NZ Mortgages director reflects on settlements milestone
An adviser who has written over $1 billion in mortgages says that a combination of extreme hard work, quality support and early social media presence have helped him to build a successful business.
Nathan Miglani (pictured above) managing director and head of lending at NZ Mortgages reached the billion-dollar mark in April 2023. He achieved this milestone within eight years and was one of the youngest advisers in Australasia to do so.
Miglani was formerly a home lending specialist at ANZ Bank, which he says “taught him the ropes” of lending, requiring him to reach out to his connections and hunt down new business opportunities.
He later became franchisee for Loan Market Paramount before establishing Christchurch-based mortgage business NZ Mortgages in 2022, recognised as one of the NZ Adviser Top Mortgage Employers for 2023. Miglani was one of the excellence awardees for the 2023 New Zealand Mortgage Awards and was named a NZ Adviser Top Adviser from 2020 to 2023.
Speaking to NZ Adviser about what he learned in writing his first billion in settled loans, Miglani said that efficient communication in all client interactions, and effective time management, were vital.
“Communication – and fast communication – is everything,” he said.
Miglani said that he increased his lending volumes gradually, reaching close to $50 million in his first year, moving to around $79 million in his second year, and then to $100 million in his third.
Three factors support settlement growth
Reflecting on the factors that enabled him to increase his settlement volumes, Miglani said that they could be whittled down to the following three things:
- focused hard work;
- a high quality support team, and
- engaging on social media early.
Having made the transition from writing business for himself, to writing for the business, Miglani said that his focus had expanded from mortgage advice to business development.
His time is now evenly split between working on his business and working within it.
“Running my own business requires me to be mentally strong and absolutely brutal with my time,” Miglani said.
Miglani, who balances business with a young family, said that having the support of his wife was also critical to his success, as this allowed him to be present at all times, whether at home or at work.
As understanding the loan process and building client relationships takes time, staff retention is also important, he said.
Specialist teams within NZ Mortgages focus on buyer groups such as first home buyers and investors, which means the business is able to “make things work quickly”.
Miglani said that he aimed to remunerate his staff above market rates and ensured that he made time to catch up with them regularly.
“My support team have all been with me for a number of years … this has also helped to ensure that our net promoter score (NPS) remains high,” he said.
Additionally, Miglani said that he embraced social media fairly early on, and that he aimed to maintain a regular presence on platforms such as LinkedIn.
Current lending trends
Within NZ Mortgages, new lending currently comprises around 60% of total business volumes, refinances represent 20%, existing homeowners 15% and investors 5%.
According to Miglani, first home buyers are the biggest trend in residential lending right now – a buyer group that his business premise is built on.
“We are actively running first home buyer seminars on a quarterly basis and are focused on helping quality clients,” Miglani said.
Banks have become more active in lending money, which has contributed to growth of this buyer group, he said.
Earlier this week, Miglani commented on National’s win, saying that a National-led government would bring “immediate momentum” to the property market.
What skills and strategies do you think are required to increase settlement volumes? Share your thoughts in the comments section below.
