Scaling new heights in the mortgage industry

Women have come a long way despite myriad obstacles – opportunities are growing, and a new momentum is taking hold to help women thrive in the finance world

THERE IS a move in sport climbing called the two-handed dyno. It is when the climber jumps upwards or sideways, completely leaving the rockface before catching a new hold in mid-air – it is Mission Impossible stuff and normally only used when no other moves are available. On a well-worn route, dynos are risky, but the climber can be comforted by the fact that many other people have performed the move successfully on their way to the top. On a first ascent, dynos are a different story – the new hold is an unknown quantity. It might be less substantial than it appears from below, or it might even break off. Two-handed dynos on first ascents should be avoided at all costs.

“Many women feel discouraged from entering the industry, or don’t consider it at all, due to a perception that it will be difficult to achieve success in an industry so dominated by men,” she says. The image of mortgage broking as a male-dominated industry thus self-perpetuates. “While the industry has made a lot of positive progress, broking remains a male-dominated industry,” says Sally Chadwick, executive manager for corporate communications, events and franchise marketing at Mortgage Choice. There are higher proportions of women in other careers in the finance industry than in broking, but the debilitating effects of fewer female leaders are similar. “A lack of representation in senior leadership roles is depriving [women] of crucial mentors and role models… [this] hinders their ability to influence decision-making and shape organisational culture,” says Kristy Clucas, head of broker strategy, partnerships & performance for BOQ Group. “[Other key barriers include] pervasive gender biases that can undervalue their skills and contributions… and limited access to networking and mentorship opportunities, [which] further impedes their career progression, as does persistent gender pay inequality.”

participate in media or speak at events, or sharing their stories internally, we’re always looking for ways to showcase and elevate the success stories,” says Leckie.

In general, women in Australia have healthy representation in governance and leadership roles in the private sector compared to global peers. The latest data shows that females hold 35.6% of directorship positions on ASX 300-listed companies, which is higher than some comparable economies but still below top-ranking countries such as France and Sweden, with 40% female board representation.

To get more women into senior leadership roles, a combination of practical policy changes and improving male-dominated internal cultures is needed. “Investing in leadership development programs tailored for women and providing mentorship opportunities can cultivate a pipeline of talented female leaders,” says Clucas. Progressive companies will take every opportunity to showcase women and encourage diversity. “We shine a spotlight on the women in our network. Whether that’s submitting them for industry awards, offering them opportunities to

BOQ Group is a truly unique group of challenger brands with a purpose – to provide a genuine banking alternative for customers. Our family of brands includes Bank of Queensland (BOQ), ME, Virgin Money Australia, BOQ Specialist, BOQ Business and BOQ Finance, and each comes with their own defined customer audience and brand personality. Key to the success of our brands is the strength of our broker relationships. We’re committed to making business easier to do with us – by transforming the lending experience, plus investing in the right technology and teams to improve speed, ease and consistency for brokers and their clients.

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NAB Broker Distribution is dedicated to helping brokers deliver the best customer outcomes, supported by a national network of experienced BDMs and dedicated support through every stage of a customer’s home lending experience. As the Bank behind Brokers, we will continue to invest in the broker channel and uncover the next innovation to make things simpler and easier for our broker partners and our customers.

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Another policy that boosts women’s ranks in leadership is flexible working. Research by Grant Thornton International shows that the pandemic pushed diversity and inclusion to front of

Lendi Group was created in 2021 though the merger of Aussie Home Loans and Lendi to form Australia’s largest retail mortgage broker. Both were founded as market disruptors to help Australians to get better deals, better rates and better information on home loans. Lendi Group’s platform helps customers compare, apply and settle loans online while being supported by a team of experts and brokers that power its brands, products, services and relationships. With a shared history of challenging the status quo, the two brands provide different experiences for customers with the same goal of helping more Australians achieve home ownership.

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“One of the biggest opportunities I see is for women to embrace all that it is to be a woman and a female lead in industry – to not diminish yourself, your style, and your skills”

Michelle Martinis, NAB

Career growth, goal achievement, woman in suit walking up the stairs

In Partnership with

“The challenge of retention has been underscored through industry research, and the implications of the representation statistic of circa 25% is evident – there are fewer female role models and mentors available to attract, guide and support other women on their journey within the broking industry,” she says. The result is a negative feedback loop for women’s careers in mortgage broking. “Fewer women in the industry means lower representation at the top and less visibility of female success stories from which to draw inspiration,” says Laura Leckie, head of mobile (North) at Lendi Group.

