view the full list, scan the QR code below.

www.mpamagazine.com.au 55 ORGANISEROFFICIAL MEDIAEVENT PARTNER AWARD SPONSORS CELEBRATE YOUR SUCCESS! Join the highly anticipated in-person Australian Mortgage Awards where we will reveal the big winners and celebrate the successes of the mortgage industry over an incredibly challenging year. For table reservations or sponsorship opportunities, visit www.australianmortgageawards.com.au or contact awards@keymedia.com.au.

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Building engagement In his book Vital Friends: The People You Can’t Afford to Live Without, Tom Rath outlines research which shows that employees who have best friends at work are seven times more likely to be engaged in their jobs. Additionally, if they have at least three vital friends at work, they are 96% more likely to be satisfied with their lives.

Organisations often talk about culture but rarely consider the role friendships play in creating a healthy, dynamic and productive work environment, says Michelle Gibbings Why friendships are important at work

SOME LEADERS believe that if a work environment is too collegiate, people will stop challenging each other, and ideas won’t be debated. However, combative environments in which a dominant person subjugates the opinions of others and is unfriendly and highly politicised can be destructive. The damage to employees’ mental health and wellbeing from working in such an environment is well known. Workplaces are complex environments, bringing together a melting pot of people with varying ideas, assumptions, experi ences, expectations and ambitions. It’s about finding the balance between too much friendship and not enough collegiality. If you want an engaged and productive workplace in which employees constructively challenge and go beyond the norm, consider how you nurture and encourage healthy friendships. Fostering collaboration Our brain quickly assesses whether it sees someone as a ‘friend’ or ‘foe’. It sizes someone up and judges whether a person is ‘in my tribe’ or ‘outside my tribe’. The brain then processes the information we receive from that person according to which category we’ve put them in. What this means in practice is that if two people are saying the same thing to us, and one person is considered a ‘foe’ and the other person a ‘friend’, we will interpret what they are saying differently. It’s like giving someone the benefit of the doubt. We will do that for a friend, but not for a foe. If you see other people as ‘foes’ in the workplace, you are more likely to misinter pret their intent, which leads to distrust, disagreement, and unproductive competi tive behaviour. None of which help to build a collaborative and productive workplace.

RELATIONSHIPS

Our brain quickly assesses whether it sees someone as a ‘friend’ or ‘foe’. It sizes someone up and judges whether a person is ‘in my tribe’ or ‘outside my tribe’

Inspiring happiness Having a solid network is vital to career success, but it’s meaningless if the relation ships in that network aren’t genuine. It’s easy to spot the person who can network, network, network, yet the relationship is superficial and highly transactional. A rela tionship that focuses purely on what you can get from it fuels disconnection. Connection is at the root of all human existence. Having someone you can share experiences with, bounce ideas off and talk through problems with is good for the soul. When you work with people you like, the

Having a solid network is vital to career success, but it’s meaningless if the relationships in that network aren’t genuine

www.mpamagazine.com.au 57

work is more enjoyable, and you are likely to find yourself more connected. When you feel more connected at work, you’ll feel happier. Of course, being happier sparks a whole range of additional benefits.

If you want to develop an influential and effective team, consider the role that friend ship can play in helping to create the culture you need to excel. As you do this, remember the words of relationship expert Dale Carnegie: “You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you.”

Michelle Gibbings is a workplace expert and the award-winning author of three books. Her latest book is BadBoss: WhattoDoifYouWorkforOne,ManageOneorAreOne.Formoreinformation,visitwww.michellegibbings.com.

Accelerating progress Good friends don’t just agree with you. They challenge and inspire you to greater heights. They help you see things from different perspectives and explore new ideas. It’s much easier to take input and feedback from a friend who you trust. Similarly, having an affiliative and collaborative environment makes it easier for ideas to be debated, agreed on and progressed.Research demonstrates that cooperating with others activates the same reward circuitry in your brain as when you eat chocolate. So cooperating makes you feel good too.

ARE YOU struggling to set boundaries?

The coronavirus pandemic means that people working from home are clocking up longer hours than ever, but everyone should be working smarter instead of harder, says Rebecca Houghton Set clear boundaries to prevent burnout

WORK-LIFE BALANCE

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Are you saying yes to things you should say no to? Putting in long hours not ‘just this once’ but all the time? Feeling that people take you for granted or even take advantage? Then there’s a chance that you’re not setting boundaries – and as a result you could be heading for burnout. Why do we do it? Most of us have been trained since childhood to be people pleasers.

