With just four months to go until the highly-anticipated 2025 Australian Mortgage Awards (AMAs) — the industry’s premier celebration of excellence in broking — excitement is building fast. In the lead-up, Australian Broker is catching up with past winners to uncover the secrets behind their success and the lessons others can take from their winning edge.
In the second installment, we reconnected with Michael Stephens, cofounder of Purple Circle who has recently been named chief executive officer, to delve deeper into the factors behind the group’s standout success. At last year's AMAs the Perth-based group, which was established in 2016, took home the award for “Boutique Aggregator of the Year.” This May Purple Circle had more to celebrate when the firm revealed it had surpassed $6.5 billion in total loan settlements and added its 100th broker shareholder.
Building on the momentum of our previous feature, we explore the strategic decisions, values and innovations that helped Purple Circle rise above the competition, and continue to shape the future of mortgage aggregation in Australia.
The following interview has been edited for grammar and clarity.
AB: Best practices for working with brokers and lenders?
MS: With brokers, we offer daily mentor access, structured onboarding and tailored training. There are also open channels via Facebook forums, [learning management systems] and newsletters for live support and updates. And we have scholarships for NTIs, and broker-driven decision-making in strategic directions.
With lenders, we offer broker-prepped lender training, regular policy briefs and tech-enabled comparison tools. We also have partnerships shaped by broker input, ensuring relevance and buy-in. And, real-time collaboration through CRMs and compliance systems that ease friction for both parties.
AB: How do you facilitate the relationship between brokers and lenders? Tips and tricks?
MS: We provide brokers with real-time lender data, product comparisons and eligibility filters in the CRM. We host lender-led webinars and Q&As, boosting familiarity and trust. And we offer dedicated support teams for lender queries, bridging communication gaps swiftly. One tip I have is to equip brokers with open banking tools to pre-qualify clients better, streamlining submissions and boosting approval rates.
AB: Thoughts on Australia’s loan and property markets heading into the second half of 2025?
MS: Purple Circle is cautiously optimistic. After a slow 2024 rebound, momentum is building, especially as sentiment shifts in anticipation of rate cuts. First-home buyers and upgraders are re-entering the market, aided by diversified lending options (including alt-doc and bridging loans). Volumes are trending upward and broker engagement is strong.
AB: With potential for more rate cuts looming and continued tariff threats, what advice do you offer brokers and lenders navigating volatility?
MS: Stay diversified. Brokers should offer clients multiple finance options (home, asset, commercial) to future-proof revenue. Also, automate and analyze. Use CRMS, AI tools and lender data to optimize every client conversation. Also, educate clients on fixed vs. variable rates, refinance triggers and pre-approval timing. For lenders, partner with aggregators that support quality brokers. Those who put compliance and customer care first.
AB: What other trends are you seeing in the market at the moment?
MS: There's a rise of tech-savvy NTIs. Thanks to programs like Purple Pathways, newer brokers are becoming power users of CRMs and digital tools from day one. There's also more demand for transparency and ethics. Brokers and clients are gravitating toward aggregators with strong governance and shared value models. There's more open banking adoption. It’s transforming document collection and improving approval rates. And there's aggregator scrutiny and consolidation. As the market tightens, smaller, nimble players with strong reputations (like Purple Circle) are increasingly attractive to quality brokers.
