24.04
ELITE WOMEN SPEARHEADING CHANGE
Female leaders inspiring the next generation STRENGTH IN OUR DIFFERENCES How opening doors to diversity boosts growth
THE POWER OF ADAPTABILITY
Flexibility wins in commercial lending
24.04
ELITE WOMEN SPEARHEADING CHANGE
Female leaders inspiring the next generation STRENGTH IN OUR DIFFERENCES How opening doors to diversity boosts growth
THE POWER OF ADAPTABILITY
Flexibility wins in commercial lending
CommBank has ambitious goals to build teams that truly reflect Australia’s diverse communities
It ’s sometimes easy to forget what a multicultural country modern Australia has become. The lucky country has developed into a dynamic and diverse nation, one enriched by migrants from many di erent cultures who have settled here over decades, bringing their skills, cuisine and dreams of a better life.
As of June 2023, a total of 8.2 million Australian residents, or 30.7% of the country’s population of 26 million, were born overseas, according to the Australian Bureau of Statistics. The proportion of people born overseas has been increasing steadily post-World War II: just 60 years ago, the figure was only 17.8%.
I’m a migrant myself – one of many Kiwis who have crossed the Ditch – and I’m proud to come from a diverse cultural background. My mother’s forebears came to Aotearoa New Zealand from Scotland a few generations ago, while my late father migrated from Samoa in 1947, one of many thousands of Pacific Islanders who moved to New Zealand and Australia in search of educational and work opportunities.
When I arrived in Australia back in 2002, it wasn’t common to see Indigenous Australians or people of Asian, Middle Eastern or Polynesian heritage on TV or in the media in general. While progress is still needed, it’s encouraging that more people
I’m a migrant myself – one of many Kiwis who have crossed the Ditch –and I’m proud to come from a diverse cultural background
of colour and people with disabilities as well as the LGBTQIA+ community can be seen, heard and celebrated on our screens and in various media.
Australia has come a long way since the days of its shameful “white Australia” policy, and it’s great to see the nation, particularly young people, embracing diversity as a strength, not a weakness. Diversity, equity and inclusion is not just about ethnicity – it includes gender, sexuality, disabilities, neurodivergency and religion.
This issue of MPA focuses on DEI and how mortgage and finance industry leaders are encouraging greater diversity with the aim of strengthening their businesses and ensuring they better reflect the communities they serve. As well as looking at what companies and industry bodies are doing individually to support DEI, we reveal the exceptional female leaders who have been recognised on the 2024 Elite Women list.
In MPA’s annual Commercial Lenders Roundtable, third party leaders and broker Isabella Constantinou discuss commercial lending trends; broker diversification versus specialisation; asset finance; and the role of emerging technology, such as AI, in the sector. Our Big Interview cover story focuses on the inspiring career journey of Razia Khan, CommBank general manager third party banking.
I hope you enjoy this issue and find it informative and thought-provoking.
Antony Field, editor, MPA
AUGUST 2024
EDITORIAL
Editor
Antony Field
Writers
Kim Champion, Mina Martin, Bennett Richardson, Ksenia Stepanova
Contributors
Bryan Whitefield, Bill Withers, Nancy Youssef
Lead Production Editor Roslyn Meredith
ART & PRODUCTION
Designer Cess Rodriguez
Customer Success Manager Isabella Concepcion
Customer Success Executive Shara Cruzat
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“What truly distinguishes SFG is the direct communication and support from William Lockett and his team, ensuring a seamless transition and reinforcing our operational strength.”
Robert Sordillo
SIGNIFICANT FINANCIAL SOLUTIONS
94.3%
Proportion of properties resold at a nominal profit nationally
97.1%
Proportion of houses resold at a profit
$28.6bn
Total nominal profit from property resales in Australia
Australian dwelling values increased by 0.7% in June of this year, bringing the total rise for FY2023/24 to 8.0%. This equates to a $59,000 increase, taking the median value to $794,000. In contrast, there was a 2.0% decline in values in FY2022/23. Growth has eased since mid-2023, CoreLogic figures show.
In May 2024, the total value of new housing loans in Australia fell
to
billion. Investor loans dropped 1.3% to $10.7 billion, owner-occupier loans fell 1.6% to $12.9 billion, and first home buyer loans decreased 2.9% to $5.2 billion. Despite this, new home loan commitments have risen 18% over the past year, with investor loans showing stronger growth than owner-occupier loans, the ABS reports.
VALUE OF NEW LOAN COMMITMENTS FOR HOUSING (EXCL. REFINANCING), SEASONALLY ADJUSTED
8.8 years
Median hold period of properties resold
Source: CoreLogic’s Q1 2024 PainandGainReport
Household spending increased by 0.1% over the past year, with non-discretionary spending up 1.8% due to higher health services and food costs. Queensland and SA saw the largest rises, driven by higher spending on health and miscellaneous services, ABS figures show.
GOT AN OPINION THAT COUNTS? Email antony.field@keymedia.com
Brokers must embrace diversity, equity and inclusion to build thriving businesses that reflect the communities they serve, says Nancy Youssef
HAVING MENTORED both new and established mortgage brokers for over a decade, it’s crystal clear to me that success in this industry involves more than just addressing immediate client finance needs – it’s about becoming a trusted adviser.
My experience with various teams and clients has demonstrated that embracing diversity and inclusivity across all segments of ethnicity, gender and sexual orientation leads to thriving businesses. As we continue to engage with our diverse communities, the importance of attracting fresh talent while providing top-notch education and structured mentoring programs is clear. This isn’t just beneficial; it’s essential to the growth and success of our industry.
Reflecting our vibrant communities
Australia is renowned for its multicultural society: nearly 30% of its residents were born overseas as of 2021, a rise from 26% in 2016, according to the ABS census. It also showed a substantial increase in same-sex couples to 78,425 from 46,767 in 2016. This rich diversity underscores the need for inclusivity in our industry.
Brokers who represent various ethnicities, genders and sexual orientations not only meet a growing demand but also bridge cultural and personal divides. Clients naturally gravitate towards professionals who reflect their own life experiences and values, a connection that is especially important when they are navigating the most significant financial decisions of their lives.
Brokers from diverse backgrounds bring unique viewpoints that enhance how we understand and meet client needs. They
recognise that attitudes to money and investing can vary widely across di erent groups.
Having a team in which someone always brings a fresh perspective or new approach, whether to marketing strategies or customer service, leads to innovative solutions that help a business stand out in a competitive market.
For well-established brokers, diversifying talent is also a smart way to future-proof their operations. By updating business models and
Real change starts at the top. Industry leaders need to actively promote and implement inclusive hiring and retention strategies. This includes o ering flexible work policies and ensuring career progression is transparent and based on merit, open to everyone regardless of ethnicity, gender or sexual orientation.
Here are some actionable steps that business leaders and the industry can take:
Recruitment and mentoring: Explore community groups and universities to discover talent that might otherwise be overlooked. Set up structured mentoring programs that focus not only on technical skills but also on business ownership and e ective communication across diverse cultures.
Inclusive work environment: Keep workplace policies current to meet the diverse needs of all employees, and encourage open discussions about diversity.
Education: Conduct workshops on cultural awareness and unconscious bias to foster a
Real change starts at the top. Industry leaders need to actively promote and implement inclusive hiring and retention strategies
HR practices and preparing for succession, businesses can adapt and innovate, which helps broaden their client bases.
Mentoring is key, particularly for brokers from underrepresented groups. It goes beyond teaching the technical aspects of the job; it’s about sharing insights on navigating day-to-day business operations and spotting opportunities. E ective mentoring helps cultivate a culture that truly values diverse talents and perspectives.
Entering the mortgage industry can be daunting, especially for those who don’t ordinarily interact with business leaders reflecting their backgrounds or communities. Tailored education and practical on-the-job training can ease this transition. Networking events that bring new brokers together with experienced ones are crucial, helping newcomers carve out their niche in the industry.
respectful and understanding workplace.
Community engagement: Understand the specific needs of di erent community segments to enhance customer service e ectively and respectfully.
Networking opportunities: Host networking events that encourage connections across various demographics and support new brokers.
To remain relevant and resilient, the mortgage broking industry must embrace diversity. By e ectively representing the communities we serve and supporting the next generation of brokers, we not only develop our industry but also contribute to a more inclusive society.
Nancy Youssef, the founder of Classic Finance and Mentoring, is an award-winning business mentor, nance strategist, international speaker, philanthropist and author who aims to empower professionals and champion impactful local and global change.
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CommBank has set some ambitious targets for diversity, equity and inclusion. General manager third party banking Razia Khan explains why these goals are so important to her and how the bank is working to achieve them
RAZIA KHAN has come a long way since she and her family left Fiji and migrated to New Zealand, and later Australia, seeking better opportunities.
both CommBank sta and brokers to realise their full potential, are goals that Khan cares deeply about.
Khan is third-generation Fiji Indian. She was born in Fiji and has an older brother.
“My parents worked tirelessly to provide for our family, and they really instilled in us the value of hard work,” says Khan.
“They also impressed upon us the importance of education and made it clear to my
“We packed up our life in Fiji and headed abroad. I can see my parents took an enormous risk moving with no money in their pocket – all for the chance of a better life”
After joining CommBank in 2008 as a collections o cer, Khan steadily climbed the leadership ranks to become head of strategy and operations in 2016, general manager direct lending in 2018, and general manager acquisition and retention – homebuying in 2021. She then stepped into the role of acting general manager third party banking in June 2023 and was formally appointed to the position in October.
As a high-profile executive leader at Australia’s biggest bank, Khan is blazing a trail for other gender and culturally diverse people in the finance industry to aspire to senior leadership roles.
Promoting diversity, equity and inclusion at CommBank and across the wider mortgage and finance industry, and empowering
brother and me that this was the best way to create opportunities for ourselves as well as financial freedom.”
When Khan was just eight months old, her father received a scholarship from the Fijian government to study in New Zealand. “So we packed up our life in Fiji and headed abroad. Looking back, I can see my parents took an enormous risk moving with no money in their pocket – all for the chance of a better life.”
The family moved to Australia in 1996, and
Khan says her parents’ sacrifices shaped the person she is today. “They taught me the value of taking smart risks, as well as the importance of hard work and dedication. Today, I consider myself to be very driven –driven to work hard and driven to make opportunities for myself and others.”
Khan has held a number of key roles in the 16 years she has worked at CommBank. As general manager of the third party banking team, she is now responsible for “supporting our amazing network of brokers and helping them and their customers to achieve their goals”.
In her previous position as leader of the acquisition, retention and customer experience team for CommBank’s homebuying business, Khan says, “I worked closely with a variety of people from di erent backgrounds and with di erent skill sets, including tech, marketing and customer service.
“I’m passionate about challenging myself and stepping outside of my comfort zone so that I acquire new skills, and my time at CommBank has allowed me to do just that. I have been incredibly fortunate to lead a breadth of di erent teams.”
The bank has provided immense support for her learning, growth and development, Khan says. “I have had a wonderful array of business opportunities and the freedom to really curate and embrace my own leadership
Name: Razia Khan
Title: General manager, third party banking Company: Commonwealth Bank
Years in the industry: 16
Career highlight: “There isn’t one particular highlight. I have been lucky enough to have many wonderful experiences and opportunities throughout my career, which has enabled me to grow my skill set and to solve di erent problems”
Career challenge: “Impostor syndrome is a challenge that I have had to overcome throughout the early stages of my career. I have been able to do this by throwing myself into opportunities that make me feel uncomfortable, which has helped me learn to lean into my strengths and overcome con dence issues”
style and bring it to the table with every team I support.”
Khan is actively involved in supporting diversity, equity and inclusion initiatives within both the bank and the broader financial services sector.
“Australia is a diverse country with a multicultural population,” she says. “DEI initiatives ensure the industry can e ectively cater to the needs of all customers, regardless of their backgrounds.
“Diversity helps to build trust and drive innovation and creative thinking.”
CommBank is committed to further advancing gender and cultural representation across the business – including in leadership roles – and has clear goals in this space, Khan says.
These goals include gender equality in executive manager roles and above by 2025; senior leaders to match the cultural diversity of the Australian population by 2025; 3% Aboriginal and/or Torres Strait Islander representation in the CommBank domestic workforce to reflect parity with the Australian population; and continued growth of the
Gender equality in executive manager roles and above by 2025
40% female, 40% male, 20% any gender at board level at CommBank and subsidiary companies
Senior leaders to match the cultural diversity of the Australian population by 2025
3% Aboriginal and/or Torres Strait Islander representation in CommBank domestic workforce to re ect parity with the Australian population
Continued growth in the bank’s Accessibility and Inclusion Strategy 2024
“As leaders, I believe it’s important to identify and nurture diverse talent so that we can create workforces that are truly reflective of the society in which we live”
bank’s Accessibility and Inclusion Strategy.
“I know the benefits that can come from having diverse thoughts, cultural backgrounds and abilities at the table, which is why I’m committed to creating teams that are a true reflection of the multicultural, diverse society in which we live,” says Khan.
“Equality, equity and respect are integral to how we live our values, meet the needs of our customers and deliver against our strategy.”
Khan says CommBank’s commitment to supporting diversity, equity and inclusion extends beyond the bank itself to the entire industry. As well as the diversity and inclu-
sion work that is promoted and executed within the bank, CommBank is an active participant in many di erent external programs or industry bodies that promote DEI. This includes being a member of the Australian Network on Disability, and participating in the Access and Inclusion Index Evaluation and Benchmark assessment.
Within the mortgage broking industry, CommBank partners with aggregators and the MFAA to promote diversity, equity and inclusion.
“I sat on the Diversity and Inclusion council at CommBank,” says Khan. “One of
my proudest moments was leading the sponsorship program for diverse talent within the bank. Through this program, we have been able to provide numerous employees – with a specific focus on women – with access to senior mentors, advocates and new business opportunities.”
Khan is clearly invested in mentoring, having reaped the benefits of advice and support she has had from others who have helped shape her career path.
“I believe it’s incredibly important for business professionals to have mentors and, where the opportunity presents itself, to mentor others.
“Throughout my career, I have been fortunate enough to have a number of mentors and sponsors – people who have helped me to expand my skill set and really advocated for me and my career development.”
Knowing how critical her mentors and sponsors have been to her career, Khan is committed to mentoring and sponsoring others. “This is the reason why we launched, and I am actively involved in, the CommBank Sponsorship Program for Diverse Talent,” she says.
“The Sponsorship Program sees business leaders from across the bank provide sponsees with opportunities for career development and advocacy. As part of this, I’ve been fortunate enough to sponsor some wonderful up-and-coming talent in the bank, help them build their strategic, business and financial acumen, and provide them with exposure to senior leadership, knowledge, networks and experiences.”
To achieve greater diversity in the industry, leaders must be the drivers of change, Khan says, and they need to “own the agenda”.
