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ISCOVER
Understand why hundreds of bankers are now leveraging their experience and entering the world of mortgage broking.
Mortgage broking is a well-trodden path for bankers who are looking for a change in career.
There is a big difference between working at a bank, receiving a regular paycheck and being self-employed. However, we have seen a significant increase in enquiries from bankers looking to become mortgage brokers in recent years.
Banking has changed significantly over the past three years, and bankers can see the opportunity in the broking industry with an expanded product offering and more broad support for their customers.
Download our guide and learn more about the transition from banking to broking
In our free Banker’s Guide to Mortgage Broking, you will hear from industry experts and former bankers, who are now high-performing brokers on what you can do to prepare for the move to broking and how you can utilise the experience and skill set you have developed as a banker.
We explain the opportunities available to bankers to take a share of the growing mortgage broking industry, with mortgage brokers currently writing over 66% of all home loans in Australia*.
What to expect as a broker
In our eBook, we detail why mortgage broking is a natural step for bankers who feel restricted by one set of products and desire a better outcome for their clients.
Transitioning to broking also presents a refreshing challenge and an opportunity to build a valuable business. The road from banking to mortgage broking is a well-trodden path. There are obvious synergies between working in banking and working as a mortgage broker, but there are also some major differences. Not all bankers find the move to mortgage broking a seamless transition.
The challenges of being a new broker will largely depend on your previous experience as a banker. For example, business bankers often have broader networks than loan writers and may have the upper hand in building a network and generating leads.
“When you move from banker to broker, the biggest advantage you have is understanding the mortgage process from end to end. If you can use that knowledge and experience to educate your clients, then you can take away a lot of the fear they may have about the mortgage process.” says Melbourne-based broker Srikanth Chandrasekharan Saradha.
Using your network
One of the greatest advantages some bankers have is a network of existing clients, small business owners and associates. If you can position your value proposition the right way by highlighting your banking experience, you will usually be able to secure solid referral partnerships. Some of these contacts will become your first clients as a broker and may become your biggest referral source in years to come.^
“I was fortunate to have built a significant network of high-net-worth clients during my career as a private banker,” Vita Finance managing director Daniel Vizza says. “That meant a number of clients came over to us when we set up our own business. When I was at the bank, I could see the broker-client relationship evolving. It was no longer just transactional.”
“We saw an opportunity to add value by providing a private banking experience to mortgage broking and provide both residential and commercial lending solutions to our clients. Part of that involves working alongside the lawyers, accountants, and wealth managers of our clients.”
From banking to mortgage broking
In our guide, we speak to Hamish McIntosh, an award-winning finance broker based in Brisbane. In 2015 he left banking for a career in broking and currently serves as the Director of Finance and Lending at professional services firm Bentleys Queensland. He talked to us about how he found the transition.
“Culturally it’s very different working at a professional services firm. Banks can be very sales focused and target oriented. It can become quite transactional.”
“My first deal was a motor finance loan for the managing partner. I spoke to him on a Tuesday and told him I’d come back to him with all the paperwork to sign by Thursday. He thought I was joking. On Wednesday afternoon I presented the documents for him to sign, the loan was approved and funded the next day.”
“You need to be prepared to shift your mindset from working in a big institution to working in a smaller business where client outcomes are the number one priority.”
If you want to become a broker we can help
At AFG we work with former bankers to help them with the business aspect of being a broker and support them through the transition. If you’re serious about leveraging your banking skills as a broker, we’ve got you covered. We’ll work with you to help you build your transition strategy and design your business plans.
If you’re interested in our free guide to mortgage broking for bankers, then why not contact us for more information about how we can support you on your journey.
Remember you can always reach out to Them Lam, our National Manager of Recruitment and Partnerships for a chat here:
*Source: MFAA’s quarterly survey of leading mortgage brokers and aggregators July-September 2021
^ Subject to compliance with any employment restraints applicable
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