Finance and Coffee: Friday Wrap

In case you didnt know, the 2021 Tokyo Olympics are on. So it is timely we speak to someone who has been there and done that. They train very hard to be at the top of their chosen sport to represent their country at the ultimate sporting event. The level of discipline and determination is quiet frankly out of this world. Do these skills translate well after their days as an Olympian have past? This week we speak to Guy Callaghan about his story. Guy represented New Zealand in the sport of Swimming for many years in the 1990s. He was part of their Olympic team to 1992 team to Barcelona and achieved Gold at the FINA SC World Champs in 1995. Everything was pointing to another place in the next Olympic games when the unthinkable happened, he failed to qualify!  This was the beginning of his journey out of the pool (and New Zealand) and into another world that would eventually see him as Head of an exciting new SME Fintech in Australia called Banjo. 

In this Podcast we chat to Victoria Coster (CEO Credit Fix Solutions) about what trends she has seen, given lockdown meant a lot of people have lost their jobs/unable to work. All of this affected their debt repayment obligations and hence their credit reports. However before we get into that, we start the conversation talking as working parents and about the complexities of WFH. Dealing with children, their mental health and of course screen time whilst running a business. The mental toughness to deal with those things in the "covid normal" times that we find ourselves in has pushed some people to the edge. Yet Victoria's business relies on speaking to customers who have life events that push their credit reports into less than ideal areas where lending assessments are concerned. So you would think that the strength to continue to take the next case and listen to sad stories day in and day out can have a drain on you. How does Victoria and her team do it?

The word "innovation" is thrown about in media releases by a multitude of businesses including banks. But just how much innovation have you really seen? Since Gateway Bank was founded in 1955 with just one employee and a briefcase, they’ve always been pushing themselves to do business in the right way by being innovative. Today, we’ve got Zeb Drummond and Arun Gupta from Gateway to clue us in on a range of innovations at Gateway and their accelerated commitment to their customer’s pockets and the planet. Monthly LMI First up is the monthly Lenders Mortgage Insurance (LMI) launched in collaboration with Genworth that has turned the whole home purchasing experience on its head. Eco visa debit card Traditional debit/credit cards are made from PVC which is petroleum based. Gateway’s Visa Eco Debit Card, on the other hand, is made from plants and kind to the planet. Green Home loan Package Gateway also developed two new green home loans with a competitive home loan rate to help you do your bit for the environment. Both loans are Premium package loans with an annual fee, all features of premium products including 100% offset functionality They’re currently only available to 80% LVR for owner-occupied purposes and offer a variable interest rate. They do also have the ability to be used for construction purposes, as long as it meets the environmental criteria for each loan. “We want to do well from a planet perspective. The intention and the view here is a home loan rate with a discount to it as an incentive to help people on their way to be more environmentally-friendly and eco-conscious” – said Zeb

It's not often we have someone so senior in a multinational Bank give a candid story about their journey in Finance. In this Podcast, we speak to Glenn Gibson (Acting Head of Retail Bank at ING Australia). We find out how he almost didn't have a career in Banking at all because he wanted to go on a school holiday over the Summer with his parents before he started work when he finished high school. He didnt want to work straight away! Starting out as a Batch Clerk for the NAB and then rising through the ranks quickly (because he "was an ambitious little shit"), it wouldn't surprise many to see why he was so successful. We also chat about his journey into the 3rd Party space and how he came to Head INGs Broker Division. No chat is complete without his thoughts on what he believes ING has done right by brokers where other lenders have failed - Turn around times. It seems so simple yet many lenders don't get it right. It was actually one of the first things he did when he first come there.  How does he stay so well connected to brokers? It just so happens that his wife has run a broker franchise for many years. One of his daughters has also started her own brokerage after spending time working in her mum's business. They definitely help him keep his ears to the ground about what the industry is concerned about. Unfortunately his other daughter, who doesn't work in finance, must be bored out of her mind during family get-togethers! A Senior execs who posts on Social Media with a personal touch? you wont find many around. Usually their accounts are run by the Bank marketing department and the posts are very "company line" devoid of any personality.  Not so with Glenn. - "Because It's Friday"  posts are fantastic on LinkedIn. If you are looking for some really great tips on where to go to eat or drink, definitely follow him and watch out for his post. As he does ALOT of traveling around Australia, Glenn is in a unique position to find some great spots for your next social or business meetup. https://www.linkedin.com/in/glenn-gibson/

