Comprehensive support helps new brokers thrive

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More and more people are joining the ranks of mortgage brokers, enticed by the opportunity to establish a rewarding career. Lendi Group’s Matthew Whyte explains the aggregator’s strategy and processes it uses to help new brokers succeed

JOINING THE MORTGAGE industry is both exciting and daunting for new broker entrants. Establishing a new career as a mortgage broker provides the opportunity to be your own boss and build a business from the ground up. Brokers also get to develop a strong customer base and make a huge impact on the lives of their clients by helping them achieve their dreams of owning a home or setting up a business. It’s clear that mortgage broking is an attractive career option. The MFAA Industry Intelligence Service 15th Edition report shows that in the six months from 1 Apr to 30 Sep 2022 the number of brokers exceeded 19,000 for the first time, rising to 19,236. This was an increase of 651 brokers period-on-period and 951 year-on-year.

Lendi Group Graduate Program

This is the starting point for all brokers joining Lendi Group

“We give brokers the opportunity to start their careers, build their careers, and be whatever they want to be, whether that’s a salaried broker, a mobile broker, a store broker, or even a store owner and franchisee”

Matthew Whyte, Lendi Group

MFAA figures also show that brokers wrote 67.2% of all new residential home loans between April and June 2023, revealing that the majority of homebuyers put their faith in brokers to help them navigate the complex world of home loans. But once you become a broker, what support mechanisms are in place to help you develop a successful career? MPA approached Lendi Group’s general manager of distribution growth, Matthew Whyte, to find out how the broker aggregator assists new-to-industry brokers.

Whyte says the group’s pathways program leverages its multi-brand, multi-channel model by having the framework in place to “attract, recruit, develop, and progress the right people for the right role at the right time.” “We give brokers the opportunity to start their careers, build their careers, and be whatever they want to be, whether that’s a salaried broker, a mobile broker, a store broker, or even a store owner and franchisee.” Lendi Group’s associates' pathway is a viable way for brokers to enter the industry, Whyte says. Associates contact marketing-generated leads and pre-qualify them before directing customers into broker appointments. Associates are typically young graduates looking for finance experience or a stepping stone to mortgage broking.

The group invests heavily in brand campaigns at the national and local level for both Aussie and Lendi brands. “This activity generated close to 300,000 customer leads for our brokers in FY23,” Whyte says. Brokers benefit from the support of the centralised associates team, which allows them to focus on fielding appointments with customers who have a higher likelihood of conversion. They also benefit from an industry-first "Journeys" program. Marketing-generated leads who are not yet ready to transact at the point of first contact are placed into specialised nurture journeys, which means they receive ongoing and tailored communications. “Approximately 50% of our Lendi business comes from re-engagement, which highlights the efficacy of this program,” Whyte says. Lendi Group brokers have access to a comprehensive library of marketing assets and collateral that they can personalise for their own use. Aussie brokers also receive support in developing lead generation and local area marketing plans.

their sales leaders, who are responsible for coaching and mentoring small groups of brokers. Store brokers are also directly mentored by their franchisees.

One of the main challenges, particularly for self-employed brokers, is speed to earning, Whyte says. “Starting out as a self-employed business owner is challenging, particularly in the current economic environment with cost-of-living pressures.” This is where Lendi Group’s graduate program helps brokers find their feet quickly.

Whyte says ensuring compliance in a highly regulated environment is also a challenge. “Our proprietary platform allows compliance to be a competitive advantage through utilising the technology-driven ‘codified compliance’ and responsible lending systems and processes developed by Lendi and built into the platform.” Another challenge for new brokers is maintaining knowledge of the vast suite of products available, as well as lender policies and credit niches. Lendi Group brokers receive loan processing support from a centralised team of client solutions agents, Whyte says. “Not only does this add capacity to brokers' businesses for them to focus on dollar-productive activities, but our client solutions agents are subject-matter experts in one to two lenders. This policy expertise means reduced RMIs, faster speed to lodgement, and turbocharged time frames to unconditional approval.”

Learning business. Comprehensive support for new brokers.

Program for new brokers

Tackling challenges

Published 23 Oct 2023

“Our graduate program is seeing new-to-industry brokers achieve outstanding results, with graduates averaging over eight lodgements in their first eight weeks, well above industry average”

Matthew Whyte, Lendi Group

Aussie and Lendi were founded as market disruptors with a common aim to help Australians get better deals, better rates, and better information on their home loans. Aussie was founded in 1992, bringing competition into the Australian home-lending industry. Lendi was established in 2013, and by bringing together smart technology and home loan specialist advice it has been helping Australians compare, apply, and settle the right home loans on the Lendi platform since 2016. In May 2021, Aussie and Lendi merged to create Lendi Group. Its team of super-smart experts and brokers powers our brands, products, services, relationships, and platforms to help more Australians secure their property dreams seamlessly.

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Lendi Group Associate role

Its comprehensive eight-week course provides new brokers with world-class support

New-to-industry brokers on this program average eight lodgements in their first eight weeks

Some new brokers are on track for over $50m in settlements in their first year

Associates make contact with new and re-engaged company-generated leads

They guide them through a pre-qualification process, directing qualified customers into a broker appointment or a nurture journey until they are ready to transact

Associates are direct employees of Lendi Group – typically young graduates looking for experience in the industry

Many associates transition into more senior roles within the group

Whyte says the Lendi Group graduate program is the starting point for all brokers joining the group, providing them with world-class support via a comprehensive eight-week course. “Our graduate program is seeing new-to-industry brokers achieve outstanding results, with graduates averaging over eight lodgements in their first eight weeks, well above industry average,” says Whyte. “Some of our new brokers are on track to achieve over $50 million in settlements in their first year.” Lendi Group’s broker education strategy is designed to provide targeted skills training supported by on-the-job coaching and development, he says. “We pride ourselves on the industry-leading training and support we offer to brokers at all stages of their journey, especially those just starting in the industry.” The training, systems, and processes have all been purposefully developed to facilitate the development of thriving broker businesses.

Marketing, lead generation

The retail channel is another great pathway, giving aspiring brokers the opportunity to live and work locally, help customers at one of 225 retail stores, and get the support and mentorship of an experienced franchisee.

The importance of mentoring

Whyte says that in a complex and dynamic industry, quality mentorship is important throughout a broker’s journey. “We provide ongoing education, training, and development for brokers to ensure their knowledge and skills remain current.” This includes regular face-to-face and virtual workshops, networking events, lender sessions, and e-learning modules. “The benefit for customers is certainty that their broker possesses up-to-date knowledge and has access to industry-leading training and development,” Whyte says. “The benefit for brokers is that our education strategy is targeted at building thriving broker businesses.” He says the group’s brokers benefit from direct mentorship by

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