Diversity drives evolution in mortgage broking

How women are reshaping Australia’s mortgage broking and wider finance industry while tackling work-life balance

FEMALE BROKERS are bringing empathy, flexibility and fresh perspectives to the traditionally male-dominated mortgage industry, changing the face of financial advice in Australia. With female university graduates now outnumbering males, and women owning more property than ever before, the mortgage broking sector faces both opportunities and challenges in achieving gender equality.

Despite the challenges for female brokers, some organisations are making headway in improving gender diversity within their networks. “It’s a point of pride for all of us at Mortgage Choice that women represent 34% of brokers in our network,” says Chadwick. “However, we still have a long road ahead of us to achieve equal gender representation.” Pay gaps are also shrinking. The introduction of publicly available data around pay gaps at individual companies from 2024, via the Workplace and Gender Equality Agency database, may already be contributing to gaps narrowing faster as businesses seek to avoid the negative image associated with pay disparities – a phenomenon seen with the start of such indexes overseas. Three of the big four banks have seen pay disparities narrow, while smaller financial institutions have reported much larger improvements in some cases.

“Helping clients achieve their dreams of property ownership is a powerful motivator,” Wright says, “and your ability to guide them through the process will reinforce your confidence and potential every step of the way.” Marie Mortimer, chief commercial officer at Firstmac, emphasises the importance of seizing opportunities and overcoming self-doubt. “You don’t need to know everything from day one, and that’s okay,” she says. “What matters is saying yes to opportunities to learn when they come your way. I’ve always taken that approach – never turning down the chance to build new skills – and it’s made all the difference.” Rather than focusing solely on career advancement, Mortimer advocates for prioritising learning and growth. “It’s easy to get caught up chasing job titles,” she says, “but it’s the experience that will take you further in the long run. And just as easily, self-doubt can hold you back from gaining that experience. If someone gives you an opportunity to take on more, don’t sell yourself short. They see something in you – trust that.”

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Gender pay gaps at financial institutions in Australia

The industry recognises that achieving meaningful progress requires sustained commitment rather than quick fixes. “Meaningful change in this area takes time, and as an industry we must tackle the diversity challenge with a long-term lens and sustainable initiatives,” says Chadwick.

For women entering the mortgage broking industry, developing professional confidence is essential but often challenging. The commission-based nature of the work can create additional pressure, particularly for newcomers. “Confidence comes from knowledge, and knowledge takes time,” says Harvey. “My advice to women entering the industry is to be patient with yourself, because confidence won’t happen overnight.” Her recommendation for those starting out emphasises the value of learning while earning. “Treat your early years like a learning curve, absorb as much as possible, and surround yourself with experienced brokers,” she says. “It’s like studying for a degree, except you’re earning while you learn.” Building relationships with other women in the industry can be particularly valuable for developing professional confidence and resilience.

For over 30 years, Aussie has been a trusted partner to brokers across Australia, supporting them to grow their businesses and deliver outstanding outcomes for clients. As one of the country’s leading mortgage brokerages, Aussie provides access to a panel of over 20 lenders, as well as market-leading technology and comprehensive training and support. With a strong focus on broker success, Aussie’s national network and award-winning platform empower brokers to offer tailored home loan solutions with confidence. Whether you’re looking to scale your business or better serve your clients, Aussie stands by brokers every step of the way.

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Brisbane-based Firstmac Limited is an independently owned Australian financial services provider with more than 45 years’ experience in home and investment property loans. With its advances in technology, Firstmac provides brokers with streamlined business processes, an innovative product suite and a total commitment to service. Firstmac has written in excess of 130,000 home loans and has $18 billion in home loans under management. Firstmac also has a growing auto finance business with a current portfolio of $1 billion. It is a premier sponsor and charity partner of the Brisbane Broncos.