The data shows that office environments are more advantageous to men’s careers than women’s. While more Aussies work from home compared to workers in other English-speaking countries in the post-pandemic world, a greater degree of flexible working would likely make it easier for more women to climb the corporate ladder. A demanding career image does the industry no favours. “Many women also have the perception that they will be unable to balance the demands of family life with a career

“Investing in leadership development programs tailored for women and providing mentorship opportunities can cultivate a pipeline of talented female leaders”

Kristy Clucas, BOQ Group

And yet, this is what women moving up the corporate ladder in the finance world are forced to do all the time. Because of the relative lack of women in senior leadership roles, mapping a successful route to top positions involves many more two-handed dynos for women than for men. One result can be a higher rate of women leaving the industry. Belinda Wright, head of partnerships and distribution at non-bank Thinktank, points to the persistently low percentage of women brokers in the Mortgage & Finance Association of Australia’s (MFAA) Industry Intelligence Service report.

Sally Chadwick

Mortgage Choice

Laura Leckie

Lendi Group

Michelle Martinis

NAB

Kristy Clucas

BOQ Group

Industry experts

Kristy Clucas is head of broker strategy, partnerships and performance at BOQ Group, which encompasses BOQ, ME Bank and Virgin Money brands. She plays a pivotal role in supporting the majority of BOQ Group’s residential mortgage growth. One of Clucas’ distinguishing traits throughout her career has been her dedication to personalised connections with stakeholders, underscoring her genuine commitment to her work. She is a calm and collected leader, proving that resilience and determination can be exhibited in many forms, and presents as a fantastic role model for those directly reporting to her and within the wider business.

BOQ Group

Kristy Clucas

Michelle Martinis is head of marketing, home ownership at National Australia Bank. Passionate about growth, innovation and bravery, Martinis has more than 20 years’ experience in marketing, media and financial services. She has held a variety of commercial business and marketing leadership roles for some of Australia’s largest and most iconic brands including NAB, ANZ, AAMI, Telstra and many of Suncorp’s ‘house of brands’ such as Suncorp Bank, APIA, GIO, Shannons and Bingle. Martinis leads a large and dynamic team of omni-channel marketers delivering best-in-class and award-winning marketing for the NAB brand.

NAB

Michelle Martinis

Laura Leckie joined Aussie nine years ago, bringing strong experience from marketing, recruitment and advisory roles in Australia and the UK. Leckie has held several recruitment and sales leadership roles with Aussie, and, after drawing many brokers to the brand and supporting them to achieve business growth, she transitioned into her current role as head of mobile in 2022. She oversees a sales leadership team of nine and supports a network of more than 200 Aussie mobile brokers across NSW and QLD. Following the Aussie-Lendi merger, Leckie played a key role in leading the mobile network through their migration onto the new Aussie Platform.

Lendi Group

Laura Leckie

Sally Chadwick is executive manager for corporate communications, events and franchise marketing at Mortgage Choice. Working in corporate communications for 20 years, predominantly in Financial Services, Sally has led communications functions for some of Australia’s largest organisations, including at CBA, and was also the general manager of a specialist editorial agency. Sally is a passionate advocate for the power of great communications and increasing the representation of women in the broking industry.

Mortgage Choice

Sally Chadwick

Mortgage Choice

Laura Leckie

Lendi Group

Michelle Martinis

NAB

Kristy Clucas

BOQ Group

Industry experts

BOQ Group

Kristy Clucas

NAB

Michelle Martinis

Lendi Group

Laura Leckie

Mortgage Choice

Sally Chadwick

Programs to support women’s careers

A chance to capitalize on recent momentum

Published 08 April 2024

Sally Chadwick

Mortgage Choice

Laura Leckie

Lendi Group

Michelle Martinis

NAB

Kristy Clucas

BOQ Group

Suzi Trajanovski

LMG

Belinda Wright

Thinktank

Industry experts

Suzi Trajanovski is the national director of growth for LMG and president of the aggregation group’s Leading Ladies. The Leading Ladies community has become the industry’s pre-eminent social and professional group for women in the industry, sharing stories of inspiration, peer-to-peer growth and friendship. Suzi has 20 years’ experience in finance and was one of the first women to make the transition from a bank BDM to aggregation, 15 years ago. She plays a pivotal role in outlining to women – and men, for that matter – how a career at LMG or Loan Market can support their growth ambitions.

