How one broker's pursuit of a better work-life balance reshaped his career path
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.
MPA caught up with Martin Walmsley (pictured above), principal mortgage broker at NBS Home Loans, who traded the corporate structure of the big banks for the flexibility of running his own broking business – driven by a powerful realisation that he was missing precious time with his newborn daughter. After nearly two decades with the majors, Walmsley made the leap in 2017, motivated by a desire to strike a better work-life balance while continuing to do what he loves: helping clients secure home finance.
Full name: Martin Walmsley
Job title: Principal mortgage broker
Company: NBS Home Loans
Number of years in the industry: 27 (eight as a broker, 19 with the majors)
Location: Norwest
How and when did you become a mortgage broker?
I had worked for the major banks since 1998 and loved what I did. A few weeks after my daughter, Kyra, was born in January 2017, I came home (on a Sunday night) after seeing clients and realised, when my wife asked me to hold her while she took a shower, that I had not held my daughter for almost a week. That realisation, partnered with the internal politics that came with working for the major banks, made me realise that although I loved my job, I was not happy with how much time I was spending at home with the family.
As my last role with Westpac was a home finance manager, I reviewed all the business I had written and where it had come from and did the math. I realised I could more than likely make enough of a living to support the family, still do what I love, and work the hours I wanted. Fast forward eight years, I still do the hours; however, I have the flexibility to be available for my family and work the hours that fit.
What challenges do you see currently facing the industry, and what solutions would you propose?
I think the biggest challenge in the mortgage broking industry at the moment is too many part-time or side-gig mortgage brokers, and the qualifications and continuous education requirements that allow for anyone to become accredited as a mortgage broker – though I see this as an issue with numerous industries associated with the property market.
I would impose higher entry requirements, better education around training, and a minimal business requirement to maintain industry accreditations – or at least compulsory training requirements and skills assessments when a broker does not write business for more than, say, six months.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
The most challenging thing when adapting from banker to broker was the time requirements to get things done. My first loan written missed the settlement date, as I had no idea how long banks took to assess a loan (or at least no idea which ones did things quickly). I ended up walking the client to the bank and passing them over to a banker I trusted to get things sorted in the notice to complete period, and I personally paid about $4,000 in penalty interest.
My most memorable moment was when my mentor called me to assist him with a loan application. I have known him since high school, and he had a 10-year head start as a mortgage broker. I would call him every few days for guidance, and about a year or so in, he would be contacting me for the same.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
With the exception of retired bankers, if you’re going to make the leap into mortgage broking, do not dip your toe in – jump in headfirst and give it a go full-time. You do your clients and the industry a disservice when you are not up to date with policies and processes, or not available when the client needs you (remember, most purchasers are nervous right until settlement has been completed).
Ensure you get a good mentor and always focus on where the clients are coming from. I hear “family and friends” a lot when talking to new brokers, but most of the time they soon realise family and friends is a very limited pool – as you would be surprised how many would prefer undressing financially in front of a stranger.
Broker in Focus is a weekly MPA feature spotlighting mortgage brokers from diverse firms and locations across Australia. Among those recently featured are Cameron Conroy Atlas of Victorian Commercial & Home Loan Group, Randy Araya-Bishop of Sufficient Funds Home Loans, Rachel Slekenics, Low Rate Home Loans, William Chen of Pacific Mortgage Centre, Hayden Folbigg of Bigg Mortgage Group, Russell Munfaredi of Mortgage Pros, Brett Wadelton of My Expert®, Jasmine Alexander of Prosperity Mortgage Partners, Cory Palazzolo of Think Home Loans, and Janine Ashmore of Bliss Home Loans.
Are you a mortgage broker interested in being featured? Email the author with your details.