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The post-pandemic shift towards hybrid work models has created new opportunities for women in mortgage broking, though they come with both benefits and challenges. “Hybrid work has been a game changer for women, especially working mothers like myself,” says Harvey. “I’ve built a thriving business while balancing family life, thanks to the flexibility Aussie supports.” However, she notes the importance of in-person learning for those new to the industry. “For new brokers, I always recommend being as present as possible in the early years, spending time in the office, asking questions and learning first-hand from experienced brokers and lender partners. Once you’re confident, hybrid work can provide the perfect balance of career growth and personal flexibility,” Harvey says. Mortimer believes that the pandemic has accelerated positive changes in workplace flexibility. “I think the post-pandemic hybrid work model has accelerated flexible working by a generation. Before the pandemic, we talked about flexible work, but now it’s a reality, because as a society we had to adapt quickly.” This shift has expanded options for women trying to balance work and family commitments. “Women no longer have to choose between career and family in the way they once did,” Mortimer says. “With hybrid and flexible work arrangements now widely available – not just for women but for their partners as well –more women are staying in the workforce rather than stepping away entirely to raise a family.” Studies show that families in which fathers work from home at least once a week experience a significant decrease in the amount of time women use for housework as they choose to do more paid work. The flexibility of mortgage broking has long been one of the attractions of the profession for women balancing multiple responsibilities. “At Mortgage Choice we have always had a hybrid work model for our franchisees,” says Chadwick. “Franchise owners in our network are not required to work from a shopfront or office space, and many are mobile, meeting their customers where they are.”

Part of the leading digital business REA Group, Mortgage Choice is a national franchise broking business with more than 1,000 brokers and 800 franchisees around Australia. For over 30 years, Australians have trusted Mortgage Choice brokers to help them find the right home loans to finance their property dreams.

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“Diversity and inclusion need to be embedded at every level, from recruitment to leadership opportunities and industry events”

Samantha Harvey, Aussie Mobile Broker

Smiling diverse colleagues gather in boardroom brainstorm discuss financial statistics together.

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brokers remains under 27%. It was at that same mark eight years ago,” says Sally Chadwick, executive manager for corporate communications, events and franchise marketing at Mortgage Choice. The sluggish pace of change is particularly noticeable when considering broader economic trends showing women’s growing financial influence. “In Australia, we are seeing greater participation of women in the workforce; women are earning more, a growing number of women are investing, and women own more property than ever before,” says Chadwick. Encouraging diversity in the finance industry is linked to related initiatives becoming part of HR processes as people progress through their careers. “Diversity and inclusion need to be embedded at every level, from recruitment to leadership opportunities and industry events,” says Samantha Harvey, mortgage broker at Aussie Mobile Broker.

At Firstmac, the approach to mental wellbeing focuses on long-term career development rather than just immediate stress relief. “We recognise that workplace stress can come from many sources, which is why we’ve made career development and individual growth a priority,” says Mortimer. “Over the past few years, we’ve been intentional about how we implement development plans.” This holistic approach aims to create more sustainable work environments. “Rather than focusing solely on hitting KPIs, our approach emphasises both personal and professional growth – helping individuals build the skills, confidence and opportunities they need to achieve their long-term career goals,” Mortimer explains.

“Helping clients achieve their dreams of property ownership is a powerful motivator, and your ability to guide them through the process will reinforce your confidence and potential every step of the way”

Belinda Wright, Thinktank

In Australia’s mortgage broking industry, the gender imbalance remains stubbornly persistent. Despite the increasing participation of women in the economy, progress towards equal representation in mortgage broking has been stalled for many years, with women still making up around a quarter of the broker population . “Industry data from the MFAA reveals that the proportion of female

