Careers in mortgage broking don't always begin with a master plan. Sometimes, they start with a single conversation, and a willingness to take a risk.
For Scott Bament, that moment came more than two decades ago, when a routine meeting to organize financing for a home loan unexpectedly opened the door to an entirely new profession. With no formal financial background and nearly ten years spent in advertising sales, Bament made a decision that would reshape his future: he left his job and stepped into the world of mortgage broking, eventually becoming the owner of a Mortgage Choice franchise in Morphett Vale, Adelaide.
"I didn't have any financial background," Bament told Australian Broker. "I fell into the industry after meeting with the franchise owner at the time to arrange a pre-approval. He rang me a few days later and offered me a job. I had never even heard of Mortgage Choice. But I quit my job anyway and decided to give it a crack."
That was in 2001. Today, Bament runs a successful brokerage, writing both residential and commercial loans throughout the country.
For our latest Spotlight Series — where we highlight standout professionals in the finance and mortgage broking industries across Australia — Australian Broker caught up with Bament to unpack his journey, the keys to his success and his insights into Adelaide’s rapidly growing market.
The following interview has been edited for grammar and clarity.
SB: I've been with Mortgage Choice since September 2001. I was originally a broker and then I transitioned into partial, and then full ownership of the franchise I started in. I didn't have any financial background. In fact, I worked at News Corp. for almost 10 years, in advertising, before getting into broking. I fell into the industry after meeting with the franchise owner at the time to arrange a pre-approval. He rang me a few days later and offered me a job. I had never even heard of Mortgage Choice. But I quit my job anyway and decided to give it a crack.
SB: The opportunity to get involved and have more control was the initial reason when I bought into the business. At that stage though, I was a minority shareholder. So I didn't get much say in the decision-making process. Then, when the conversation turned into a full buy out of my former employer and business partner, I took it with both hands and have loved every minute since. I have the flexibility to control my own hours and schedule. But I am probably more accountable now that I have staff to consider and look after when making any business decisions. I have to ensure that their lives are not negatively impacted by something I decide to do. Decisions are considered carefully and with them in mind, as much as for myself, my wife and family.
SB: We predominantly focus on residential. But commercial is certainly a growing sector of our business. The way we navigate the two channels is by having specific brokers for each side. I do the majority of commercial lending, while still writing residential business loans. My two brokers are pretty much 100% residential. Because I have been in the industry for so many years, I find the commercial business side is something new and interesting, and I can continue to learn. I also see it as a way to diversify further and add an additional revenue stream for the business. I want my brokers focusing on what they are good at, which is residential. They write more business than I do [in residential]. So with me focusing on the commercial aspect, I am not risking the residential side dropping off.
SB: I'll write loans wherever I'm asked. We have our franchises and offices in South Australia. But I have many clients living in other parts of the country and overseas.
SB: They used to say in advertising that just because it works interstate it doesn't mean it will work in South Australia — but if it works in South Australia, then it will work interstate. I think that's a bit similar for the property market. Since we have a smaller and older population, compared with a lot of the country, apartment living hasn't taken off as much as it has elsewhere. But it is growing. There is still a firm desire [among locals] to have some land and space. Because we still can. The growth we have seen over the past five to six years has been something no one expected. But in comparison, the market still holds good value. Your dollar gets more space here. We also tend to be less volatile. The market corrects then sleeps, rather than peaks and troughs. When it does slow, it creates more issues with higher loan-to-value ratio and equity taking longer to build. This could mean a client is not in the position to draw against it for renovations, etc., or may be stuck with a lender for longer on less-than-competitive terms to avoid having to pay any additional lenders mortgage insurance (LMI) to a new lender. That's good for income protection with the book not running off or being re-written. But it's not the ideal situation for clients.
SB: I think the secret to my success is my team and the people around me. I genuinely care for their well being. They work really hard and take great care of our clients. We have a fantastic culture and they feel listened to.