Its not often we have come across someone who was a former credit analyst (assessor) who took a leap of faith to the broker side.  In this Podcast, we chat with Joel Dieu about what prompted his move from SA to VIC - it was for love. Why he eventually came to realise that his career needed a little reset after working for some of the biggest lenders in Asset Finance. His move to become a Broker. His overwhelming deep aspiration to be more involved with helping customers; the enjoyment of the whole process: the sheer amount of labour it takes to get to finalisation of a loan application.  Joel believes there’s a happy middle ground where you have the freedom to work in your own time and on your own terms but also try not to get caught up in your own vision and ego.  Get your ears around this fascinating podcast episode for some practical wisdom from Joel. Check out his work over here: https://www.dreamcatcherfinance.com/about-us

17 years ago Anita Marshall, started her mortgage broking business as a one woman show in her spare bedroom to try and make a better life for her son as a single mum. She was told by an uncle (who was a broker himself at the time) that she was crazy and not to do it. However she was determined and it turned out to be the best decision she ever made.  Starting out in the travel industry and then for a credit union and struggling to make ends meet. The broking industry appealed to her as it was one where she could work around looking after a small child. Being there for school pickups/drop offs and much more was something she would not have been able to do in a 9-5 role. Whilst her business has changed a lot over the years. She now has an office and small team in NSW whilst she lives in QLD. Technology has allowed her to continue without much interruption. She now no longer has to take regular trips from the Gold Coast and back for business! . You can tell from her voice that she still loves the crazy industry - "It’s the toughest I’ve ever known right now to get loans approved with the paperwork red tape nightmare but I’m confident it will get easier again". She worked her ass off to make it happen ( and still does ). But most importantly she finds time to provide advice and guidance to strangers she has not met before. 

Finance and Coffee sat down with Ryan Gair, CEO from Rate Money, discussing the lender's rapid growth and unique business model since its founding in 2019.Rate Money has experienced exponential growth, escalating from approximately 15 franchises to 41 across the Eastern seaboard (Queensland, New South Wales, and Victoria). Their current goal is to reach 55 "high-performing" franchisees, with expansion planned for South Australia and other key locations. The company reports over $11 billion in total settlements since inception, with $9.7 billion settled on their own product, and $4.3 billion of funds under management.The core of Rate Money's strategy is specialisation. They exclusively focus on AltDoc (Low Doc) and self-employed lending, differentiating themselves from competitors who offer a wider, less specialised product range. This niche focus helps streamline their marketing, messaging, and target clientele.Rate Money operates as a mortgage manager, allowing them to offer bespoke products not available through third-party channels. Key examples include:Alt Doc Loans for self-employed AustraliansConstruction Low Doc Product: They were one of the first to market with this highly sought-after product.One-Year Tax Return Product: Designed to compete with major lenders while catering specifically to the self-employed customer.Customer-Centric Fees: Their prime Low Doc products typically feature no application fee, no valuation fee, and no risk fee, providing a streamlined and predictable process for the customer.Significant Growth and FocusExclusive Products and Unique Value📢 Immediate Opportunity: Rate Money is Actively Seeking BrokersA major takeaway from the interview is Rate Money's current recruitment drive. They are looking for experienced brokers (typically 2-5 years in the industry) who are ready to take the next step and grow their business into a high-performing franchise.Rate Money Head Office is positioned purely to support its franchisees, offering comprehensive assistance in:Infrastructure: Setting up the necessary systems and processes.Compliance: Providing full training and support to ensure all deals are processed correctly.Team Building: Assistance in building out sales and credit/admin support teams.Business Development: Extensive sales, marketing, and local area marketing training, including access to B2C leads from an upcoming major media push.The company views its relationship with franchisees as a true business partnership, providing the tools and products needed for brokers to stand out and build a sustainable business within the profitable AltDoc space. They even noted that several brokers who previously referred business to Rate Money have converted to become successful franchisees themselves.

