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Australian brokers in MPA’s Top 100 of 2023 show no signs of slowing down, with many recording their best year up to 30 June by seizing new and prosperous opportunities, with almost half of the prestigious list being new entrants.
While government statistics show the lending market may have cooled or stabilised, this year’s best mortgage brokers live by the mantra that it doesn’t matter what the market is doing; it matters what they do. The Top 100 Brokers have achieved extraordinary success, as cracking the list required writing a minimum of $114 million, while the average total per broker was $175 million.
As exemplified by four of the best mortgage brokers, they have risen to the top by adopting a distinctive approach to these elements of their business:
Word-of-mouth referrals from existing clients catapulted Arora and his award-winning mortgage brokerage to new heights. Ranking No. 1 Top Broker after writing $457 million, he attributes his success to various factors.
“For me, it starts when the client reaches out to us, and it’s all about listening to what they want to achieve, not just for now but for the future,” he says. “We try to understand their goals for five, 10 or 15 years related to property and mortgages and build that backwards to create a strategy for them.”
Arora’s volumes have increased substantially over the past two years, driven by a solid base of referral partnerships, industry connections and positive client reviews.
Other business approaches that have propelled him into the top spot include:
Arora says, “We constantly stay in touch with our clients to find and correct any issues, helping us to maintain optimum operational excellence and make things a breeze for them. Our big mantra is that if you do well by the clients, they’ll ensure your business stays in good health. When clients get a premium experience, they give us word-of-mouth referrals, which is why our volume keeps going up and up.”
With a laser focus on client communication, Burbar helps clients navigate the dynamic lending landscape. Ranking No. 9 after writing $258 million, he proactively keeps clients apprised if plans change, fostering trust and confidence.
“Nothing gets overlooked by my team and me,” he says. “I feel like our clients understand that we genuinely want to help them, and we’ll do everything in our power.”
Strong relationships with lenders enable Burbar to find solutions to a client’s unique scenario, and a dedicated client manager also works with them throughout the process.
“We believe in building relationships, not just for the first transaction but as the client returns for future needs,” he says.
The factors driving Burbar’s growth include:
Diversifying has propelled Burbar’s growth by widening the base of potential mortgage clients. For example, when recognising the client’s need to find the ideal investment property, he adapted quickly and partnered with property experts to provide all-encompassing support.
He says, “Quality relationships and offerings are important, but so is helping clients understand their scenarios, what the options are and educating them simultaneously.”
It can’t be overstated how important a strong team and teamwork are to being recognised as one of the best mortgage brokers, asserts Yang, who ranked No. 15 after writing $227 million. She relies on her dedicated staff to support the personalisation of client service, the foundation, for which her thriving business has become well known.
“Clients don’t come asking what the next step is because we have done our job properly to keep them informed during the whole process,” says Yang. “We use technology to increase efficiency, so we have time to look after every client’s needs.”
The main factors fuelling Yang’s growth include:
“We never tell someone we can’t help them; we always try to create a plan to help them achieve their goals,” she says. “We offer something and give them hope because I truly believe everyone deserves to have their own home.”
A full-time customer care officer differentiates Yang by delivering top-tier service, resulting in a robust referral business from satisfied clients. Her attention to detail keeps her connected to clients by gifting them novelties to celebrate the Chinese New Year, for instance.
After more than three decades of visionary leadership at the brokerage he founded, Bice prides himself on pushing the boundaries of customer service. Under his leadership, the team broke up the end-to-end home loan process, allocating staff to serve clients at every step of settlement.
“When you have expert staff in these key areas, the customer gets a premium experience,” says Bice, who ranked No. 89 after writing $120 million. “I live and breathe the facts found at the beginning, and the client feedback we’ve gotten is how well the process goes from there.”
The more than 150 positive online reviews are a testament to the effectiveness of the streamlined process.
“There are no distractions for the client concerning banks or solicitors; we structure the deal correctly and submit it,” he says.
The factors behind Bice’s growth comprise:
“I’ve become a risk specialist as well, and I found that referrals based on diversifying have pushed up our growth,” he says.
Economic uncertainty and other pressures may have shaken confidence in the mortgage industry. Still, the best mortgage brokers have paved pathways to success by staying ahead of the curve and providing exceptional client service.
Upon reflection, Arora says, “The key here is adaptability, and what we’ve done well is adapt to the situation and develop strategies to help the clients. We’re innovatively structuring their loans, using data analytics and relying on our strong relationships with lenders and industry partnerships.”
Burbar muses philosophically about recent challenges. “The last year was not easy; we had high interest rates, and it was tough to get money. But our clients need money, and we have to find solutions. If someone who came out of the last 12 months showed growth, then the future looks good for them.”
Yang expresses the importance of always being prepared. “You need to be a quick learner, and for myself and my team, I encourage them to enjoy the changes. I believe there’s opportunity in every change, and you must be alert to find it.”
For Bice, his long mortgage industry tenure has helped him weather the ebbs and flows. He says, “I remember difficult financial periods, and, as a broker, I had to bulletproof myself by diversifying my business. Every conversation I have now about a home loan includes the free risk service.”
Arora: “Find your strengths and build a good team around yourself.”
Burbar: “Focus on helping people find a solution and do that well.”
Yang: “Do the right thing and do your best to enjoy the journey, including the difficulties and hard work.”
Bice: “Always put the client first, giving them advice you’d give yourself.”
CommBank is incredibly proud to continue our sponsorship of the Top 100 Brokers for 2023. We want to congratulate you on continuing to set the standard for excellence within the mortgage broking industry and delivering exceptional outcomes for your customers.
We are dedicated to giving you more confidence with CommBank, empowering you to achieve more for your customers. The team strives to be reliable, accessible, transparent and adaptable, so together we can continue to strengthen our relationship and support you to deliver excellent customer outcomes. We would like to recognise the achievements of all Top 100 Brokers. Thank you for your incredible commitment to your customers, providing them with the best experience possible and supporting them to achieve their homeownership goals.
Again, congratulations to everyone who made this list in 2023, and good luck for the remainder of the year and into 2024!
Razia Khan
General Manager, Third Party Banking
Commonwealth Bank
To find the Top 100 Brokers in 2023, MPA asked brokers across the industry to submit the total value of loans they had written over the last financial year. Brokers were also asked to state the number of loans they had written so MPA could determine their average loan size.
The Top 100 list was determined and ranked based on the value of loans written between 1 July 2022 and 30 June 2023.
MPA’s 19th annual Top 100 Brokers is proudly sponsored by Commonwealth Bank.
Average value of residential loans: $175m
Highest value: $457m
Lowest value: $114m
