How a life-altering accident led him to a career in mortgage broking
Broker in Focus is a dedicated series that highlights the unique journeys of mortgage brokers, providing them with a platform to share their experiences, insights, and expertise. Through compelling personal stories and professional reflections, each featured broker recounts the key moments that have shaped their careers, delves into the challenges and opportunities facing the industry today, and shares the valuable wisdom they have gained along the way.
In this week’s edition, MPA caught up with Cory Palazzolo (pictured above), managing director of Think Home Loans, whose journey – from a life-altering accident to launching a successful brokerage during a global pandemic – showcases the power of perseverance and adaptability.
Full name: Cory Palazzolo
Job title: Managing director
Company: Think Home Loans
Number of years in the industry: 14
Location: South East Queensland
How and when did you become a mortgage broker?
In 2011, while still in high school, I had planned to enter the trade force and begin a plumbing apprenticeship. However, just two days before Christmas, when travelling home, I was hit by a car on my motorbike after running a red light. The impact crushed the left side of my body, leaving me with severe injuries. I faced years of recovery, including having to learn to walk again.
Ironically, this life-changing event turned out to be one of the best things that ever happened to me. Feeling lost and forced to rethink my future, I returned to school to complete Year 12 in 2012. Just a week later, I started as a trainee finance broker under the guidance of a mentor, who would also become a close friend. After graduating, I secured full-time employment with his company, where I continued to develop my expertise.
By 2020, as the COVID-19 pandemic created global uncertainty, I made the bold decision to leave my secure position and establish Think Home Loans. My vision was simple: to provide “Home Loans with Heart” through a streamlined process, clear and honest advice, and tailored solutions to help every client secure the best possible loan for both their short- and long-term needs.
As a homeowner and active property investor myself, I understand the challenges and opportunities that come with securing finance. I bring that firsthand experience into every client interaction, offering practical insights, tailored solutions, and ongoing mentorship.
In your opinion, what has been the most positive development in broking?
I believe the most positive development in broking has been the shift towards a more client-focused and transparent approach, driven by technology and regulatory improvements. The industry has evolved significantly, making it easier for clients to access clear, honest, and tailored advice without the complexity and jargon that often-surrounded mortgage lending in the past.
Technology has played a huge role in improving the client experience. The rise of digital applications, instant pre-approvals, and open banking has made the loan process faster, more efficient, and less stressful. Clients now have access to a wealth of information and tools that allow them to compare options and make more informed decisions.
Regulatory changes have also strengthened the industry, ensuring brokers act in the best interests of their clients rather than being driven by commissions or lender preferences. This has reinforced trust in mortgage brokers and highlighted the value we bring in securing the right loan solutions.
Ultimately, these developments have empowered clients, giving them more control and confidence in their borrowing decisions while allowing brokers to provide an even higher level of service and support.
What challenges do you see currently facing the industry, and what solutions would you propose?
One of the biggest challenges currently facing the mortgage broking industry is the increasing complexity of lending policies and tighter credit assessment criteria. Lenders are constantly adjusting their requirements, making it more difficult for clients – especially self-employed borrowers, investors, and first-home buyers – to secure approvals. This can lead to frustration and delays in the loan process.
Additionally, rising interest rates and economic uncertainty have created a more cautious lending environment. Borrowers are facing affordability challenges, and many are unsure about the best course of action when it comes to refinancing, fixing their rates, or accessing equity.
I believe brokers should embrace digital tools to make loan comparisons easier and educate clients with clear, jargon-free explanations. With interest rate uncertainty and rising living costs, we can explore refinancing, government grants, and alternative lenders to offer more flexible solutions. I also think it’s important to adopt a fair compensation model that rewards brokers for providing quality service, not just volume. These steps will help us navigate industry challenges while giving clients the best, tailored advice.
Can you share a challenging experience from your career as a broker and the lessons you gained from it?
A major challenge I see in the mortgage industry is navigating the uncertainty caused by fluctuating interest rates and ongoing changes to lender policies. Therefore, the ability to make informed financial decisions are more complex, which can lead to hesitation and confusion among clients. They often feel unsure about how these changes will impact their mortgage repayments, affordability, or long-term financial plans. As brokers, it’s crucial for us to stay well-informed, constantly analysing market trends and adjusting our strategies to ensure clients are making the best decisions possible.
What I’ve learned is that knowledge and communication are key. We need to understand how interest rate fluctuations impact various loan products and how these changes can affect a client’s financial situation. By simplifying this complex information and providing clear, structured advice, we can help our clients feel more confident in their decisions. This helps build trust and empowers them to make informed choices, even when the market is uncertain.
In the end, it’s about offering guidance that not only addresses the current rate environment but also takes future trends into account. By focusing on transparency, clear explanations, and well-thought-out strategies, we can help clients navigate the complexities of a changing market, making the process easier and less stressful for them.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
For those aspiring to become brokers or those new to the industry, my advice would be to focus on building a strong foundation of knowledge, integrity, and client relationships.
Firstly, invest in your education. Whether it’s obtaining relevant qualifications like a Diploma in Financial Services or staying updated with the latest industry trends and regulations, having a solid understanding of the market and the products you’re offering is crucial. The more informed you are, the better advice you can provide to your clients.
Secondly, focus on developing strong relationships with your clients. It’s not just about finding the best loan product; it’s about understanding their needs, their goals, and their financial situation. Build trust by being transparent, honest, and always acting in their best interests. Remember, the goal is to make their experience as stress-free and seamless as possible, and doing so will foster loyalty and positive referrals.
Additionally, embrace technology. The broking industry is becoming increasingly digital, and leveraging tools that can simplify processes, compare products, and track client information will set you apart. Efficiency is key, and technology can help streamline your work, allowing you to focus more on providing personalized service.
Lastly, be patient and persistent. The journey to success in broking can take time, and there will be challenges along the way. Don’t get discouraged. Learn from each experience, stay committed to your growth, and always look for ways to improve. Over time, as you build your expertise and reputation, the rewards and satisfaction of helping people achieve their financial goals will be incredibly fulfilling.
Broker in Focus is a weekly MPA feature spotlighting mortgage brokers from diverse firms and locations across Australia. Among those recently featured are Janine Ashmore of Bliss Home Loans, Allan Culbertson of Ledge Home Loans, Katherine Persoglia, Property Before Prada, Luke Mansour of Legal Home Loans, Livio Tramontin of MPL Mortgage Services, Mark Bonnici of Westlend Home Loans, Rebecca Timms of Realise Home Loans, Scott Stevenson of Mortgage Choice, Xavier Quenon of Go Mortgage, and Peter Bassilios of Money Tree Mortgage Brokers.
Are you a mortgage broker interested in being featured? Email the author with your details.