In this episode we Unpack LMI, the podcast that helps you navigate the world of Lenders Mortgage Insurance and its power to help your clients enter the property market sooner with a smaller deposit.Today, we dive into an industry-shaping campaign from Helia. For the first time on the show, you'll hear from the minds behind this innovative marketing campaign.We'll speak with Strachan and Dimi about the evolution from "LMI Lets Me In" to "LMI Lets Me Invest”. We'll explore how they've shifted the conversation around LMI from a cost to a powerful tool for achieving home ownership and building equity.  You'll also hear from Tram, a broker featured in the national campaign about how it's changed their client conversations, the real-world stories behind the campaign's success, and how you can use LMI to help your clients stop renting and start investing for their future.Helia’s helpful resources:- Home Deposit Estimator: insights into the potential deposit gap pathways available- LMI Lets Me Invest: help your clients enter the property market sooner and get ahead- Investor case studies: LMI success stories.

Finance Talk with Peter White (FBAA), Julian Wills (F&C Compliance Guy) and Ray Regmi from Ryker CapitalTopics:*Rev NSW Payroll Taxview from the FBAAview a from outside of the LMGview from Ryker for someone setting up a business today*US Tarrif War doing funky things to the Sharemarket and people's SuperWill this affect RBA Rate Movements?Does this mean things like living expenses are going up?What is in someone's Super?Is this an opportunity to talk about SMSF Lending?*If cost of living is going up, will people cut their Insurance?Disclaimers in the videoFor the new brokers out there - do you include a professional relationship in your process?

Your hosts⁠Sadish Visvalingam⁠ and⁠Beth Comino⁠Joining them for this episode isAndrew Tan⁠ from Masters Broker Group in VIC.Andrew has been in the mortgage game for a long time. He has been a Banker, a Broker, Co-Owner of a Sub Aggregator (which he sold), and then about 12 years ago he started Masters Broker Group with Mario Borg. Initially as a broker mentoring business that has since grown out to also be a Sub Aggregator under Connective.This week's wrap will focus on one subject. Making the news this week, David McQueen, CEO of Loan Market spoke to the audience at the LMG top 100 summit that Broker Market Share is expected to hit 80% by the end of the year.Source: https://www.mpamag.com/au/specialty/education/loan-market-boss-warns-on-complacency-as-broker-dominance-nears-80/523572We speak to Andrew and asking him how does a broker make it in an environment that will see the banks clawing back their market share with more determination than ever.We also Segway into his wisdom / experience with new brokers entering the industry, and his tips for those going into their 3rd year as business owners.

So you made it into your 3rd year running your broker business, now what? You are, in theory, exiting the "Survival Mode" and now entering the "Growth Mode" of your business. Do you pivot? Do you get a mentor? Do you bring on more staff? What roles should the new staff members do? Does more staff equate to more revenue / profit? We ask Justin to impart on the experience that he had, the highs and the lows of someone running a business. Whilst Lending 4 U is based in Tasmania, we are sure that the experiences are pretty common for any brokerage.

Your hosts Sadish Visvalingam and Beth Comino are back in the first Friday Wrap for 2025! Joining them this episode is Justin Delanty from Finance 4 U in TAS. Justin also happens to be the State President for the FBAA in TAS. The final half of the podcast is where we ask Justin what advice he would give someone in their 3rd year as a business owner. ------------------------------------------------------------- But first up.. the news. Items in the news this week: 1:Most commonly asked Questions in 2024 - what will make the list in 2025? Source: https://online.fliphtml5.com/wcyhl/tzit/#p=1 ------------------------------------------------------------- 2:KYC - New Year means new referrals. But care needs to be taken incase you lose your accreditation Source: https://www.facebook.com/groups/471487283058255/posts/2824819344391692 ------------------------------------------------------------- 3:Interest Rates - will they or wont they Source: https://www.abc.net.au/.../inflation-q4.../104870480 ------------------------------------------------------------- 4:DONT bag other brokers in Ads / Socials / ANYWHERE! - Dien will find you and remove you from the group. lol Source: https://www.facebook.com/photo/?fbid=10162721052878980&set=gm.2822419381298355&idorvanity=471487283058255

