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The shape of the home loan lending industry continues to evolve with an enormous amount of structural change taking place in the mortgage space in the last 12 months.
One of the developments is National Australia Bank’s agreement with Citigroup to purchase the latter’s Australian consumer business – including its mortgage and unsecured lending books – for approximately $1.2bn, according to reports by mortgagebusiness.com.au and other sources.
Official mergers were also announced between the Firefighters Mutual Bank and Firefighters Credit Co-operative in May, and between the Teachers Mutual Bank Limited and Pulse Credit Union in November 2021.
“I set this award as one of my goals when I sat down with my mentors, but my biggest accolades have been the feedback I receive from my clients”
Danielle Pierre, Mortgage and Finance Solutions
Several other major lending institutions, including Heritage Bank, Newcastle Permanent and South West Credit Union, are said to be contemplating mergers.
Due to the surge in housing prices, Westpac and the Reserve Bank of Australia announced their decision to tighten their lending policies.
Retail banks have increased fixed mortgage rates from their trough below 2% to cover their costs, and a further official increase is expected, reported the Sydney Morning Herald. Citing ANZ senior economist Felicity Emmett, the SMH report stated that fixed rates could rise slightly before stabilising, after three-year rates rose more than 80 basis points over the last few months of 2021.
The Rising Stars featured in this report have had to contend with even further adjustments because lockdown periods meant that broker accreditations issued by banks were not always processed within the usual timeframe, leaving some applicants awaiting their authorisation for extended periods.
“Although our office had been closed intermittently and not fully operating, Lee Hao continued to contribute by promoting the company, training new interns and opening the new branch”
Jun Sun, AUSUN
Twenty-five exceptional mortgage professionals, all aged under 35, have shot themselves into the economic stratosphere during a period of unprecedented uncertainty.
Exceeding expectations and eclipsing their competitors, the Rising Stars have all written more than $15m in loans over the last 12 months after working as accredited brokers for only two years and made the proverbial lemonade from lemons during the pandemic.
Lee Hao (Jiangshan) of AUSUN Finance is a shining example of an individual possessing the imagination and tenacity required to make this prestigious list.
“Although our office had been closed intermittently and not fully operating, Lee continued to contribute by promoting the company, training new interns, and opening the new branch. Lee obtained his broker accreditation in January 2021. However, with most of the country under lockdown, he did not receive his accreditation from banks until much later. Under such circumstances, Lee still managed to settle nearly $25m in total. He proactively used online meeting software and social media to engage potential business referrals and ensure business pipeline growth,” says AUSUN founder and managing director Jun Sun.
This resilience in the face of adversity is a common trait among the Rising Stars.
“As a driven individual, goals are important to me,” says nominee Danielle Pierre of Mortgage and Finance Solutions. “I set this award as one of my goals when I sat down with my mentors, but my biggest accolades have been the feedback I receive from my clients, for example, ‘We will definitely keep you in mind for any of our future needs and would absolutely recommend you to friends and family,’ ‘Wow! A broker that follows through and does what she says she is going too. We couldn’t be happier,’ and ‘Give Danielle a raise, please!’”
Another winner, Jennifer Campbell, achieved Elite Broker status in her first year as a broker with the Loan Market Group, exceeding all the requirements for the category. Her exemplary standards saw her receiving a Net Promotor Score of 99 and multiple Google reviews, all while welcoming her first child into the world in May 2021.
“My transition into mortgage broking was fuelled by [the intention to help] as many Australians as possible”
Steven Brent Korner, Glass Financial Group
The pandemic has undoubtedly created a shift in societal priorities. On close inspection, the motivations of this year’s finalists have proven every bit as admirable as their economic success.
Shubham Bhaskar of Sheel Capital has submitted $52m in loan applications. These requests were made up of commercial property investments, restructuring medium-to-large size investment property portfolios and first home buyers that wanted to make the most of the low interest rates.
Bhaskar, however, believes in not only sharing knowledge but also material wealth. He has already donated $2k to a not-for-profit organisation in the last six months and plans to donate a further $8k before the end of the financial year.
Steven Brent Korner of Glass Financial Group previously worked in financial planning. After switching to broking, he has assisted close to 100 people in buying their first home during a turbulent year and echoes many of his contemporaries’ sentiments.
“I became a broker because I really wanted to help people change their lives. I left being a financial planner because I felt like the fees we were charging were too expensive and [therefore] I wasn’t able to assist the average person to achieve financial freedom. My transition into mortgage broking was fuelled by this – to ensure I can help as many Australians as possible,” he says.
Mat Kirk, finalist from Empower Wealth Mortgage Advisory, agrees with Korner, revealing that his career goal is to ensure his clients are “safely secure in their dream homes” and to “help many more Australians become financially free”.
Contemplating her future in the industry, Danielle Pierre adds: “I just want to look back on my career, when I retire, and have thousands of clients say ‘Danielle really cared about me.’”
We are honoured to once again sponsor MPA’s Rising Stars in 2022. As one of the first digital banks to invest in the broker channel, ING has always championed its growth and longevity. We know that for a sustainable mortgage broker industry, it’s essential that young entrants continue to enter the industry and build their careers as professionals.
With 90% of ING home loans originated via the third party channel, brokers are not simply a distribution channel for ING, but an integral part of our business.
The rising stars in this report exemplify the traits of a successful broker. One who is customer-focused, driven, dedicated and resilient. It is encouraging to see such young talent enter the broker market and ING is committed to supporting the development of these brokers.
2021 has seen an evolution in the ways mortgage brokers operate. The pandemic has taught us to be flexible and have the ability to adapt to an ever-changing environment. This is exactly how these rising stars have demonstrated their ability to grow despite these challenges. They demonstrate the qualities of top performing brokers and will continue to grow.
It gives me great pleasure to celebrate and recognise the achievements of the nominees in MPA’s Rising Stars 2022 and to recognise their hard work and dedication to the industry.
Congratulations to all the nominees.
Glenn Gibson
Head of customer experience, service and distribution, ING
Mortgage Professional Australia invited the most impressive mortgage companies in the country to nominate high-performing achievers for the 11th annual Rising Stars (formerly Young Guns) list.
All nominees must be 35 years old or under, must have written more than $15m in loans from 1 October 2020 to 30 September 2021, and must have worked as accredited brokers for no more than two years.
Brokers presented their submissions to MPA detailing why each individual deserves to be considered, and recommendations were then taken from their peers to decide who makes the final cut.
After thoroughly reviewing all entries, the MPA team narrowed down the list to 25 Rising Stars who have made the most significant impact on the industry through their financial results, determination and drive.