“While we have made steps towards a more diverse industry, we need to continue to foster a more diverse and inclusive workforce,” she says. “As leaders, I believe it’s important to identify and nurture diverse talent so that we can create workforces that are truly reflective of the society in which we live.”
Australia’s female leaders in the
BUILDING ON THE legacy of trailblazing female leaders, MPA’s Elite Women of 2024 are pioneering change and inspiring the next generation.
Industry professionals from across the country were invited to nominate exceptional female leaders, and after careful review of hundreds of nominees, the MPA team carefully selected 54 Elite Women who have made a positive professional impact on their organisations, communities and the industry by:
• leading values-based businesses that prioritise team wellbeing and satisfaction
• spearheading initiatives that foster a supportive network for women
• implementing new technologies to redefine the mortgage experience
• actively mentoring and generously sharing their knowledge and expertise
While MPA’s 2023–24 survey data shows a 17% rise in Elite Women who believe there is a dearth of female role models, this
year’s awardees exemplify what leadership in action looks like and are leading the charge for women across the mortgage sector.
The industry’s professional bodies, the FBAA and the MFAA, have both long acknowledged the need to boost female representation.
According to the MFAA’s data, while female brokers have increased their representation from a historic low of 25.4% to 26.9% as of March 2023, this improvement overshadows a concerning trend:
• The total broker population continues to grow, but the number of female brokers in the industry has declined by 150, or 4.47%, period-on-period (from April to September 2022 compared with October 2022 to March 2023).
• The number of female recruits fell by 35, or 7.13%, period-on-period. Year-on-year, the number of female recruits increased by 69, or 17.83%.
At the FBAA, 75% of sta are women, including those in senior and executive
Advice
“Networking for women is often seen as a dirty word, but it isn’t. It’s important to network with people and build connections; a career won’t fall in your lap; you have to work for it” Nicole Triandos, NAB
positions, notes the association’s managing director, Peter White, AM.
The FBAA’s membership division has generally been stable over the past decade, with the latest figures showing 12,335 members, split into 28% women and 72% men. This again underlines the challenge for women to stand out.
White says, “In my view, an Elite Woman in the Australian mortgage industry is a person who has developed a successful unique value proposition to their customers, which has led to excellence in providing their service to their customer base as well as showing excellence in their governance and obligations under law. But in all fairness, I see this is the case for women and men in our industry.”
ANZ is a proud sponsor of the third annual MPA Elite Women list, dedicated to showcasing top women in the mortgage industry. We are delighted to collaborate with MPA once more to spotlight the valuable skills and talents of these outstanding female leaders in mortgage broking and finance and celebrate the Elite Women who have made their mark on the mortgage industry. This prestigious list honours and acknowledges women’s contributions to helping Australians achieve
Passion and purpose at the heart of Elite Women’s influential leadership
Nicole Triandos – NAB
Head of partnerships and enablement
The values of respect, responsibility, passion and vision instilled by her parents have guided Nicole Triandos throughout her personal and professional life. She has built a thriving career underpinned by her unwavering dedication to nurturing relationships and a professional network based on mutual support.
• Standout achievement: O the back of the banking royal commission, Triandos was instrumental in developing and bringing NAB’s “bank behind the broker” proposition to life, which still stands strong today.
“I remember being in the media room at 8 p.m. on the night the royal commission report was handed down, and it was a monumental period of change for NAB and the broader financial services industry, unlike anything I’ve experienced during my career since,” she says.
Over two decades of working in the third party channel, Triandos has excelled in marketing, relationship management and promoting diversity and inclusion in the workplace, particularly for underrepresented females.
When Triandos first took on her current role in 2016, no other women were in an equivalent position at other major banks.
their homeownership or business goals as brokers, aggregators or lender representatives. We remain committed to working better together with brokers, aggregators and industry partners to promote an inclusive culture and enrich the diversity of our industry.
“The biggest piece of advice is to remind all women that success is what you want it to be. It can look however you want it to look. There’s no right or wrong answer”
Stephanie Thomas, Loan Market Ignite
She was often the only woman in the room and learned to constantly speak up to ensure her voice was heard and work harder to secure and maintain her position.
Triandos says, “The quality of relationships I have built and will continue to build in the broker industry keeps me motivated every day. Working collaboratively with my colleagues and delivering great client results continues to inspire me. Many clients have become close friends as genuine care is at the heart of these connections.”
As a working mum with three children, Stephanie Thomas knows first-hand that an inclusive, collaborative and flexible work environment is paramount to reaching one’s full potential.
When she branched out in 2022 and launched a Loan Market franchise, she set out
April of
invited industry professionals from across the country to nominate exceptional female leaders for its Elite Women 2024 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 and have never previously been recognised as MPA Elite Women.
Nominators were asked to describe the nominee’s standout professional achievements over the past 12 months, initiatives and innovations, and contributions to the mortgage industry. After a thorough review of all the nominations, the MPA team narrowed down the list to the final 54 Elite Women who have made their mark on the industry.
stay ahead in the fast-moving industry.
She is known for her passion for empowering her team, developing innovative technology to streamline the loan process and creating a transparent, supportive and positive work culture. These qualities have helped her build loyal relationships over the past three decades.
• Standout achievement: Working with an innovative tech start-up and direct involvement in developing E , a customer relationship management tool for Australia’s mortgage and finance brokers that has pushed to the forefront.
Advice for aspiring Elite Women
“I always tell people to have two years of income behind them to get started; the first 12 months will be hard. Make sure you have a support network to help you through”
Peta Siebert, Manage Your Loans
to create a workplace culture that prioritised her team’s wellbeing and clients’ needs. Her primary focus is inspiring her team to feel as passionate about caring for clients as she does.
• Standout achievement: Named a Loan Market Group Top 10 business in Queensland in 2024, despite facing
the personal challenge of caring for her son through a leukaemia diagnosis and treatment in the brokerage’s first year.
“I am hugely proud of how hard we peddled and pushed and the e ort we put in as a family to get here together,” she says.
When the former long-time business development manager took the leap of faith to open her own business, she developed a genuine appreciation of clients’ trust and confidence in her.
Using her experience, knowledge, compassion and empathy, Thomas has created an environment that helps clients achieve their goals, and she becomes a source of referrals.
She says, “When clients say I’ve done a great job and ask me to help somebody else, that tells me I’ve hit the nail and motivates me to continue striving for that. I also want to build something for my family that they’re proud of, particularly in the hope that my two daughters will join me and become mortgage brokers or work in the finance industry.” Peta
Seasoned industry leader Peta Siebert believes in constantly reinventing herself to
“It’s beautiful when you have three team members: one has followed me through three di erent organisations, and two are brand new and individually nominated me for this award,” she says. “That’s the stu that makes a big di erence. You know you’re doing the right thing for your team and people in the industry.”
Based on her decades-long experience mentoring new brokers, Siebert is passionate about pushing for higher industry standards and believes formal education and other requirements are needed. Her experience guiding her teams and celebrating their successes underpins her goal of transforming mortgage broking into a profession recognised for its expertise and integrity, such as law and accounting.
She says, “I want the professionalism in our industry to improve, and that’s why I continue to strive for excellence. We handle massive amounts of volume, people’s income and responsibility, yet we’re not seen as a true professional industry.”
Larissa Barton’s caring leadership shines as she emphasises that providing her team with certainty, guidance and comfort is paramount, especially during challenging times. She takes pride in attracting new people
without financial experience and offering them opportunities to flourish through education, training and mentoring. Barton values her team and implemented a nine-day fortnight to give them more flexibility and work-life balance.
• Standout achievement: Relocating from Sydney to the Sunshine Coast with her husband and young family, she purchased a struggling business and transformed it into a Top 20 franchise. Despite initial isolation and a lack of support, she successfully opened a second location and achieved remarkable growth.
“It took three years for the rubber to hit the road – three years of grinding and lots of tears and wondering what we had done as we put everything on the line,” she says. “We had to succeed because we had no plan B. Now, we’re on the other side, and I feel it’s a huge accomplishment to have gone through that and become successful.”
A sense that there’s always more to learn and achieve drives Barton’s desire to continue learning and developing. She has amassed extensive industry knowledge and experience over the past 20 years, including a decade-long stint as a mobile banker.
She says, “It took me years to get confidence in the great amount of knowledge I had and to know that I’m even more valuable to my clients now in getting them the best results. I’m enjoying the flow I have in my work, and I’m excited to see the impact it will have on the growth of the business.”
What can the mortgage industry do to attract more women?
MPA’s survey feedback suggests a desire for more initiatives to improve gender representation and support women in their career journeys, including these ideas from 2024’s Elite Women:
• Nicole Triandos: “I want to see more diversity in gender, age, cultural background and gender identity or sexuality. NAB’s 1500 Degrees program aims to build a pipeline of female talent through learning, networking, sponsorship and development, supporting women’s advancement into senior roles in financial services.”
• Peta Siebert: “I believe we now have enough women in senior positions that we can focus on supporting each other rather than being competitive. From the technology side of things, I think it can help people transition back into the industry if they’ve been out for a period of time. Technology gives us the framework up front, so you quickly identify and address gaps.”
• Larissa Barton: “We need to acknowledge that we have come a long way. I also firmly believe in the individual, not the gender. It’s good that women can now pause their memberships or accreditations during maternity leave, but we can build on that. If you want to take time o with your kids, there must be an option to do that.”
• Stephanie Thomas: “The most important strategy was support from family, peers and female mortgage
Source: MFAA Industry Intelligence Service, 16th Edition, 1 October 2022–31 March 2023
brokers. Women in our industry often start in part-time or flexible admin roles but leave for full-time or betterpaying positions. To retain women, we need to address gaps in training, support and diplomas.”
“There’s an abundance of opportunity in this industry, but it doesn’t happen quickly. It takes a two- to three-year plan to set yourself up for success”
Larissa Barton, Mortgage Choice Peregian Beach and Noosaville
Nicole Triandos
Head of Partnerships and Enablement, Broker Distribution, NAB
Phone: +61 467 709 074
Email: nicole.triandos@nab.com.au
Website: nabbroker.com.au
Peta Siebert
Chief Executive O cer, Manage Your Loans
Phone: 0455 554 028
Email: peta@manageyourloans.com.au
Website: manageyourloans.com.au
Stephanie Thomas
Managing Director and Senior Mortgage Broker, Loan Market Ignite
Phone: 0730 632 749
Email: stephanie.thomas@loanmarket.com.au
Website: broker.loanmarket.com.au/loan-market-ignite
Debbie Hays
Mortgage Broker/Finance Specialist, AusFirst Lending
Phone: 0415 066 865
Email: debbie@ausfirstlending.com.au
Website: ausfirstlending.com.au
Justine McDonald
Franchise Owner/Finance Specialist, Nectar Mortgages
Phone: 0417 140 370
Email: justine.mcdonald@nectarmortgages.com.au
Website: nectarmortgages.com.au/justinemcdonald
Larissa Barton
Mortgage Broker and Director, Mortgage Choice Peregian Beach and Noosaville
Phone: 0419 716 439
Email: larissa.barton@mortgagechoice.com.au
Website: mortgagechoice.com.au/larissa.barton
Natalia Matronitsky
Senior Mortgage Broker, Smartfinn Advisors; Founder and Chief Executive O cer, The Millionaires Making Academy
Phone: 0408 173 249
Email: natalia@smartfinn.com.au
Website: smartfinn.com.au/natalia
Rebecca Wadley
Director and Compliance Manager, Numero Uno Finance
Phone: 03 8340 0411
Email: rebecca@nufin.com.au
Website: nufin.com.au
Vee R-Byrne Director, Lifestyle-V Finance
Phone: 0407 568 080
Email: vee@lifestylevfinance.com.au or admin@lifestylevfinance.com.au
Website: lifestylevfinance.com.au
Abigail Kuningas Liberty Adviser, Liberty
Amy Small Managing Director, Small Local Brokers
Andrea Walton
Partnership Manager, National Mortgage Brokers
Belinda Wright
Head of Partnerships and Distribution, Thinktank
Bernadette Christie-David Co-founder and Director, Atelier Wealth Mortgage Brokers
Clare George State Commercial Specialist, LMG
Debra Benn Head of Corporate Governance, outsource Financial
Dionne Lee
Mortgage Broker and Financial Coach, Xcellerate Finance and A Woman Inspired
Donna Beazley
Mortgage and Finance Broker, Oxygen Home Loans
Estelle Dejean Broker and Owner, FINANS Brokers
Faz Goren
Chief Sales O cer, Infinity Group Coaching
Fiona Manley
Franchise Owner and Broker, Mortgage Choice Noarlunga
Jacqui Webb
Mortgage Broker, Ignite Financial NQ
Jaime Savory
Mortgage Broker and Director, Gippsland Finance Solutions
Jess Burgess
Mortgage Broker, Vision Finance Collective
Jo Croft
Owner, Director and Mortgage Broker, Mortgage Choice
Joanne Liu Founder, WeMe Finance
Karen Carter General Manager, Commercial Third Party, BOQ Business
Kate Sadler Director and Finance Broker, The Broker Society
Kiran Sood Director, Deals4loans
Kristie Gould Owner Manager, REA
Kristina Joshi Credit Analyst, Shore Financial
Kylie Charles Finance Broker, Kylie Charles
Leisa Townsend Mortgage Broker, Ti en & Co
Licole Yao Branch Manager and Founder, Speed Lending
Lisa Bridgett Founder and Principal Broker, Stellar Finance Group
Margaret Ciobanu Franchise Owner, LMG
Martine Jager Chief Executive O cer, ME Bank
Melanie Smith Franchisee, Aussie Windsor
Nicole Campbell Partner Broker, AXTON Finance
Nicole Williams Finance Legend, For Finance Sake
Niti Bhargava Finance Broker, Resolve Finance Derrimut
Noushig Megerditchian Head of Sales, Northern Region, Finsure
Priya Sood Mortgage Consultant, Derwent Finance
Razia Khan General Manager, Third Party Banking, Commonwealth Bank
Riannon Diano
Senior Mortgage and Finance Broker, TTO Finance & Mortgage Broking
Sandy Kelso Director, Kelso Finance Mortgage Brokers
Sarah Wells Finance Solutionist and Coach, Sarah Wells Finance
Stephanie Coleman Operations Manager, Unconditional Finance
Taryn Howe Mortgage Broker, Loan Market Taryn Howe
Terri Sillitoe
Executive Home Loan Specialist/Broker, Lendi Group
Tripti Goyal Associate Director, Trusted Financial Choice
Vanessa Ross
Business Operations Manager, Invictus Finance Solutions
Veronica Vojnikovic Managing Director, Vevo Financial Services
Wendy Brown Executive Director and Head of Broker Distribution, Macquarie
Non-bank lender Liberty set up a Pride Network five years ago to foster greater awareness, education, engagement and connections for its LGBTQIA+ staff. These efforts are paying dividends, creating an environment of trust and respect
EVERYONE WANTS to feel accepted and treated with respect when they turn up for work, regardless of their race, religion, gender or sexual orientation. But not everyone who identifies as LGBTQIA+ feels comfortable enough to be open with their colleagues about their sexuality or gender.
