Future-proofing broker education in 2025

As technology and client needs evolve, brokers face growing pressure to diversify and stay ahead. Experts weigh in on the critical skills and professional development strategies shaping the future of broking

THE AUSTRALIAN mortgage broking industry is at a turning point, with brokers now responsible for 74.6% of all new residential home loans settled in the September 2024 quarter, according to MFAA data. This growing share reflects the trust borrowers place in brokers, but it also comes with a heightened set of expectations. Clients expect more tailored advice, the use of AI-driven technology is increasing, compliance requirements are tightening, and areas such as commercial lending and green finance are creating fresh opportunities. Staying informed is critical in this environment, and education and professional development are essential for brokers to keep up. Six leading organisations – the MFAA, the FBAA, Lendi Group, Thinktank, NAB and SFG – offer their perspectives on the year ahead, providing brokers with a clear picture of the key areas they should focus on to remain competitive.

Still, there’s no doubt that broking remains a people business. For Blake Buchanan, general manager at Specialist Finance Group, ongoing investment into ‘people skills’ like communication, relationship building and networking remains a cornerstone of a broker’s skill set. This is particularly important as the next generation starts to eye homeownership and make decisions around who they want to work with. “Over time, we see changes in how different generations want to interact with people, or what’s important to them in a relationship,” Buchanan says. “This means brokers should pay attention to their clients’ language and learn from them and also ensure that they are reviewing their own approach, communications and engagement and how well that suits the wants and needs of their clients.” NAB’s executive commercial broker and equipment finance sales, Chris Thomas, emphasises the importance of balancing soft skills with technical knowledge. He notes that brokers need to support

effectively. This dual impact will raise the bar for brokers, requiring them to adapt to a tech-driven industry, while opening up new opportunities to deliver exceptional customer experiences.”

Share of all new home loans written by brokers

Brokers hold growing market share

customers through a wide range of challenges, including growth, consolidation and change. “The role brokers can play as the customer’s debt adviser can go beyond just the lending. No matter the economic environment, SMEs are continuing to find opportunities, and in many instances the right lending solution can be the key to unlock success,” Thomas says. “This raises the stakes on the impact a broker has on the lives of their customers and their ability to thrive by investing in what matters most to them.”

Artificial intelligence is one of the biggest trends reshaping the mortgage broking landscape, offering significant opportunities for brokers to boost efficiency. Industry leaders agree that brokers must embrace digital advancements but also remain vigilant about compliance and client engagement. Hockey highlights both the potential and the challenges posed by AI. “AI will undoubtedly enhance broker education by providing more accessible resources, but it will also create a pressing need for upskilling,” he explains. “As AI and digital platforms become integral to daily operations like streamlining administrative tasks, analysing client data and improving customer interactions, brokers will need to develop digital literacy, data analytics capabilities and the ability to leverage AI tools

The Finance Brokers Association of Australia (FBAA) is a professional body representing, educating and supporting finance and mortgage brokers across the nation. The association has more than 11,000 members. The FBAA monitors legislation and represents broker interests to industry regulators, federal government departments and state and federal Members of Parliament. With a commitment to advocacy, education and ethical standards, the FBAA plays a crucial role in shaping the industry’s future. This ensures that its members are well equipped to meet the evolving needs of their clients.

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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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Buchanan raises concerns about compliance, noting that brokers need to protect themselves as AI systems evolve. “While AI undeniably offers opportunities to create efficiencies in processing and certain forms of communication, it also presents risks to brokers when engaging with clients and offering advice,” he says. “Brokers who integrate AI into their business must ensure they understand what data AI systems have access to and where that data is being stored. This is critical to protect themselves and to remain compliant with licensing requirements.” Meanwhile, Thinktank’s head of partnerships and distribution, Belinda Wright, points out that AI can empower brokers to upskill and expand their services. “The rise of AI and digital platforms is set to revolutionise broker

The Mortgage & Finance Association of Australia (MFAA) is the leading professional association for the mortgage and finance broking industry and has over 15,500 members. Our membership spans stakeholders from across the mortgage and finance broking industry. Over 97% of our members are mortgage and finance brokers. We also represent aggregators, lenders, mortgage managers, mortgage insurers and other suppliers to the industry. Our purpose is to empower our members to prosper and thrive, ensuring Australians benefit from competition and choice. We support our members and the industry through advocacy, education and promotion of the broker value proposition to consumers.