If you’ve ever said yes, knowing you should have said no, or made up an excuse instead of saying no, then the chances are that you’re pleasing people and struggling to set bound aries of your own. But saying yes feels good, doesn’t it? Saying yes is a habit that makes you feel needed, valuable and useful. You want people to like you. You want to be part of the gang. And saying no feels bad; it makes you feel guilty, worried about upsetting people, or fearful of damaging your reputation or even losing your job. This relationship we have with saying yes or no is a programming issue that is now hurting us more than it’s helping us. And why now? You are already working a lot more hours than before COVID-19. ADP Research last year showed that employees working from home were putting in an entire day per week

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2 Without your own priorities you’re at the mercy of everyone else’s. A lack of priorities makes us feel we have no way to push back. Set your priorities with your leader and build your confidence to say no if work requests conflict with them.

5 Learn to say yes in the right way. This means ‘yes, I can show you how to do it’ (instead of doing it for you), or ‘yes, if I can stop something else’ (instead of adding it on top), or ‘yes, I can do it on Thursday’ (instead of Sunday). With these simple techniques, you can set boundaries that both prevent burnout and build respect.

4 Qualify before you commit. Find out what you’re saying yes to before you say it, by simply asking when and why. ‘When do you want it?’ will mean that you can schedule it appropriately rather than assume you need to work all weekend on it.

more work. And now we are being asked to come back into the office, so we are adding a commute on top of that. If you haven’t had a real conversation about resetting expectations, then you will be trying to cram six days’ productivity into only four days’ worth of available working hours. No wonder you’re feeling burned out. According to Asana, almost four in five Australians are burned out, and we rank among the most burned-out people in the world. So, what can we practically do about it? First off, articulate your boundaries. This is a step that most people forget to do, and if you don’t have your boundaries clearly articulated, you have no hope of holding to them. In the coaching I do with middle managers (or ‘B-suite’ leaders, the most burned-out cohort in the world), we talk about a clear red line. This is the point past which you do not go without clear repercussions. If you don’t have this clearly articulated yet, then you have no chance of anyone respecting your boundaries. This means being clear on what really matters to you. If you simply say you’ll only work a 50-hour week, you won’t stick to it, as there will always be a good reason to step over that line. But if you say you’ll never compro mise on your morning meditation or you say that you will always spend every second Friday with your grandad, then you’re more likely to say no when work requests come up. It’s easier to respect our own boundaries when they are specific and meaningful. Once you’ve set your work-life boundaries, then it’s time to set some in-work boundaries too. We have a cult of overwork in many coun tries. ‘Busy’ is wrongly equated with ‘valuable’, so we feel obliged to work harder and harder instead of smarter and smarter. This means we feel that we should be able to keep doing more and more and more – as if we are an infinite resource. But we are not. We must get out of our own way when it comes to work boundaries. Get over the fear of saying I can’t (or won’t) do it all. Get over the shame of not having an infinite capacity for work (even Superman has his limits). Stop fearing that we will lose respect or even status if we don’t say yes. Here are five ways to establish and keep your boundaries intact at work: 1 Boundaries build respect. If you don’t respect your own boundaries, no one else will. They will always take you for granted, and they will always want more.

ADP Research last year showed that employees working from home were putting in an entire day per week more work

Rebecca Houghton author of Impact:10Waysto LevelupyourLeadership is a leadership and talent expert and founder of BoldHR. She builds B-Suite leaders with C-Suite impact by working at an organisational, team and individual level.

3 Control your diary before it controls you. Expect a meeting agenda, or challenge your need to attend. If they can’t articulate the meeting agenda and why you are required, it’s likely to be a waste of your time.

The most effective leaders are those who understand the emotions that motivate their staff and help them thrive, says Tracey Ezard value empathy leadershipin

of

60 FEATURESwww.mpamagazine.com.au

BUSINESS LEADERSHIP

LEADERSHIP HAS long been a dynamic dance, balancing attaining results with managing and leading people. In the current era, agility and adaptability have become key skills that allow individ uals, teams and organisations to thrive. The ability of teams to move within the grey and evolve to new ways of working and collabo rating requires their leaders to have a new level of skills to create a culture in which that is possible.Historically, leadership has focused on developing cognitive, logic-driven, strategic thinking that can ‘steer the ship’ away from the rocks and into clear waters. Many have discovered along the way that without under standing what the crew need in order to pull together on the oars, and what motivates them, the rocks appear swiftly and too late for evasive action. Thriving or surviving? A 2022 Gallup survey of the global workforce found that 60% of people are emotionally detached from their workplace, with 19% We perform better in an environment in which we are supported to be our best and feel valued as a human being, not just a role being downright miserable. With our personal and professional lives copping a real shake-up over the past two years, the teams who have weathered the storm the best have been those whose members show deep support and understanding of each other. Gallup also found that engaged teams create a 23% higher profit than miserable teams. I’ve worked with some of those miserable teams. Most of them feel unseen, unsafe and tions and expect obedience. Mistakes are swept under the carpet for fear of losing jobs, and no one is prepared to signal when things might be going awry.