Industry experts

Christopher Lee

MFAA head credit adviser, Finsure Finance and Insurance

Stewart Saunders

Heritage Bank

Darren McLeod

Beyond Bank

Fernando Lemos

Bank Australia

Industry experts

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Bank Australia

Fernando Lemos

Beyond Bank

Darren McLeod

Heritage Bank

Stewart Saunders

MFAA head credit adviser, Finsure Finance and Insurance

Christopher Lee

MFAA head credit adviser, Finsure Finance and Insurance

Stewart Saunders

Heritage Bank

Darren McLeod

Beyond Bank

Fernando Lemos

Bank Australia

Industry experts

Bank Australia

Fernando Lemos

Beyond Bank

Darren McLeod

Heritage Bank

Stewart Saunders

MFAA head credit adviser, Finsure Finance and Insurance

Christopher Lee

Building confidence in a commission-based world

Sally Chadwick

REA Group/Mortgage Choice

Samantha Harvey

Aussie Mobile Broker

Marie Mortimer

Firstmac

Belinda Wright

Thinktank

Belinda Wright has over 20 years’ experience across the banking and financial services sector. She specialises in residential sales, credit and end-to-end home loan processing, with a focus on third party broker channel experience. She also has a background in marketing, commercial and institutional banking. Prior to joining Thinktank, Wright held roles at Westpac Group, ANZ and RAMS.

Thinktank

Belinda Wright

Marie Mortimer is the chief commercial officer at Firstmac. Her role covers many responsibilities across the Firstmac Group of companies, including retail sales, third party sales, strategic partnerships, customer care, marketing and human resources. She is also responsible for launching Firstmac’s multi-award-winning Women, Children and Community Program. Mortimer started her career at Firstmac in 2000, working in hands-on roles in most areas of the business. In 2006, she left to work in the UK at the Royal Bank of Scotland. In 2010 she returned to Firstmac to head up the IT Department and join the executive team.

Firstmac

Marie Mortimer

Samantha Harvey, widely known as Aussie Sam, is a top-performing mortgage broker, property investor and industry thought leader. As a Signature Broker in the top 5% of the Aussie network, she is passionate about helping Australians secure their dream homes and build wealth. With a strong social media presence, Harvey educates and empowers first home buyers, rentvestors and investors alike. She simplifies the loan process, maximises financial opportunities and advocates for her clients’ success. Dedicated to customer excellence, Harvey is redefining mortgage broking with her expertise, transparency and commitment to making property ownership achievable for all.

Aussie Mobile Broker

Samantha Harvey

Sally Chadwick leads the Corporate Communications, Events & Franchise Marketing team at REA Group Financial Services and Mortgage Choice. With around 20 years’ experience in corporate communications, predominantly in financial services, Chadwick has led communications functions at some of Australia’s largest organisations, including CommBank. She was also the general manager of a specialist editorial agency. Chadwick is a passionate advocate for the power of great communication and for increasing the representation of women in the broking industry.

REA Group/Mortgage Choice

Sally Chadwick

Looking to the future

Published 14 Apr 2025

“Meaningful change in this area takes time, and as an industry we must tackle the diversity challenge with a long-term lens and sustainable initiatives”

Sally Chadwick, Mortgage Choice

“With hybrid and flexible work arrangements now widely available – not just for women but for their partners as well – more women are staying in the workforce rather than stepping away entirely to raise a family”

Marie Mortimer, Firstmac

Thinktank was launched in 2006 by a group of highly experienced professionals with extensive backgrounds in property finance, business lending, consumer finance and third party distribution. Established in response to the increasing demand for straightforward, set-and-forget commercial lending solutions, our product suite was extended to include SMSF lending in 2013, residential loan options in 2018 and private lending in 2024. Today, Thinktank stands as one of Australia’s leading non-bank property lending specialists. Since 2017, we have diversified our lending base, enabling private and institutional investors the opportunity to acquire property-secured bonds. As a leading independent lender, we have facilitated numerous commercial, residential and SMSF lending solutions and issued a substantial volume of bonds, recognised for their quality.

