Brokers these days are more than just mortgage salespeople. They’re entrepreneurs who approach their work with an eye on the business at large, not just on where that next commission cheque will be coming from.

To celebrate the increasingly professional and entrepreneurial spirit that embodies the mortgage broking profession in the 21st century, MPA has once again compiled a list of 10 of the nation’s best-performing independent brokerages.

As well as celebrating the achievements of these independent operations, we’ve quizzed some of the key decision-makers at each organisation to discover how they approach the business of broking – and what strategies they have put in place to ensure ongoing success.

MPA presents this year’s Top 10 Independent Brokerages. What are the keys to their success? Keep reading to find out.

Kathy CummingsMessage from our Sponsor

As the market leader in the Australian mortgage broking industry, Commonwealth Bank is proud to sponsor MPA’s Top 10 Independent Brokerages report.

Congratulations to those who have made the Top 10. It not only takes drive and commitment to build a successful business but also an ability to understand and respond to your customers’ needs.

It is no longer enough to know the policies of lenders; it is now essential for a broker to have meaningful conversations with their clients, as the quality of advice given is part of a broker’s ‘customer value proposition’. It is this that differentiates you in the market.

This need to ‘know your client’ is changing the industry. By getting close to the customer, brokers can offer support and advice. Successful brokers use their knowledge and experience to build trust, a critical component in offering advice.

Productivity is another key to success. Productivity is a global issue, and as the Australian economy focuses on growth, brokers also need to find ways to do more with the same or less resources. Successful brokers invest in ways to improve office efficiencies, and they enjoy the rewards of more satisfied customers.

To be named in the Top 10 list is national recognition and sets you apart. CommBank wishes all those in the Top 10 continued success. We are keen to work with you to secure and enhance the financial wellbeing of your customers.

Kathy Cummings, executive general manager, third party and mobile banking, Commonwealth Bank

METHODOLOGY

In contrast to MPA’s Top 10 Franchise Brokerages report, which was released earlier in the year, this report is all about brokerages that don’t operate under a franchise or branded aggregator model.

Aggregators that didn’t fall into these categories were asked to nominate up to five brokerages to take part in the report. All of the nominees were then scored according to the following four criteria:
  • Total loan book value
  • Settlements for the 2012 calendar year
  • Average volume per broker/loan writer
  • Conversion rate Each brokerage was scored using these four metrics in order to make sure that size – while an element of the scoring system – didn’t override all other elements of the ranking process.
Once every brokerage’s scores for all four categories were totted up, each one came out with an overall score that was then used to determine its rank. The brokerages that came out with the highest 10 scores have made it into the report.

The Top 10
 
 
Rank Brokerage Total Loan Book # of Brokers Ave. Volume per Broker
1 Tiffen & Co $1,503,665,985 7 $52,601,234
2 The Australian Lending
& Investment Centre
$1,005,000,000 9 $44,446,096
=3 The Loan Arranger $1,200,000,000 13 $20,307,692
=3 Oxygen Home Loans $1,318,058,613 21 $27,134,176
5 1st Street
Home Loans
$822,000,000 7 $34,571,429
=6 In Mortgage & Finance
Services
$879,856,191 14 $15,379,143
=6 Financing Property $250,000,000 1 $70,046,159
=8 Acceptance Finance $1,086,000,000 11 $20,000,000
=8 ACA Mortgage
Solution
$586,715,404 8 $31,763,722
10 Loan Gallery Finance $736,000,000 33 $14,606,061 75%


To get the MPA Top Independent Brokerages feature on PDF, please click on the link.

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