Brokers need business skills, not just credit knowledge

Professional education is shifting from compliance checklists to strategic capability as the industry addresses a maturity crisis

AUSTRALIAN MORTGAGE brokers have become the main conduit for different types of lending, but that success has brought a new kind of scrutiny. With the profession now responsible for the majority of residential lending, the question is no longer whether brokers can compete with banks but whether they can sustain the trust that comes with being the industry’s primary channel. The answer, according to those running education programs and aggregator networks, lies not in credit knowledge alone but in business capability, client communication and professional discipline. As regulators raise expectations and clients arrive better informed, the gap between vocational training and genuine professional competence has become harder to ignore. The industry is responding with university credentials, AI-enabled learning platforms and a frank assessment of where capability falls short.

Bridging compliance and client experience Since the advent of the best interests duty reforms, compliance and governance standards in broker education have improved substantially. However, a gap persists between regulatory theory and client-ready execution. “Regulators are focused on process integrity, documentation quality and defensible decisions,” says Buchanan. “Clients, on the other hand, want speed, clarity, empathy and confidence. Education must bridge both worlds.” Client expectations also evolve, and as in many industries, the bar is rising partly as a result of people demanding better service in an AI-enhanced world. Brokers need to keep pace to maintain the collective good reputation of the profession. At least one measure shows this reputation may be slipping. Net Promoter Scores (NPS) for mortgage brokers have declined since COVID, as measured by market research consultancy Evolved Thinking.

Looking ahead, the MFAA sees several capability priorities emerging for brokers. First and foremost, brokers need to stay ahead when it comes to effective use of AI and technology governance, including understanding which tools are safe, compliant and fit-for-purpose. “Secondly, cyber resilience and data discipline, and thirdly, higher-order professionalism are key,” says Walsh. “This is about continuing to uplift the trust in the profession through leadership, customer engagement and business management as broking firms scale.” AI as augmentation not replacement Technology now underpins almost every aspect of broker education and support. Automation and AI are streamlining onboarding, workflows and ongoing file reviews, freeing brokers to focus on clients rather than administration. Data analytics allows brokers to understand settlement trends, conversion ratios and portfolio composition at unprecedented depth. “We are also actively integrating AI-driven tools into training, particularly around submission note generation, document checking and early identification of potential policy issues,” says Buchanan. “The opportunity here is enormous in terms of productivity and risk reduction.” The MFAA uses platforms such as RISE AI and Synthesia for online course production, ChatGPT and Microsoft Copilot for information sourcing, and Canva and Beautiful.ai for design. The tools enable rapid development of micro-learning modules for just-in-time learning. “The other advantages are that these tools require less learning and admin due to their intuitiveness, and they provide a better, more consistent user experience,” says Walsh. However, organisations remain cautious about overreliance without understanding. AI should augment broker capability, not replace professional judgement. “We are mindful … of the need to balance innovation with accuracy, privacy and responsible use of data, and we take a considered approach to any use of automation or AI,” says Wright. “For us, the priority is always to make brokers’ work easier and more rewarding, not more complicated.” The education focus is shifting towards teaching brokers to use these tools critically and responsibly and not passively accept outputs. SFG has launched AI tools to assist with education, execution and compliance measures.

Some education remains too heavily weighted towards regulatory frameworks without sufficient emphasis on how those frameworks present in live client interactions. SFG has responded by integrating compliance, credit and client communication training together so brokers do not view them as separate disciplines. “The best brokers are those who can satisfy requirements while delivering an exceptional human experience to their clients,” says Buchanan. From Thinktank’s perspective, education over recent years has been moving in the right direction, though alignment between training and client expectations remains imperfect. “Borrowers value clarity, transparency and tailored advice to their circumstances, while regulation rightly emphasises process discipline and documentation,” says Belinda Wright, general manager for partnerships and distribution at Thinktank. “Education that is case based, easy to apply and reflective of real borrower scenarios tends to resonate most with brokers.” The strongest outcomes occur when training focuses less on volume of content or product and more on practical steps that help brokers demonstrate suitability and deliver meaningful value to clients. Walsh notes that the MFAA is also participating in the technical committee working with the Future Skills Organisation (FSO) to review current industry qualifications. The association views the Diploma of Finance and Mortgage Broking Management as the minimum standard and is awaiting the FSO review process to establish an industry-accepted, job-ready training framework.

Alternative lending knowledge As the lending market becomes more diverse, many brokers report wanting greater confidence in alternative funding options, including private lending, self-managed superannuation funds and commercial structures. Though each segment presents opportunity, it can feel unfamiliar initially. “With our dedicated commercial sales team, we work alongside brokers from the earliest scenario discussions all the way through to settlement, helping them build skills organically while progressing real opportunities for their clients,” says Wright. The approach recognises that brokers learn most effectively when professional development is embedded in actual deal progression rather than treated as theoretical training separate from revenue-generating activity.

