What mortgage advisers need to know, according to Eunice Wallace

Stick to what you love—and thrive doing it, Eunice Wallace advises

What mortgage advisers need to know, according to Eunice Wallace

Eunice Wallace (pictured), mortgage adviser at Viva Home Loans, recently chatted with NZ Adviser to reflect on her two-decade journey in broking—sharing industry insights, lessons learned, and advice for newcomers.

A career pivot sparked by property investment

For Wallace, the path to becoming a mortgage adviser began in 2003, during a personal investment journey that reshaped her career trajectory.

“I became a mortgage adviser in 2003 when my husband and I were buying investment properties and that was taking too much of my time working as an accountant,” she said.

“I quit my work to join Wizard Home Loans as a commission-based mortgage broker. I left after six years when GE decided to close NZ Wizard Home Loans. I then started my own business under Viva Home Loans.”

Making a real difference in people’s lives

For Wallace, the most fulfilling aspect of broking isn’t just about numbers—it's about helping people navigate life’s biggest financial decisions.

“Meeting people from all backgrounds, looking after their assets … is the most important investment for most people,” she said. “Helping them into their first home, giving financial advice on their investment properties and provide budget advice to pay off their debt faster.”

Balancing compliance with client care

While Wallace acknowledged the importance of regulation, she also highlights the increasing administrative burden placed on mortgage advisers today.

“These days, there is more administrative paperwork and more compliance, which takes time away from the most important thing, i.e. helping and advising clients,” she said.

“Compliance is good to protect the industry so learning to prioritize your time is important, and also to avoid burnout.”

Sticking to what you love

One of Wallace’s most valuable career lessons came from trying to take on too much early on.

“It is better to do what you know and love best. Stick to your knitting,” she said.

“When I first started, I was trying to be a residential, commercial mortgage, and insurance broker. I soon learned that I wasn’t enjoying what I was doing and the things that I disliked doing were taking too much time away from mortgage writing, my favourite role.

“When I dropped those roles and concentrated on the mortgage advisory role, I found I was still bringing the same income as I was when doing everything.”

Advice for aspiring mortgage advisers: Start well, stay balanced

For those considering a career in mortgage broking, Wallace offered both inspiration and a realistic perspective.

“If you have a passion for finance and love helping people to get into their own home, help them make wise choices and find financial freedom, then it is a very satisfying and rewarding career,” she said.

“This profession is a demanding and stressful job; I was fortunate to have a supportive family. Getting good staff makes a huge difference to your business as they are assets to your business. I also took up some sports and hobbies to keep a balanced lifestyle.

“Most advisers will be challenged to last after 10 years, so it is important that you start well, have support from those around you and keep fit.”