Bank to broker: Saurabh Rishi's industry game change

Ex-NAB assessor shares his journey to becoming a broker

Bank to broker: Saurabh Rishi's industry game change


By Mina Martin

Saurabh Rishi (pictured above), a former NAB assessor turned mortgage broker with Rishi Finance, shares his journey and insights into the evolving landscape of the mortgage broking industry.

Transitioning from an assessor role at NAB to a licensed mortgage broker in January 2022, Rishi’s career reflects a deep commitment to leveraging his understanding of bank policies to aid others in navigating the complex home loan process.

From assessment to advocacy

Rishi’s decision to become a mortgage broker stemmed from his fascination with the broker-client dynamic while working at NAB.

"My experience as an assessor provided me with a deep understanding of bank policies and the rationale behind them, which I believed I could leverage to assist others,” he says.

In December 2019, Rishi left NAB to pursue a full mortgage broker license, successfully obtaining it by January 2022.

The broker revolution

Highlighting the most significant shift in the industry, Rishi points to the surge in loan applications processed through brokers. This trend has not only given brokers leverage to negotiate better deals but has also introduced a competitive edge among lenders, ultimately benefiting consumers. The inclusion of a diverse range of lenders in broker panels has further enabled brokers to offer more competitive and tailored financial solutions.

Navigating challenges with technology

Rishi identifies the uneven adoption of technology by banks as a key challenge, noting that rapid advancements could streamline the home loan application process significantly. He advocates for a collaborative approach between aggregators and lenders to overcome these hurdles and fully embrace the potential of modern technology to enhance customer service.

Lessons from the field

Recalling his experience as a PAYG broker, Rishi emphasises the importance of practical application of knowledge and the value of collaboration with industry veterans.

“Although my background as a former assessor provided me with a solid understanding of credit, applying this knowledge practically to help clients achieve optimal results and navigate the policies and processes of various other banks proved to be quite challenging,” he says.

“Collaborating with seasoned brokers in the industry imparted invaluable lessons, particularly in educating clients about home loans and delivering exceptional service while establishing effective work practices to establish my own workflow.”

Advice for aspiring brokers

For those entering the field or new to broking, Rishi underscores the importance of prioritising clients’ financial outcomes. Whether it's negotiating a better rate or advising on refinancing options, the focus should always be on serving the client’s best interests.

“Such practices not only contribute to the broker’s growth but also benefit their business,” he says. “Brokers should never hesitate to invest extra time for any client, irrespective of whether it results in securing their business or not, as there are always valuable lessons to be learned in this fast-paced industry.”

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