'Our value proposition to the client has absolutely evolved'
Phil Rogers’ 15 years as Loan Market Edge broker received all the vindication it deserved when he was recently welcomed into the Bankwest Hall of Fame.
Growing from a one-man band to a crew of 17 (“from broker to brokerage”, as Gold Coast-based Rogers put it), he described the induction as a mark of recognition, not just for him, but for his entire team.
For Rogers (pictured, second from right alongside Bankwest’s general manager of homebuying distribution Ian Rakhit, far left) it was “a real highlight” of his career that allowed him to look back on the rapidly changing world of mortgage finance.
The industry has been evolving for longer than that of course: Since the breakout decade of the 90s, brokers have become the dominant force of the Australian home loan market.
As of the latest data supplied by industry body the Mortgage and Finance Association of Australia (MFAA), 76% of all residential home loans are now written by brokers. Some experts believe this number could surpass 80% by the end of the year.
With such a domineering share of the home loan sector, it was only natural that the role of the broker bent and shifted to suit the evolving needs of today’s lender.
Chatting with MPA, Rogers spoke of being in an industry “where we love what we do”, albeit an industry that has changed significantly since he first started out.
“When almost 80% of Australians now use a broker, it’s no longer ‘do I go to the bank or do I go to a broker’, it’s ‘which broker’,” said Rogers.
Rogers’ comments perfectly encapsulate the shifting attitudes that borrowers have towards brokers as banks no longer become the de facto choice for homeowners.
The trend is not uniform across the entire Australian financial sector of course – by virtue of having the largest brick-and-mortar footprint in the country, banking major Commonwealth Bank retains a heavy emphasis of proprietary lending, with just a third of the Big Four’s home loans originating through brokers.
However, the story is vastly different among Bankwest and the wider challenger banking cohort, where brokers often contribute upwards of 95% of origination volumes.
A relationship business
Since Rogers first established his broking business, the number of brokers on the Australian scene has exponentially multiplied as customers grow to appreciate the flexibility and diversity of choice that the third party channel has to offer.
This has led experts to warn of a saturated market for a number of years now, which means brokers must ask themselves: Why should a customer choose me over one of the 22,000 other brokers scattered across the country?
For Rogers, this existential question has contributed to the shift of the broker role from a transactional one to a relationship one. So much so, that brokerages, including Rogers’, have entire teams dedicated to customer care.
“Our service proposition and our value proposition to the client has absolutely evolved… 15 years ago, it was definitely more about the transaction,” he said. “Now, we’re a relationship-driven business and we have the ability to build long-term relationships with our clients.”
This relationship-management element has become the true point of difference for brokers. The act of giving the “best-in-market” experience is what keeps clients sticky.
It is evidently working for Rogers anyway, given that 72% of his team’s business last financial year came from existing clients or referrals from existing clients.
As brokers became increasingly ingrained in the mortgage industry over the years, Rogers witnessed them become more hands-on in the client journey; far from simply recommending a bank’s product, brokers now are taking the time to understand the goals and objectives of a client five years into the future.
“The depth of relationships (we have) with these clients is amazing,” said Rogers. “It’s probably the reason after 15 years I’m still doing it, because thankfully that relationship has evolved.”
Alongside Rogers, Bankwest welcomed Dean Papas from the Lending Association, Mortgage Choice’s Fiona Manley and MoneyQuest’s Brad Durtanovic in the 2025 Broker of the Year awards.
Another Loan Market broker, Deven Patel of Synergy Loans, took home South Australia’s Broker of the Year award.