Todays hosts are Sadish Visvalingam and stepping in for Beth CominoBeth Comino is the lovely Chelsea Deacon. As always we will chat about the happenings in the group and news in the wider industry that may be interesting to brokers. In the hotseat this week we have David Browne, Mortgage broker with 16+ years experience in finance. Prior o being a broker, David worked for Westpac for almost 20 years. Manager Legal & Compliance and establishing loan processing centres! David is also Co Founder and Director of Remote Broker Solutions. ------------------------------------------------------------------- News Topics this past week: (1) Fair Work Australia case where a business directly employing someone outside of Australia is still subject to FWA rules and regulations. Source: https://www.fwc.gov.au/.../decisionss.../pdf/2024fwc2669.pdf ------------------------------------------------------------------- (2) AMP announces commission changes last Friday (after the wrap had gone to air. Will others follow? Source:https://www.facebook.com/photo/?fbid=3899141367037120&set=gm.2773700406170253&idorvanity=471487283058255 ------------------------------------------------------------------- (3) VIC State Government implements changes to reduce investment properties? New Victorian Short Stay Tax & Vacant residential land tax. Good or Bad?Source:https://www.sro.vic.gov.au/short-stay-levyhttps://www.sro.vic.gov.au/vacant-residential-land-tax-- ------------------------------------------------------------------- (4) Australian Gov takes steps to ban under 16 from Social media.What does this mean for you? Will F&C need a new home???? Source: https://www.abc.net.au/.../how-the-age-minimum.../104571790

Today's hosts are Sadish Visvalingam, and back from her well deserved holiday, Beth Comino. As always we will chat about the happenings in the group and news in the wider industry that may be interesting to brokers. In the hotseat this week we have Rachael Bland. Currently streaming from the Philippines on a work trip with 2 other broker buddies.Topics this week: (1) Recent discussion based on a FWA case regarding wrongful dismissal brought forward by an offshore worker against an Australian employer being heard at all is unprecedented and presents a potential issue regarding how those employees may be compensated according to Australian Law. Source: https://www.facebook.com/share/p/1EmGMpEw4w/Question: Question for Rachael: Given one of her business is about helping employers directly hire OS workers (rather than through a BPO), has the case been misunderstood? ------------------------------------------------------ (2) Customer verification / KYC Dien had a recent conversation with a broker who placed (and settled) a personal loan with lender (a) and home loan with lender (b). The issue is that supporting docs provided have been found to be fraudulent. The broker is now being audited and may lose his accreditation. Source: https://www.facebook.com/groups/financeandcoffee/?multi_permalinks=2786587634881530¬if_id=1733693811480950¬if_t=feedback_reaction_generic&ref=notif Question: How much supporting docs do you collect? or should you collect? Do you call the employer as well? ------------------------------------------------------ (3) RBA Holds .... again Source: https://www.abc.net.au/.../rba-boss-opens-door.../104710274 Question: Previous indicators are rates wont move till mid to late next year. So why even suggest it may move in Feb? Also do you send content about RBA movements to your clients? Does it work for you?

I recently had the opportunity to sit down with Wendy Brown, Head of Broker Sales at Macquarie Bank, at their new headquarters in Sydney. In this candid conversation, Wendy covers: A Look Back at 2024: Reflecting on the key trends and challenges of the broker industry over the past year. Macquarie’s Commitment to Brokers: How Macquarie continues to support brokers and their stance on the importance of the broker industry. The real reason for Macquarie’s change-up to credit reports: not all is as it seems! What’s Coming in 2025: Exciting investment in digital innovations to make the broker and customer experience even better. Grab a cuppa and listen to the full interview.