The Mortgage and Finance Association of Australia (MFAA) is the leading professional association for the mortgage and finance broking industry, with more than 16,000 members. Its membership spans stakeholders from across the industry, over 97% of whom are mortgage and finance brokers. The association also represents aggregators, lenders, mortgage managers, mortgage insurers and other suppliers to the industry. The MFAA’s purpose is to empower its members to prosper and thrive, ensuring Australians benefit from competition and choice. It supports its members and the industry through advocacy, education and promotion of the broker value proposition to consumers. 

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Specialist Finance Group is a family-owned business that has 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 that has consistently delivered results well above system.

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Soft skills as competitive advantage As AI and automated systems absorb more routine tasks, soft skills are becoming a primary differentiator. Emotional intelligence, negotiation, expectation management, ethical judgement and strategic thinking will define the next generation of top-tier brokers. Clients also still much prefer human brokers over AI for their loan advice. “The ability to listen deeply, communicate clearly and guide clients through moments of uncertainty remains central to the value brokers ultimately provide,” says Wright. Learning strong communication habits early is essential for newer brokers. They need exposure to real client conversations, live objections and complex emotional scenarios, not just simulated training. More established brokers face the challenge of staying adaptable and continually refining how they add value beyond product selection. “As AI and automated systems absorb more routine tasks, soft skills will become a primary differentiator in broking,” says Buchanan. “Skills such as emotional intelligence, negotiation, expectation management, ethical judgement and strategic thinking will define the next generation of top-tier brokers.”

Thinktank is a leading originator, servicer and securitiser of commercial and residential mortgages, supporting individuals and businesses with financing for property acquisition, refinancing and equity release. Since 2006, we have delivered more than $17 billion in lending solutions, helping thousands of Australians achieve their financial and property goals. Our lending suite spans full-doc, mid-doc, quick-doc, SMSF and private loans, complemented by alternative investment opportunities that provide sophisticated investors with direct access to secured, income‑producing assets.

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“For most businesses in the middle of the market, conversion is the biggest commercial lever. Even small improvements inlead-to-settlement conversion can materially lift profitability without increasing marketing spend”

Blake Buchanan,Specialist Finance Group (SFG)

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Professional development needs vary dramatically depending on where a brokerage sits in its growth cycle. For newer entrants, the focus remains on building marketing reach and establishing consistent lead generation through networks, digital channels and referral partnerships. Mid-market businesses face a different challenge entirely. “For most businesses in the middle of the market, conversion is the biggest commercial lever,” says Blake Buchanan, general manager at Specialist Finance Group (SFG). “Even small improvements in lead-to-settlement conversion can materially lift profitability without increasing marketing spend, making sales discipline and client engagement critical.” The most mature brokerages confront strategic questions about sustaining growth once organic expansion plateaus, often through acquisitions, geographic expansion or specialist verticals. This spectrum of need has prompted aggregators to abandon one-size-fits-all training models. At SFG, education, technology and business support are tailored to different stages rather than applying uniform programs across the membership base. The approach recognises that a broker writing 15 deals annually requires fundamentally different support than one managing a team settling $100 million in volume.

These skills can be nurtured through experience, thoughtful mentorship and observing how complex conversations are handled. Newer brokers often benefit from building confidence in structure and process first, while more established brokers typically focus on expanding soft skills across broader or more complex client and deal profiles. Client-centric focus under pressure In an environment of changing regulation, shifting credit policies and an increasing number of customers under financial stress, high-performing brokers will distinguish themselves through heightened client focus and credit acumen. “High-performing brokers will stand out by continuing to place their clients at the centre of what they do,” says Walsh. “A client-centric focus strengthens a broker’s application of BID [best interests duty] via good judgement and communication. This greatly assists the ability to translate complexity into clear credit advice and into an informed client.” Being confident under pressure and able to have empathetic conversations with financially stressed clients represents a significant advantage, notes Walsh. High performers also demonstrate business process discipline, including how to navigate lender policies and products with strong loan file quality and delivery on client promises. Wright also emphasises that education helping brokers understand emerging borrower needs across the spectrum serves to set them apart and open new doors for clients. “In a period of evolving credit conditions and more customers experiencing financial pressure, high performing brokers will be those who invest time in staying informed, diversifying their knowledge base and maintaining a client-first mindset,” says Wright. The MFAA is supporting members with practical resources and training on safe and ethical AI use; business-owner insight guides on technology, efficiency and cyber resilience; expansion of client services; business growth through strategic partnerships, professional standards and trust; and people, culture and success planning.

