In a quieter lending market, strong referral relationships, personal reputation and consistently good service are proving more valuable than large advertising budgets
For established mortgage advisers, attracting new clients in 2026 is less about chasing leads and more about strengthening the networks they have built over many years. Existing clients remain a significant source of new business, while trusted partnerships with business owners, property professionals and real estate agents are helping advisers reach borrowers who are ready to act.
For Andrew Smillie, owner, director and mortgage adviser at Personalised Mortgages, the foundations of that referral network have been built over many years. Although the relationships themselves have not changed markedly in 2026, the tougher market has sharpened his focus on protecting them.
“The benefit of being in business for 14 years is that we have already built a strong referral network. However, given the market, we are probably more conscious than ever of continuing to deliver and making sure we never drop the ball.”
Smillie says this means treating every mistake or service issue as an opportunity to improve the business.
“We strive to get things 100% right. When we make a mistake, the conversation is always: how can we put a system in place to ensure it doesn’t happen again?” he says.
“We don’t want to be the ambulance at the bottom of the cliff, or at the top! We want to ‘stop the ambulance from having to come’ by being proactive and preventing problems from arising.”
Referrals built on client experience
Smillie’s strongest referral partners are not necessarily the traditional professionals advisers might expect. Two of his most valuable relationships are with small business owners who enjoy connecting people and regularly introduce clients to Personalised Mortgages.
“Most of our business comes through referrals, and that is a result of doing a quality job and building strong relationships,” he says.
“This morning, for example, we received an online enquiry from someone who said, ‘I want to deal with Andrew because he helped my mum.’ That kind of recommendation has been a key part of our success.”
The business has deliberately avoided relying heavily on advertising. While it has used some Google Ads, brochures and regular Facebook content, Smillie describes those activities as useful additions rather than its primary source of growth.
“We have never paid for leads, yet we have remained busy and continued to grow through customer service and referrals,” he says.
“When people are buying a house, they tend to speak with friends and others they trust. I’m proud that we have built the business without relying on significant advertising.”
Accessibility is an important part of maintaining that reputation. Clients and referral partners will always reach a person when they call the business, even if Smillie is unavailable. That focus on responsiveness helps reinforce the confidence that led them to make contact in the first place.
Trust provides a valuable head start
Linda Eagleton, mortgage adviser at Loan Market Nexus, has taken a similarly selective approach to referral relationships.
“I have always been very selective and considered when establishing referral relationships, as I believe that any referral I make is a reflection of myself and my business,” she says.
“For this reason, it is important that my brand aligns with the people and businesses I work with, and that there is a strong level of mutual trust and brand synergy.”
Those relationships have also largely developed organically. Rather than trying to rapidly expand her network, Eagleton has concentrated on building trust over time and demonstrating the value each party can provide.
“By taking this approach, I have developed a number of strong, long-term referral relationships with like-minded people and businesses. Each relationship adds value to my business and, more importantly, to my clients in different ways.”
She estimates around 35% of her business comes from professional referral networks, with a property advice company accounting for approximately 30%. She also works with three real estate agents across three Auckland companies. The remaining 65% to 70% is from existing clients recommending her and her team.
“The great thing about referrals from existing clients or my strong networks is that, because I have been recommended by someone they already know and trust – a friend, colleague or family member – the initial level of trust is already established,” Eagleton says.
“They come to me with a degree of confidence that they are in good hands and will be well looked after, which makes that first conversation much easier and more natural.”
By contrast, clients who discover an adviser through Google, AI tools or other online channels require that trust to be built from scratch. Eagleton says the challenge is demonstrating experience and authenticity without appearing overly sales-focused.
“For me, it is about getting that message across from the very beginning, so they feel comfortable taking that first step and having a conversation with me. That initial connection is often the hardest part – giving them enough confidence to trust that I genuinely have their best interests at heart and that they will be well looked after throughout the process.”
Personal brands matter more in a quieter market
Both advisers see personal reputation as a powerful point of difference. For Eagleton, New Zealand’s relatively small market means a client’s experience can quickly influence how others perceive an adviser.
“My brand reputation is everything to me. New Zealand is a relatively small country, and reputation travels quickly, so maintaining an exceptional brand reputation is incredibly important,” she says.
“I genuinely believe you can compete with anyone in this industry when you consistently deliver excellent communication, strong service and a high level of care. What has changed in 2026 is that the market has become a little quieter, particularly with the uncertainty created by the war earlier in the year and the lead-up to the New Zealand elections.
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“As a result, these referral relationships have become even more important and mutually supportive. We genuinely lean on one another during quieter periods and continue to support each other through quality client referrals where there is a genuine fit.”
Eagleton also plans to increase her local community involvement over the coming year, while building a nationwide team of experts who share the same values and service standards.
Smillie shares the belief that clients often choose the person behind the business, rather than a company name alone. With first home buyers now making up a greater proportion of active borrowers, providing a helpful and informative first meeting can also create referrals that spread through entire friendship, family and professional groups.
“A first home buyer is often surrounded by other prospective first-home buyers, just as business owners are connected with tradespeople, suppliers and other entrepreneurs. And we’re incredibly good at that first home buyer meeting.
“So delivering a strong experience for one person can therefore open the door to a much wider network.”
Eagleton says advisers cannot wait until the market slows before attempting to establish those connections.
“Good-quality referral relationships take time to develop,” she says. “They need to be developed over time and in busier markets through honesty and trust, so that they are in place and strong in quieter markets.”
Her approach to any prospective partnership is straightforward.
“I always try to be the first to refer to any new relationship.”
In 2026, that willingness to give first, combined with responsiveness, trust and consistently strong client service, is helping established advisers continue attracting new business even when fewer borrowers are in the market.