LMG

Suzi Trajanovski

Belinda Wright is head of partnerships and distribution at Thinktank. She has over 20 years’ experience across various divisions of banking and finance. She is adept at driving growth in company revenue, cross-selling and improving team performance. Tenacious in building new business, she excels at collaboration and forging strong relationships with third-party business partners.

Thinktank

Belinda Wright

Mortgage Choice

Sally Chadwick

Lendi Group

Laura Leckie

NAB

Michelle Martinis

BOQ Group

Kristy Clucas

Razia Khan

CommBank

Razia Khan has been at CommBank for 15 years and held numerous leadership positions prior to her current role as general manager, third-party banking. Khan was general manager, acquisition and retention, in the homebuying business, leading improved customer experience outcomes through technology, digital, marketing and frontline support. She was also general manager in the direct lending division. Razia has a passion for the third-party banking industry and is dedicated to enhancing the experience of brokers and their customers by offering best-in-class technology, strong relationships and transparency. A member of CommBank’s inclusion and diversity council for over four years, Khan is passionate about bringing more women into the industry and advocating for their success.

CommBank

Razia Khan

“Fewer women in the industry means lower representation at the top and less visibility of female success stories from which to draw inspiration”

Laura Leckie, Lendi Group

“Look around you for people – women or men – who are doing what you want to do, and don’t be afraid to ask them to mentor you. It’s so important to have a trusted group of people you can call on”

Sally Chadwick, Mortgage Choice

“We firmly believe that a diverse and inclusive environment means a more vibrant and flourishing industry for brokers, aggregators, lenders, and, of course, customers”

Belinda Wright, Thinktank

“One of the things that female brokers encounter is requests from female customers who feel a little more comfortable talking to another woman, especially when their financial literacy may not be as strong”

Suzi Trajanovski, LMG

“I've had many women who have come back into the workforce [after parental leave]. And you see their confidence is probably not the same. They feel like they’re starting from scratch”

Razia Khan, CommBank

For 31 years, Mortgage Choice has been at the forefront of Australia’s mortgage broking industry; under our ownership of REA Group, a leading global digital business specialising in property, this doesn’t change. As a network of close to 1000 brokers and more than 750 franchises nationally, we remain one of Australia’s most trusted and recognised brands with over 95% brand confidence from consumers. We’re passionate about helping people afford the things that are important to them, whether that’s buying a home, buying a new car or starting a business.

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2021 Honeycomb REA Service Offering research

Thinktank is an independent non-bank financial institution specialising in the provision of commercial-property mortgage finance up to $4 million and residential-property mortgage finance up to $2 million in the Australian self-employed, PAYG and SME sectors. Since 2006, Thinktank has provided over $6.5 billion of commercial, residential and SMSF lending solutions, which have enabled thousands of borrowers to achieve their goals of acquisition, refinancing and equity release. Thinktank offers a range of lending solutions, which include Full Doc, Mid Doc (Alternate Income Verification), Quick Doc and SMSF loans.

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We’re focused on giving our brokers more confidence with CommBank and delivering an exceptional experience for them and their customers. We are doing this by being reliable, transparent, accessible and adaptable. Our strategy has been designed based on broker feedback and focuses on how we can improve the experience and build a strong and more sustainable third-party banking channel. If you’re not already accredited with CommBank, now is a great time to join us as we’ve simplified our accreditation process. Head to www.commbank.com.au/home-loans/broker-accreditation.html and find out more. If you’re already accredited with CommBank, check out our 24/7 training hub – it’s all part of our commitment to give you more confidence to build your business and deliver an exceptional home-buying experience to customers.

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LMG was formed in 2023, but its roots extend back 29 years with the Loan Market brand. Today, LMG comprises more than 5000 brokers and 400 support staff. As Australasia’s largest aggregator, LMG lets businesses choose a model that suits them, with accompanying support. Its scale has enabled major investments and partnerships in tech to keep businesses safe and save time. State-based teams deliver best-practice training, strategic business growth and the ever-present challenges of compliance and cyber-safety. We leveraged brokers’ relationships with clients to develop smarter businesses that are adept at asset finance, commercial lending and home loans.

