A broken ankle led him to a chance interview that launched his mortgage broking career
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.
MPA spoke with Luke Mansour (pictured above), legal lending specialist at Legal Home Loans, whose journey to a thriving career as a mortgage broker began with a series of unexpected events, including an ankle injury playing football during his college years.
Full name: Luke Mansour
Job title: Legal lending specialist
Company: Legal Home Loans
Number of years in the industry: 5.5 years
Location: Sydney
How and when did you become a mortgage broker?
My mortgage broking career began during my last semester of university in 2020, while I was completing a bachelor of commerce. Following a second broken ankle playing AFL, I was let go from my part-time warehousing role, which ultimately led me to hunt down a corporate role. This is where I stumbled upon Legal Home Loans (LHL) and blindly applied thinking “the worst they’ll say is no”. This then led to my first corporate interview with LHL, one I’ll always remember sitting there in a suit, moon boot, and pair of crutches.
I have a strong passion for building relationships and going the extra mile to help people. This initially attracted me to a broking role and has helped me thrive over the past five to six years, I have and still love every second of it. Sharing the joy my clients experience with their first homes, lower rates, renovations, or portfolio growth fuels my motivation to deliver exceptional service.
In your opinion, what has been the most positive development in broking?
One of the most significant developments in the industry has been the growing investment in technology and automation. I’ve seen firsthand how it’s made a positive impact, not only speeding up how we research and identify the right proposals but also streamlining the entire process, from the initial consultation to settlement and beyond.
In today’s fast-paced market, where properties can be listed and sold in the blink of an eye, speed and accuracy are crucial. This shift has also helped improve the overall client experience. With brokers now handling nearly 75% of all mortgages in the country, I believe that continued innovation through technology will only become more important in this digital age.
What challenges do you see currently facing the industry, and what solutions would you propose?
Clawbacks have always been a challenge in broking, especially during and right after the COVID-19 pandemic when multiple refinance cashbacks were on offer. Having already seen most lenders withdraw these cashback offers, I wouldn’t be surprised if we see them completely wiped from the shelves within the next 12 months.
Best Interest Duty (BID) has had a part to play in reducing clawbacks, particularly for those chasing multiple cashbacks when refinancing within three to six months of settlement (excluding cases like divorce or financial hardship). If this happens, it raises the question: was the initial placement truly the right fit?
In the long term, this increased focus on clawbacks is helping make our jobs easier. It’s great to see lenders adopting tiered clawback models, typically starting at 12 months post-settlement. As the importance of BID continues to be prominent for brokers, it would be beneficial to see more lenders embrace tiered clawback systems. Even to the extent if some started their tiered clawbacks at six or nine months post-settlement.
With interest rates at current highs, another challenge I am seeing daily is the barrier to entry for first-home buyers which has become increasingly challenging. Reducing assessment buffers, even temporarily, could help alleviate this. A lower buffer, like what non-bank lenders have adopted, might be a practical solution.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
The past 5.5 years have been filled with countless highs and creative, out-of-the-box solutions (which I love), but one client in particular stands out.
It was a couple who came to me three years ago with a non-bank approval at nearly 99% LVR, rate of over 9%, and LMI in excess of 50,000. They were on the brink of throwing in the towel as I was the third broker they’d spoken to and were told in previous dealings, including directly with banks, they’d need minimum two years financials and therefore couldn’t complete with the non-bank lender without the two years financials.
I pride myself on my specialist knowledge and expertise when it comes to legal professional income. Using this, I was able to source a different non-bank lender at 95% LVR, no LMI, and [an] interest rate of nearly 2% lower. Ultimately, this acted as a stepping stone into the market as just over a year later, I refinanced the couple to their current lender where they’re now paying nearly 6% and still not a cent of LMI.
Hearing their positive feedback reinforces why I love the challenges this role has to offer and am never afraid to dive headfirst into any proposal that comes across my desk.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
Contacts lead to contracts! The more client interactions you have, the greater your chances of building new relationships. When those opportunities arise, it’s crucial to bring your authentic, exceptional self. Paying attention to the small details like following up when promised, being punctual, acting in your client’s best interests, and delivering results can significantly boost satisfaction and help cultivate lasting relationships.
Keep hustling like it’s Monday and always look for opportunities to grow your network. While there might be some short-term challenges, the long-term rewards can be well worth the effort.
One of the biggest factors driving my knowledge and experience was learning from the ground up. There’s nothing wrong with humbling yourself and starting from ground zero, to learn the ins and outs of the entire lending process. You never know when you might need to lean on your back of house knowledge, which at times can be the difference between winning and losing a deal.
Broker in Focus is a weekly MPA feature spotlighting mortgage brokers from diverse firms and locations across Australia. Among those recently featured are 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, Peter Bassilios of Money Tree Mortgage Brokers, Andy Truong of Alliance Mortgage Group, Andrew Hadjidemetri of Australian Financial and Mortgage Solutions, John Minihan of Professional Finance Mortgage Broker, and Daniel Bowler of Mortgage Choice.
Are you a mortgage broker interested in being featured? Email the author with your details.
