Why every stint in banking only made this adviser more convinced that broking was where he belonged
Broker in Focus is a dedicated series that highlights the unique journeys of mortgage brokers, providing them with a platform to share their experiences, insights, and expertise. Through compelling personal stories and professional reflections, each featured broker recounts the key moments that have shaped their careers, delves into the challenges and opportunities facing the industry today, and shares the valuable wisdom they have gained along the way.
This week, MPA is featuring Lawry Miller (pictured top), founding director of Teachers and Nurses Mortgage & Finance (TNMF), who has built a career defined less by commission chasing and more by genuine client advocacy.
A broker since 2003, Miller has moved between broking and banking across institutions including ANZ, BankWest, and Bendigo Bank — each stint in the industry reinforcing the same conviction: that brokers can offer solutions no single lender ever could. Returning to broking in 2023, he launched TNMF with a community-first model that directs a part of its revenues to charities and community groups. For Miller, the motivation has always been straightforward — helping people find solutions when others have told them none exist.
- Full name: Lawrence "Lawry" Miller
- Job title: Founding Director
- Company: Teachers and Nurses Mortgage & Finance
- Number of years in the industry:
- Location: Melbourne
How and when did you become a mortgage broker?
I have been a broker several times since 2003. Sometimes, when markets got challenging, the security offered by working for a bank in the face of family responsibilities became very real. Each time I have returned to broking, it has always been for the same reason: the ability to offer solutions that just don't exist when you work directly for a bank or finance company.
Whether it was when I worked at ANZ, BankWest, Bendigo Bank, BankFirst, or even with a mortgage manager, too many times did I see a client walk away from my desk and do business with another organisation — not because I did anything wrong, but because the client simply needed a different solution, be it product pricing, policy, or even bank culture. In fact, on more than one occasion, a prospective applicant would bring their partner into the bank so I could explain how the entire process would work — from application to purchase to settlement and beyond — only to then be told, when I asked to start the process, "Oh, we've chosen XYZ bank, but you explained it better than the loan officer there did." If only I had been a broker on those occasions. Also, as a broker, I will see the customer when they are available — my customers become my friends.
I also discovered that when you work for a bank, too much pressure exists around cross-selling. There are also no office politics as a broker, no favouritism, and no ageism. Being a broker removes bias — you put a good deal together and submit it to the right place; the bank doesn't see you, they see the business opportunity. I also found that broking tools are often better than those provided by banks.
As a broker, I've always focused on being a trusted adviser. For me, it's never been about commissions — it's always been about creating customer value. I returned to broking in 2023 with a view to creating something special: a brokerage that exists to bring the community focus of community banks and mutual banks to mortgage broking. Through its two brands, Education Healthcare Mortgage & Finance and Community Builders Mortgage and Finance, TNMF gives between 10 and 20% of revenues to charities and community groups. So far, we have banked several thousands of dollars to give away and to help customers who have at times faced extremely challenging circumstances.
I've always loved being a broker, far more than I ever did being a banker.
In your opinion, what has been the most positive development in broking?
I think Best Interest Duty has been the best regulatory change to the industry. I used to see too many clients where a broker had intentionally taken advantage of an applicant's lack of knowledge and arranged a loan that was not appropriate but paid a better commission.
For tech, the the most positive development are AI-integrated CRM systems.
What challenges do you see currently facing the industry?
We have regulations that are actively working against borrowers achieving home ownership. The 3% buffer is no longer required and should be reduced back to 2%.
Too many brokers see broking as a great way to make good money without any real consideration for the client's long-term objectives, and this comes back to broker education being inadequate. I believe that broking should be considered a form of financial advice, and the diploma should incorporate elements taken from the Diploma of Financial Planning.
While I love it, I also see that AI is dangerous in that it encourages laziness. A broker should know policy, not be relying entirely on a search tool as a source of truth. Having AI write your submission and compliance notes also allows KYC drift.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
The most memorable experience I have had was a voicemail from a client thanking me for my work. She was referred to me by other clients and was shaking with anger when I visited her in her home — up to her eyeballs in debt. The local CBA manager had laughed at her and told her nothing could be done.
I reached a hand across the table, put it in hers, looked her in the eyes and said, "I'll get it done. It might take a debt reduction strategy, but together we will get it done." It took a few days of research, but I found a lender who would do it, and I got it done.
After settlement, she called and left a message thanking me for my non-judgmental and genuine approach to her circumstances, thanking me for finding a solution, and telling me that this work had saved her marriage.
I kept that message for a long time. I listened to it when I needed reminding why I became a broker. It was about helping people and providing solutions.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
Don't go into broking thinking it's going to be easy, or that it's just about the money.
You will need to know a lot — policy, investment rules, some accounting, some law — and be ready to be a counsellor, not just a consultant.
Broking can be a highly emotional job. Managing client expectations is challenging because you are dealing with banks that are more committed to their own processes than to respecting the urgency that may be involved in a deal. You will have to mitigate the hell out of deals that really should be considered straightforward, because credit managers are often too lazy to actually read the submission or go through the expenses properly.
On top of this, you will be dealing with banks that don't actually value you, think you are an idiot and not a real lender, and will quite happily steal your customers after the deal is settled.
Broking is highly rewarding and a privilege not to be taken for granted.
Broker in Focus is a weekly MPA feature spotlighting mortgage brokers from diverse firms and locations across Australia. Among those recently featured are Stacey Straatsma of Mortgage Choice Nowra, Jerry O'Brien of Mortgage Station, Ashley Hooker of Mortgage Choice Woronora Heights, Ben Harris of In Financial Services, Bree Rollo of Tend Home Loans, Charlotte Rubbo of In Mortgage & Finance Services, Karen Le Comte of Mortgage Choice Cleveland, Ditte Moller of Viking Mortgages, Chandelle Lord of Mortgage Lane, Jason Cuerel of Mortgage Innovations, and Talissa Bailey of Bai Mortgage.
Are you a mortgage broker interested in being featured? Email the author with your details.