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Source: WGEA database (18 March, 2024)

Gender pay gaps at financial institutions

National

Proportion of women in workforce

Gender pay gap (median total remuneration)

51% 52% 51% 50% 56% 54% 51% 47% 52% 55% 52% 47% 52% 44%

19% 25.6% 23.1% 18.8% 29.9% 28.5% 21.9% 22.1% 15.3% 28.5% 23.9% 29.6% 28.1% 8.3%

Finance sector overall

ANZ

NAB

CommBank

Westpac

Bank of Queensland

Macquarie Bank

Liberty Financial

Pepper Money

Loan Market Group

Resimac

Firstmac

La Trobe Financial

Source: Grant Thorton Women in Business 2024 report

Impact of working styles on women’s advancement

Work from home

Company working style

41% 37% 36% 33%

Flexible

Hybrid

Office-based

Percentage of senior management roles held by women

“One lady was attending her first Leading Ladies event and commented that she had never before felt, in her professional life, safer or more supported in a room. This culture is critical for women to achieve momentum in the long term.” Mortgage Choice has the Aspire program, which aims to develop careers and build community among women in broking. It also makes efforts to increase women’s representation on financial matters in the media. “Last year, we delivered media training to a group of female franchisees… then actively sought opportunities for these brokers to provide commentary,” says Chadwick.

LMG runs several programs to support women. “Our Leading Ladies community formally originated in 2017, but female business owners were getting together in Victoria and elsewhere before then,” says LMG national director of growth Suzi Trajanovski, who doubles as president of the community. “Leading Ladies is now the pre-eminent community bringing women together in the broking industry. Bringing the women together has inspired some informal mentoring amongst the ladies, and that’s one of the really pleasing aspects. The ladies are all committed to helping each other professionally and personally,” she says. The social support, especially for people new to the industry or perhaps isolated due to the demands of running a business, can provide a major psychological boost. Trajanovski recalls a recent retreat.

The result was a fourfold increase in the number of women from Mortgage Choice featured in media stories. BOQ Group has Spark, an employee-led affinity network focused on igniting conversations to inspire and enable gender equity. “Our vision is to build a gender-balanced workforce and inclusive culture where everyone, regardless of gender, can achieve their full potential,” says Clucas. The increasing prevalence of diversity, equity and inclusion (DEI) initiatives in recent years is also helping shift attitudes in the sector, although many of these measures are not considered comprehensive enough. But the large range of initiatives in the industry helps create its own momentum. “We firmly believe that a diverse and inclusive environment means a more vibrant and flourishing industry for brokers, aggregators, leaders, and, of course, customers. Through the incredibly strong relationships we have with our aggregator partners, we are also able to support and participate in many of their programs aimed at advocating for and celebrating women in our industry,” says Wright.

One of the most important policy changes kicked off just a few weeks ago – a public database of gender pay-gap levels at individual companies published by the Workplace and Gender Equality Agency (WGEA) on its website. Moves to make pay gap data public in other countries, such as the UK and New Zealand, have resulted in the gap narrowing more quickly as companies seek to avoid the negative image associated with pay disparities.

Large pay gaps in firms that have a high number of women on the roll overall usually mean that these firms have a bigger proportion of women in lower-paying roles, such as clerical and administrative work or customer service, and a smaller proportion in top-paying roles. This turns out to be the case for most financial firms in Australia, according to WGEA data. “Addressing gender pay gaps and providing equal opportunities for career advancement are ongoing challenges,” says Clucas. Of course, the pay gap issue is largely a moot point for mortgage brokers who work on commission. “One of the great things about broking as a career for women is that there’s no gender pay gap – women and men are paid based on the same commission structure,” says Chadwick.

Closing the gender pay gap

mind for many businesses, partly due to its impact on working women and the need to adopt practices that make it easier for them to work. It also proved a watershed for lifting more women into senior management globally as changes to the working environment boosted female career trajectories. Following on from similar findings in 2023, the Women in Business 2024 report noted that in businesses adopting flexible or hybrid models of working, there were higher levels of women in senior management. With completely home-based working, it was even higher at 41%. The report also noted that recent back-to-the-office initiatives had the potential to undo some of this progress. Businesses in which workers are primarily office-based were the only ones where the percentage of women in senior management roles dropped below the global benchmark. Notably, 50% of businesses with a male CEO are predominantly office-based, compared to only 40% for female-led businesses.

