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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
The world of mortgage broking has changed in the last two decades.
Peita Davies, finance specialist at MoneyQuest Penrith, Blue Mountains and Mackay, is celebrating 20 years as a broker this year and taking the opportunity to survey how far she has come, and where the industry may be headed.
Looking back, the loan volumes, the attitudes towards women, compliance reforms and the methods of communication are standout differences for Davies.
She says it took her five years to settle her first $25m in loans after she started in 2002.
“That’s a quarter of my career, [but] we settle at least double that per annum these days,” she says.
It is important for anyone new to the business to understand the massive numbers that top brokers achieve annually are the cumulative result of years of work, she says.
“It didn’t happen overnight, it’s a long journey to build that respect, that trust, that database.”
In the past, women faced more professional hurdles and also extra scrutiny even in the loan application process.
The nadir was the 1970s when bank managers suspiciously asked any woman brave enough to apply for a home loan about their pregnancy plans, and ‘letters of permission to work full-time’ from husbands could be part of the documentation required, she laughs.
Technology has also revolutionised the way mortgage brokers work. Davies reminisces about driving to meet clients with a library of paper in the boot of her car, so she could be ready with the right form.
“One of your biggest challenges was how do you get a self-employed application on the fax machine if it was over 100 pages?”
There was also little in the way of compliance and regulation 20 years ago. Davies says the introduction of standards has been good for the industry, but finding the right balance is tricky. Lenders are now saying that they don’t want the high levels of paperwork the brokers are required to gather.
“We, as the broker, still have to have to investigate all of that.”
Looking ahead, Davies expects barriers around compliance to fade somewhat as Open Banking initiatives accelerate but expects the industry will take years to transition in terms of this technology.
There is also room for brokers themselves to move towards a more professional model.
“Brokers need to change their attitude to make sure that they’re completing annual reviews and having in-depth customer conversations and respecting the client for life philosophy rather than just [being] transactional based.”
As the move towards professionalism progresses, she sees a need for a more formal qualification for mortgage brokers. A short-term course is no longer enough, and Davies says that a provisional period working under an experienced broker would be beneficial for new entrants and away from just mentoring.
While broking continues to evolve, Davies is positive that the more testing economic conditions of 2022 will allow brokers to show their true value.
“I find in times of adversity, that’s the perfect opportunity for the broker to be the shining light.”
Brokers have a key role in helping clients adapt to higher interest rates.
“Interest rates where they were, were exceptionally low and they were never going to stay there,” she says.
“When there is negativity and uncertainty in the market… these are the times when we brokers excel. It doesn’t matter what the economy’s doing, there is always an avenue that you can drive your business.”
According to Davies, there will never be a shortage of people needing reliable information about how to get into the market even in a downturn.
“Everybody wants to know about how do they budget better? How do they handle the rising cost of living? Is my interest rate competitive? Should I fix? Should I not?”
“The job is about educating people on how they can qualify for a loan at some point in time even if the person doesn’t qualify immediately.
“There’s always an opportunity for follow up, whether it be three months, 12 months, two years, whatever the journey that customer is on, once you get that customer in front of you, you should be able to do business with them at some point if you educate them well.”
1B Castlereagh Street, Penrith, NSW 2750
0452 214 202
peita.davies@moneyquest.com.au
linkedin.com/in/peitadavies
moneyquest.com.au/franchise/penrith
Peita Davies
Finance Specialist and Franchise Owner
MoneyQuest Penrith, Blue Mountains and Mackay
Read on
Special Report
Home
Bio
Milestones
Profile
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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2002
2015
2020
2021
2022
Peita Davies
Finance Specialist and Franchise Owner
MoneyQuest Penrith,
Blue Mountains and Mackay
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
Lorem ipsum dolor sit amet, consectetur adipiscing elit. A volutpat laoreet suscipit duis. Diam aliquam sed ut massa viverra a, eget libero.
2002
2015
2020
2021
2022
Peita Davies
Finance Specialist and Franchise Owner
MoneyQuest Penrith,
Blue Mountains and Mackay
Read on
Special Report
Home
Bio
Milestones
2022
2021
2020
2015
2002
2022
Insurance Business Magazine | Key Media
Celebrates 20 years in business and opens a third franchise – MoneyQuest Mackay
Best Customer Service (Office) Finalist and Thought Leader of the Year Finalist, Better Business Awards
Editor’s Choice Award Winner, Better Business Awards
Customer Service Award – Business Finalist, MFAA Excellence Awards NSW/ACT
Winner, Better Business Awards, Editor’s Choice
BBA Customer Service Finalist, Thought Leader Finalist, and MFAA Customer Service Finalist
2022
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2021
Human Resources Magazine | key media
Recruited several new employees and expanded her team to five
Best Customer Service from an Individual Office Finalist, Australian Mortgage Awards
Achieved 500 million in sales in July 2021
2021
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2020
Human Resources Magazine | key media
Joined MoneyQuest and became the franchise owner of MoneyQuest Penrith and Blue Mountains
2020
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2015
Human Resources Magazine | key media
Named Broker of the Year – Insurance at the Australian Mortgage Awards,
and was named a winner and finalist on multiple occasions at the AMAs,
Better Business Awards, MFAA Excellence Awards, and Women in Finance Awards
2015
2009–2011
2002
human resources | key media
Started her career as a mortgage broker and opened her own business
2002
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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