Fortunately, I’ve also seen the impact that empathy shown by leaders has on the results of teams and relationships within them. We undervalued. They are in survival mode. The conversations between leadership and those on the ground are transactional, reflecting a ‘tell’ culture (I’ll tell you what to do, and you do it). No rich debate is held; there’s simply fearful compliance. Leaders do not lead; they merely send out instruc

The

The key Empathy is a key skill of those with emotional intelligence. It is the ability to understand the emotions that motivate and sustain people to thrive. Daniel Goleman, whose extensive research into emotional intelligence rede fined what we see as important in leadership today, sees both thinking and feeling skills as critical. “How we do in life is determined by both – it is not just IQ but emotional intelligence that matters. Indeed, intellect cannot work at its best without emotional intelligence,” Goelman says.

Empathytogether.holds a space for people to ‘be’ and for us to connect to their emotions. Empathy says, ‘I see you, and I value you’

Let’s listen deeply to their perspectives with a desire to understand, showing humility and grace in response to their feed back, and acknowledging their courage in speaking up. Then there is no limit to what we can achieve

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What we feel impacts on how well we think. Research continues to open our eyes to the impact that a sense of belonging, psycho logical safety and trust has on our cognitive functioning and outcomes. Show me an empathetic leader who can offer a safe space for their team to share their feelings and concerns about any work initiative, and I’ll show you a team that is honest and open enough to work proactively on what’s working and what is not. This team creates a learning culture in which it is safe to share where they need support and robust enough to allow discussion of the more challenging issues.

Tracey Ezard is a keynote speaker, author, and leadership and team educator. Her leadership framework and book FerociousWarmthhelp leaders find the balance between the head and the heart, results and relationships, strategy and culture. Find out more at www.traceyezard.com.

perform better in an environment in which we are supported to be our best and feel valued as a human being, not just as a role.

Empathy holds a space for people to ‘be’ and for us to connect to their emotions. Empathy says, ‘I see you, and I value you’ –whether we agree or not. Empathy says, ‘I seek to understand what is happening for you and how I can support you to be the best you can be.’ The key for leaders? Get curious about your people. Ask questions to understand more about what makes them tick. What is important to them? How do they see the state of play in your organisation? Where do they think the way you all work could be improved? What are their strengths, their challenges? What do they need to thrive and excel?

Suzanne O’Connor, Dominion Finance DOMINION FINANCE AT A GLANCE Owners: Suzanne O’Connor and Melita Beilicz Location: Forrest, ACT Year founded: 2002 Services offered: Residential, investment and commercial lending Number of employees: 6 mortgage brokers and 3 support staff

for career success

Dominion Finance specialises in resi dential home loans and investment loans and is committed to providing excellent service. It also handles a small amount of commercial lending. The brokerage has a wide range of clients, and while many are public servants due to its Canberra location, its customers also include tradies and small business clients.

62 PEOPLEwww.mpamagazine.com.au BROKERAGE INSIGHT

From humble beginnings 20 years ago, Suzanne O’Connor and Melita Beilicz have built up their highly successful all-female brokerage to support and encourage women in the mortgage finance industry

One of the defining features of Dominion Finance, which helps it stand out from other broker businesses, is that all its staff are“Whenwomen.Melita and I started in 2002 we would go to PD days and functions, and we different aggregators, with three of the changes out of our control, all with different customer relationship CRMs and databases, which always causes a lot of upheaval to our business.”

Empowering women

O’Connor says loyalty is really important to business success. “I have many clients that have come back to me numerous times for loans, along with their families and friends. “Our current staff have been with us for many years, as our goal is to take capable young women from loans process officers to highly successful brokers. I care a great deal about the positive impact I can have by helping both clients and staff achieve their goals.”

“Our goal is to take capable young women from loans process officers to highly successful brokers”

When O’Connor first began working as a broker 20 years ago, she says it was very different to how it is today. “Brokers were only writing less than 20% of loans, and there was not a lot of regulation. Over the years the industry has changed so much, and along with that we’ve had five “I have found over the years I will do a loan for someone in a particular industry, for example paramedics, and they will tell their colleagues about me, and then I’ll be doing loans for many Canberra paramedics,” O’Connor says. “By offering excellent service, I have found that my clients will tell their family, friends and colleagues, and this produces a lot of new enquiries each day.”