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Finance sector overall

10%

20%

30%

40%

50%

60%

ANZ

NAB

CommBank

Westpac

Bank of Queensland

Macquarie Bank

Liberty

Pepper Money

Loan Market Group

Resimac

Firstmac

La Trobe Financial

ORDE

Prospa

Proportion of women in workforce reported in 2025

Gender pay gap reported in 2025 (median total remuneration)

Gender pay gap reported in 2024 (median total remuneration)

Pay gap lower or higher than previous year

Source: Workplace Gender Equality Agency database, March 2025

Source: Grant Thornton Women in Business 2025 report

Business benefits of gender equality strategies in the workplace

more innovation

Business leaders say equality strategies lead to:

a more attractive business for prospective clients and investors

better decision-making

The representation gap

“Looking back on my 20-plus years in financial services, I am deeply grateful for the many incredible women I’ve had the privilege to work alongside – leaders, peers and team members who have shaped my journey through mentorship, friendship and unwavering support,” says Belinda Wright, head of partnerships and distribution at Thinktank. Wright suggests that confidence is something that develops over time through practical experience and support: “Confidence isn’t something everyone is given, but it’s something you can definitely cultivate by taking on challenges, learning from experiences and recognising the tangible impact of your work.” The intrinsic rewards of the job can also reinforce self-assurance for women in the industry.

This flexibility has become a significant draw for women looking to enter the profession. “Many of the women brokers in our network tell us they chose to pursue a career in broking because this flexibility allows them to work in a way that suits their lifestyle,” says Chadwick. While hybrid work offers valuable flexibility, some organisations recognise the need to balance remote work with in-person collaboration. “The post-pandemic hybrid work model offers much-needed flexibility, but it has also introduced different challenges, particularly around visibility and networking – both essential for career progression,” says Wright.

The hybrid work revolution

This has led to a balanced approach to work arrangements at some firms. “At Thinktank, we’ve adapted by encouraging team members to be in the office three days a week, while fostering an inclusive remote-work culture,” says Wright. “This balanced approach ensures that all employees have equal opportunities to engage in key discussions, contribute to decision-making and build meaningful professional relationships.”

The commission-based structure of mortgage broking can create significant pressure, making mental health support particularly important for women in the industry. “One of the upsides of this commission-based model is that there is no gender pay gap in mortgage broking,” says Chadwick. “However, working in a commission-based role can be stressful.” This has prompted some organisations to develop specific wellbeing initiatives. At Mortgage Choice, Chadwick says, “To address this, we’ve placed a greater focus on wellbeing in recent years, including via keynote speakers at our events and delivering an Aspire wellbeing masterclass series.”

The introduction of dedicated support programs reflects the industry’s growing recognition of mental health challenges. Chadwick says, “This year we launched a tailored wellbeing program for our broker network, underpinned by a dedicated online platform that provides access to resources, professional support and events that connect brokers with their peers.” Women brokers may face particular challenges in managing stress due to their approach to client relationships. The additional responsibilities many women carry outside of work can compound these pressures. “Add to that the pressures of running a household, and burnout becomes a real risk,” says Harvey. “The key is having strategies to manage stress, whether that’s leaning on a support network, setting boundaries or prioritising self-care.” Despite these challenges, Harvey emphasises the positive aspects of a career in the industry. “A career in broking is incredibly rewarding, but mental resilience is just as important as financial success,” she says.

