'Teach girls about mortgage broking'

Educating girls and young women about the benefits of mortgage broking is needed to convince more female brokers to join the industry, says Home Loan Expert senior mortgage broker Vivienne Than.

The award-winning Sydney broker,  who made MPA’s Elite Women list in 2022 and 2023 and was an excellence awardee (finalist) for Broker of the Year Productivity at the Australian Mortgage Awards in 2019, 2020 and 2023, has been in the industry for 10 years.

Than (pictured above) said she wanted to encourage more women to become mortgage brokers.

“While there are certainly challenges, the rewards far outweigh them,” Than  said. “The opportunities for growth, the ability to make a significant impact, and the chance to work on exciting and innovative projects make this a truly fulfilling career."

Than said it would be great to see more education or training in school and at universities about mortgage broking as a career.

“Better awareness and outreach would also be good. I don’t think many young girls would even know the industry exists.”

Asked if she faced any challenges being a female broker, Than said: “Not so much.”

“The primary challenges I encounter are common across the industry and include high compliance costs, clawback issues and staff retention.”

Than said she felt blessed to be part of the industry.

“It offers everything I could have asked for in a job. My experience has been largely positive, thanks to the support from HLE management, which has ensured that I have access to the same opportunities for success as my colleagues.” 

Than was thankful for the flexibility, support and training from industry bodies and lenders, as well as the monetary benefits of a broking career.

Why Than became a broker

So what motivated Than to join the mortgage broking sector?

“I wanted to help people achieve their goals and dreams, people who have been let down by the banks,” she said.

“In my role as a broker, I have a chance to help people with their decision-making process for one of the biggest transactions they will ever make. By helping them with their home loan application, I get to build an ongoing relationship with clients and their friends and family members.”

After graduating university with a bachelor of commerce and international studies, majoring in business economics and business law, Than began her finance career at Sydney brokerage Home Loan Experts in a support role for senior brokers.

After just six months, she advanced to training to become a broker.

Than said there were not many female brokers when she started out but the percentage of women participating has increased over the years.

“However, it is still a male-dominated industry. I would like to encourage more women to join the industry, as I can see it from the inside and it is not too bad. We have a fair and equal chance to thrive.”

SMSF lending

Than’s areas of expertise include first home buyers and SMSF loans. She said SMSF lending had become an important niche for her.

There were fewer brokers offering SMSF loans due to the smaller average loan sizes and the extensive paperwork involved.

“ Additionally, banks typically do not play in this market, “ Than said. “ As a result, I encounter less competition and enjoy higher client retention, which greatly reduces clawback risks.”

Many of Than’s SMSF clients are nurses and essential service workers dedicated to building their retirement on their own terms.

“Assisting them provides me with an opportunity to express my gratitude and appreciation for their hard work and sacrifice in serving our community."

Building relationships

For a broker, being successful involves cultivating strong relationships with clients but also working well with many other stakeholders, said Than.

When it came to stakeholders Than had the following advice.

External stakeholders:

• clients first – maintaining client satisfaction is crucial for fostering referrals to and from their friends and family
• banks and BDMs – build strong relationships with them and they can facilitate exceptions to policies, expedite turnaround times, and assist with escalations
• solicitors and conveyancers – they help ensure smooth settlements when you collaborate effectively with them
• referral partners – can help ensure a steady stream of business

Internal stakeholders:

• support teams – coordinating with your credit teams and loan processing specialists helps ensure files progress efficiently
• customer care teams – help you manage client relationships, which is crucial in a competitive environment
• content and marketing teams –  which help produce engaging content and generate leads

Than said the role of a mortgage broker extended beyond dealing with numbers. “It is fundamentally a people-centric business.”

She defined success as bringing a smile to people’s faces when helping them achieve their goals.

“If they qualify for a home loan, I will make sure I am there every step of the way to help them with their purchase.

“If they do not qualify for a home loan right away, I will work with them to build a plan to secure approval for their loan, and make sure I follow up regularly.”

Than highlighted the following three key drivers for success: implementing the right systems; assembling a competent and supportive team; and committing to diligent work.

“Mastering these elements provides a clear path to achieving success in the industry.”

Asked what advice she would offer to women considering a career in mortgage broking, Than said the first two years were all about learning.

“You need to be willing to invest time, effort and energy in learning as much as you can over your first two years,” she said.

“Also, relationships are key in this industry; all brokers have similar products that they can offer from their lender panel. Clients will decide to go with you and not someone else because of the relationships you build with them.”

Should mortgage broking be promoted as a career option at school, particularly among girls? Comment below