The approach is effective; over 40% of brokers who joined Lendi Group over each of the past two years were women. “This speaks to the effectiveness of our strategic approach to candidate attraction, which has been purposefully designed to target a diverse range of brokers, ultimately helping us to buck the trend of a male-dominated industry,” says Leckie. Progressive companies also don’t make taking time off to have children an obstacle. “I’ve had many women who have come back into the workforce [after parental leave]. And you see their confidence is probably not the same. They feel like they’re starting from scratch, the environment may have changed. They’re learning things anew,” says CommBank general manager for third-party banking Razia Khan. “I think it’s a real pivot. [It is key to making] sure that even while

in mortgage broking,” says Leckie. But broking also has a certain advantage in this regard, due to the inherent flexibility involved in being self-employed. Lendi is one company highlighting flexible working. Last year, it ran webinars showcasing this philosophy and how it benefits women. “Multiple leading female brokers from the Group highlighted the viability of broking as a career choice for women because of the flexibility associated with building your own business. We’ve successfully welcomed several women to the Group off the back of this webinar,” says Leckie. “[Giving] brokers the freedom to build a business in a manner that suits [them] is particularly compelling for women who are juggling the demands of work and family life.”

“If you’re leading with your strengths, or in a role that can harness your strengths, you will naturally have a level of confidence, which means you can naturally showcase your ability.” Once a career has started to take off, Khan says it is important to step outside your comfort zone when ready – but to find a good balance between continuing to use your strengths and learning new skills. “Even as I’ve progressed in my career, I’ve continued to actively pursue roles where I’m stretching myself, as that ensures I’m constantly learning and growing. There also needs to be areas of the role that play to your knowledge and comfort, a place where you know you can add value very quickly based on strengths and experiences to date,” she says.

someone is away on parental leave, the team around them helps them to stay connected on what’s happening … these are all things where frameworks can be put in place.” Childbearing can be particularly hard to navigate when the broker is self-employed. “For female brokers, taking time out with family can dissuade them from starting up their own businesses, especially if they’re in an existing PAYG role. They worry about whether their business may lose momentum if they’re out of it for a sustained period, and whether clients or referral partners will find other brokers,” says Trajanovski. “From day one, we support our business owners with tech that saves them time and keeps them safe, and assist them with scaling up with talent and other resources so if they have to take time out of their business, there are foundations in place to support them.”

Making it easier to stay in the industry

Successful women in the finance industry who have made the difficult climb to the upper levels have a range of advice for those who hope to follow their path. One important tip is for women to seek out mentors and find their ‘team’. “Surround yourself with diverse individuals who inspire you, so you have a strong network that can help you problem solve, brainstorm and generally provide support when you need it,” says Khan. She calls such a strategy “having your aces in places. One of the most important things I think you can do as a leader is ensuring your team is the sum of all parts.” A strong network will become a rich source of learning and support to further develop women’s careers. “Peer-to-peer learning and best-practice sharing is incredibly powerful, especially as you’re getting started,” says Leckie. These people don’t necessarily have to be other women. “Look around you for people – women or men – who are doing what you want to do, and don’t be afraid to ask them to mentor you. It’s so important to have a trusted group of people you can call on,” says Chadwick.

“We know that having a strong community of colleagues, mentors and role models makes a huge difference in whether women stay and flourish.” Women who have reached leadership positions freely admit that they stand on the shoulders of their support networks. “Nurture, cultivate and expand your network, as this will be one of the greatest investments you will make in your career. My career success stands on the shoulders of many who have guided and mentored me every step of the way,” says Michelle Martinis, head of marketing for home ownership at National Australia Bank (NAB). Mentoring can be an informal arrangement or it can link to broader education as a career moves forward.

“Women should focus on building a solid foundation of knowledge through education and skills development,” says Clucas. There are ample opportunities for continuing education, and a company that is interested in developing its human resources will provide time to pursue these. “Quality, impactful and practical education has never been more important as the financial services landscape continues to change in ways that have material implications for every broker’s business. In addition, actively participating in industry events, staying informed about market trends and showcasing expertise are also essential,” says Wright. Khan helped launch a sponsorship program at CommBank to facilitate the coaching of younger employees and showcase diverse talent by pairing them up with a senior executive. “I think people underestimate the power of sponsorship, especially in large corporations – those people who are going to advocate for you. [Our] buddy system enables senior executives to understand an individual, understand their strengths and then be able to genuinely advocate for them,” says Khan. This initiative is all about advocating for women who may not always feel confident doing it themselves. Part of building confidence comes from succeeding, and Khan recommends that women at the start of their careers make sure they work in an area where they already have a high degree of competence.