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“Don’t underestimate the power of mentorship or peer networks. These are invaluable for sharing knowledge and best practices, especially around emerging technologies like AI”

Aaron Hockey, Lendi Group

3D Steps Illustration: Business Success Path with Educational and Career Icons

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“The latest MFAA Industry Intelligence Service report, covering October 2023 to March 2024, showed a 15.19% increase in the number of mortgage brokers writing commercial loans, while the total value of commercial loans reached its highest value of $20.31 billion.” Walsh notes that cybersecurity is also a “major priority”, and brokers need to be proactive in staying ahead of requirements. “Additionally, it’ll be important to use customer engagement in the AI era to support lead generation, continue efforts to support an inclusive industry, and assist our members to have a balanced approach to managing their wellbeing whilst running a small business,” he explains. Technology is a hot topic this year, as AI-driven tools are playing an increasingly large role in the broking industry. New technology is making it easier to process loans, analyse client data and manage workflows, and Lendi Group general manager – network development Aaron Hockey says digital literacy is now “paramount” for every broker. “Mastering CRMs, automation tools, and staying ahead of compliance and regulatory updates are essential,” Hockey says. “Brokers will also need to develop data analytics capabilities and the ability to leverage AI tools effectively.”

“As the world becomes more digitised and personalised, the role of trusted adviser is more important than ever,” Walsh says. “Brokers need to understand their business goals and then the activities required to achieve those goals. “Then identify any knowledge or skill gaps that you need to fill to conduct your business activities effectively. Look at the MFAA online resources, courses, events and webinars, or chat to a state manager for further guidance.” Hockey says his top tip is to stay curious and open to change. Since most clients choose their broker based on trust and comfort level, developing skills like emotional intelligence, active listening and relationship building can’t be overlooked. Hockey encourages brokers to balance technical upskilling with investment into soft skills. “Focus on areas that align with both industry trends and personal career goals, like mastering AI, staying informed about regulatory updates, and honing sales and social strategies,” he says.

“We see a huge opportunity for brokers to provide additional value to clients and enhance revenue opportunities by diversifying into other lending areas, including commercial and business finance, asset and equipment and SMSF”

Dan Walsh, MFAA

Success in 2025 will require more than just staying on top of lending policies. Brokers are being urged to expand their expertise, whether that means embracing new technologies, refining their communication skills or moving into new lending markets. Dan Walsh, MFAA executive for professional development and member engagement, highlights skills diversification as a top priority this year. “We see a huge opportunity for brokers to provide additional value to clients and enhance revenue opportunities by diversifying into other lending areas, including commercial and business finance, asset and equipment and SMSF,” Walsh says.

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

The top skills brokers need

Blake Buchanan

Specialist Finance Group

Aaron Hockey

Lendi Group

Joanna James

FBAA

Chris Thomas

NAB

Belinda Wright, a key executive at Thinktank Property Finance, leads the national sales team across commercial, SMSF, private and residential lending. She also oversees aggregator partnerships, driving growth and success. With over 20 years’ experience and recognition in MPA’s Elite Women and Global 100 lists, Wright is known for her expertise in business development, strategic partnerships and leadership. Passionate about diversity and diversification, she champions female brokers expanding into commercial and SMSF lending. Wright’s leadership supports Thinktank’s mission of innovation and sustainable industry success.

Thinktank

Belinda Wright

Dan Walsh is MFAA executive, professional development and member engagement. He has over 30 years’ experience in credit and financial services, having held roles in retail banking, risk management, business finance and mortgage broking. Since joining the MFAA as head of education in 2018, Walsh has advanced the development and implementation of the association’s learning management system and its Competency Framework and Mentoring Standards. He has extensive knowledge of adult education and learning and development. Prior to his role at the MFAA, Walsh led the professional development of the franchise network at aggregator Mortgage Choice across lending, sales, compliance, systems, business development and growth.

MFAA

Dan Walsh

In a financial services career spanning over 20 years, Aaron Hockey has developed a passion for leadership, people development and building strong business relationships, which lends itself to his role as general manager of network development at Lendi Group. After long stints at NAB and Bendigo and Adelaide Bank, Hockey joined Aussie in 2018 in a state manager capacity, before moving into the role of general manager of retail, where he led the transition of over 220 stores onto Lendi Group’s proprietary Platform. In early 2024, Hockey took on the role of GM network development with responsibility for the growth of the Lendi Group distribution network and cultivating strong, enduring partnerships with brokers and franchisees.

Lendi Group

Aaron Hockey

Blake Buchanan, general manager at SFG, is an expert in the broker channel with some 20 years’ experience in the finance industry, specialising in broking, lending and aggregation. Buchanan is known for his expertise and passion for the broker channel, along with his ability to deliver strong distribution results through systems, people, processes and partnerships.