The 2024 Australian Workplace Equality Index Employee Survey shows that only 37%
of employees with diverse sexuality are ‘out’ to all their colleagues, and only 32% of those with a diverse gender.
Negative social media and news reporting targeting LGBTQIA+ people was cited as the main reason almost 30% of sexually diverse people were not out; for gender diverse people the figure was 65%. Fear of being labelled or rejected by colleagues, or of experiencing
discrimination and negative career impacts were other reasons. However, companies such as Liberty have worked hard to create a safer, more inclusive environment for their LGBTQIA+ team members.
Liberty CEO James Boyle says Liberty is a driver for change and is passionate about creating an environment that celebrates the diverse community it serves.
“We established the Pride Network in 2019 to foster connection within our LGBTQIA+ community, help maintain an inclusive environment for identifying colleagues, and create a more supportive and equitable workplace for all,” says Boyle.
“It provides a meaningful space for LGBTQIA+ team members to network and provide peer support, as well as support the business in its strategic diversity and inclusion e orts.”
The non-bank lender acknowledges that ‘coming out’, particularly in the workplace,
through engagement, education, and awareness of dates of significance and social events.”
Boyle says visibility is important for creating an inclusive environment, and the Pride Network supports Liberty in increasing advocacy and awareness. The network hosts monthly meetings and regular workshops, education sessions, celebrations and social events for team members, their family and friends.
The workshops discuss a variety of topics –both professional and personal – to assist those
“Working toward greater LGBTQIA+ awareness and advocacy is a key goal for Liberty, and our Pride Network helps to lead the way” James Boyle, Liberty
is a deeply personal decision, and Boyle says Liberty is incredibly grateful to the Pride Network for continuing to welcome new and existing sta .
“Working toward greater LGBTQIA+ awareness and advocacy is a key goal for Liberty, and our Pride Network helps to lead the way. Over the years, the Pride Network has grown and shaped our community
who are looking for support, guidance or a sense of belonging and meaningful connection.
So far this year, the network has also celebrated Midsumma Festival, held an internal fundraising event for the Housing for the Aged Action Group, and hosted Olympic gold medallist Ellia Green OAM as a guest speaker for the Transgender Day of Visibility (pictured opposite).
The impact of Pride
Liberty’s chief people o cer, Anne Bastian, says team members often share how the efforts of the Pride Network have helped progress the company’s commitment to providing a safer and more inclusive environment for all.
“Network members have expressed how valuable the dedicated time and space has been to exploring issues and experiences specific to the LGBTQIA+ community,” Bastian says.
“While this is a great indicator that we’re on the right track, we know there is still much more important work to do in this space, and this is just the beginning.”
Allyship with LGBTQIA+ staff Active allyship with LBGTQIA+ team members requires visibility and promotion, Bastian says. “One of the best ways to be an ally is to celebrate our LGBTQIA+ family, friends and colleagues, while also understanding our own privileges and biases.
“Liberty engages Working with Pride to o er ally training to all who wish to actively support our LGBTQIA+ community and champion inclusion for all community members.”
Bastian says fostering allyship and working closely with the Pride Network has helped
Liberty develop a broader understanding of diversity and inclusion. “It has raised awareness of the individual and the collective benefits of truly being inclusive. The ultimate goal is to provide an inclusive culture, where everyone feels valued, trusted and can be their authentic selves.”
Meeting the needs of all parents Policy is an important factor in creating change, Bastian says, and Liberty continues to evolve its policies to better meet the needs of staff.
“Our paid parental leave policies are inclusive of LGBTQIA+ identifying parents, and all staff who will be parents to a newborn, adopted, surrogate or foster child.”
Earlier this year, Liberty introduced its new Early Childhood Support Policy. This outlines the non-bank’s commitment to supporting staff with the challenges and costs of early childhood.
The policy includes a childcare subsidy payment of up to $10,000 per annum to Liberty team members upon returning from
Liberty was recognised as an Australian Workplace Equality Index (AWEI) Gold Small Employer at the 2024 Australian LGBTQ+ Inclusion Awards. The AWEI is the national benchmark for LGBTQ+ workplace inclusion for organisations across all sectors.
Supporting trans and gender diverse staff Bastian says everyone deserves equitable opportunities to succeed and belong, and Liberty takes conscious action to provide a fair and equal workplace to support every individual along their career journey.
“We’re proud to support transgender and gender diverse staff, and we offer flexible
“We’re proud to support transgender and gender diverse staff, and we offer flexible support for team members seeking to affirm their gender”
Anne Bastian, Liberty
parental leave, as well as school preparation support leave to help staff with children commencing primary school.
Bastian says Liberty also expanded its terms of paid parental leave to increase the number of weeks leave and remove the 12-months service eligibility requirement.
“These changes provide further support to the primary caregiver upon their return to work from parental leave, regardless of their gender or gender identity.”
support for team members seeking to affirm their gender.
“We recognise that the process is different for everyone and provide up to 10 days of special leave to support those during their transition or affirmation. We also encourage all team members to display their personal pronouns in their email signatures as a simple, daily act of allyship.”
Liberty employs five LGBTQIA+ support officers and an additional 15 who are certi-
fied transgender and gender diverse support officers. Bastian says the role of a transgender and gender diverse support officer is to provide support throughout the recruitment process to ensure candidates receive consistent connection and their needs and preferences are advocated for.
All LGBTQIA+ support officers at Liberty have completed LGBTQIA+ inclusion training and have lived experiences or are trained allies with a good understanding of the sensitivities and challenges that LGBTQIA+ people face.
“These support officers are available to anyone who identifies as LGBTQIA+ or requires support relating to LGBTQIA+ grievances within the workplace,” Bastian says.
“They have received tailored training in LGBTQIA+ inclusion and are committed to providing a safe and inclusive environment for all LGBTQIA+ team members.”
“We know first-hand at Liberty that a diverse and inclusive group leads to a happier, more productive team,” says Bastian. “By working to create an environment of trust, respect and inclusion, we positively impact staff attraction, engagement and retention.”
She says many factors contribute to an employee’s retention – at the heart of which is “feeling respected and valued as their true and authentic self”.
“During our recruitment process we ensure allyship is visible for candidates. This includes on our application forms, in our reception area, via the Pride badges and lanyards worn by staff, or through staff proactively sharing their pronouns when conducting interviews.
“Our Pride Network plays a key role in orientation and onboarding of new community members to ensure that, from day one, colleagues are aware of the network and have knowledge of the community.”
Mortgage industry leaders are redefining diversity beyond traditional boundaries – but how can inclusive strategies help reshape the landscape and drive innovation in financial services to break down barriers?
OFTEN CHARACTERISED by tradition and conservatism, the mortgage industry is undergoing a profound transformation. As societal norms evolve and consumer demographics change, the push for diversity and inclusion has become more than just a buzzword – it’s a business imperative. But what does true diversity look like in finance, and how can the industry overcome its long-standing barriers to create a more inclusive environment?
Multifaceted nature of diversity
“One of the pitfalls often met when considering diversity is the placing of definitions that inadvertently restrict the very essence of what diversification sets out to achieve – inclusion,” says Joanna James, chief development officer at the FBAA.
James highlights a crucial point: diversity is not a one-dimensional concept. It encompasses a wide range of factors, including gender, race, religion, age and experience. This multifaceted nature presents both challenges and opportunities for the mortgage industry.
“When considering diversity, equity and inclusion, the first thing is [to ask] what or whom we are speaking about, whether it
be gender, race, religion, age, or experience itself,” James explains. “Ultimately, like a kaleidoscope, this is a 360-degree continuous conversation.”
This nuanced approach is essential in an industry that serves a broad spectrum of clients. Mortgage brokers, for instance, work with customers from all walks of life, inherently requiring a diverse skill set and
understanding. It’s about reimagining the industry to reflect the diverse clientele it serves and to harness the full potential of its workforce.
The mortgage broking sector represents a microcosm of the broader changes occurring across society. “We are already seeing a
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shift with experienced brokers retiring, new-to-industry brokers entering as young professionals with degrees, and an increase in gender balance,” James says.
“Whilst there are positive trends, there is still continued headway to be made.”
This generational shift is bringing fresh perspectives and skills to the industry. However, it also highlights the need for continued e orts to ensure diversity across all aspects of the business.
One area ripe for diversification is the commercial and asset finance space.
“Unlike residential mortgages where the majority are written by brokers, the commercial and asset space has less than 29% facilitated by brokers,” James says.
This presents a significant opportunity for brokers to diversify their business models and for the industry to attract a wider range of professionals. The FBAA is actively supporting this expansion, having appointed Steven Ragany as national commercial and asset manager.
Despite progress, there are still significant barriers to achieving diversity in the financial services sector.
“All impediments to inclusivity start with some form of ignorance or lack of understanding,” James says. “The only way to address this is by having the necessary conversations to shift understanding.”
The conversations themselves need to be comprehensive and inclusive. James emphasises that addressing gender balance, for example, requires considering a range of interconnected issues, including education, skills, family values and financial factors.
Industry associations play a crucial role in fostering diversity and inclusion. The FBAA, for instance, takes a holistic approach to supporting its members.
“The development of the industry will always be in direct proportion to the evolution of our members,” James explains. “Whilst there will always be a majority and
“The development of the industry will always be in direct proportion to the evolution of our members. Whilst there will always be a majority and a minority, we have an obligation to consider things holistically” Joanna James, FBAA
a minority, we have an obligation to consider things holistically.”
This approach includes providing tailored education and business support across specific areas, allowing members to find the resources they need at various stages of their careers.
Specialised forums within the industry are proving to be powerful catalysts for change.
The Women’s Commercial Finance Forum (WCFF), for example, is addressing the specific needs of women in the commercial and asset finance space.
“Forums are a fabulous conduit to widen conversations, creating opportunities between places within the industry not always highlighted,” James says.
These initiatives not only provide support and education but also offer valuable feedback to industry leaders on the evolving needs of diverse professionals.
The WCFF is taking a leading role in broadening the industry’s understanding of diversity. Donelle Brooks, the new head of the WCFF, outlines her vision: “My primary goals and objectives focus on expanding our understanding of diversity beyond gender and fostering an inclusive environment that welcomes all groups,” she says.
Brooks emphasises the importance of creating tangible pathways for advancement in the industry. She explains: “We aim to create pathways for advancement by establishing mentorship and sponsorship programs that support career development
and leadership opportunities for everyone.”
Education and networking form key pillars of the WCFF’s strategy.
“We will also launch educational initiatives, including workshops and training programs, to equip our members with the skills and knowledge needed to excel in their roles and stay ahead of industry trends,” says Brooks.
“Networking opportunities are another key focus, as we facilitate events and forums that encourage networking, knowledge sharing and collaboration among allies in the industry.”
The forum is also committed to driving change at a policy level.
“Our advocacy and policy-influence e orts involve promoting policies and practices that enhance diversity and inclusion within the commercial finance sector, working to influence industry standards and practices,” Brooks says.
Understanding the current state of diversity in the industry is crucial for driving meaningful change. Brooks highlights the WCFF’s commitment to this: “Additionally, for the remainder of 2024 we are committed to research and data collection to understand the barriers groups face in commercial finance. This data will inform our initiatives for 2025 and measure our progress.”
This data-driven approach will allow the WCFF to tailor its initiatives e ectively and measure their impact over time.
“A broad definition of diversity is crucial because it acknowledges and values the unique contributions of individuals from various backgrounds, including race, ethnicity, age, sexual orientation, disability and socioeconomic status”
Donelle Brooks, Women’s Commercial Finance Forum
Collaboration for change
The WCFF recognises that achieving true diversity and inclusion requires a collaborative e ort. Brooks outlines the forum’s approach to partnership: “The Women’s Commercial Finance Forum’s aim is to enhance diversity and inclusion e orts within the commercial finance sector and is powered by the FBAA on initiatives that promote diversity, such as events, training sessions and awareness campaigns that highlight the importance of an inclusive workforce.” This extends beyond events to encompass policy advocacy and research. Brooks explains:
“Together, we will advocate for inclusive policies and regulations that support diversity within the industry, including submissions to regulatory bodies and participation in industry-wide discussions. We will also contribute on research projects to gather data on diversity within the sector, identify areas for improvement and measure the impact of implemented initiatives.”
Importance of a broad definition
Brooks emphasises why a comprehensive view of diversity is crucial for the industry.
“A
of diversity is crucial
because it acknowledges and values the unique contributions of individuals from various backgrounds, including race, ethnicity, age, sexual orientation, disability and socioeconomic status,” she says. “This comprehensive approach ensures we are not just focusing on one aspect of diversity but creating an environment where all individuals feel valued and included.
“By embracing a wider perspective, we can foster innovation, improve problem-solving and drive the commercial finance sector towards a more equitable and prosperous future.”
As the financial services industry continues to evolve, it’s clear that diversity and inclusion are not destinations but ongoing journeys. The key, as both James and Brooks suggest, is to focus on inclusivity rather than diversity for its own sake. This shift in perspective – from diversity as a goal to inclusion as a process – may well be the key to creating a truly representative and dynamic financial services sector.
As the industry faces new challenges and opportunities, embracing a wide range of voices and experiences will be crucial to its continued success and relevance in an everchanging world.
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To foster diversity, you have to foster community. MPA hears how the Mortgage Choice Aspire program is nurturing talent and driving engagement among the network’s women brokers
AUSTRALIA’S MORTGAGE broking industry is home to a wealth of successful female brokers and a broad variety of DEI initiatives. And yet female representation in the industry has remained stubbornly static. The 16th edition of the MFAA’s Industry Intelligence Service report shows that even though the proportion of female brokers in
the industry has risen to 26.9% (as of March 2023), the total number of female brokers has declined.
So, what are the biggest barriers preventing more women from entering the industry?
According to the MFAA, these barriers include unconscious beliefs about gender roles in the workplace; an industry culture
that isn’t inclusive of women; and conscious beliefs about gender roles in the workplace, such as ‘women should not hold a position of management’. The research also showed that while there has been growth in awareness around diversity and inclusion, 34% of female respondents cited an industry culture that isn’t inclusive to women.
Sally Chadwick, executive manager corporate communications at Mortgage Choice, says representation is key in starting to break down these barriers. This means challenging the stereotypes around what a successful broker looks like, and putting female brokers forward for media and industry event opportunities.
“While there has certainly been positive change, the data tells us that our industry could be doing more to boost female broker recruitment and retention through initiatives that demonstrate what a great career path mortgage broking can be for women, as well as programs that support women and help them thrive once they are working as brokers,” Chadwick tells MPA.
The importance of community
For any industry that wants to increase its diversity, it all starts with sending a clear message: “You belong here”. One of the most e ective ways to do this is to foster communities of like-minded people and provide support for new brokers at the start of their careers.