And with representation stubbornly low in certain areas like mortgage broking, there are plenty of barriers begging to be broken for those with a trailblazing mindset. “The mortgage broking industry is a key area, and there are many ways to make roles in this industry work for women through the application of creative approaches and simply asking for what you need to make your role work for you,” says Martinis. Progressive companies are actively looking to boost their female ranks as society comes to value different skills. “One of the biggest opportunities I see is for women to embrace all that it is to be a woman and a female lead in industry – to not diminish yourself, your style, and your skills, including all-important ‘soft skills’ that are now becoming more highly valued and sought after,” says Martinis. To be sure, it can be an uphill battle sometimes. “There’s always more to do!” says Chadwick. “I’d like to see our industry work to create an inclusive and diverse culture that better represents all elements of the communities we live and work in.” Tackling gender inequality requires a comprehensive approach through such policies like pay equity assessments and diversity training and fostering a culture of inclusion to support women’s advancement into leadership roles. “Additionally, expanding access to training and development opportunities, along with supporting work-life balance through flexible policies, can help create a more equitable and supportive environment,” says Clucas. But the hope is that pursuing such an approach will allow women in broking and in the wider finance world to reach a tipping point as has already happened in a number of other previously male-dominated professions. When that happens, the route to the top will be well worn and require fewer risky career acrobatics on the climb up. There will be a steady pipeline of talented female leaders moving up the rock face and a large welcoming party at the summit.

The trick is to find a role that will play to your strengths while also providing the opportunity to learn and grow a new skill set. “Seeking out mentorship opportunities and coaching relationships is a hallmark of successful brokers. Learning from experienced professionals in the field can provide valuable insights, guidance and a support system to help navigate challenges,” says Wright.

Finding your strengths and your people

Linked to focusing on your strengths is remembering to be your authentic self. Not doing so can be very tiring and lead to burnout. “It is important to remain true to who you are and your core values,” says Clucas. These values will act as a compass when the going gets tough. “Spend some time figuring out your ‘why’ – what is it about this line of work that lights you up, and how can you best align your career with your purpose and values,” says Chadwick. “Women are pulled in so many directions and as well as working are often carrying the majority of the load at home.”

Being your authentic self and avoiding the perfection trap

Keeping enthusiasm high in a demanding job can be tough to maintain over the long term, and successful women often turn to personal wellsprings to keep going. “I do this by reminding myself that financial services products enable people to achieve their financial goals and dreams. This gives me purpose. I also stay curious, open-minded, growth-oriented, innovative, brave and resilient. There are often many more noes than yesses in our industry, so resilience, a growth mindset and bravery are critical to progress and to do your best work,” says Martinis. She credits keeping purpose top of mind as a key factor in still going strong after 20 years in the business. “I still love every day, in every way.” Aside from having a support network, she also recommends engaging in “curious conversations” outside your immediate team and sphere of work to get exposure to different points of view. “[Doing so], you can discover and learn new things every day to keep the passion and momentum going,” says Martinis. A common trap that is sometimes the cause of burnout among women with promising careers is striving for superhuman goals. Successful women who last the distance are comfortable with their shortcomings. “Once you’re in a leadership role, you are never going to be good at everything,” says Khan. “It’s impossible to know everything. It’s impossible to be good at everything. And you’ve got to get comfortable with that. By creating a diverse team around you that complements you and your skill set, it will help you succeed.” Perfection is a pipedream, and everyone makes mistakes. “It’s very important to break down the perception that women have to be perfect at all times – this is actually a standard that many women hold themselves to that makes it even more challenging for them to succeed in their professional (and personal) lives. I’m a huge advocate for progress over perfection, and embracing the perfection of imperfection,” says Martinis.

With the pandemic making flexible working mainstream, and policy changes such as gender pay gap reporting at company level being introduced, the conditions for women to reach higher in the finance world in Australia are better than they were even five years ago. There is certainly a need for more women in finance and in broking. “One of the things that female brokers encounter is requests from female customers who feel a little more comfortable talking to another woman, especially when their financial literacy may not be as strong,” says Trajanovski. She points to older women who may have recently divorced as one example.

“[This group] is one of the fastest-growing segments of financial distress in Australia. These customers can often feel more comfortable getting back on their feet with the guidance of a female broker.” Brokers can make a real difference in levelling some of these playing fields for their clients. “Female brokers can position themselves as advocates for universal financial literacy. Offering educational resources and workshops on mortgages and personal finance can not only serve the community but also establish credibility and trust,” says Wright. Women are often the ones to take the lead on highlighting such issues, and speaking to power from within the industry can have more impact than voices from academia or non-profits. “We have some amazing women in the network who are advocating for female customers. For instance, Carol King from Loan Market Buderim wrote a white paper to initiate a conversation with lenders on how they assess single-income parents and families,” says Trajanovski.

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