Her journey from a newcomer in Australia to a respected property and finance expert is both inspiring and instructive
In the competitive world of mortgage broking, Maria Papa (pictured above) stands out not just as a seasoned expert but as a trailblazer in an industry where female leadership is still rare. As the founder of Maverick Finance, her journey from a newcomer in Australia to a respected property and finance expert is both inspiring and instructive.
Getting into the industry
Papa’s foray into mortgage broking began in 2010, sparked by a personal experience that highlighted her innate talent.
“When my husband and I decided to upgrade our home and convert our first property into an investment, we used a mortgage broker,” Papa recalled. “My husband, hearing my conversations with the broker, told me, ‘You should become a mortgage broker. You know more than the broker you are speaking to.’”
With an engineering degree and a background as a business owner in the Philippines, Papa wasn’t one to back down from a challenge. She studied for the Certificate IV in Mortgage Broking while working full-time, completing it in just six months.
“When I moved to Australia in 2006, I was amazed at the availability of finance books in the library. I literally gorged and read as much as I can about properties and investing. By the time I was speaking to a mortgage broker, I was equipped with the knowledge on how to get finance and what kind of loans and products to choose.
“I thought about what my husband said, and my concern at the time was ‘Who would even hire me to be their mortgage broker?’ I don’t know too many people here in Australia,” she said.
Her initial concern was, however, mitigated by joining an aggregator that provided training and leads, paving the way for her to build a client base and learn the ropes of the business. By 2018, she launched Maverick Finance, a female-led brokerage determined to make a mark in a male-dominated field.
Evolving role of brokers
Reflecting on her 13 years in the industry, Papa highlighted a significant shift in the role of mortgage brokers.
“When I started out as a broker 13 years ago, I went to the clients’ home,” she said. “The goal is to establish rapport and get the clients to pick me as their mortgage broker. Competition among brokers and banks was already fierce at the time. It was purely a sales job.
“Fast forward today, I no longer go to clients’ homes. I meet them online, saving me a lot of time and expenses for petrol.”
Broking is no longer a sales job today, according to Papa, and that the industry has managed to elevate the profession.
“I now see myself as a finance expert and educator first and a loan writer second,” she said. “There is so much work involved in writing a loan today, but banks have been quick to adapt and improve their process through digital technology.
“With NextGenID, I don’t even have to complete the verification of identity of my clients. The clients complete their verification by taking photos of their IDs and taking a video selfie.”
Navigating industry challenges
The current landscape of mortgage broking is fraught with challenges, from exorbitant home prices and high interest rates to a housing shortage exacerbated by an influx of migrants. Papa is acutely aware of these issues and is proactive in finding solutions.
“I would like to help as many first-home buyers as I can, but borrowing capacity and savings are their two major hurdles,” she said. “Knowing the different government benefits available to first home buyers and bank policies enable me to help my clients get into their first home.
“The high cost of living is another issue facing homeowners. I see a few of my clients getting behind in their home loan repayments and difficulty paying their credit cards on time. How should I, as a broker, help my clients navigate their finances through this tough time?”
Papa emphasised the importance of analytical skills and multitasking in a field where brokers wear many hats, from business owner and marketer to loan assessor and customer service officer. To manage these diverse responsibilities, she has built a robust support system within Maverick Finance.
“I hired loan support officers to manage my back end and a social media expert to manage my brand and all my social media contents,” she said. “It is getting harder to remain as a single operator broker nowadays.”
Moreover, mentoring other female brokers is a key part of her strategy, fostering a collaborative environment where her team shares knowledge and supports each other.
A memorable experience and a realisation
Papa’s career is dotted with memorable experiences that underscore the universal desire for homeownership.
“I vividly remember meeting four different clients from different ethnic backgrounds in one day,” she said. “That was an awesome experience.”
These encounters reinforced her belief that irrespective of race, colour, or religion, at the end of the day, everyone wants the same thing – a home.
Advice for aspiring brokers
For those aspiring to enter the mortgage broking profession, Papa offers valuable advice.
“Mortgage broking is an advocacy. You must love talking to and helping people, be good with numbers and be an excellent problem solver,” she said.
Highlighting the dynamic nature of the job, she added, “Every day is different, every client’s scenario is different.”
Papa believes that broking is a job one can do past retirement age for as long as one is physically and cognitively capable.
“But one has to have a purpose,” she said. “After 13 years in this profession, my joy is still helping first-home buyers purchase their first home and first time property investors purchase their first investment property.”
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