Brokers make dreams come true

For broker Xavier Quenon the willingness of clients to refer their friends and family to his company based on their positive experiences is rewarding and a testament “to the meaningful impact we strive to make”.

Despite being the owner and director of Go Mortgage, Quenon admits his role as an active broker “on the tools” is still what drives him every day.

“Being part of making people's biggest dreams come true brings me immense joy,” Quenon said. “It’s really empowering and satisfying. The impact we can have in people’s financial life is huge and not to be underestimated and this is why we run by the motto ‘Let’s Build your Future ... Let’s Go!’”

Quenon (pictured above) started his journey as a broker in 2006 but said his professional background in financial planning laid a strong foundation.

“The dynamic nature of the industry continues to captivate me, and I take immense joy in assisting individuals across Australia with their mortgage needs,” he said.

“Though our primary focus is on our local turf, encompassing the Gold Coast and neighbouring regions such as northern NSW, Brisbane, the Sunshine Coast, and west to Toowoomba, our technological capabilities and expertise extend our reach.

“We proudly serve clients remotely, catering to individuals across Australia, making the mortgage process seamless and accessible.”

Go Mortgage’s clientele base is diverse. Quenon said his team was equipped to address the needs of all clients whether they were first home buyers, second home buyers, SMSF participants, property investors or people with bad credit.

Read more: Eligibility criteria for bad credit home loans

“We have a specialised team comprising three brokers and six customer care and success managers to ensure we deliver the best financial outcomes to our clients.

“We take pride in providing excellent customer service which is reflected in our outstanding 5-star reviews across Google, Facebook, Word of Mouth, RateMyAgent, and many more places.”

Mortgage industry has faced highs and lows

Quenon,  an excellence awardee (finalist) in the NAB Regional Broker of the Year at the 2023 Australian Mortgage Awards, said the broking industry had seen highs and lows over the past few years, especially since the onset of COVID.

“During the boom, spurred by increased demand for homes, interstate migration and low interest rates, we experienced a surge in loan applications, reaching unprecedented levels,” he said. “Then, post this period and into the present, the market sentiment has been influenced by fluctuations in interest rates and inflationary pressures.”

Diverse customer base keeps Go Mortgage busy

Despite some challenging times, Quenon said his business remained dynamic, actively engaged in refinancing loans, assisting first home buyers, managing investor’s portfolios, and SMSF loans.

“This [varied activity] has allowed us to keep growing our team and maintain a steady pace in a market that continues to evolve,” he said.

Go Mortgage identifies four key challenges

When it comes to issues facing brokers Quenon said he devised an acronym PIIC which covers the four key challenges brokers need to navigate within the industry.

Property Market Dynamics (P)

“The ongoing issue of demand outstripping supply,” Quenon said. “This is still the case, particularly in our local area and will affect how you find a suitable mortgage solution for clients. Buying is still so much better than renting.”

Interest Rate Rises (I)

“They can influence consumers' willingness and ability to pursue loans, affecting the overall demand for mortgages,” Quenon said. “They can offer opportunities to invest for some; yet affect household budget for others and even create mortgage prisoners.”

Inflation (I)

“Consumer concerns about inflation can introduce an additional layer of uncertainty which is impacting financial decisions at present,” Quenon said.

Customer Needs and Expectations (C)

“I find that customer expectations are on the rise, so balancing the demand for the best rates with the need for speed and trust requires brokers to continually enhance their services, leverage technology, and maintain transparent communication,” Quenon said.  

Quenon said education is a crucial aspect of the broker-client relationship.

“Even seemingly common financial concepts may not be well-understood by all clients, so continuing to proactively address questions and providing clear explanations not only enhances client’s understanding but also fosters trust, crucial to the broker-client relationship,” he said.

Quenon said refinancing was a hot topic, thanks to the 13 interest rate rises Australia has had over a 15-month period, with homeowners feeling the financial strain, prompting a surge in the quest for more favourable rates.

“Buyers are out in force as well – whether this be first home buyers trying to get off the rental treadmill with rents skyrocketing; or ‘upgraders’ taking advantage of these rental increases to convert their existing homes into an investment and moving up in the world seeking properties well in excess of $1 million as their new home.

“Finally, thanks to a strong demand, a short supply and the Olympics not too far off, investors are smelling profit and capital growth in south-east Queensland and looking to add that next property to their portfolio or into their SMSF.

“We are seeing activity at all levels at present.”

Interest rate rises shake up broker sector

Quenon said the run of interest rates, including the last rise in November,  had impacted business with Quenon and his team keeping in active contact with their clients and providing support for them.

However, not all clients are impacted in the same way, with some more sensitive to these fluctuations.

“Given the spread of our client base we have managed to remain busy as we cover both ends of the spectrum in terms of financial situations and needs,” he said.

Quenon said acquiring knowledge and building trust stood as pivotal elements in the broker-client dynamic.

“The longevity of a business hinges on the ability to cultivate trust with clients,” he said. “Furthermore, as a broker, a commitment to perpetual learning is indispensable.

It is important to be there for the long term rather than focusing on the transactional aspect.”

While Quenon said he loved being a broker, the job didn’t come without some sacrifice.

“I think the broking industry is client-centric,” he said.

“If your client is not available during ‘normal’ business hours, alternatives are arranged. If the demand goes through the roof, you turn up for the occasion.

“Balancing work and personal life is hard – I am not sure that work-life balance really exists at any point in time… especially for those who are ambitious.

“But if #ILoveMyJob rings true then you can find yourself happy hovering in cycles that sway between prioritising work and life.”

What do you love most about being a broker? Share your thoughts below.