She believes that proactive education and development in such key fields will be critical to women’s advancement. Interestingly, studies have shown that large language models don’t engage in gender-based discrimination when giving financial advice to women, unlike humans. This suggests that increasing use of AI in finance will benefit women more than men. “Women who upskill in data analytics, AI-driven decision-making and fintech innovation will be well positioned to step into leadership roles in these emerging areas,” says Mortimer. “At the same time, the shift towards flexible and hybrid work – accelerated by the pandemic – has already improved work-life balance, and this trend will only continue.” The growing prevalence of female consumers seeking financial services creates additional opportunities for women in the industry. “Today, female university graduates outnumber their male peers,” says Chadwick. “As a growing number of women join the workforce over the next few years, this will create more opportunities for women in the mortgage industry to help female consumers who prefer to engage a woman broker for their home loan needs.” The potential for diversification into commercial lending presents another significant opportunity for women brokers. “One of the most significant opportunities for female brokers lies in diversification, particularly within commercial and SMSF lending,” says Wright. “While brokers currently originate over 70% of residential loans, only an estimated 35–40% of commercial loans are introduced by brokers, leaving a substantial gap in the market.” This expansion can benefit both brokers and their clients. “Expanding into commercial finance not only offers female brokers a pathway to scale their businesses but also enables them to serve a wider range of clients and develop deeper, long-term relationships,” says Wright. Market trends indicate a bright future for mortgage broking overall, with the latest MFAA data showing that brokers settled 76% of all new residential loans over the December 2024 quarter. “Given that demand for brokers’ expertise shows no sign of slowing down, there is a compelling opportunity for women looking to run their own businesses to join the broking industry,” says Chadwick.

Mental health and wellbeing

The unique perspective and approach that women bring to mortgage broking can be particularly valuable in helping clients navigate financial challenges. “Women often bring a nurturing and empathetic approach, which is invaluable when helping clients through financial uncertainty,” says Harvey. “Many clients – particularly single women – feel more comfortable working with a female broker who understands their challenges and can offer reassurance.” This empathetic approach can be especially helpful during difficult economic times. “In tough economic conditions, it’s not just about securing a loan,” Harvey says. “It’s about guiding clients through the process with confidence and care.”

The holistic perspective that women often bring can also be an advantage in addressing clients’ financial concerns. “Women in finance bring a unique and invaluable perspective, often prioritising long-term financial stability, client education and a more holistic approach to wealth management,” says Wright. This approach may be particularly relevant given current market conditions, she points out. “In today’s economic climate – where higher interest rates, cost of living pressures and housing affordability are major concerns – women brokers are exceptionally well positioned to support clients with tailored financial strategies.” The relationship-building skills that many women excel at can create lasting client trust. “By fostering authentic, empathetic relationships and engaging in transparent, solutions-focused discussions, women brokers create a sense of trust and confidence that is critical in uncertain times,” says Wright.

The female advantage

These qualities help clients make better financial decisions, she explains. “Their ability to listen, understand diverse financial needs and offer personalised guidance empowers clients to make informed decisions and build resilience in their property ownership journey.” A more comprehensive approach to financial advice provides added value beyond basic services. Mortimer says, “By taking a holistic approach – focusing not just on numbers but on the broader financial wellbeing of clients – women in finance can provide tailored solutions that align with both immediate and long-term goals.” The effects of these often female-led advantages also improve companies in a broader sense. A Grant Thornton report released in March shows that nearly a quarter of business leaders (23.1%) say equality strategies have made their firm more innovative. One in five (20.3%) say they have made their business attractive to prospective clients and investors, while a similar proportion (19.3%) say equality strategies have led to better decision-making.

The mortgage broking industry will present significant opportunities for women over the coming years, with changing work patterns and consumer preferences creating favourable conditions. “The continued rise of flexible and remote work will be a major opportunity, making mortgage broking an even more attractive career for women balancing work and family,” says Harvey. However, proper support and development remain crucial for women to succeed in the industry. “The key is ensuring women receive the right training and mentorship early on, so they have the confidence to succeed independently in a remote setting,” she says. “With the right support, broking offers women the chance to build a highly successful business on their own terms.” The Grant Thornton report supports this view, urging businesses to implement networking and mentorship programs to retain female talent. According to the report, businesses that actively set gender diversity targets for networking and mentorship see a 61.1% increase in the number of women progressing into leadership roles. Mortimer sees several emerging trends that will create significant opportunities for women in finance. “Where do I start?” she says. “There are some big trends that will create incredible opportunities in finance and beyond. The increasing use of AI and automation is reshaping the industry, opening up new roles that require analytical and strategic thinking.”

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