Kevin Wheatley is no stranger to success.
With nearly three decades of experience under his belt and as the founder and managing director of Sydney-based Bayside Residential and Commercial Mortgages, Wheatley was recently awarded the Mortgage and Finance Association of Australia's (MFAA) "Commercial & Equipment Finance Broker Award." The win was announced in July at the broking organization's national conference in Melbourne.
Australian Broker caught up with Wheatley (picture above right) to uncover the keys to his success, the role industry support has played in his journey and how he’s adapting to an ever-evolving market.
KW: Amazing. I feel overwhelmed and not because of what I've achieved. It's what my team achieves through their tireless effort and the incredible, laborious hours that they put into the business to make it a successful business. And, this is not about me. This is about a small team that achieves amazing results, creating amazing results and finding alternative solutions for borrowers who are not always in the perfect position. It's always difficult, but we manage to find a solution. And not one cap fits all, but we get there to change the community life and lifestyle.
KW: It's a team effort. It's not one individual. It's a team effort. And I'm very grateful for the support I get day in, and day out. But more importantly, it's a multicultural team effort, and that breaks down barriers.
KW: Training, education and monitoring our activity to make sure that we're on track. Not that we need it, but a second opinion is always a good opinion. What we do, we know we do well.
But we win when we're recommended, or complimented by our industry leaders and our industry representatives. It's a strong comfort to know that you're in line and you're doing everything professionally.
KW: Do the best you can, but don't mislead. Don't get involved in deceptive conduct. Do not breach compliance. Just get the best outcome you can via your professional advice. You are the individual in the face of the borrower. So provide them with the most professional advice that gives them the package that they need. Not only that today, but what they may require in the future.
KW: Interest rates are a bit of a crystal ball at the moment. But there are elements there that will drive interest rates up or down, and we know what they are: they're unemployment figures; they're inflationary figures. The [US President Donald] Trump issue overseas, I don't believe that's going to be a big issue in Australia. Because the Australian economy is buoyant. And we're very resilient at finding other markets, when [there are some] countries that want to price us out of markets and make us non competitive, or non productive. Then we move in other markets and we don't find that a threat. It just makes us take a more proactive approach in researching new markets.
KW: My vision for the future is very positive. Where we're seeing the housing market, we're seeing a paradigm swing now. We've got the government working with us, which has stagnated before. We've got first-home owner packages now supported by government funding. It will become easier to get new entrants into the housing market. And on the back of that, we need to cut down red tape to get construction, building at a more rapid rate. So anyone in the property markets of Australia, we're in the best position now we've been in a long time, because the housing markets are contracting a little. And when I say they're contracting, they're becoming more affordable. So I have a very positive view on the next three, four, five years. It will be much more busy.
"We have no more uncertainty with the volatile issues globally. We need to keep that under control and in mind front and center. But the supply chain is becoming more regulated, and I think we're at the top end now of construction costs. We need to now focus on affordability for our younger generation."
