WA-based top broker reaches milestone in under a decade
A Western Australia-based Loan Market broker has surpassed $1 billion in loan settlements in under a decade, defying economic uncertainty and a sluggish property market to establish himself as one of the group’s leading performers in the region.
Balpreet Bal (pictured above), who became a full-time mortgage broker during the downturn in WA’s property market between 2014 and 2019, has reached the significant milestone after nine years with the brokerage he and his wife Sharon launched.
The achievement comes after navigating multiple economic disruptions, including the mining sector slowdown – a major blow to WA’s economy – and the nearly two-year COVID-19 lockdown. Despite these hurdles, Bal has steadily grown his brokerage, becoming one of the top residential brokers in the Loan Market network across Australia and New Zealand.
“Few residential brokers settle $1 billion for clients over their career, let alone within nine years and in a market that’s had its challenges,” said Loan Market chief executive David McQueen. “Balpreet should be incredibly proud of this achievement.
“He is a great example of perseverance and planning: he’s embraced Loan Market’s tech and marketing innovations, training and broker community at every point and prepared for the growth that comes with that.”
Currently leading a team of 10 customer service staff, Bal manages over 400 loan settlements annually. The firm has attracted more than 450 five-star reviews on Google, indicating a consistent emphasis on service quality.
“When I went full-time, Sharon and I were focused on getting through those tough years, hoping that when mining picked up again, property prices would follow,” Bal said. “Eventually they did, and over the last three years, we’ve grown exponentially.”
A former accountant, Bal initially focused on clients within WA’s Indian community. His customer base has since widened nationally, supported by strong word-of-mouth and tools provided by Loan Market, including its lead generation platform and review automation features.
“Marketing platforms like My Lead Generator and initiatives that make it easier for clients to leave Google reviews have helped maintain a strong pipeline,” he said.
The business is now expanding into new areas, including asset and commercial lending. The move coincides with the rollout of MyCRM Diversified, a platform that offers digital solutions such as smart calculators and automated documentation for brokers pursuing alternate income streams.
Bal acknowledged the aggregator’s resources as a key part of his growth. “If you take the Kaizen training workshops as an example, I would never have known how to design processes to improve how my staff work and the experience my customers receive,” he said.
“I’ve also found all the other businesses in Loan Market are more than happy to open their doors. Earlier this month, I travelled to Melbourne and had the opportunity to take a tour of two businesses. It was great to see what works for them and it gave me some ideas as well.
“Broking can be tough. You need support from your aggregator and also your broker community.”
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