With these principles and the MFAA’s research in mind, Mortgage Choice launched its Aspire program in 2020. The program has since grown from a series of events to a talent development initiative for women in the Mortgage Choice network.
Spearheaded by a committee of brokers and head office staff, Aspire has received significant backing from major lenders. The program now includes masterclasses, media training, national roadshows and integrated marketing campaigns, all aimed at encouraging more women to join the broking industry and enhance their personal and professional development once they arrive.
has shown me that I can be inspired by my peers who have won industry awards and built up large loan books and still feel proud of the business I’ve built.”
According to Nugent, an increasing number of women are seeking mortgage advice from brokers. “I have seen a change in my customer base over the years, with many female customers seeking me out because they feel
“While there has certainly been positive change, the data tells us that our industry could be doing more to boost female broker recruitment and retention” Sally Chadwick, Mortgage Choice
Chadwick says, “While writing loans is a priority for all brokers, it’s important that as an industry we acknowledge that success looks di erent for every broker, and that we find other ways to celebrate the impact and value brokers deliver.”
Mortgage Choice franchisee Joanne Nugent says Aspire has been inspiring. “You don’t have to be the number one loan writer in the country; you can define your own success, and that’s really empowering. The Aspire program
more comfortable discussing their finances with a female broker. Many of these customers are women who are rebuilding their lives after a separation. Working with them is so rewarding.”
For Nugent, being a broker has been personally fulfilling, and Aspire’s events and masterclasses have been pivotal to her journey.
“Being a broker is a wonderful thing, especially as a parent. It’s much more fl exible than a nine-to-five job, and you can make
work fit around your lifestyle,” Nugent says.
“The keynote presentations at the Aspire events and masterclasses are brilliant. While I love seeing my peers face-to-face, I also appreciate being able to tune in to a masterclass online or watch a recording at a time that suits me. The Aspire masterclass I logged into last week about conquering impostor syndrome was particularly insightful as it’s a feeling I often struggle with.”
Bojana LePoidevin, a Mortgage Choice franchise owner based in South Australia, attended an Aspire event very early in her career journey. She says the camaraderie and support she was able to access has been invaluable and has given her a strong foundation to succeed in the industry.
“My peers were all so welcoming and invited me to come to their offices and encouraged me to reach out if I needed help,” LePoidevin says. “The brokers I met were candid and open with their experiences, and it reinforced to me that I’ll be able to achieve the work-life balance I desire in this industry.”
To support female talent in the Mortgage Choice network
To inspire women to take the next step in their careers
To help address the gender imbalance in the industry
a sense of community among the women in the Mortgage Choice network by creating opportunities for them to find common ground in a safe space,” Livera says.
“Over the last two years I’ve seen a huge change in how the women in South Australia engage with each other. I would often see attendees at Aspire events stick to the people
“Aspire has played a pivotal role in fostering a sense of community among women in the Mortgage Choice network by creating opportunities for them to find common ground in a safe space” Ben Livera, Mortgage Choice
Mortgage Choice SA/NT state manager Ben Livera has witnessed first-hand the success of the Aspire program and the role it’s played in boosting the careers of female brokers. He notes that when Smartline and Mortgage Choice began their journey to integrate under one brand, one of the key goals was to help brokers connect in person.
“Aspire has played a pivotal role in fostering
they knew, but over the last couple of years the energy has transformed, and attendees are excitedly mingling and chatting to each other.
“Women in the Mortgage Choice network are encouraged to bring a friend who owns a business, or a referral partner, to Aspire roadshows, which has seen the events evolve beyond women in broking; they’ve become spaces for women in business too.”
Livera notes that the decision to start a business is always challenging, and so meeting peers is an invaluable source of support. Aspire has helped women form new connections that have developed over time, with many franchise owners regularly catching up for coffee or dinner.
“Women franchisees in SA/NT have even started their own group chat,” Livera says. “Franchisees tell me they often seek each other’s advice about complex lending scenarios, but, more importantly, they use the chat to stay in touch and check in with each other.”
Moving forward together
While it’s still early days in the Aspire program’s journey, the results are already impressive. In June 2024, the proportion of women brokers at Mortgage Choice was at 34% – 7% higher than the industry average. In FY24, 40% of new franchise owners and 45% of new broker recruits joining the Mortgage Choice network were women. This reflects a gender balance that is significantly more equitable than we can see in the industry at large.
“We have seen great momentum in the number of new female franchise owners and brokers joining our network, and we’re hopeful that this trend will continue as we strive for greater diversity across the board,” Chadwick says.
She adds that improving gender equality is just one way to create a more inclusive industry. “To achieve greater diversity in the mortgage broking industry, we should look to attract brokers from all walks of life, including underrepresented groups, so that brokers better reflect the Australian community,” Chadwick says.
“Then we must ask ourselves how we’re going to retain these brokers once they have joined the industry. We need to continue to evolve and become more inclusive to ensure the long-term sustainability of the mortgage broking industry.”
The MFAA is committed to ensuring diversity, equity and inclusion is not just a catchphrase but a goal being actively pursued. CEO Anja Pannek discusses the association’s recent DEI survey and summit and why the topic is so important
in business isn’t new. It’s been around since the 1960s, and since that time there has been huge progress. It’s opened doors for countless individuals and changed perceptions of what people are capable of.
But, according to MFAA CEO Anja Pannek, despite the extensive research and evidence that diversity is good for business, many people still feel excluded from the industry and unable to reach their full potential due to bias, discrimination, lack of access to training, and other factors.
The MFAA first began researching diversity in 2018, focusing on the declining number of female mortgage and finance brokers and working to address this through its Opportunities for Women program. The peak industry body has now broadened the scope of its research to encompass all aspects of DEI, with the aim of exploring and understanding the dynamics of DEI across the industry.
“This evolution in our approach reflects an understanding that addressing the challenges and barriers faced by a diverse array of individuals can significantly enrich the industry’s cultural and professional landscape,” says Pannek.
“Mortgage and finance broking has grown to be a key player in shaping the financial wellbeing of Australian families and business owners, and we want our industry to be
sustainable into the future – and to continue to meet the diverse, evolving needs of the customers we serve.
“DEI is a part of that future, and we can’t leave it to chance.”
Upholding industry standards
Pannek says mortgage and finance broking isn’t solely predicated on loan applications or loan volumes; it’s built on the foundation of upholding standards and meeting the expectations of clients and the community.
“Today’s clients, and the clients of tomorrow, are looking more closely at the businesses and industries they buy from and work with, and they want to see inclusion,” Pannek explains.
“Creating an environment that offers genuine opportunities to people from all walks of life will keep our industry and
brokers in good stead with their clients and community.”
Brokers have worked hard to build trust with Australians, as can be seen by the steady increase in mortgage broker market share to 74.1%, particularly since the introduction of the best interests duty.
“We all have the responsibility of upholding this trust by upholding standards, always putting clients first, and through an industrywide commitment to DEI,” says Pannek.
The MFAA’s commitment to DEI kicked off with an industry-first DEI Summit held in Sydney in May. This brought brokers, lenders, aggregators and other industry participants together to discuss and undertake a commitment to DEI.
“We want to bring everyone into the
Key findings of a survey of MFAA members:
Most would promote the industry to people of diverse backgrounds, but less than half believe there is a business case for DEI
While having a diversity of representation is seen as important to most MFAA members, only half feel fully included and respected Industry leaders are viewed as being open-minded about promoting DEI
“Creating an environment that o ers genuine opportunities to people from all walks of life will keep our industry and brokers in good stead with their clients and community” Anja Pannek, MFAA
conversation and understand a multitude of di erent perspectives and experiences,” says Pannek.
The MFAA also announced the findings of its DEI survey at the summit. These showed that while most MFAA members believe industry leaders are open-minded about promoting DEI, less than half feel there is a business case for DEI. This suggests there is a gap between aspirational attitudes towards DEI and its practical application through business strategies.
“This discrepancy highlights the need
for more concrete actions and measurable commitments to elevate the importance of DEI within the industry’s operational priorities,” says Pannek.
Reflecting on the Australian community, Pannek notes that this country is home to the oldest living continuous culture in the world, and that its modern history is built on immigration from all parts of the globe.
“We now embrace new traditions, new customs, and we have all benefited from this rich tapestry of the Australian population, even if we don’t realise it,” she says. Right
now, that rich diversity of Australia can’t always be seen in the corporate world we are part of.
Pannek points to stats showing the make-up of ASX 300 company boards: only 9% of directors are not from AngloCeltic backgrounds, just four identify as LGBTQI+, and none are known to live with a disability.
In financial services, women make up more than half the workforce, but their representation among CEOs is just 10%.
“That’s just a couple of examples; the list is of course much longer. Needless to say, we are missing out on the contributions of the people we don’t see when we talk about these numbers,” says Pannek.
It’s widely acknowledged that the benefits of DEI range from improved financial performance to increased sta retention – as people who feel they can be their authentic selves are less likely to leave – and better customer service outcomes.
views of those who disagree with the concept of DEI. “By its very nature, DEI means welcoming diverse views into this conversation,” Pannek says.
“How any one individual feels about DEI can stem from a variety of places, including a lack of understanding, or their own personal experiences, and even possibly from fear or discomfort with change and what that means for them.
What are your personal experiences around inclusion?
“At the MFAA, when it comes to DEI we have consciously chosen to lead by example, not just with motherhood statements, because we believe real action will enrich our industry”
Anja Pannek, MFAA
How diversity can benefit the industry
But why is DEI important in the mortgage and finance broking industry?
For Pannek, it’s about being able to tap into the wealth of different perspectives, experiences and skills that can drive innovation, improve client experience and continue to enhance the industry’s reputation in the community.
An emphasis on DEI can also help the
industry attract and retain talent. Research from the Diversity Council of Australia shows that employees are more likely to stay at organisations that embrace diversity.
“The case for change is clear,” says Pannek. However, she notes that while there is broad support for DEI initiatives across the industry, the MFAA’s survey revealed that many people hold di erent views. But the association’s objective is not to dismiss the
“We want to bring everyone into the conversation and understand all perspectives and experiences.”
A significant finding of the DEI survey is that only half of MFAA members feel very included and respected in the industry. Pannek says this is a concerning insight that underscores the significant work still required to build truly inclusive environments.
“It signals an urgent need for us to listen more attentively, engage in open and honest dialogues, and implement strategies that address these feelings of exclusion.
“DEI doesn’t have an end point; it’s something that needs to remain on the agenda so that our biases – which we all have – don’t go unchecked, so that people get the opportunities they deserve, and so that we can harness the talent that is out there and will make our industry stronger.
“At the MFAA, when it comes to DEI we have consciously chosen to lead by example, not just with motherhood statements, because we believe real action will enrich our industry. For example, we have committed to ongoing research on DEI within our industry; [we have] taken the panel pledge and will be held accountable that speakers at our events and panels we facilitate will encompass diversity.”
Pannek says the MFAA has also made a public commitment to beginning its own Reconciliation Action Plan journey in 2025.
“We can all be leaders in DEI, regardless of the position we hold – and I believe our industry will be stronger for it.”
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CommBank shares success stories and runs programs such as the Women of Home Buying mentorships to inspire future female leaders. Sandy Qamar and broker Amelia Pignone discuss their journeys of empowerment
SHARING SUCCESS stories, providing strong mentoring programs and educating the next generation – that’s how the industry can attract more female brokers and empower future finance sector leaders, say CommBank’s Sandy Qamar and broker Amelia Pignone.
MPA asked Qamar, the head of partnerships at CommBank, and Pignone, an award-winning broker and founder of brokerage LendX, about their careers, their mentors and what the industry can do collectively to increase female participation and leadership.
It’s clear that progress on boosting both the number and proportion of women brokers has been slow.
According to the MFAA Industry Intelligence Service 16th Edition report, the proportion of female brokers in the industry rose slightly to 26.9% in the October 2022 to March 2023 period, compared to 25.4% in the previous six months.
Although the proportion of female brokers was up, the actual number operating in the third party channel was down – falling by 150 to 3,208 during that period. And this isn’t the first drop in female broker numbers the industry has recorded. When the MFAA first started its reporting back in October 2017, there were 3,779 female
brokers working in the industry – 571 more than today.
But Qamar and Pignone are shining examples of women who have built impressive careers and benefited from the strong programs and support networks CommBank has put in place to help women thrive.
Qamar has been at CommBank for nine years, since starting her career as a night shift contact centre agent answering customer
to understand my strengths and weaknesses and helped me to devise a path forward to achieve the career I want.”
CommBank is great at showcasing success stories, says Qamar. “We often have development days where leaders from all walks of life – not just CommBank – share their stories and provide insights into the challenges they have faced and how they overcame them. This constant sharing of
“Time is one of the most valuable things you can give someone, so when I see someone looking for mentorship, I always want to ensure that I’m there for them” Sandy Qamar, CommBank
queries. “In my current role, as head of partnerships, I’m responsible for building strong relationships with our aggregator partners to help drive greater outcomes for our brokers.”
Grateful for CommBank’s support
“I have been incredibly lucky to have such strong advocates throughout my career at CommBank, both male and female,” says Qamar. “These advocates have supported me
stories has inspired me in my career.”
Qamar has also been an active participant in CommBank’s Women of Home Buying mentorship program. It is designed to bring together aspiring female leaders from across the bank, giving them the opportunity to connect and discuss relevant topics and workshop challenges “and the steps we can take to better support other women in industry”, she says.
Qamar says it’s incredibly important to encourage more women to join the industry.
“Broking can support very fl exible work arrangements. Brokers tend to work for themselves and, as such, are able to set the days and times they work, which can help mothers and those women with competing priorities to e ectively juggle their various commitments.”
Increased female representation also provides more role models for younger generations.
Qamar says encouraging women to join the finance industry not only benefits individual careers but also enhances the industry’s performance and societal impact by promoting diversity and inclusion.
There are many different strategies businesses can employ to ensure equal representation in leadership roles, she says.
“Setting clear gender diversity targets and ensuring equal-opportunity practices
are established will go some way to achieving greater female representation within the industry.”
Mentorship and development programs are also important. Qamar says these can be aimed at supporting women throughout their careers while providing guidance, advice and advocacy.
“Something that CommBank does well is create flexible work arrangements for employees so that they can spend extra time at home should they need or want it. CommBank also supports work-life balance
through its employee polices, allowing women to thrive both personally and professionally.”
Qamar highlights two women who have mentored her and helped her achieve success. One of these was her former boss and team leader who showed her the true value of a workplace mentor.
“She has a wonderful family that she supports and who support her, and she is also very dedicated to her craft and takes so much pride in her work and what she can achieve for people.”
Even though Qamar no longer works in her team, she remains one of her most critical mentors. “She pushed me outside of my comfort zone, allowed me to make mistakes in a safe environment, had my back when it counted, and then provided feedback in private to [help me] improve. She let me shine and never let me get comfortable.”
