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"West Oak’s success has come from always putting our clients’ best interests first and always finding ways to improve and add more value to them"
Andrew mcquiston,
west oak family office, wellington-altus private wealth
In a year that was busier than many mortgage brokers care to remember, Cara Giovinazzo was busier than most.
“My biggest achievement last year was launching Borro,” she says, referring to the Queensland-based brokerage that allows customers to compare, apply and save on a wide range of finance loans from one site.
“A lot of time and effort went into launching it as it was really important to me that the brand reflected the core values of the business and was able to grow into a trusted name within households across Australia,” says the founder and senior mortgage broker at the firm.
Borro offers a multidisciplinary approach to lending, combining personal loans, asset finance and commercial finance for home loan customers to obtain the right outcome to suit their needs.
Technology is a major part of Borro’s appeal. It offers an online application portal and live 24/7 home loan tracker, which is used in conjunction with experienced mortgage brokers and dedicated customer service managers.
“This ensures our clients have the latest information through our technology and automation but always maintain the personal touch of having real people looking after them, from their first appointment until settlement of their loan and beyond.”
Even though Borro only launched in early 2021, Giovinazzo hopes the firm will be servicing clients nationally within 12 months, with brokers available in every capital city to meet with clients face to face and a team of phone-based brokers servicing the rest of Australia.
One of the major challenges is staffing, especially when the business is so busy. She has recently taken on two experienced brokers under a salaried model where they can also earn bonuses and trail income on top of their base salary.
“We hope that this [pay structure] will continue to help us attract more experienced brokers,” she adds.
Women are a key part of the team.
“I have been able to mentor women entering the finance industry and I am proud to say over 50% of our business is made up of female employees.”
She says that aggregators and industry bodies have an important role to play in supporting people who work in broking when they start families.
In terms of the business, the last 12 months saw property prices explode and fear of missing out (FOMO) create abnormalities.
“Everyone wanted to get into the market, and we saw many clients not being able to secure a property,” says Giovinazzo.
A lot of banks were not able to keep up with the volume of loans they were approving, with approval and settlement times blowing out by weeks and months. Some banks engaged in anti-competitive behaviour and were only offering competitive rates at the last minute when clients were refinancing.
This was despite mortgage brokers and clients requesting they have the same interest rate as new clients, prior to starting the refinance journey. Brokers colloquially call this practice a ‘loyalty tax’.
“Their anti-competitive behaviour meant that clients not in a position to refinance away were not being offered any way to reduce their interest rate and are stuck paying loyalty tax,” she says.
The year ahead for Giovinazzo will be squarely focused on the impact of rising interest rates and trying to head off financial duress for clients.
“Some people may not have room to reduce spending and may be forced into mortgage stress,” she explains.
“It’s important that we as an industry are sympathetic to people in this position and have information ready to assist them where we can.”
Brokers need to ensure that clients are on the most competitive interest rate available and are always ready to refer them to their lenders’ financial hardship teams and financial advice services.
Giovinazzo expects a lot of regulatory changes in the next year also. “It’s likely that lenders will increase assessment buffers and assessment rates which will see reduced borrowing capacity across the board.”
She says one group that will be affected are those with pre-approvals, who will suddenly find that they are not able to borrow as much money as was previously approved. This dynamic is already well underway in New Zealand which began its rate lifting cycle more than half a year before Australia.
“It’s going to be more important than ever that we are keeping up to date with all these changes, so we can continue to help our clients navigate the lending space and provide the right advice,” says Giovinazzo.
3/46 Bryants Road, Shailer Park, QLD 4128
0409 463 850
cara@borro.com.au
linkedin.com/in/caragiovinazzo
borro.com.au
Cara Giovinazzo
Founder and Senior Mortgage Broker
Borro
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Milestones
2020–present
Insurance Business Magazine | Key Media
Deputy Principal at Australian Christian College - Southlands
Doctor of Education
2020–present
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2021
Ted Talk in collaboration with key media
Year 7 Community Leader and Leader for Learning Technologies and Platforms at Northern Beaches Christian School
Master of Business Administration, 2017–2019
2021
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2011–2012
2012–2017
2017–present
2021
2022
Cara Giovinazzo
Founder and Senior Mortgage Broker
Borro
Read on
Special Report
Home
Bio
Milestones
Profile
Milestones
Insurance Business Magazine | Key Media
Lorem ipsum dolor sit amet, consectetur adipiscing elit. A volutpat laoreet suscipit duis. Diam aliquam sed ut massa viverra a, eget libero.
Ted Talk in collaboration with key media
Lorem ipsum dolor sit amet, consectetur adipiscing elit. A volutpat laoreet suscipit duis. Diam aliquam sed ut massa viverra a, eget libero.
Ted Talk in collaboration with key media
Lorem ipsum dolor sit amet, consectetur adipiscing elit. A volutpat laoreet suscipit duis. Diam aliquam sed ut massa viverra a, eget libero.
Ted Talk in collaboration with key media
Lorem ipsum dolor sit amet, consectetur adipiscing elit. A volutpat laoreet suscipit duis. Diam aliquam sed ut massa viverra a, eget libero.
Ted Talk in collaboration with key media
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2011–2012
2012–2017
2017–present
2021
2022
Cara Giovinazzo
Founder and Senior Mortgage Broker
Borro
Read on
Special Report
Home
Bio
Milestones
2022
2021
2017–present
2012–2017
2011–2012
2022
Insurance Business Magazine | Key Media
Finalist, QLD Mortgage Broker of the Year and Thought Leader of the Year
Finalist, AMA Broker of the Year – Productivity
2022
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2021
Human Resources Magazine | key media
Founded Borro
Finalist, Mentor of the Year QLD
Finalist, Rising Star National Advisor Broking Awards
Finalist, Rising Start Connective Broking Awards
2021
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2017–present
Human Resources Magazine | key media
Self-employed mortgage broker
Launched Women in Finance Mentorship Program in 2020
2017–present
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2012–2017
Human Resources Magazine | key media
Home Lending Manager at Commonwealth Bank
2012–2017
2009–2011
2011–2012
human resources | key media
Personal Lending Manager at Commonwealth Bank
2011–2012
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Milestones
2022
Insurance Business Magazine | Key Media
2022
Excellence awardee – Independent Mortgage Adviser of the Year category at the New Zealand Mortgage Awards
2022
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2022
2020–present
Insurance Business Magazine | Key Media
Deputy Principal at Australian Christian College - Southlands
Doctor of Education
2020–present
Lorem ipsum dolor sit amet, consectetur adipiscing elit. A volutpat laoreet suscipit duis. Diam aliquam sed ut massa viverra a, eget libero.
2021
Launched his own business,
Ascend Financial Services
2022
2022
Insurance Business Magazine | Key Media
Lorem ipsum dolor sit amet, consectetur adipiscing elit. A volutpat laoreet suscipit duis. Diam aliquam sed ut massa viverra a, eget libero.
2021
Launched his own business,
Ascend Financial Services
2022