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Former lending manager Lisa McDowell gained control of her future when she left banking to open her own Mortgage Choice business.
For 14 years, Lisa McDowell had a successful career as a lending manager for a major Australian bank. But she became frustrated by the limitations that comes with working for a bank and realised she wasn’t building an asset for herself.
“At the bank, you always have KPIs and margins that you have to reach,” Lisa said. “And then when you reach them, they move the goalposts further out. I realised that I needed to be chasing targets for myself instead of the bank.”
Lisa had been thinking about moving into mortgage banking for years. In 2016, after speaking to a former banking colleague who became a Mortgage Choice broker, she felt the time was right to investigate her options.
“While I was considering Mortgage Choice, I had the opportunity to buy a mobile franchise for the bank I was working at,” she explained. “But I wasn’t sure that I wanted to have just one brand to offer. So, I took the leap of faith and joined Mortgage Choice instead. When I catch up with people who went down the bank franchise route, they wish they had done the same as me because they're quite restricted now in what they can do.”
Lisa’s strong lending knowledge made for an easy transition from banker to broker. But she admits it can be difficult for ex-bankers who are used to their leads walking into a branch. As a broker, you need to be proactive about sourcing and nurturing leads. Lisa’s business has grown through word of mouth, repeat and referred business. She credits a large part of her success to the extensive network she has developed through various sports.
“I represented WA in state netball for many years and captained the team,” Lisa said. “I then moved into high-level umpiring for a few years after I had retired from netball. Now my adult sons are playing WAFL at a reasonably elite level and their friends are getting in touch when they start looking for their first home. Those networks have been huge for me.”
Lisa’s business, Mortgage Choice Willetton, sponsors the local football club and her team are involved in lots of different community activities.
She said, “Being active in the community, whether it’s for yourself or your family, creates a great presence and the foundations for success in our industry.”
Lisa is an advocate for bankers wanting to join the mortgage industry – particularly women who are searching for a better lifestyle while raising a family.
“A lot of my former banking colleagues call me up to ask about Mortgage Choice,” Lisa said. “I explain the value you get from the relationship with REA Group, the marketing exposure and the quality leads that you might not get from other aggregators when you’re first starting out. You can work the hours that you want to work. And the support from Mortgage Choice is phenomenal.”
Lisa believes that having fantastic staff and the support of your family is critical to your success as a broker. While the early days were extremely busy for her, over the years she has built her business and team to a point where she can now enjoy regular time off.
“I can quite happily go on leave, and everything will still function really well,” Lisa said. “My husband and I will take the caravan and go away for a few days or even a couple of weeks. And I don't come into the office on Fridays – I leave the team to run the business. I love having that flexibility.”
Soon after opening her Mortgage Choice franchise in 2016, Lisa employed a former colleague to help her with the administration side of the business. Since then, her team has grown to two brokers and two full-time support staff.Lisa is hoping to bring her youngest son into the business next year as an additional broker and potential future owner once she’s ready to retire.
“Kieran is currently a Project Manager for a national construction company here in Perth,” she said. “He’s seen how well I’ve been doing, and he’s keen to come on board. He has already started his Diploma of Mortgage Broking . Hopefully he’ll be my succession plan.”
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