Qamar’s other mentor is her mother, who she describes as her “fiercest supporter and the best advocate”.
“Mum has always been so confident that I will achieve everything I set out to do and never tells me to doubt myself. I realise how lucky I am to have someone like that in my corner. She is my biggest fan and is always pushing me, saying ‘you can do more, and you will do more’, whilst also giving me transparent, constructive feedback.”
Qamar wants to ensure that she’s always available to help others.
“Time is one of the most valuable things you can give someone, so when I see someone
who is looking for some support or mentorship, I always want to ensure that I am there for them in any capacity that they need.”
As someone who has completed CommBank’s Women of Home Buying program, Qamar values the chance to give back to other participants as a mentor. She says it provides a “unique opportunity to develop my leadership skills whilst also supporting other women in the business”.
“I’ve always admired women who are ambitious and grow their business from the ground up, defying all odds to be successful and make the world a better place along the way” Amelia Pignone, LendX
A big focus of CommBank’s partnerships team is on promoting diversity and inclusion within the bank as well as the broader broking industry.
As head of partnerships, Qamar says she has an incredibly exciting and unique opportunity to support the diversity and inclusion programs of aggregators and industry partners. These include the Mortgage Choice Aspire program; Finsure’s Women in Finsure program; the MFAA’s Diversity, Equity and Inclusion program; Loan Market Group’s Best Interest Mates program and nMB’s Supporting Women in Business Network.
Broker Amelia Pignone set up her own Sydney brokerage, LendX, in April 2019. Soon after, she featured on MPA’s Top 100 Brokers list in 2020, and then again in 2021, 2022 and 2023.
“We have an incredibly dedicated and talented team made up of six brokers and three support sta ,” says Pignone. “Although we are based in Sydney, we service customers all over
Australia, with 70% of our customer network being residential lending, the remaining 30% commercial transactions.”
Pignone says LendX recently set up LX Equipt, a division of LendX designed to support asset and equipment finance clients.
Working as a broker for the past 15 years, Pignone says she has been inspired by the women closest to her – friends, family and colleagues.
“I have never focused on emulating celebrities; I have always admired women who are ambitious and grow their business from the ground up, defying all odds to be successful and make the world a better place along the way,” she says.
“I want to inspire the growth of young girls and women in the industry, showing them that you can do anything if you have the determination to pursue your dream.”
Pignone says the team at CommBank have always been supportive, and their communication and dedication to her success stands
out. Her relationship manager and state manager are always available to provide guidance and support.
The relationship manager regularly visits the LendX team and arranges training, Pignone says. “They also provide assistance and advice programs that show exactly how the bank can support me to build my book and further grow my business.”
While she has experienced some gender barriers during her time as a broker, Pignone believes there are great opportunities for women in the industry.
“There is an opportunity to break glass ceilings and build our own tables so we can invite other women to enter the industry and build upon some of the amazing work that is being done.”
Lifting the number of female brokers starts with reaching out and marketing to younger women, providing more information about the industry, says Pignone.
When women do become brokers, they should be able to rely on a strong group of colleagues and mentors who can assist them in setting realistic goals.
“I prioritised setting short- and long-term goals that were focused on raising my young family and building my business,” Pignone says. “This level of balance in my goal-setting allowed me to have clear guidance on what I wanted in life and where I wanted to be at each point in my journey.”
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Whether you’re new to the industry or well into your career journey, having the right support makes all the difference. Lendi Group brokers discuss how a strong support model has helped them thrive
STARTING OUT as a mortgage broker is no easy journey, and the learning curve is steep.
New brokers need to build a client base from scratch, navigate complex industry regulations, and establish trust and credibility in a competitive market.
Then as brokers progress in their careers, this brings the challenge of scaling a business and managing an increasing workload e ciently. In this environment, it is vital to ensure that brokers from all backgrounds and experience levels can thrive. This has
“Being able to workshop scenarios with experienced brokers and leverage their experience is so helpful,” Bryson says. “I’ve also accessed all of the learning and development opportunities provided by Aussie, as well as events and resources o ered by the MFAA.”
Bryson notes that the need for strong financial advice has never been higher, and so now is a critical time to provide a boost to new brokers.
“In today’s complex property landscape and amidst various challenges like high
“Helping early-career brokers find their way is incredibly important, as it ensures a pipeline of skilled professionals in the industry ... so that customers can continue to access guidance and expertise” Siobhan Bryson, Aussie mobile broker
been a key area of focus for Lendi Group and its subsidiary Aussie Home Loans, which has rolled out its Platform Plus support model to help solve common challenges faced by brokers at all career levels.
Siobhan Bryson, a relatively new broker who joined Aussie in South Australia in 2022, says belonging to a large broker network has been invaluable. By tapping into the support o ered by Platform Plus, Bryson was able to settle over $30 million in business in her first year as a broker. Today, her momentum is unstoppable, and she appeared on MPA ’s Rising Stars list in 2024.
Speaking to MPA, Bryson says she didn’t have any finance industry experience when she joined Aussie, and instead applied skills from her 14-year career in sales. As a result, the mentorship she received from more experienced brokers was crucial to propelling her career forward.
interest rates and cost of living pressures, customers are looking to brokers more than ever for their support,” she says.
“Helping early-career brokers find their way is incredibly important, as it ensures a pipeline of skilled professionals establishing themselves in the industry so that customers can continue to have access to guidance and expertise.”
This sentiment is echoed by Samer Demerdash, an established broker with seven years of experience under his belt. Demerdash has been with Aussie since 2017 and has established himself in the top 2% of performers in the network. However, he hasn’t stopped there. Demerdash scaled his business up significantly in FY24 and has seen a 30% rise in settlements as a result.
Demerdash says constant learning, and leaning on his extensive professional networks, has been vital to his success. “In the early days, this included activities like trade shows and community activations, where I was able to
Innovative features designed to drive transparency, speed and e ciency
A centralised Associates Team to contact customers with enquiries, obtain key information and book appointments
Specialised nurture journeys with bespoke communications for customers not yet ready to proceed
A centralised Client Solutions team to support brokers with loan packaging and ful lment through to settlement
connect with locals in the area and establish relationships,” he tells MPA.
“I also leveraged my own personal networks as best as possible and shared information about my new business with friends and contacts, which helped land me a few clients.”
Demerdash notes that since day one he has strived to provide his customers with an exceptional experience – and as the years have progressed, referrals have become his biggest contributor of leads. He also works closely with a select group of real estate agents, solicitors, accountants and buyers’ agents who direct customers his way.
“I really love being a broker, and Aussie’s centralised support allows me to direct more time and attention to engaging with customers,” he says. “This translates to positive interactions with customers, who then feel more comfortable to commit to the transaction quickly.”
Supporting success through technology
Lendi Group has no shortage of success stories, and its Platform Plus support model has been central to this. The model addresses common challenges brokers face and focuses Sponsored
on automating the ‘mundane’ to allow them to focus on the heart of their business – client relationships.
Aaron Hockey, general manager, network development at Lendi Group, points out that the average loan takes over 20 hours of broker time to process. For ‘one-man band’ operators, this cuts significantly into the time they could be spending on actively strengthening client relationships, working on their business and generating leads. With the power of automation, this is exactly what Platform Plus aims to change.
“Our brokers are achieving lodgement speeds in excess of four times the industry average,” Hockey tells MPA
“We have multiple teams of brokers in our business already lodging a deal a day, and we believe Platform Plus is the vehicle that will help brokers across all our channels to
LENDI GROUP BY THE NUMBERS
residential mortgage brokers
1,300+ 1,000+ 220
Lendi Group team members across Australia and the Philippines supporting its brokers
$100bn+
Aussie retail stores loan book
“Our brokers are achieving lodgement speeds in excess of four times the industry average. We have multiple teams of brokers in our business already lodging a deal a day” Aaron Hockey, Lendi Group
reach this milestone. This added capacity can be directed towards doing what they do best – interacting with customers and driving revenue into their businesses.”
Hockey emphasises that the platform is there for all brokers to lean on, regardless of their career stage Everyone from new to experienced brokers can achieve impressive results, which has already been demonstrated brilliantly by the success of Demerdash and Bryson.
“We’re committed to supporting our brokers in all phases of their career, and the two brokers featured in this story are just two of many brokers in our network at di erent
career stages who are still experiencing significant growth,” Hockey says.
For Lendi Group’s brokers, there is no limit to the level of success they can achieve.
Demerdash settled $98 million in FY23 and increased this figure to $127 million in FY24. He notes that this increase was largely due to the Platform Plus-generated appointments with customers who he wouldn’t otherwise have interacted with, which is a fantastic result.
Commenting on his goals for 2025, he says he has no plans to slow down. “The only way
is up! The goal is to exceed the $127 million of FY24. This year, I plan to continue leaning into the Platform Plus support model, leveraging the services available to me and continuing to drive exceptional outcomes for my customers so I can generate more referrals and ultimately carry on growing my business.”
As a new business owner, Bryson plans to use every tool that Lendi Group has available to boost her growth – from its mobile app and automation tools to its many networking opportunities. She notes that the Aussie mobile app has been a particularly useful touchpoint with customers, as it gives them key insights on property values and rental yields, and a view of their equity position.
“I’ve been using the app as a tool to keep clients engaged and sustain long-term relationships, and I’m currently topping the leaderboard in the Aussie mobile channel for the broker who has generated the most customer app downloads,” Bryson says.
“With the Platform Plus model, I’m able to focus the bulk of my e orts toward building meaningful relationships with my customers, which is incredibly important, especially as a new business owner, as building strong relationships will help in generating referrals and growing my business.”
For brokers who are new to the industry, Bryson’s advice is simple – be patient but persistent. If you consistently invest time in building strong relationships with your clients and leveraging the expertise of your fellow brokers, you’ll be well on your way to reaching your goals.
“Welcoming new talent into the industry encourages innovation and fresh perspectives,” she concludes.
“Equipping this talent with the support and tools they need to succeed helps to maintain high standards of service and professional integrity, ensuring that the industry can deliver on the expectations and best interests of customers.”
Commercial lenders and brokers are doing their utmost to assist customers through a di cult economic period of elevated interest rates, labour shortages and high construction costs. MPA held its annual Commercial Lenders Roundtable to discuss the market, diversification, technology and other important issues
ADAPTABILITY AND RESILIENCE are important traits in commercial finance for both lenders and their broker partners. In an uncertain economic environment, the sector has had to roll with the punches when it comes to the higher cost of capital, increasing credit risk and fluctuating property market dynamics. Higher interest rates and inflation, regulatory burdens on development and SMEs, and the rising
costs of building and labour are among the ongoing challenges.
But commercial lenders and brokers have been able to adjust to their clients’ changing circumstances and provide the flexibility and support their businesses need to thrive.
The Australian economy remains buoyant overall, with demand for larger developments remaining strong and asset finance performing well – particularly in areas such
as agribusiness and green equipment.
More residential brokers are leaning into the diversification opportunities that commercial lending provides, either by upskilling or forming partnerships with commercial brokerages.
To discuss these and other issues, including how technology can boost the sector, MPA recently held its annual Commercial Lenders Roundtable at Nobu in Sydney.
The attendees were Cory Bannister (La Trobe Financial); Karen Carter (BOQ Business); Joel Harrison (Thinktank); George Lyall (Millbrook Group); Michael Moloney (Resimac); Barry Saoud (Pepper Money); Grant Smith (ORDE Financial); Chris Thomas (NAB) and commercial broker Isabella Constantinou (Simplicity Loans & Advisory). Stephen Scahill (LMG) was unable to attend but provided written responses.
How have commercial lenders adapted to challenges such as higher interest rates and inflation, reduced consumer spending, and rising construction and business costs in the last 12 months and reached out to support brokers and their customers?
The challenges a ecting the residential lending space have had a similar impact on commercial borrowing in the last 12 months. Self-employed individuals, SME borrowers and property developers have all felt the pain of rising interest rates and inflation.
Two key trends have emerged: consumers are not spending as much on discretionary items due to a cost of living crisis, and building costs have risen rapidly, exacerbated by a shortage of skilled labour and increased regulation.
Higher construction costs mean borrowers have to pay more, and some developments may not stack up financially for lenders or their clients. Labour availability remains a significant constraint for about 30% of firms,
according to the NAB Quarterly SME Survey for Q2 2024, and while SME business confidence has improved slightly, it is still in negative territory.
Roundtable participants discussed credit availability and consistency of approach, and how brokers and lenders are adapting to a changing economy.
Bannister kicked o the discussion by saying the high interest rate environment was causing a few challenges, and these were having an impact on commercial borrowers. The first priority was to discuss credit availability, he said: “Making sure that credit remains available. Anyone [lenders] can lend in good conditions; when times are good, it’s really easy to do.”
He said it was important for lenders to play an active and consistent role in the commercial space during uncertain and complex economic periods, particularly with the current steep interest rate curve.
“It’s a mark of maturity, experience and commitment to the channel if you can do that appropriately throughout this period.”
Availability and consistency of credit were now paramount, Bannister said – more important than price, technology and marketing.
La Trobe Financial has been an active player in the construction sector, which is also facing challenges, he said. “Lenders have a huge part to play in addressing a national economic issue – the undersupply of housing. The government is targeting 1.2 million homes over five years; it’s looking highly unlikely that this will be achieved, but it’s important we get as close as possible.”
About 160,000 homes would be built this year, aiming to reach an annual total of 250,000 by 2027. Bannister said it was important for lenders such as La Trobe Financial to be involved in financing construction. “We’re proud of our ability to participate.”
Lyall said lenders needed to show more flexibility in today’s economic environment. “We are focused on lending to experienced builders and developers in the current climate. There’s no one box ticks all for construction at the moment.”
Millbrook Group could structure loans in various ways to ensure clients were in a better position, such as by increasing the contingency if there were certain cost overruns, Lyall said. “It’s all about really working with brokers and clients for the duration of the build, in order to get the best outcomes.”
Consistency was a key theme for participants at the roundtable.
Harrison said brokers and the commercial lending industry benefited from remaining consistent in their approach. Availability of credit was one thing, but applying a consistent methodology was necessary to give borrowers a clear outcome on “where they are going to get the money from and how”.
“That’s been something as an industry we’ve done a fairly good job on during what continue to be challenging times.”
Saoud highlighted the need to increase and diversify funds for commercial lending, which would give brokers and customers confidence in non-bank lenders.
Non-banks have the ability to adapt credit policy to a changing environment, he said. “It’s looking at our approach to credit, how borrower circumstances, lending criteria and security types [have] evolved, and then ensuring we have the availability of funding to service those customer needs.”
From a broker’s perspective, Constantinou said that when the market provided so much uncertainty for borrowers, it was important that brokers could have confidence in loan outcomes from lenders. Their relationship with the lender and consistency of the
facing brokers and customers across the whole SME market, Carter said. The lender has implemented a number of policy changes, making it easier for clients to access funds.