Todays hosts are Sadish VisvalingamSadish Visvalingam and stepping in for Beth Comino, is the lovely Chelsea Deacon. As always we will chat about the happenings in the group and news in the wider industry that may be interesting to brokers. In the hotseat this week we have Paul Ballinger, Director at Real Estate Home Loans in Ballarat VIC. Paul has been in the game for 24 years. So it's easy to assume he has seen plenty of things. ------------------------------------------------------ Topics this week: (1) How important is your Brand? Can someone take it? Source: https://www.smh.com.au/.../why-paul-spent-two-years... Question: What should businesses do to protect themselves from others who will try to take their brand? ------------------------------------------------------ (2) Broker Market Share at 74.6% Source: https://www.linkedin.com/.../mortgage-finance.../... Question: Why has it continue to increase given all the head winds? Will we see a drop in 2025? ------------------------------------------------------ (3) CBA introduces 15 year IO loans Source: https://www.brokerdaily.au/.../19741-what-cba-s-interest... Question: Is this a good thing? Will it put more fuel on the price of property? Will other lenders follow?

News and views relating to the F&C Community and the wider broker industry. This week, while Sadish Visvalingam is away, Dien Le stepped in to Co Host with ⁠Beth Comino⁠. Our Guests this week are ⁠Paul Wright⁠ and ⁠Ali Dunphy-Foden⁠. In addition to chatting about the news, The topic for discussion this week was based on an Anon Post asking members "when is it the right time to hire staff?" - in this case, it would be hiring their first employee. In the NEWS: *The FED cuts rates by 0.25 percentage points on Thursday (US time). The Aussie Dollar dropped and of course TRUMP wins the election. So what does that have to do with Australia?

News and views relating to the F&C Community and the wider broker industry. This week, Beth Comino⁠ goes solo on a different style of the usual weekly wrap. In the news this week: it is a new month so rate movement will be a topic of discussion again. Whilst the RBA has yet to make any announcements, lenders have begun to drop their own rates. This week, Macquarie Bank dropped Fixed Rates to 5.39% p.a. for owner occupied P&I 2-year fixed term at ≤70% LVR. We ask our guests what they thought about this and if they think others will follow. In this episode, we are joined by Kerri Buurman from WA and Tracy Trang Le from VIC. Its not often we have an all women panel to discuss things finance and of course being a business owner. Each of these ladies run very successful brokerages. So we asked them advice on what they would give others about: *Being an Owner of a business *Growing a business *If they would do anything differently.

News and views relating to the F&C Community and the wider broker industry. Hosted by Sadish Visvalingam and Beth CominoThis week we have Rob Flynn in WA, Malcolm Withers in NSW on as guests. TOPICS THIS WEEK: (1)LMG Announces Tech Fee Increases Does it seem fair? but lets be realistic, F&C hosts our website on Amazon Web Services and the fees have increased over 23% in last year alone.  Best to contact your LMG BD Team rather than speculate. (2)Cashback Offers are back - for existing clients only Complaints from brokers will grow due to lots of hard work by brokers only to be undone by lenders who should have backed brokers on the first try with repricing.  (3)REA Group buys 19.9% of Athena The giant in terms of online property listings. Already owns 2 aggregators (Smartline and Mortgage Choice). Add to that REA branded brokers. And now they have their own product to distribute. And of course we ask both Rob and Malcolm “what advice he would give to a broker who has just completed their second year in business”

News and views relating to the F&C Community and the wider broker industry. Hosted by Sadish Visvalingam and Beth Comino This week we have Michael Russell (MD MoneyQuest Group) on as guest. TOPICS: (1) Right to disconnect A "right to disconnect" rule has come into effect in Australia, offering relief to people who feel forced to take calls or read messages from employers after they finish their day’s work. Discuss: How will this affect a broker’s business? Source article: click here (2) NAB Announces new Commission changes Effective from 1st September 2024, NAB has introduced a stepped clawback commission rate for new residential loans, easing the burden on brokers when clients refinance. Discuss: Is this really a win for brokers?  Source article: click here (3) US Fed cut rates by 50bps. Will the RBA follow? A few things to consider.: We also see some lenders with sharp fixed rate drops (e.g Macquarie 5.59% 2 yr Fixed). However - the unemployment rate is still low (their target is 5%. Currently 4.2% in July) and inflation is still too high (currently tracking around 3.8% Year in Year). Discuss: will the RBA follow next month? Australia is the only Western Country not to drop rates. Source article: click here (3) US Fed as moved rates: what does this mean for RBA? And of course we ask Michael “what advice he would give to a broker who has just completed their send year in business”