Margaret Fraser (pictured above), a mortgage broker at Beyond Tomorrow Finance, recently chatted with Australian Broker, reflects on everything from starting with no experience to embracing changes in mortgage broking.
Fraser began her journey in the mortgage broking industry in July 2000 with no prior experience.
Over the years, Fraser witnessed significant changes within the industry, particularly in how new brokers are onboarded and trained.
She cites the introduction of mentorship programs as the most positive development in broking.
“I feel that new-to-industry brokers benefit greatly from mentors,” she said.
Reflecting on her own beginnings, she said, “When I started in the industry, there were no formal education programs or mentoring, so it was a matter of aligning yourself to a broker and hoping to pick up tips along the way.”
Today, the mortgage broking industry faces new challenges, from the rise of digital platforms to changes in lender strategies.
“The challenges I see would include lenders who are pushing a big online presence and it seems they are trying to bypass the broker channel for higher ROI,” Fraser said.
She also noted the impact of technological advancements like AI, which is increasingly used to analyse client needs, meet regulatory requirements, and detect fraud.
Reflecting on her 24-year career, Fraser shared a memorable experience that underscored the rewarding nature of her work.
“The most rewarding part of being a mortgage broker is when you get a loan approved for clients and you know it is going to make a difference to their lives,” she said.
Fraser described working with clients burdened by debt, emphasising the emotional support and detailed attention required to guide them through the loan application process.
For those considering a career in mortgage broking or newly entering the field, Fraser stressed the importance of resilience, a willingness to learn, and effective communication skills.
Key recommendations included understanding the role of a broker, finding a supportive mentor, choosing the right aggregator, developing crucial skills, building a strong network, leveraging technology, and being financially prepared for the early stages of the career.
