Commonwealth Bank's Baber Zaka on why lenders, aggregators, regulators and brokers all have a role to play in broking's next chapter
"BROKERS HAVE acquired some prominence in the residential lending market."
That understated observation appeared in Commonwealth Bank's 2001 annual report. It would prove to be an early marker of a significant shift in how Australians accessed home lending.
In the 25 years since, mortgage broking has grown from an emerging distribution channel into an important part of the lending landscape. CommBank's own relationship with the channel evolved during that period, including through its investment in Aussie Home Loans from 2008.
The story, however, extends beyond channel growth. Changing customer expectations, stronger regulation and advances in technology have reshaped the way Australians research, apply for and manage a home loan.
"My vision is for a broker channel that continues to grow by earning the trust of even more Australians" — Baber Zaka, CommBank
As the nation's largest mortgage lender, CommBank has had a front-row seat to the growth of the broking industry – and few people inside the bank have a closer view of it today than Baber Zaka, who took over as CommBank's general manager of third party banking in early 2025.
In an interview discussing the past 25 years of the broking industry, it's clear Zaka is as fervent a supporter of broking's successes as anyone else in it.
Earning your stripes
Baber Zaka works closely with a channel that has continued to evolve alongside changing customer expectations, new technology and a more complex lending environment.
Reflecting on the industry's evolution, Zaka credits brokers' rise to their ability to consistently pair expert knowledge with a genuinely tailored, one-on-one service.
"Brokers compare options and provide guidance through what is often one of the biggest financial decisions people will make," he says. "That personalised service has built trust with customers."
Zaka sees this growth as a natural outcome of consistently meeting customer expectations and delivering value. "It's this combination that has seen brokers continue to play an important role in helping Australians looking to buy a home."
The value brokers bring
In Zaka's view, the greatest success story for brokers has been the trust they have built with Australians. "That trust has been earned through years of consistently delivering choice, guidance and personalised service, while continuing to adapt to changing customer expectations and put customers first."
He says it cannot be overstated that the role brokers play is significant in helping customers navigate one of the most daunting and exciting decisions they'll make in their lives. But he also believes the role of a broker has evolved significantly over time. Technical knowledge and lending expertise remain fundamental, but today's brokers are also expected to embrace technology, build their profile and adapt to changing customer expectations.
"Successful brokers also need to build a strong personal brand, embrace digital channels, communicate their value proposition clearly and create a customer experience that supports long-term relationships," says Zaka. "Customers have more choice and access to information than ever before, so brokers need to continually demonstrate the value they bring. The brokers who stand out are those who combine professional expertise with genuine relationships, use technology to work more efficiently and adapt as customer expectations continue to evolve."
"Technology will continue to transform how work gets done, but it shouldn't change what makes the broker channel so valuable … broking is a relationship business" — Baber Zaka, CommBank
Raising the bar
Asked which single shift has had the most lasting impact on the broker channel, Zaka doesn't hesitate: regulation.
"Reforms such as the National Consumer Credit Protection Act established a stronger foundation for responsible lending, while best interests duty reinforced the industry's commitment to putting customers' interests at the centre of lending recommendations."
But far from viewing compliance as a burden, Zaka frames it as a key factor in the industry's evolution.
"These reforms have strengthened consumer confidence and helped mature the broker channel. They have elevated professional standards, increased accountability and reinforced the important role brokers play in helping Australians navigate increasingly complex lending decisions."
That same logic extends to the Hayne Royal Commission, which brought significant focus to the broker channel and prompted debate about its role, conduct and professional standards. The policy response ultimately focused on stronger consumer protections, including the BID and enhanced governance requirements, which passed into law in early 2020.
Zaka describes this as "a defining period because it challenged the entire industry to clearly demonstrate its value, its professionalism and its commitment to acting in customers' best interests".
His verdict, with the benefit of hindsight, is that the channel came through stronger rather than diminished. "It reinforced the importance of governance, transparency and customer-first practice. One of the royal commission's lasting outcomes was a stronger focus on the customer, accountability and professionalism.".
For brokers specifically, Zaka argues that BID didn't introduce a new standard so much as codify one that already existed. "The introduction of the best interests duty reinforced what has always been central to the role of a broker, which is acting in the best interests of the customer."
On technology, Zaka points to the shift from paper-based, manual processing to full digital lodgement as one of the biggest changes of his career. But he's careful to separate the tool from the trade.
"Technology will continue to transform how work gets done, but it shouldn't change what makes the broker channel so valuable. At its core, broking is a relationship business."
A united approach
"My vision is for a broker channel that continues to grow by earning the trust of even more Australians," says Zaka. "That means continuing to embrace technology that removes friction and keeping customers at the centre of everything we do."
But it's not a vision that any one lender can deliver alone. "Achieving that will require all parts of the industry to work together. Lenders need to keep investing in simpler, more consistent experiences for brokers. Aggregators have an important role in supporting capability and development. Regulators should continue to foster an environment that protects consumers while supporting innovation. And brokers must continue to adapt and put their customers at the centre of every decision."
It will, to use a common phrase, take a village. If everyone can meet that challenge, Zaka believes the future remains bright. "I'm confident the broker channel will continue to go from strength to strength."
