Finsure is one of the best known names in the mortgage broker space, and it’s hard to believe that it has only been around for 10 years.
The aggregator celebrated its 10th birthday yesterday, and in ten short years, has gone from an idea in founder John Kolenda’s head to a network of 2,000 brokers with a loan book of $56 billion.
“It’s a massive milestone,” said Kolenda. “It’s come very quick let me tell you.”
“I’ve been in the industry 28 years, and I felt that I could still add value to the industry and having the expertise in the background in it, I had the passion to create something special. That’s where the idea for Finsure was born.”
So much has changed in that decade, said Kolenda, but brokers have always been able to survive and thrive in the conditions.
“It’s been an amazing journey,” he said. “We’ve seen brokers really coming to the forefront. All these things that have come through, like the Hayne royal commission, have helped to support the growth and recognition that brokers deserve in trying to help consumers.”
“Though its been tumultuous throughout, I think the brokers have shone through. 27 years ago, people used to say ‘what’s a broker?’, they had no idea.”
“Now, brokers have the recognition within the marketplace and are acknowledged for providing customers with choice and helping them through that really complex journey of financing.”
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The growth of the broker channel since 2011 has seen market share hit near record levels. Kolenda put this down to a range of factors, all of them based on the great work that the channel was able to put in to help customers.
“It’s a combination of things,” he said. “It’s recognition, consumer awareness and the word of mouth that is getting out that brokers are really the preferred choice to access finance. It’s time, too. These things have been underpinned by the expertise and choice that brokers support consumers with.”
“It’s got a whole lot more complex, post-royal commission, and that’s where brokers have been able to shine. They might highly complex matters simplified. They take the responsibility and take the customer through that journey to help them realise their own dreams.”