“We’ve reduced interest cover, we’ve increased the amount that we’ll lend to with
“Lenders have a huge part to play in addressing a national economic issue – the undersupply of housing. It’s important for lenders to be involved in financing construction. We’re proud of our ability to participate”
Cory Bannister, La Trobe Financial
outcome were more important than ever in changing times.
“If we’re suggesting a non-bank in the private space, we need to have confidence that we’re not putting the client in something that’s not going to provide the best outcome for them,” said Constantinou. “Knowing that we have that confidence in the lenders that we’re dealing with is so important.”
BOQ Business has looked at the challenges
higher LVRs, and we’ve reduced the amount of information that we require,” said Carter.
“We could also see that some existing customers were having trouble meeting covenants, so we’ve made adjustments to our policy to better accommodate and respond to this”.
However, Thomas said the economy is robust, and NAB has been focusing on the value of its partnerships between business bankers and brokers.
“Given that it’s a multi-speed economy, a lot of the effort in helping customers get the funding that they need is really based around the forward projections,” he said.
More now than ever, deeper financial analysis was needed due to higher interest rates, inflation and labour pressures. Without this, it could be more difficult to obtain credit approvals.
Thomas said the need to stress-test a customer’s forecasts and tie it all back to the customer’s strategy was a joint responsibility “between the broker and the banker to work together to solve clients’ needs”.
At NAB, credit policies are not being changed, but the focus is on understanding both broker-introduced and direct customers, and what was happening in the economy. “So that we give the right advice to that client
and lend them the money that they need, through the extension of appetite around existing policies,” said Thomas.
The major bank has also been running credit workshops for its experienced bankers, focusing on understanding key cash drivers, balance sheets, profit and loss and projections.
Thomas said that while bankers were already doing these things, it was critically important to keep “sharpening the axe” on education, and these workshops were also being rolled out to NAB’s key commercial brokers.
“That’s a really important feature of the market – that the credit continues to flow despite all the pressures out there,” Thomas said.
Scahill said it was only fair to point out that it was brokers who had done the heavy lifting with their customers.
“There has, unquestionably, been anxiety amongst commercial customers as they have dealt with interest rate rises, inflation, higher construction costs and more,” he said. “Some industries are still dealing with the hangover from COVID and the restrictions that were in place.”
As an aggregator, LMG has sought to provide its brokers with the tools and support they need.
“Broadening the scope of our lending panel has also been important,” Scahill said. “In the current environment, our brokers and their customers need an array of solutions, and whilst many exist in the market, we see it as our responsibility to vet the many lenders out there and partner with those we believe offer the best solutions.”
An economy operating at two different speeds – that is how Smith described the current market.
“For every Porter Davis [home builder that went bust] that didn’t battle through, there’s another 10 builders that actually got through that changing condition, are thriving, and are looking at government housing demand as a real opportunity,” he said.
Smith said it was imperative for lenders to look at the individual positions of borrowers
Q2, 24 vs Q2, 23 vs Q2, 23 vs Q2, 23 -8.1% -0.2% +3.0% Q2, 24 Q2, 24
and not get caught up in industry trends. The aim was to help borrowers and understand what they want to achieve.
“For someone starting to feel financial pressure, could a viable solution be found through a debt restructure, partnering with a good broker who could help them explore all the actual options?”
Resimac’s asset finance division does include some short-term property lending, Moloney said.
He praised banks for the strong funding made available to non-banks during a tough period.
Resimac is maintaining its LVR discipline on short-term property loans. “We need to be offering loans, but we just need to maintain a balanced portfolio.”
In asset finance, the non-bank’s average loan is $80,000, and SMEs are able to pay a fixed rate car loan for this amount without problems.
Moloney said that while asset finance is focused on low-doc lending, there are other options. “If you’re prepared to provide a few BAS statements or ATO portals, you can get more money through ‘lite-doc’ and full-doc lending.”
Where do you stand on the issue of broker specialisation in commercial finance versus the need for residential brokers to diversify,
and why? How do you educate both commercial finance brokers and resi brokers who want to move into this space?
With 74.1% of all new home loans written by mortgage brokers, it’s clear that competition for market share is fierce.
Lending activity has dipped in the residential sector given rising interest rates, reduced borrowing capacity and serviceability constraints. That is why so many brokers are looking to diversify their client offerings into commercial lending, where it’s estimated only around 30% of loans involve brokers. But moving into commercial finance involves brokers upskilling and gaining an understanding of a sector that’s quite different to home loans. Some brokers prefer to pass on any leads to experienced commercial brokers for a fee.
Constantinou, who was named MPA Top Commercial Broker in 2022, said she believed there would be a change in the trend to push residential brokers to diversify into commercial.
Simplicity Loans & Advisory only writes commercial loans and chooses not to do residential loans. “We’re really good at commercial finance, and it makes sense to stick with what we know,” Constantinou said.
The brokerage enjoys great relationships with banks and different lenders. “We lean on our resi partners for all our resi needs
because they’ve got all those relationships.”
Constantinou believes the trend of individual residential brokerages diversifying into commercial will change, with partnerships between major residential and commercial brokerage firms becoming more common.
“The resi side is very convoluted – there’s a lot of hoops you have to jump through,” she said. “I don’t understand how you can be really good at it if you’re not wholly focused on it. The resi brokers that do that really well should be leaning on their commercial partners, more so than looking to diversify and do it themselves.”
Thomas was supportive of Constantinou’s views. Looking at what was right for the customer, he said that NAB, other lenders and brokers had an obligation to work
“BOQ is still seeing demand in the agriculture and health sectors, and we play a key role in these niche markets. We want to help SMEs grow and help with their cash flow”
Karen Carter, BOQ Business
together “to get the right people in front of the customer the first time”.
“I like to see commercial brokers that have got the commercial acumen and experience to actually cope with their customers’ changing needs,” Thomas said.
However, Thomas said it was encouraging to see brokers investing in a commercial partnership or bringing someone with those skills into their business.
“We want customers to have the best experience possible, so it’s important that brokers have the right support, whether that is a commercial partner, or the knowledge and skills.”
Constantinou added that she wasn’t discouraging either residential or commercial brokers from being educated about each other’s sectors. She said it was important for
residential brokers to know the fundamentals of the commercial space because it would help them identify further opportunities with their residential clients and strengthen the industry.
“I just think there’s an opportunity for more partnerships than diversification.”
Carter also expressed caution about residential brokers stepping up into commercial finance. They needed to make sure they were providing the customer with the right experience.
She said more and more business bankers are moving into commercial broking, which is increasing the size of the sector.
“We’re definitely targeting the business brokers that have become commercial brokers; they do know what they’re doing,” said Carter. “Our education to them is more
about what the product is and how we can structure a deal.
“That said, we’re about educating residential brokers if they have a keen interest.”
Education sessions o ered to date included topics such as how to build cash flow and present the right loan that matches the client’s needs. “We provide cheat sheets; we’ve got a commercial broker with niche lending guidelines.”
BOQ is expanding its remit in commercial broking, allowing brokers to access insurance premium funding and asset finance through its other divisions.
Carter said a number of aggregators have commercial mentoring programs in place that are very helpful.
Smith agreed with Constantinou that the trend is towards commercial partnership models – diversifying through others rather than brokers doing it on their own.
But he said ORDE Financial had always believed it was the broker’s choice, and if brokers wanted to move into commercial lending, ORDE would give them the education and support they needed to successfully provide that service to their customer.
Smith said it went beyond webinars, workshops and presentations. “It’s been the establishment of our relationship management team, who are focused on supporting
brokers with upskilling and diversifying their business.”
The team sit within ORDE’s distribution team, working alongside a broker’s dedicated BDM. They draw upon their deep credit experience to support brokers from initial scenario engagement all the way through to submitting the loan.
Harrison said some businesses are feeling the pinch, and so are some brokers, which is why they want to diversify their income streams. He said there are lots of opportunities for residential brokers to step into the commercial space. Some of the more simplified products are “a really good steppingstone for these brokers to build their skills and knowledge”.
“I agree that once it gets into the more complex scenarios, you want to make sure that they’ve got the right people to provide guidance as needed,” said Harrison.
That’s why Thinktank has dedicated relationship managers to provide brokers with support through the process. “If the broker would like us to work with the customer, we can. We’re happy to help in any way that the broker feels comfortable and adds value.”
“Technology can’t replace commercial thinking – the ability to look at a transaction and make a decision, not just on the property, the LVR, the location, but [to look] at the specifics and make a commercial decision”
Isabella Constantinou, Simplicity Loans & Advisory
On the flip side, some commercial brokers are looking to step into the residential space to diversify their income.
“I’m sure most brokers would choose to write multiple deals with the same customer as much as possible rather than spending a multiple of that time and effort looking for new clients,” Harrison said.
“Whether it’s equipment finance, a home loan or commercial property, as a broker I wouldn’t want to step away from that opportunity and potentially leave it open for someone else.”
He said it was up to lenders to provide the support brokers needed through education sessions, the right tools, and insights showing how lenders looked at a deal and why.
Harrison said some brokers choose to work with an experienced commercial brokerage, while others prefer to participate in training courses.
“There seems to be a lot more peer-to-peer mentoring in the commercial space,” he added. “There are quite a few brokers willing to help other brokers along their diversification journey, which highlights how collaborative the sector is.”
He suggested there may be opportunities for a solo broker operation looking to partner up either via mentoring or by potentially merging with a business to include a range of sector experts.
Moloney said diversification depended on the individual broker, their strategy and the market.
“Twelve months ago, the asset finance world was hot, and the resi mortgage business was pretty tough. As a broker, it would be nice to pick the best of both worlds.”
For residential brokers the easier transition was to asset finance, because “you can do quick car loans on loc-doc matrixes; you don’t need to be looking at financial statements”, he said.
Overall, Moloney favoured the referral option for brokers.
Thomas said it was exciting to see these partnerships gain pace, whether they were brokers coming together, sharing equity
and setting up joint ventures, or formalised referral relationships.
“If you’ve got that diversity within your skill set, there is no client that you cannot assist, and there’s no cycle that you will potentially miss.” This would also lead to great customer outcomes and help brokers manage rising costs.
Bannister said consolidation would be a strong theme going forward. He encouraged diversification but believed it was not for everyone.
“Diversification for diversification’s sake is risky and probably not good for the industry overall. If you take measured steps, commercial-resi is no longer as binary as it once was. There’s so many segments and nuances to each of those markets … a resi broker can perhaps write an asset finance
“Recently, Thinktank released two new easy-servicing short-term products, which provide excellent options for construction and developer borrowers. They include three-year terms, flexible income verification options and a residual stock alternative”
Joel Harrison, Thinktank
transaction but maybe can’t do a business banking transaction or development finance transaction. It’s no longer black or white.”
Aggregators could play a significant role here, Bannister said, especially in coaching and selecting brokers who were ready to diversify. Aggregators had good education and referral programs, but these could be enhanced to target brokers and “take them on a more selective journey”.
Commercial brokers’ market share remains low and is growing only slowly, Bannister said. “How do we address that? … Rather than having a pathway from resi to commercial, perhaps it’s more a targeted banker-to-broker
program. It’s not going to please the banks, but as a whole, more capable commercial brokers is a good thing.”
Saoud said there was a place in the industry for both specialisation and diversification.
“There’s not a ‘one size fits all’, but it comes down to, as an industry, how do we better support the right brokers to diversify? I think the industry’s done a good job, but we need to continually listen to brokers, meet them where they’re at and develop the right content to support their diversification pathway.”
Aggregators and the MFAA and FBAA all had a part to play, as did lenders, in creating adaptable ways to better educate
and support brokers, Saoud said.
Brokers needed to have a long-term diversification strategy to ensure they provided their customers with the best outcomes. They could achieve this by either investing in education or establishing the right referral partnerships.
Scahill said LMG had a vision of all brokers offering commercial finance solutions to their clients, either directly or through experienced commercial brokerages in the network, while maintaining the client relationship.
“The relationships that brokers have developed with their clients are powerful. Customers trust their brokers to provide them with the best service and outcomes, and that extends beyond home loans.”
LMG’s role as an aggregator is to provide clear pathways for those brokers who want to diversify. Scahill said tech had been at the cornerstone of this, with MyCRM enabling brokers to service clients across any loan vertical, whether commercial, residential or asset finance.
“Having state commercial specialists available to all brokers has provided many with the confidence to begin their commercial journey, knowing they have an expert available to them should they require support.”
Broker question from Isabella Constantinou: How are the lenders who play in the construction space finding the changing landscape?
Particularly given the banks are coming back into the market with some pretty competitive terms on construction debt. Is there going to be any change to their policies around land/pre-development loans/ transactions with a development feel (not necessarily construction loans)?
Bannister said La Trobe Financial is starting to see the banks offering construction finance for good, solid transactions, and this is also welcomed and encouraged.
“For the economy broadly, we need more and more people fuelling that particular space. The tradies need it – there’s a lot of people that are relying on construction getting off the ground.
“Once we get momentum going again, and more construction activity picks up, everyone in this room will prosper because there’ll be more self-employed clients available looking for finance, there’ll be more construction coming out of the ground.
“The approvals are there; the starts are low. If the starts pick up, there’s still more than enough business to go around.”
He said La Trobe Financial would continue to exercise discipline: “knowing what your appetite is and sticking to that … which has served us through multiple cycles”.
That provided consistency, which was good for brokers, while other operators could also fill gaps.
Lyall agreed that banks had become more competitive in the construction space. Millbrook Group has adjusted its policy and funding structure to be more flexible and
quicker to market on certain transactions.
“So, if we have a developer who’s looking at starting a project, maybe a six-month lead time for a bank in order to get all the CPs [construction permits] met, we could turn that around in two to three weeks subject to all the valuations and QS [quantity surveys],” Lyall said.
Millbrook hasn’t changed its leverages or rates but is acting faster and offering flexibility on certain covenants and loan conditions.
Constantinou asked Thomas about his views on the changing development appetite, particularly in light of Westpac introducing a competitive no-presale construction policy for townhouses.
Thomas said for larger development transactions NAB is seeing good flows come through as well as a strong pipeline, although customers are taking longer to make decisions.
“We have a real sweet spot in that sub-$5 million development space, and that’s probably the laggard.”
Customers that traditionally develop in that space are holding land but are tentative about going ahead with the development because they are worried about the costs and controlling the inputs.
“We see the greatest risk right now in terms of that effort to build more being really our customers’ appetite to push forward,” Thomas said. “A lot of that’s got to do with where interest rates are and also now that we’re looking at potentially higher rates.”
NAB still has presale requirements, but Thomas said the bank does have an appetite to “do something a bit different, where it makes sense to do so”.
Broker question from Isabella Constantinou: For the lenders for which construction is not your core business, are you planning to get into that space, lending to developers?