“We launched the MFPA in 2025, the first university-level mortgage broker qualification offered in Australia, aimed at experienced brokers who demonstrate a commitment to these standards”

Dan Walsh, MFAA

Some brokers say they don’t have the time to go through extra training or qualifications, seeing compliance as a burden rather than a competitive advantage. But in a world where every profession is being asked to do more with less by harnessing technology, some of that time dividend needs to be earmarked for education and not just chasing more business volume. The Mortgage and Finance Association of Australia (MFAA) has launched the first university-level broker credential offered in Australia, signalling a decisive shift toward recognising mortgage broking as a profession, with experienced brokers being able to access university-level education further to existing vocational training. The Mortgage Finance Professional Australia (MFPA) designation, developed in partnership with RMIT Online and launched in July 2025, is available exclusively to experienced MFAA-accredited brokers. The professional designation focuses on education, ethics and conduct. “We launched the MFPA in 2025, the first university-level mortgage broker qualification offered in Australia, aimed at experienced brokers who demonstrate a commitment to these standards,” says Dan Walsh, professional development and member engagement executive at the MFAA. The initiative represents the professionalisation agenda’s most concrete expression yet, arriving as industry bodies and aggregators respond with a wave of education programs that prioritise business capability over credit theory.

Industry experts

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Bank Australia

Fernando Lemos

Beyond Bank

Darren McLeod

Heritage Bank

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

The maturity spectrum

Blake Buchanan

Specialist Finance Group (SFG)

Dan Walsh

MFAA

Belinda Wright

Thinktank

Belinda Wright has over 20 years’ experience across various divisions in banking and financial services. 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 experience in marketing, commercial and institutional banking. Prior to working with Thinktank, Wright spent time working with Westpac Group, ANZ and RAMS.

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 education framework and industry professional standards. The industry’s first university-level designation, the MFPA, was implemented under Walsh in 2025. He has extensive knowledge of adult education and learning and development. Prior to assuming his role at the MFAA, Walsh led the professional development of the franchise network at aggregator Mortgage Choice, and prior to this he was a risk management training consultant with American Express.

MFAA

Dan Walsh

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 (SFG)

Blake Buchanan

Published 16 Feb 2026

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Jan–Mar 2020

+28

+20

Aug–Nov 2020

+31

Oct–Dec 2021

Jul–Oct 2024

Source: Unlocking Advocacy in the B2B Landscape, Evolved Thinking (Dec 2024)

Source: Agile Market Intelligence Consumer Pulse survey (Australia, Jul–Aug 2025)

28%

Banker

32%

Mortgage broker

B2B average Net Promoter Score (NPS) for broker services – mortgages

Comfort with different loan research avenues

21%

13%

Do it themselves

Unsure

Relying on AI assistant

Embedding learning in workflow The shift from longer-form qualification-style learning to short-form micro-learning reflects changing adult education preferences. Learning needs to be accessible, relevant, timely and immediately applicable, says Walsh. The MFAA has developed opportunities including micro-skills modules and webinars that can be scheduled into the working week; peer learning through roundtables and mentoring where brokers hear from others and can apply lessons immediately to their process; and just-in-time resources such as business insight guides, checklists and templates. “What works well is embedding learning into your workflow, not on top of it,” says Walsh. Recording CPD as it occurs via the member portal helps ensure learning stays continuous rather than devolving into end-of-year scrambling. Time is of the essence when communicating knowledge effectively to busy brokers. “For time-poor brokers, our view is that short, targeted learning integrated into everyday workflow seems to work best,” says Wright. “Micro-sessions, focused deal workshops, and one-to-one hands-on support combine to allow brokers to learn quickly while progressing real scenarios. This approach ensures professional development feels genuinely useful rather than a compliance obligation.”

“We take a considered approach to any use of automation or AI. For us, the priority is always to make brokers’ work easier and more rewarding, not more complicated”

Belinda Wright, Thinktank

The productivity question However, the claim of time poverty itself is under scrutiny. With average annual settlements sitting below $20 million and average deal sizes around $650,000, most brokers are completing fewer than 30 transactions per year, according to Buchanan. “I challenge the thought that ‘most brokers’ are time poor rather than poorly organised,” he says. “If brokers on average are writing one deal every two weeks and are ‘time poor’, then they need to invest time in speaking to their aggregator, their peers and a business coach.”

This blunt assessment speaks to an underlying challenge: many brokers are not writing enough business to justify their claims of being overwhelmed. The broader question is whether education can help brokers view compliance not as a burden but as a foundation for client trust and commercial success. “Compliance need not be a burden as it cements good faith in your client dealings,” says Buchanan. “Brokers who invest the time to understand and implement best practices and maximise the benefits of their CRM write more and have more time to do the things that are important to them, whether this be attracting new clients or spending time with loved ones or doing things they love.” Looking ahead The industry continues to grapple with lifting professional standards through improved qualifications, robust mentoring experiences and more consistent capability-building in areas such as AI, cybersecurity and complex credit conversations. All of these elements connect directly to consumer trust. “We would like to acknowledge and also maintain our support the ongoing efforts of our industry bodies to keep lifting professional standards through the range of education initiatives and CPD activities,” says Wright. “We remain committed to playing our part by partnering with aggregators and associations to deliver education that is relevant, accessible and supportive of continued long-term broker success.” The professionalisation project remains incomplete, but the direction is clear. Brokers who treat education as a strategic investment rather than a compliance exercise will find themselves better equipped to compete in an increasingly sophisticated market.

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