If more people understood the role of a mortgage broker, then perhaps more people would utilise one – so what does a typical day for a broker look like?
As of 2020, 6 in 10 Australians used a mortgage broker to assist them in acquiring a home loan to purchase property – the highest that it has ever been. What’s more is that 90% of these customers reported that they were happy with the services provided to them. If the feedback is that good, then why aren’t more Aussies using one?
Well, to put it simply – the world of banking is big business, and as such, there are many lending providers to choose from. Since purchasing a home is generally not an everyday purchase for most Australians, navigating the many finance options can be overwhelming – which is where the services of a mortgage broker can be a life saver.
In a nutshell, the role of a mortgage broker is to act as an intermediary, or someone who navigates home loan products and their applicable terms on behalf of individuals or businesses. They serve as the ‘middleman’ between the lender and the borrower and handle the time-consuming process of securing the loan and gathering the considerable paperwork involved.
However, the everyday tasks performed by a mortgage broker are often vastly different than what most people would assume. If you’re considering partnering with a broker to obtain a home loan – or are perhaps even considering becoming one – what’s it all really like?
Get To Know A Real Life Mortgage Broker
With a dual degree in Law and Commerce (Accounting), Brisbane local Costa Demetriou has certainly been a busy man over the course of the last few years. After working as a legal clerk and an accountant, Costa joined the team at Madd Loans in 2017. Regarded as Brisbane’s most innovative and award winning mortgage broking firm, the team at Madd are just as diverse as their many clients.
His unique background in the finance field brings a unique insight into the industry for Madd customers. Costa loves the ethics of Madd – which he refers to as “a company loyal to its customers, not the banks”. A community man, Costa has also been volunteering at the Greek Paniyiri Festival for over thirteen years. Never one to sit still, on most weekends you’ll find Costa attending open homes in the Brisbane region, to ensure that he’s always up to date on the area’s property trends – and yet, Costa still ensures that there’s still time to schedule the all important backgammon game every Sunday with his beloved Pappous. Needless to say, as one of Madd’s go-to mortgage brokers, he’s certainly learned a lot during his time under the wing of Madd Loans founder and finance powerhouse, George Samios.
“My day to day life as a mortgage broker is everything and nothing like what I thought it would be when I originally joined the Madd Loans family. From day one, my mentor George drilled into me a distinct code of ethics of sorts in regards to always putting the best interests of our customers first. It doesn’t matter if you hold personal preferences in regards to certain lending providers or loan products, because each and every one of our clients will have different needs from their home loan. Being a good mortgage broker requires honesty, innovation, tenacity and a proactive approach at all times.”
At Madd Loans, every mortgage broker learns the ropes from the ground up. New recruits almost always begin their broking career as a junior credit analyst, before working their way up to more senior positions within the business. According to Costa, this “apprenticeship” helps to ensure that the Madd mortgage brokers understand the ins and outs of the world of home loans from every level. However, what he didn’t bank on was the education of sorts that the clients themselves provided him along the way too.
“I learned very early on that the relationships between the Madd Loans team and our customers formed the backbone of our business. Without them, none of us would be where we are today, and it’s so much more than just a transaction. A good mortgage broker needs to understand the long term goals of clients in order to help them in every sense of the word. From $500,000 loans to $5,000,000 loans, every client deserves and receives the same level of service, as we place an enormous value on the customer experience they receive as a means to forge a life long partnership. Personally, one of my favourite parts of the job is seeing my clients in the real world. Whether it’s over a coffee or just having a quick chat in the street, the feeling of contributing to my local community is really what gets me excited about going to work every day.”
One common reason that consumers stick with a bank that they’ve used all of their life is security – after all, they’re unlikely to go bust anytime soon. The thing is though, banks are not obliged to ensure that your interest rates are competitive, and are generally not renowned for rewarding loyalty. In comparison, enlisting the services of a mortgage broker is essentially like adding a star player to your finance team, who does the leg work on your behalf as a means to cut down on time, stress, and ultimately, get you the best and most suitable deal on a home loan – but where do you find one?
Partnering With A Brisbane Mortgage Broker
Getting preapproved for a home loan has long been regarded as stressful, frustrating and time consuming – but the good news is that it doesn’t have to be.
Since their inception in 2012, the team at Madd Loans have worked tirelessly in providing over 2,000 Queenslanders with finance options to help turn their dreams into reality. With the entire brand being built on referrals, owner George Samios takes great pride in making the loan process both fun, educational and stress free – and he has a swag of awards to prove it.
If thinking about your financial future strikes a chord with you, then it might be time to speak to a professional. Whether you’re chasing mortgage solutions or a financial fairy godmother, the team at Madd work together as a collective to turn your goals into reality.