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One of Australia’s leading loan writers has explained how mortgage brokers can pay for a personal assistant by writing three car loans a month.
Peter Schroeder of Mildura Finance Limited (MFL) told The Adviser that brokers often complain that they do not have enough time to consider diversifying into new areas of lending.
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“If you diversify into doing cars or equipment finance, by just diversifying into that area, it will pay for a PA to come on board beside you,” Mr Schroeder said. “It actually pays for a person to come into your business and helps you grow your business. You do three cars per month and you'll actually pay for a PA.”
Mr Schroeder, who has been in the banking and finance industry for 30 years, said that when he established MFL in 2000 he became “so tied up in actually writing the business” that he didn’t have time to grow it.
However, implementing changes and trying new things has allowed him to successfully grow his business into an award-winning diversified finance group.
“My favourite saying is, 'change equals opportunity',” he said. “I like change. It’s the first step in going from a one-man show to a two-person show. Instead of looking at how you can put someone else into the business you just say, ‘Well I’ll bring a PA on next to me; they can help me do decision lists and then I can start selling other products and then they just process the cars.
“At the end of the day it's pretty simple.”
Mr Schroeder was the top business broker in The Adviser’s Commercial Business Writers 2015 ranking, with $167 million in volumes written over the 2014 financial year.
Submissions are now open for 2016. So if you’ve cracked the commercial market and are writing a fair chunk of business lending, click here for your chance to be named one of Australia’s top brokers.
Those that make the final ranking will be able to leverage their recognition as one of Australia's best commercial business writers, which will have immense value in terms of marketing opportunities to both clients and referral partners.
[Related: The opportunity for brokers to show SMEs the way]
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