Taking on various positions at a major bank, she found real passion and interest in home loans
Kathy Crawford, director of Australian Mortgage Assist, has an inspiring career journey that spans over three decades in the finance industry.
From her early days at the National Australia Bank (NAB) to her current role as a successful mortgage broker, Crawford's story is one of dedication, innovation, and a relentless passion for helping clients achieve their homeownership dreams.
Getting into the industry
Crawford’s career in the finance industry began in 1988, when she joined NAB straight out of high school because “pretty much, that’s what people did in that era – there was no real thought or process to it.”
Over 15 years, she progressed through various positions, from proof machine operator to roles in home loans and commercial lending. It was during her time in home loans that she discovered her true calling.
“I found a real passion and interest in home loans and helping clients navigate the complexities of the home loan application process,” Crawford (pictured above) said.
However, as much as she loved working with clients, Crawford found the corporate environment of a Big Four lender restrictive. She felt limited by the need to offer only NAB products and wanted to develop her unique way of interacting with clients, making them feel at ease.
“In 2004, mortgage broking was not as popular a career as it is now, but I decided to take a giant leap of faith and resign from the NAB and become a self-employed mortgage broker,” she said. “I was lucky that I also had good ‘mentor’ people around me, and with their encouragement I was determined to do well.”
Today, 20 years later, she has grown Australian Mortgage Assist into a thriving business, helping other brokers build their businesses along the way.
Embracing change and overcoming challenges
Throughout her career, Crawford has witnessed significant changes in the mortgage broking industry. One of the most positive developments, in her opinion, has been the introduction of electronic signing of loan documents.
“This was the biggest advancement for our industry, born from necessity during the COVID era when face-to-face signing became near impossible,” she said.
However, the industry is not without its challenges. Crawford is particularly concerned about commission clawbacks, a unique issue in the mortgage broking sector.
“No other industry has a situation where you could lose 100% of your income within the first 12 months or 50% within two years,” she said.
She calls for aggregators and broker support groups to proactively change this model, especially in the current environment where lenders frequently change offers and rates. Additionally, she highlights the increasing reliance on brokers to handle more of the loan process as banks offload workloads to save costs.
“The clawback system needs to be reviewed,” Crawford said. “And while we have lobbied areas to take notice and do something about it, it doesn’t appear to be having the desired effect.”
Treating clients as family
Crawford’s extensive experience has equipped her with invaluable insights. One of the most challenging situations she faces today is helping clients adjust to significantly higher repayments as low-interest rates end. She adopts a personal approach, treating every client as she would her own family.
“As brokers, we need to take the time with each client and help them come to terms with the higher payments, assist them with budget tools and spending habits – I always adopt the approach that every client needs to be helped the way I would expect my to be treated,” she said.
“This is where I believe 20 years in the industry is invaluable – we have seen the highs and lows of rates – I enjoy helping people get through these times and see that not all is lost.”
Advice for aspiring brokers
For those aspiring to join the mortgage broking industry, Crawford’s advice is clear and practical.
“You have to give it everything you have for two years,” she said. “It’s not a career you can have as a side hustle.”
Crawford stressed the importance of surrounding oneself with experienced mentors, having a cash flow fund to navigate the initial months without income, and actively participating in networking events.
“Word of mouth referrals are the best business to get,” she added, and with a “can do” attitude and a commitment to hard work, Crawford believes the effort will also be worth it in the end.
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