Former staff members also face blacklist as industry grows wary on tarnished Hai Money name
Over 200 brokers continue to face an uncertain future following the collapse of sub-aggregator Hai Money.
Numerous former Hai Money brokers have told MPA that they are still unable to continue working under another aggregator, effectively putting their careers on hold.
One broker, Johnny La of Sure Path Finance, agreed to a candid discussion with MPA.
“At the moment, brokers impacted by the Finsure and Hai Money situation are still largely in the dark,” says La. “Not a single aggregator has been willing to onboard affected brokers, leaving many of us effectively unable to operate.”
La started mortgage broking with Finsure in August 2024 and joined Hai Money in June 2025 “to align myself with another broker as we were planning on creating a small team together”.
Unfortunately for La, Hai Money collapsed in spectacular fashion in late April, after parent aggregator Finsure terminated its contract with Hai Money.
Numerous brokers operating under Hai Money have been implicated in home loan fraud – most famously Andrew W. Hu, the alleged mortgage fraudster and alleged ringleader of the Penthouse Syndicate criminal network.
As brokers must operate under an aggregator’s credit licence, the 200-plus Hai Money brokers have found themselves in limbo.
La says the financial impact of Hai Money’s collapse has been “immediate and severe”. He has heard of brokers who have had to redraw on their home loan just to cover repayments.
Another Hai Money broker, who asked not to be named, earlier told MPA that he is unable to coordinate existing business that’s waiting to be settled. Following Hai Money’s collapse, he has been locked out of all major lenders’ broker portals. The broker suggested Finsure was right to part ways with Hai Money to preserve its reputation.
Another broker said: “I really don't care if I get my commissions or not... What I do care about is continuing in this industry… every single aggregator I've gone to, including my colleagues, people within the Hai Money Group, everyone has been given a ‘no, you can't join us’. So without an aggregator, we're pretty much unemployed".
But it is not just Hai Money brokers facing hardship.
Former Hai Money business development manager (BDM) Alireza Seyedalizadeh says internal staff are also being blacklisted from the industry.
Seyedalizadeh says he has been turned down by numerous lenders because of his association with Hai Money, as their compliance teams are not comfortable with hiring someone from the collapsed group.
“How is it fair?” he asks.
The Hai Money collapse has also affected borrowers, says Seyedalizadeh. Clients have had their applications put on the backburner, meaning they are unable to attend auction days, and refinancings including important debt consolidations have been blocked.
“The decision not to engage or take on any brokers or staff associated with the group appeared to be made too broadly and without sufficient consideration for the wider impact on individuals who may have had no involvement in any wrongdoing," says Seyedalizadeh.
"While I understand the mortgage industry requires stronger oversight and accountability, the approach taken in this situation has unfairly affected many innocent people. It also raises questions around consistency in how these situations are addressed across the industry, particularly when similar concerns have arisen in other parts of the sector.”
It was suggested to MPA that Finsure is attempting to onboard a handful of former Hai Money brokers, which Finsure has denied. Regardless, if the banks refuse to transfer brokers’ accreditations to a new aggregator, they will be unable to do business in any case.
According to a new report from The Australian, banks are sharing a blacklist of names of brokers implicated in fraudulent activity. MPA reached out to each of the Big Four banks for confirma
tion. Commonwealth Bank, NAB and ANZ declined to comment, although NAB boss Andrew Irvine made his thoughts clear to The Australian, saying the bank had “zero tolerance for any type of bad behaviour whether that be a colleague or a broker. Where there is bad behaviour we will not tolerate it and we will disassociate ourselves".
ANZ chief executive Nuno Matos said ANZ was cutting ties with brokers “we have no confidence in”.
But Seyedalizadeh says there are some “absolutely phenomenal brokers” caught up in the mess. “These aren’t the people who should be facing these problems right now.”
As for La (pictured, right), he has had to dip into his kids’ savings to meet mortgage repayments. To make matters worse, commissions have been delayed or significantly reduced due to clawbacks.
In one instance, he has not yet received a $6,500 commission for a loan he wrote with a major lender in November 2025 that settled in February 2026. “Across the board, brokers did not receive full upfront or trail commissions for April,” says La.
He continues: “What makes this particularly difficult is that this situation stems from what appears to be a commercial decision between Finsure and Hai Money, yet around 200 brokers have been left in limbo with no clear direction or support.
“The flow on effects is significant, this is impacting mental health, family stability, and business reputations.
“Many brokers (me included) are genuinely unsure how they’ll make ends meet in the coming months.”
La says there is “growing frustration” around the lack of visible support from industry bodies “that are meant to advocate for brokers during situations like this”.
While his industry body the Finance Brokers Association of Australia (FBAA) has been proactive in reaching out to directly affected brokers, “there hasn’t been any clear communication yet around next steps or outcomes, either publicly or to brokers”.
Outgoing FBAA chief executive Peter White previously stated that Hai Money brokers should be treated as innocent until proven guilty.
“The FBAA has received calls from brokers who haven’t even written their first loan, and have lost their accreditation, and others who are distressed that there has been a blanket decision against all Hai Money brokers,” White said, adding that the FBAA has an obligation to stand up for members who deserve natural justice.
“Overall, this is not about brokers from any one company or demographic, but about those, wherever they are and whoever they work with, engaged in sophisticated criminal activity,” said White. “We can’t tar everyone with the same brush, and we must shine a light in the darkness and support those who have done nothing wrong and are running legitimate, honest businesses.”
“At the current velocity of how things are going, I am personally facing the possibility of having to sell my home just to keep my family afloat, which is not a position I ever expected to be in,” says La.
He stresses that he does not want to play the blame game, but he is growing increasingly frustrated and anxious about the cloud of uncertainty hanging over his future.