Saoud said Pepper Money is keen to fund construction loans, seeing the significant growth in appetite for construction development and vacant land acquisition.
“We’ve adjusted our credit policies and processes to accommodate those changing
borrower circumstances who are seeking construction loans.”
Traditionally, Thinktank is not viewed as a lender that brokers will seek out for construction funding, but Harrison said it sees this as an area where more funding support is needed.
“Recently we released two new short-term products, which are designed specifically for construction and developer borrowers.”
Harrison said these include three-year terms, flexible income-verification options and a residual-stock policy.
“We know that customers are still buying assets that are either new or still under construction, and we want to be able to help with that.”
Smith said ORDE Financial has always taken a tailored approach to individual borrowers, taking a borrower’s position and requirements into account when making credit decisions. “The result of that is we’ve always been comfortable assessing complex profiles like builder/developer.”
ORDE has also always aimed to help brokers offer more to customers. That’s why it launched to market with a full product
“Banks have become more competitive in the commercial space. Millbrook Group has adjusted its policy and funding structure to be more flexible and quicker to market on certain transactions”
George Lyall, Millbrook Group
suite and continues to introduce new products such as Prestige loans for high-end residential properties.
While ORDE is not yet active in the construction development space, Smith said the non-bank has plans to launch a Residential Construction product in the near future, and currently does provide ancillary support preand post-construction, such as with property acquisition for a townhouse development,
stock retention, completion of a project, or releasing equity for future projects.
What’s been happening in asset finance, and why is this such an important segment for brokers and SME clients?
Asset finance applications fell by 8.1% in the June 2024 quarter, according to Equifax’s Quarterly Commercial Insights report, which
went against the grain in terms of the usual expected lift in Q2 applications due to businesses purchasing new equipment at the end of the financial year.
Equifax speculated that SMEs were avoiding large credit contracts because of cash flow concerns and tighter margins.
But while there has been some pain, the roundtable participants said asset finance is resilient, and the future looks bright.
Moloney said Resimac had only been in asset finance for three years and is still in a growth phase, with its loan book doubling this year. However, the past six months have proved challenging for the asset finance sector due to the broader economic conditions.
“I would suspect if you ask most brokers or lenders, they’re probably down slightly over the past six months,” Moloney said. Some of that was due to the instant tax write-off, which had dropped from $150,000 last year to $20,000 this year.
“I’m a glass-half-full guy – there’s plenty of
infrastructure money to be spent out there, whether it’s in Brisbane for the 2032 Olympics or the Coffs Harbour bypass.
“We lend to SMEs to help the brokers. I don’t see that stopping; it’s a big part of the market.”
Moloney predicted the year would prove to be a good one for asset finance.
“With brokers, it’s about making sure you’re listening to them, what they need, what products, what’s working for them, where’s the sweet spots in the industry.”
More residential brokers are writing asset finance, and Resimac is making it easier for residential brokers to offer asset finance to their clients, he said.
“If you’ve got a borrower that’s got a home loan, they’re highly likely to need a car loan at the same time … you want to be able to help the broker sell our product,” Moloney said.
Scahill said the asset finance sector had proven to be resilient during economic uncertainty, with federal government initia-
“More residential brokers are writing asset finance, and Resimac is making it easier for residential brokers to offer asset finance to their clients.
Borrowers with home loans are highly likely to need a car loan too”
Michael Moloney, Resimac
tives – such as the instant asset write-off –supporting this.
“We anticipate the strength in this sector to continue ... asset finance provides an avenue for brokers to support clients above and beyond the commercial landscape, strengthening relationships and increasing revenue streams.”
Scahill said for many types of businesses, the link between commercial and asset finance
lending is strong. “A broker with the ability to operate across both sectors broadens the range of solutions they can offer their clients.”
Pepper Money has experienced continuous record asset finance originations, focusing on balancing volume, risk and margins, said Saoud. “It’s a key product which is going to be maintained in our stable and where we have seen great success.”
Saoud said asset finance is a key area into
which brokers could diversify. “It’s simple, it’s fast, and integrating it through technology serves a really good purpose, deepening and strengthening relationships with our partners and their customers.”
BOQ is still seeing demand in the agriculture and health sectors and plays a key role in these niche markets, Carter said. “We are using it as a tool to help SMEs grow and help with their cash flow.”
NAB is experiencing strong demand from commercial asset finance customers looking to automate due to labour shortages, Thomas said. Clients also want green equipment because of the lower carbon footprint.
“We’re really excited about equipment finance; it’s probably a barometer of the business community and their desire to want to continue to grow in the right sectors.”
Strong sectors include agribusiness, mining and food manufacturing.
Thomas said NAB is keen on working with brokers to ensure that their customers are using the right products to finance the right assets.
“Often we find situations where customers are using their balance sheet or perhaps even property to fund equipment.”
How can technology revolutionise commercial lending, and what plans do you have to improve tech, particularly when it comes to automation and AI?
It’s widely accepted in the industry that residential lending has got the jump on the commercial finance sector when it comes to the adoption of technology and its wider use
other tech tools, and how AI could assist the sector.
Technology and artificial intelligence are tools that can enhance the broker experience by making businesses more efficient, said Lyall. “However, we still think that there needs to be that human touch, especially in the commercial space. There need to be BDMs that are on the phone talking through
“Increasing and diversifying funds for commercial lending is necessary for non-bank lenders to give brokers and customers confidence. Non-banks have the ability to adapt credit policy to a changing environment”
Barry Saoud, Pepper Money
by both lenders and brokers. But this appears to be changing.
The roundtable participants discussed their companies’ investments in automation and
scenarios with their brokers. From Millbrook Group’s point of view, we don’t see that ever changing.”
Smith said the commercial finance industry is lagging behind when it comes to technology, but it’s “a complex beast” to tackle.
Certain segments, such as asset finance, adopted automation years ago, and there has been greater use of technology in property lending.
He said ORDE Financial had invested in aligning its automation with both residential and commercial and residential credit functions. “This means that our commercial process becomes as easy as our resi process for brokers.”
Automation gains could be seen in direct modular platforms, credit steps to speed up the loan process, and broker customer experience elements such as digital signatures.
ORDE Financial is watching AI developments with interest, Smith said.
His own view was that while early AI adopters would make gains in pricing models and understanding risk, there would be opportunities for customer-focused
non-banks like ORDE due to mispricing and specific lending segments being excluded.
Constantinou said technology would not replace “commercial thinking”. By this she meant “the ability to look at a transaction and make a decision, not just on the property, the LVR, the location, but actually being able to look at the specifics and make a commercial decision”.
Simplicity Loans & Advisory was one of the early adopters of automating processes and using tech to help identify lenders that “might do transactions pretty easily”.
The brokerage is developing systems where you can plug in basic details such as property, location and asset class, Constantinou said. “It will then tell us the lenders that will do that transaction, what LVR they’ll do it at and who to contact.”
She said brokers wanted technology that would boost efficiency and by extension help them build relationships with certain lenders who played in that space.
While technology wouldn’t replace commercial thinking, especially in nonbank private lending, Constantinou said it could work better for banks, which had a
“However, it still requires the broker using it to have some knowledge of why it won’t be the best option to go to a lender that it suggests. It still requires a human brain to ultimately make the decisions.”
Carter said she loved AI, describing it as a
“It’s brokers who have done the heavy lifting with their customers. There has been anxiety amongst commercial customers as they have dealt with interest rate rises, inflation, higher construction costs and more”
Stephen Scahill, LMG
more “formulaic” credit appetite.
Carter asked Constantinou about the accuracy of the tech tool Simplicity was using and whether it suggested the right lenders.
“It’s a work in progress, but it’s pretty good,” Constantinou replied.
She said the brokerage is in the process of collating all the data and building the system.
great tool that she used a lot. “I have found within the bank [that] using it is actually helpful, and it creates a lot more efficiencies.”
She encourages her BDMs to use AI to help structure emails. “But you do need that human element; you need to review what it comes out with because if you just hit send you could be quite embarrassed about the wording or incorrect inferences,” she said.
“I don’t think it will replace bankers; we need that commercial view and to be able to structure deals differently, which AI won’t be able to do.”
Thomas said he was excited about what technology could bring to the commercial broker segment, but there was a long way to go to change practices.
“We still see so many transactions that are submitted by email, in very different forms. There’s a lack of standardisation across different aggregators, brokers and banks, so you can only deduct there’s huge inefficiency in our system.”
The benefits of technology are enormous, he said. It saves time spent on keying in basic information, so brokers can spend more time face-to-face with their clients.
Thomas said it was not even about AI but about standardising a credit submission so that when brokers sent it to banks it would fit right into their systems, reducing joint work efforts.
“NAB is investing millions in our back-end systems to be able to receive information from external sources. And equally, many aggregators and brokerages are investing money into those systems in their own offices.”
He said AI has the potential to look after
everything from menial analysis tasks, all the way through to fraud detection. Fraud is an emerging risk, and any tools that could protect businesses would prove important.
Scahill said LMG is excited about the anticipated broker growth in commercial lending and is committed to driving greater efficiencies in its broker businesses.
via email, raising cybersecurity issues, and in this respect commercial lending was lagging behind its residential counterparts.
“What can we actually do to take that risk off the table? Because if brokers are sending a submission through to any lender via email, the client’s financial history and frequently PII is often contained in the application,
“ORDE Financial has always taken a tailored approach to individual borrowers. Our experienced lending team take the time to understand a borrower’s specific position and requirements when making credit decisions” Grant Smith, ORDE Financial
“We have recently launched a commercial lending platform which is in pilot with a hundred of our leading commercial brokers. This tool is designed to take time out of the deal whilst allowing for the flexibility needed around such a wide array of commercial transactions.”
LMG knows that when it comes to technology the relationship between a commercial customer and their broker remains important.
AI has many advantages, Scahill said. “We see value in providing brokers the ability to find and use key information within the CRM in a matter of seconds, powered by AI, as an example of that.”
Anything administrative could “absolutely be automated or digitised”, said Bannister.
“But for assessment, we’ll continue to prioritise human intelligence over artificial intelligence. I can’t see that changing any time soon.”
Harrison said one point that had not been raised was the integrity and safety of the data being transferred when applying for commercial finance. There was still a huge amount of data being submitted by a broker to a lender
including aspects of their personal details and data,” said Harrison.
“And if a bad actor intercepts that email, what’s the potential consequence for the lender, the broker and the borrower?”
On that note, Harrison said Thinktank is working on a plan to securely digitalise loan submissions – particularly the data – that’s due to go live later this year.
However, he added: “You’re never going to take the people out of the equation. You always need a human to actually look at the deal on its own merit and be available to work with the broker all the way through the process.”
Constantinou said Simplicity Loans is building a system that will enable brokers to lodge deals to the lenders online through the platform, without requiring email communication.
Saoud said whether it’s technology or AI, Pepper Money’s goal is to support credit confidence and consistency, as well as improve broker efficiency and experience. “This is the optimal goal across the business.”
Asked if brokers liked sending deals straight through to the lender, Constantinou said they did if the system was set up well.
“Where there’s a gap, from a broker’s perspective, is every lender has a checklist for each transaction, but it’s a checklist that applies to every single deal that they will write … I don’t see how it’s so difficult to have a checklist that’s specific to the property,
LVR, asset class and the product that you’re submitting the deal through.”
If the checklist was tailored, Constantinou said others could lodge the deal on her behalf without her having to wade through the entire checklist.
Carter noted that banks had to abide by regulatory requirements.
Saoud said the concern for commercial lenders is that, unlike in the residential space, which has two primary intermediary technology platforms in NextGen and Simpology, there are multiple players in commercial finance.
“We know that having the right technology can help automate processes. We have increased our asset finance novated leasing automated approval rate to 78% and digitised and automated more than 80% of our home loan underwriting process.
“So, unless as an industry we can agree what that primary platform is going to be,
“If brokers have got that diversity within their skill set, there is no client that you cannot assist, and there’s no cycle that you will potentially miss”
Chris Thomas, NAB
we’re going to continue to struggle to innovate in the commercial lending space.”
Moloney said the industry needed systems that work for brokers. “That’s what we’re trying to achieve, and we’re not there yet, but that’s our ultimate goal. I think that will drive mindset change.”
“Build it and they will come,” said Thomas. “It’s got to be a benefit at the end of the day for a customer.
“We get approached quite often by people saying you could build a system at lodge-
ment, and it’ll give the broker a really great experience, but I’m really conscious that if we can’t then turn that into something faster in the back end, then what’s the point?
“It’s just misleading people. It’s not really an integrated digital experience. We’ve got to be genuine in that we are trying to speed up that process for our customers.”
Thomas said achieving great systems was possible, but it would require the industry to work together.
“We just have to stay the course.”
There are five principles owners should follow if they want to ensure their business remains in safe hands, achieves growth and success and leaves the best legacy, says business strategist and author Bill Withers
IN A REPORT on SME succession, the Canadian Imperial Bank of Commerce (CIBC) found that inadequate business succession planning was a growing macroeconomic risk in Canada. It showed that 60% of business owners aged 55 to 64 had yet to start discussing their exit plans with their family or business partners.
In Australia, 80% of SMEs are owned by baby boomers, and they have an aggregated valuation of roughly $3.5 trillion. Given the similarity between the Australian and Canadian economies, we can extrapolate that the macroeconomic risk is the same in Australia.
For businesses to succeed, they need to become familiar with ‘succession thinking’. Succession thinking was the product of my
experience as an SME owner-leader of three businesses over the last 35 years. I found that, at times, the business was not providing what I really wanted. I subsequently discovered that many owners end up in this situation: financially secure but unhappy.
A big cause of this unhappiness is that they are unclear what they want the business to deliver with respect to their part in it. They need to hand over accountability to others. However, handing over accountabilities and decision rights to others is very challenging!
Succession thinking enables an SME owner-leader to build their business to get what they really want. Instead of succession planning, the business is built to ensure that succession is an outcome. This has a
significant impact on how you design and build your business.
The five principles of succession thinking provide a method for building a business that gives you what you really want, including facilitating your own role succession. It is wise to apply the following principles as early as possible. Kicking the can down the road often compounds the problem of getting what you really want.
To become a succession thinker, you need to acknowledge that you have different roles. The lack of visibility of these roles can create confusion for all, including for you.
By acknowledging this, you can apply the principle of role clarity across your business. The starting point is the clarity of your role and the distinction between owner, director, organisation leader, team leader and technician.
This is the first principle because you can’t do the owner’s vision work until you acknowledge that the owner is accountable for it. Many SME owners are on the hamster wheel of operations, and the habits and behaviours needed to execute operations roles (team leader and technician) are very different to those required by an owner. You need to ‘park the car’ to do the work of the owner.
The owner’s vision combines the star on the horizon with the guardrails of the business. The star is where you want to head, and the guardrails help you get there. The guardrails will remain in place as you hand over accountabilities to others.