Specialist Finance Group

Blake Buchanan

Key tips for the year ahead

Published 18 Feb 2025

Belinda Wright

Thinktank

Dan Walsh

MFAA

Chris Thomas was appointed as executive, NAB Commercial Broker & Equipment Finance in 2021. Since joining NAB in 1988, Thomas has held several frontline senior leadership roles within the bank’s Business and Corporate Banking divisions. In 2013, he established the Commercial Broker division in which he leads a team of highly professional business bankers working to build strong relationships with the broker market to ultimately help Australian SMEs grow and prosper.

NAB

Chris Thomas

Joanna James is chief development officer at the FBAA and holds extensive industry experience in mortgage broking, mortgage management, lending and business growth. A unique and dynamic leader, she is also a five-time bestselling author on Amazon and an internationally recognised mentor, designer and diversity model. In her role as head of the FBAA’s Artemis forum, she passionately advocates for the advancement of women across the industry. Her mantra is simple: anything is possible when you never give up!

FBAA

Joanna James

“Over time, we see changes in how different generations want to interact with people, or what’s important to them in a relationship. This means brokers should pay attention to their clients’ language and learn from them”

Blake Buchanan, Specialist Finance Group

“Over the next 20 years, an estimated $5.4 trillion will change hands, and this will have a significant impact on Australia’s 2.7 million small businesses as well as property markets”

Chris Thomas, NAB

“Incorporate learning into your business plan. Whether it’s reading industry-related books, listening to podcasts, attending workshops or participating in formal training, make education a non-negotiable part of your routine”

Belinda Wright, Thinktank

“Technology knowledge, understanding AI and other tech advancements for efficiency alongside safe practices around data, and general IT security is fast becoming the area that will set brokers apart to operate with supremacy”

Joanna James, FBAA

NAB Commercial Broker is dedicated to helping brokers deliver positive outcomes for their business customers, powered by a national team of expert BDMs, business bankers and specialists. As Australia’s biggest business lender* and the bank behind the broker, we are committed to bringing the best of NAB to brokers as they support their customers through every stage of their business and personal banking needs. *According to monthly banking statistics lending data (non-financial corporations) published by APRA, November 2023

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Specialist Finance Group (SFG) is a family-owned business that’s been serving the broking community for more than 30 years. With a customer-centric model, SFG provides its members with the best possible systems, services and support to assist them in growing and improving their businesses. SFG’s unique model has seen rapid expansion in recent years and has consistently delivered results well above system.

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Thinktank is an independent non-bank financial institution specialising in the provision of commercial-property mortgage finance of up to $4 million and residential-property mortgage finance of up to $2 million in the Australian self-employed, PAYG and SME sectors. Since 2006, Thinktank has provided over $6.5 billion worth 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, including Full Doc, Mid Doc (alternative income verification), Quick Doc and SMSF loans.

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Key stats as of Sept quarter 2024

74.6%

Total value of loans written by brokers

$103.2bn

Year-on-year increase in broker market share

3.1 ppt

Source: MFAA quarterly broker statistics, September 2024

Source: MFAA Industry Intelligence Service, 18th Edition

1 broker per 1,224 Australians

Key stats for six months to March 2024

Industry snapshot

18 average home loan applications lodged per broker

$8m average value of home loans settled per broker

30.7% of mortgage brokers also wrote commercial loans

Zoning in on AI

education and development, making training more accessible and tailored than ever before,” she explains. “Embracing these advancements will enable brokers to become more comfortable and proficient in leveraging AI and digital tools. “Far from being a threat, AI has the potential to streamline processes, enhance efficiency and make brokers’ jobs faster and easier.” Finally, the FBAA’s chief development officer, Joanna James, emphasises that technology, including AI, must be integrated strategically. “Technology knowledge, understanding AI and other tech advancements for efficiency alongside safe practices around data, and general IT security is fast becoming the area that will set brokers apart to operate with supremacy,” she says. All in all, mastering both AI-driven technology and client-centric skills will be crucial to staying competitive in the years ahead.

For brokers, finding time to work on their business is often one of the most challenging tasks. However, with an increasingly complex and highly regulated lending environment, business development is an area that brokers can’t afford to ignore. The brokers who will thrive in 2025 and beyond are those who take the time to develop their business skills, keep up with market shifts and expand into new areas of lending. According to Wright, evaluating your current strengths and weaknesses is a great starting point. “If you’re highly proficient in residential home loans, consider exploring adjacent markets like equipment finance, commercial lending or SMSF loans,” she says. “Similarly, if you’ve focused primarily on PAYG clients, expanding into self-employed borrowers could open up new opportunities.