CANBERRA-BASED brokerage Dominion Finance has just celebrated 20 years in busi ness, and director Suzanne O’Connor knows it’s come a long way and much has changed in thatPriortime.to launching the brokerage in 2002 with co-founder Melita Beilicz, O’Connor spent 10 years working at NAB, where she started out in 1987. “It’s here where I first met Melita,” she says. “Melita left NAB and went on to St. George and then joined Bendigo Bank, where I joined her a short time later. “It didn’t take long before we realised we could offer the customer a superior service offering, and from our dining room tables Dominion Finance was born.”

www.mpamagazine.com.au 63 would be the only women in the room,” saysTheO’Connor.pairmade a conscious decision to help change this. O’Connor says they knew from their own experience “that this is a great industry for women with young children as you can be flexible with your working hours”. “We would often do our appointments at night to work around the family timetable,” she“Wesays.also look to mentor, nurture and support women in our industry in any way we can. This is an industry with very flexible hours and without a predetermined salary level, so women can thrive throughout all stages of their lives.”

Dominion Finance has experienced tremen dous growth in the last 12 months. “We’ve written our highest loan amounts in our history. With the boom in house prices and people’s fear of missing out, we’ve seen an increase across the board from new home buyers, investors, refinancing for better deals, and people buying holiday houses as they could not travel overseas.”

As for the future, O’Connor says the next 12 months are going to be challenging, with rising interest rates and inflation. “We have many of our clients coming off fixed rate loans that we will have to work with to achieve a great deal for their next home“Personally,loan. I’m looking forward to a holiday,” she says. “It’s been such an intense past two years – a break would be wonderful.”

The Dominion Finance team (from left): Amber Redmayne, mortgage broker; Molly McDonald Crowley, mortgage broker; Suzanne O’Connor, director and mortgage broker; Melita Beilicz, director and mortgage broker; Leonie Walz, mortgage broker; and Alicia Wilkinson, mortgage broker. Support staff (not pictured) are Jamie Evans, Lauren Viney and Eskie Gavel

O’Connor says she really enjoys seeing clients purchase their new homes. “I also try to make them feel relaxed and comfortable to ask any questions they have and feel they have a trusted adviser who is always available. “It’s especially satisfying working with young first home buyers and setting them off on their life wealth journey; or assisting genera tions of the one family who all know me as ‘their broker’ who they can completely trust.”

So, how does Dominion Finance inspire women to join the male-dominated world of mortgage broking? “We work on the philosophy that ‘you can’t be what you can’t see’, so hopefully if young women see this team of females in finance they will consider this industry as a femalefriendly industry,” O’Connor says. “Over the years, Melita and I have really seen this change, and it’s fantastic.”

“This is an industry with very flexible hours and without a predetermined salary level, so women can thrive throughout all stages of their lives” Suzanne O’Connor, Dominion Finance

TELL US ABOUT YOUR OTHER LIFE Email antony.field@keymedia.comOTHER LIFE OFPLENTYKICKINGBROKERGOALS

Broker Ben Stevanovic is helping homebuyers’ dreams come true, while following his own dream of playing rugby league professionally AS AN Astute Ability Finance Group mortgage broker, Ben Stevanovic specialises in helping his clients fulfil their property ownership dreams. But before he brought his A game to the broking arena in early 2022, he was working towards his rugby league Stevanovic’sdreams.passion for the sport was inspired by his father, who played first grade for Western Suburbs. After starting out in the game himself, playing halfback as a Balmain junior, Stevanovic progressed through the Balmain teams and was signed by Wests Tigers at age 15. He later represented NSW Combined Catholic Colleges at the U15s and 18s national carnivals. From 2018 to 2021, Stevanovic played Jersey Flegg before being granted an NRL Train and Trial contract that allowed him to train with the full-time Tigers squad. In 2022, he started the season playing for Western Suburbs Magpies (Wests Tigers Reserve Grade) before making an in-season switch to Blacktown Workers Sea Eagles (Manly Reserve Grade). His goal? To make his NRL debut in front of his family.

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2015 Ben appointedStevanoviccaptain of NSWCCC Rugby League 2017 Chosen as an Australian touch representativefootball 2021 Named leading point scorer in Jersey competitionFlegg While training full-time with the NRL, Ben Stevanovic was introduced to mortgage broking by Mhairi MacLeod of Astute Ability Finance Group in early 2022

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