The owner’s vision is unique to each SME owner because of their life situation, attitude to risk, and what they want for di erent stakeholders. However, in general, SME owners value the following:
• Sustainable dividend returns (and funds for reinvestment)
• Business must be ready for sale if the right o er is made
• A financial valuation that is continually maximised
• Critical stakeholders (employees, customers and suppliers) must be cared for
• Discretionary time should be maximised –‘I am not a victim of the operations of the business’
This is typically the owner’s vision, and it assists with defining the destination, or the ‘star on the horizon’. Additionally, they must understand the guardrails with respect to factors such as the market domain, capital expenditure and values.
The superpower of an SME is being able to identify the custodians of the vision. Many organisations don’t have this ability; hence the vision can evolve into a pure focus on ROI.
The central measure of your success as a succession thinker is when you’ve been able to e ectively delegate roles that you no longer want to handle. This will not happen without an understanding of how leadership works in your business.
Distributing leadership to others is key to both growing a business and delivering on
your vision. The problem of single leaders, or leaders who don’t know ‘your business way’ (see Principle 5), is a major issue. In my book, Succession Thinking, I discuss the concept of anti-fragile leadership. This deals with the issue of owner-leaders who have had to re-enter their business because they appointed a general manager who didn’t work out.
A key point of this principle is to separate organisational leadership from team leadership (operation leadership). Although building great team leaders is challenging, it is far less challenging than developing organisational leaders – the people who set and implement the strategy.
Principle 4: Build culture beyond you
SME owner-leaders can harness the advantages of having a small system. You have the right to define your culture. There are no constraints on how you build your culture.
This is how you can di erentiate your business. To be a succession thinker, you need to attract capable and aligned people and have them contribute for the long term. As the vision custodian, you define the guardrails of your business values.
This is not a cynical exercise in making up values. It’s about identifying what you really value and how you wire those values into your business.
Building culture beyond you is about building sustained trust – psychological safety and accountability. This empowers you to hand over decision rights to others.
Principle 5: Build your business way
‘Your business way’ is a set of data that specifically supports SME owner-leaders. As a succession-thinking leader, you need a place to store ‘your business way’ so you can provide clarity and support to current and future stakeholders. This will encourage leaders to build a resilient and adaptive business. It also supports the clarity of the
owner’s vision and the delivery of that vision. This is one of the most powerful discoveries but the most di cult to communicate. It’s important to understand what di erentiates your business in the marketplace – your core points of di erence or unique sale proposition. I believe that ‘your business way’ is your true point of di erence. The data that describes this is:
• Business guidance, including owner’s vision, purpose, values constitution, goals and objectives, organisation maps (how you organise yourself beyond the organisation chart).
• Teams, including teams who service the stewardship (owners and organisational leaders), customer and support teams –all data that describes the teams and their measurement of team e ectiveness, as well as the systems each team uses to define ‘how we work’
• Team members, including cultural data, roles and connection to teams
This data is valuable to the SME ownerleader in building for the long term. There is no value in having this data in a highturnover environment where all the incentives are to optimise for the short term. It is very valuable when building for the long term, where you want to provide context to your people. This data represents evidence of value to all your stakeholders. The application of this family of interdependent principles is key to adopting succession thinking.
Bill Withers is an SME business strategist and author with more than 40 years of business experience. He wrote SuccessionThinking a practical guide to building a resilient business that thrives. Find out more at www.successionthinking.com
There are a number of reasons why business strategies can fail. Business consultant and author Bryan Whitefield says teams must have buy-in to the decision-making process to have any chance of success
YOU AND I both know we are good decision-makers, and it’s everyone else who has a problem, right?
Well, we are partly right. It’s not you or me that is the problem, it’s that making decisions gets more and more complex as more people become involved, even if you have the final say.
Take the simple example of deciding where to have dinner in Paris this evening. If it’s you making the decision, and you’ve had a restaurant recommended by multiple people as a ‘simply must go’, you just go. Now bring your partner into the process. Your partner has had a di erent restaurant recommended to them. Or perhaps the restaurant you would like to go to specialises in seafood and your partner is not too keen on seafood. Now think about fussy kids becoming involved!
The complexity of team and team leader decision-making results in a less-thanstellar performance by executives globally.
According to a report by Dan Lovallo and Olivier Sibony on a McKinsey & Company survey of more than 2,200 executives in 2009, “only 28% said that the quality of strategic decisions in their companies was generally good, 60% thought that bad decisions were about as frequent as good ones, and the remaining 12% thought good decisions were altogether infrequent”.
Aligning the purpose of individuals with that of the team, and the team’s purpose with the organisation’s, is critical for success
How do we define successful strategic decisions?
Landing a man on the moon in 1969 was one of humankind’s greatest achievements, yet it had its problems along the way. Three astronauts died, it cost way more than originally projected, and although NASA met the deadline President Kennedy set in 1961 to achieve this massive feat ‘by the end of the decade’, the entire project took much longer than planned.
So, what is a successful strategic decision?
The measure I have adopted is the one Paul C. Nutt describes in his book Why Decisions Fail, in which he unpacks decades of research into 400 decisions made by managers of organisations from a broad range of industries and many countries. Many of the companies are household names in the US and worldwide, like AT&T, Disney and Ford.
Stay tuned as we prepare to announce the Excellence Awardees of this year’s Australian Mortgage Awards. These outstanding individuals and organisations will be recognised for their exceptional contributions and achievements.
FRIDAY 18 OCTOBER 2024
Join us for an unforgettable evening as we honour the accomplishments of leading brokers, brokerages, lenders, aggregators and BDMs over the past 12 months. This gala event will not only showcase the Winners and Excellence Awardees but also offer a perfect opportunity for key industry members to come together, reflect on a remarkable year and celebrate their stellar contributions.
Hosted by TV personality and radio host Merrick Watts, the evening will be filled with entertainment, including a feature performance by Ricki-Lee and post-event entertainment by DJ Mimi. Attendees can also enjoy dancing to the tunes of the amazing musical duo, Dusk.
We look forward to seeing you there! To book your table, simply scan the QR code below.
Nutt’s criteria for judging a successful decision are whether the decision was “put to use”, and whether it was sustained over at least two years. While any number of arguments could be made for a di erent set of criteria, Nutt’s are tough but reasonable given that these are strategic decisions.
Nutt found that more than half of management decisions fail. That is staggering, given the time, money and will that are put into making them.
The first part of the secret to making great strategic decisions concerns your team. It’s well understood that a diverse team is essential. It’s also well understood that aligning the purpose of individuals with that of the team, and the team’s purpose with the organisation’s, is critical for success.
In the case of executive teams, the challenge is that each team member has competing priorities. Seldom is there an overabundance of resources, hence team members need to fight for them. And some may be competing for your job. Sometimes
The more open-minded and orientated to creative thinking executive teams are, the more collaborative they tend to be
the competition is beneficial, sometimes not.
Your ability as a team leader to foster a collaborative team is, of course, imperative. My experience of working with executive teams is that the more open-minded and orientated to creative thinking they are, the more collaborative they tend to be.
They need to know their business, but they need a fair understanding of every other part of the business, like you do. At the opposite end of the scale is a ‘team’ of siloed thinkers.
But this is not the end of the story. You also need to create a team that is synchronous.
Putting together a synchronous team
Synchronous infers that team members know and understand who is making a decision, and how and when it is being made. Furthermore, they understand their role in supporting each decision as it is relevant to
them, and they have worked out how to do so e ciently and e ectively.
Did you just think, “Of course they do!”? Remarkably, unless you have explicitly had this conversation, not everyone is on the same page. We paint pictures in our minds, and no two people’s pictures look exactly alike. So, map the process.
Map out how decisions are made by you and your team when it comes to bigger strategic decisions. What I know for sure is this: once everyone is aligned, creative and innovative ideas will emerge.
Bryan White eld is a business consultant who has worked with hundreds of in uential industry leaders. He is also the author of RiskyBusiness(2021) and TeamThink:HowTeamsMakeGreatDecisions (2024). Find out more at www.bryanwhitefield.com.
Experienced broker Ashik Rahman was inspired to form his own brokerage, Raen Capital, by his father’s legacy of helping others. Rahman aims to guide clients towards achieving their financial goals, such as homeownership
SOMETIMES IT takes a setback for people to change direction – to go down a di erent career path or realise a long-held ambition. Such was the case with Ashik Rahman, who was made redundant from his role running the in-house mortgage broking division at a successful accounting firm in Sydney’s Norwest in August 2023.
joined NAB as a mobile home lending specialist, “further honing my skills in managing intricate income structures”. In October 2021, he moved to the Norwest accounting firm to set up its broking division.
“Despite these fulfilling roles, my longheld aspiration was to establish my own practice, driven by a passion for empowering
“My long-held aspiration was to establish my own practice, driven by a passion for empowering the younger generation through financial education”
Rahman had wanted to set up his own brokerage for some time, so following his job loss, he established Raen Capital with a focus on complex residential lending and SMSF home loan solutions.
His broking career had begun in 2017 after almost a decade working in the insurance sector. Joining Lendi Group as a telephonebased broker, he says he benefited from comprehensive on-the-job training.
In 2018, Rahman moved on to establish an in-house mortgage broking division at MedCapital, a prominent financial planning firm in Sydney, where he looked after highnet-worth residential and SMSF lending.
During the challenging COVID-19 years of 2020 and 2021, he worked at Westpac as a complex home finance manager and later
the younger generation within our community through financial education, thereby helping them achieve the Australian dream
of homeownership,” Rahman says.
After being made redundant in 2023, he says he was inspired by his late father’s legacy of community service in his native Bangladesh.
“Recalling memories of how he positively impacted lives, I founded Raen Capital. Dedicated to continuing his spirit of compassion and service, Raen Capital is committed to guiding clients towards their personal financial goals in an approachable and supportive environment.”
The overwhelming support of friends and colleagues has been instrumental in Raen Capital’s growth, Rahman says.
“We strive daily to assist clients who genuinely need financial guidance. As a newly established business, we look forward to a future of empowering individuals and families through tailored financial education and lending solutions.”
“I am fortunate to have friends who are genuinely committed to helping Raen Capital grow. One of my closest friends, Joseph (Jem) Laquian, owns and operates Start Somewhere Media, a digital platform with a strong presence among the younger generations in western and northwestern Sydney. Since I launched Raen Capital in August 2023, Start Somewhere Media [youtube.com/StartSomewhereMedia] has been the strong promoter of [our] vision and mission. One of the highlights of our collaboration is the regular segment on Start Somewhere Media called Dads Taking Care of Business. In this segment, Mark Faddoul from Cyberone Systems, my other closest friend, and I discuss the day-to-day challenges and issues we face as small business dads. Our latest episode [youtube.com/ watch?v=e-zsWEXjdz] focused on men’s mental health, a critically important topic that often receives insu cient attention in the media.” – Ashik Rahman, Raen Capital
“It’s never the case where one size fits all. I take my time with each client to tailor a solution that fits their needs”
He says he has many colleagues who can help his clients with their commercial lending, financial planning and accounting needs.
“Being thorough, seeking to understand first and then assisting my clients with the right strategy towards achieving their financial goals is my biggest priority.
“The most important thing I have learnt throughout my broking career is that it’s never the case where one size fits all. I take my time with each and every client to tailor a solution that fits their needs.”
Raen Capital’s client base consists of first home buyers seeking financial education, medical professionals who are either first home buyers or seasoned investors; and families transitioning from owning their first property to venturing into investments.
Rahman says several pivotal factors are poised to influence the lending market this year, including potential interest rate rises, advancements in AI and digital tools, and the dynamics of housing supply and demand.
“The RBA may opt to further raise interest rates to curb inflationary pressures. Such moves could impact borrowing costs, influencing consumer decisions and overall market dynamics.”
AI and digital technologies are set to streamline the mortgage application process, he says. “This trend could empower major lenders to o er direct lending options, potentially bypassing traditional brokers and reshaping market competition.”
Finally, the balance between housing supply and consumer demand remains a
Owner: Ashik Rahman
Location: Norwest, Sydney
Services: Residential mortgage broking, specialising in complex lending structures and SMSF lending solutions
Number of employees: 1
critical driver of housing prices. “The Sydney housing market ... has shown increasing volatility, with fluctuations potentially impacting a ordability and investment decisions.”
With residential broker market share now at 74.1%, competition is intensifying. It’s more di cult for single-broker operations to survive, and the trend is towards larger brokerages. Raen runs a solo operation but plans to hire his first broker-support employee in the second quarter of FY25, possibly o shore.
There are a number of reasons why it’s harder for single-broker businesses, he says.
“Rules and regulations have gotten more complicated over time. It’s tough for one person to keep up with everything.”
Bigger companies with more money and resources are entering the market, making it harder for smaller brokers to compete. Clients expect a wider range of services, which larger firms can often provide. Single-broker startups can also face cash flow challenges due to commission clawbacks.
Reflecting on Raen Capital’s goals, Rahman quotes his mentor: “The best way anyone can build a business is through hard work, daily grinding and by fostering organic growth.”
He says, “My goal is to walk in my father’s footsteps, operate with integrity and honesty, provide free financial education to the younger generation, and establish Raen Capital as a trusted organisation within the community where my team and I will guide our clients towards their personal financial goals in an approachable and supportive environment.”
“The most satisfying thing about making our own wine is the tangibility of making a physical product that varies each vintage due to the uniqueness of each year, and seeing the joy it brings to people”
MICHAEL HART and his wife Alisa ventured into the wine industry when they acquired the oldest certified organic grape-growing vineyard in the Barossa Valley.
Reflecting on his journey, the managing director of Adelaide brokerage Charter Capital Finance says, “I wanted to be a winemaker when I finished high school at 16, but really wasn’t ready.”
His passion for finance “led him astray” for 24 years, but he eventually returned to his dream.
The property, featuring vines planted in 1902, produces wines exported globally and sold directly to consumers.
Hart emphasises the joy of winemaking: “The most satisfying thing about making our own wine is the tangibility of it and the vintage variation, unlike finance,” he says.
Being part of the Barossa community, Hart has also contributed his financial expertise, helping families with succession planning. Grateful for the community’s resilience when times are tough, he proudly exclaims: “Glory to the Barossa!”
16
Age Michael Hart started dreaming of becoming a winemaker
1902
Year oldest vines were planted on Hart’s block in the Barossa Valley
30,000
Number of bottles of wine produced on the 20-acre Hart property
From credit decisioning to settlement, brokers can speak directly to the case managers and their dedicated Relationship Manager.
Access to a range of tools and calculators, giving you more control and certainty for your clients before, during and post settlement.
Greater visibility and control of your in-progress applications and post settlement client information.
We consider the circumstances of every individual and have a flexible credit policy and lending options to suit your customer scenarios.
Access the same home loan tools as the assessors
Providing your client with accurate information and a faster decision time.
Always get an answer quickly with our consistent turnaround times of 1-2 days.