“Then, incorporate learning into your business plan. Whether it’s reading industry-related books, listening to podcasts, attending workshops or participating in formal training, make education a non-negotiable part of your routine.” When it comes to diversifying and expanding, Thomas says the opportunities are huge. NAB’s Market Megatrends 2024: Navigating the Future report identified six key themes shaping Australia’s broking environment. These include housing accessibility, intergenerational wealth transfer, businesses investing for growth and decarbonisation, as well as property investment, advances in technology and an increasing need for cybersecurity. “Each of these areas presents commercial brokers with opportunities to work with business customers,” Thomas says. “For example, commercial brokers working with developers can help to unlock access to funding that supports an increase in housing supply.” Thomas adds that opportunities will also increasingly arise for brokers to help customers navigate the transfer of wealth between generations.

“Over the next 20 years, an estimated $5.4 trillion will change hands, and this will have a significant impact on Australia’s 2.7 million small businesses as well as property markets,” he explains. “Brokers are well positioned to work with other financial professionals to help business customers to navigate the wealth transfer process.” Ultimately, broker market share is growing – and according to James, investing in your business is crucial to keeping this trend going. Borrowers have come to expect simplicity driven by technology, and if brokers can’t provide that, they’ll turn directly to the lenders. James notes that diversification will also be key for brokers this year, particularly those who have focused exclusively on residential lending.

“Business knowledge – particularly marketing, lead generation, HR management and business best practices – is vital for operating successfully,” James says. “As the percentage of mortgages written via brokers rises, there’s a clear opportunity for brokers to diversify into commercial and asset opportunities. This is why [the FBAA has] developed our commercial education pathway, which offers a targeted approach to support broker needs as they look to invest in themselves and their businesses.”

Future-proofing your business in 2025

As the economic climate remains uncertain, brokers will be looking to maintain a strong pipeline of leads. In this environment, it’s easy to let learning and development take a back seat. However, the message from industry leaders is clear – take control of your learning; don’t wait for change to force your hand. Walsh notes that 2025 is set to be a dynamic year, particularly

with more potential rate cuts around the corner. “Education is the way to stay competitive,” he says. “In 2025, [the MFAA will] be running 60 events across Australia, including member forums, roadshows, online courses and webinars. Members can also read relevant articles, get involved in mentoring, deliver workshops and study to gain CPD points. We encourage brokers to take advantage of these opportunities. “Keeping up to date with changing trends – this is essential to the broking industry’s ability to self-regulate.” Walsh adds that in an uncertain economic environment, clients need to know who they can trust – and being an MFAA-accredited broker goes a long way, thanks to the association’s high education standards, including an industry-first annual compliance refresher.

For the FBAA, this has translated into a range of flexible content designed to help brokers invest in their skills, particularly in key areas like business and technology. “In addition to the 25-hour standard we set, we see our role as providing content that’s different to what’s ordinarily available,” James says. “This year we will continue to deliver immersive-style learning sessions, such as our introduction to the newly released CFB program, or short sessions directly from our new diploma with a key focus on broker business skills.” Finally, Wright highlights the importance of constantly pursuing ongoing skills development, whether you’re a new broker or someone who has been in the industry for many years. “Ultimately, staying relevant in 2025 and beyond requires brokers to embrace continuous education, strategically expand their skill set and maintain a client-first mindset,” she concludes. “This proactive approach to learning and development positions brokers as trusted experts and leaders within the industry.”

“And don’t underestimate the power of mentorship or peer networks. These are invaluable for sharing knowledge and best practices, especially around emerging technologies like AI.” When it comes to CPD, SFG has a huge year planned, with over 60 scheduled events in a wide range of formats. Buchanan advises setting yearly goals and targets, and notes that compliance is set to be a particularly “big-ticket item” in 2025. “Simply put, brokers need to invest in themselves,” Buchanan says. “The old adage of remaining adaptable is most relevant to our model, and it’s an absolute necessity that you are aware of the information relevant to our roles.” For NAB, the focus this year is on supporting technical skills, particularly in the commercial space. Its Commercial Lending workshops aim to enhance brokers’ financial risk and credit assessment skills. Brokers cover topics such as examining business cash flow statements, assessing repayment ability and presenting financial analysis commentary to support credit submissions.

Thomas notes that brokers need a strong foundation of knowledge across multiple industries to be successful in commercial lending, as well as the ability to quickly respond to changing circumstances. “Commercial brokers need to be able to holistically understand their customers’ businesses no matter the industry, so they can provide strategic guidance tailored to their customers’ needs,” Thomas explains. “Brokers also need to keep up to date with changes to products and policies so that solutions can be tailored to meet these needs. Commercial clients typically seek new or variations to their finance around three times a year, reflecting how circumstances can dramatically change quickly. To this end, broker responsiveness is critical as business customers expect rapid turnaround times.” To get the most out of learning, James advises brokers to choose a method that works best for them. This means taking professional development goals, business needs, time and learning preferences into account.

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