Brian Healey’s journey in the finance industry, particularly in mortgage broking, is a testament to dedication, learning, and the power of building meaningful relationships with clients.
As a mortgage broker at One Stone Finance, where he now holds 20% equity, Healey (pictured) has seen firsthand the evolution of the industry, its challenges, and its rewarding moments.
Here, he shares key insights into his career, the mortgage broking landscape, and advice for those looking to enter the field.
Healey’s career in finance began over two decades ago, but his move into mortgage broking came in July 2021.
His time at One Stone Finance, where he started as a para broker in 2018, laid the foundation for his expertise.
Reflecting on his career trajectory, Healey says, “Transitioning to a mortgage broker felt like a natural progression, allowing me to fully engage with clients and provide them with the support they need throughout their home-buying journey.”
His early experiences as a para broker helped him develop an understanding of various loan applications, from straightforward cases to more complex scenarios involving self-employed individuals and companies.
In addition to gaining practical knowledge, he pursued a diploma in finance and mortgage broking management, which equipped him with the necessary skills to guide clients through their financial decisions.
One of the most significant regulatory changes in the mortgage broking industry, according to Healey, is the implementation of the best interests duty (BID).
The introduction of BID has transformed the industry by mandating that brokers act in the best interests of their clients at all times.
“Before BID, the industry often faced challenges related to conflicts of interest and transparency, which could lead to clients feeling uncertain about whether they were receiving unbiased advice,” Healey says.
With BID in place, brokers are now held accountable for prioritising clients’ needs, which has enhanced trust and improved the overall standard of service.
Healey believes this regulatory change has empowered brokers to provide more tailored solutions aligned with clients' financial goals.
“Ultimately, the best interests duty fosters a healthier mortgage broking environment, ensuring that clients feel confident and supported throughout their home-buying journey,” he says.
While the introduction of BID has been a positive development, the mortgage broking industry is not without its challenges.
Healey identifies channel conflict among lenders, broker commissions, and clawbacks as significant issues that need addressing.
“Channel conflict arises when lenders offer direct-to-consumer products that compete with those available through brokers,” he says, adding that this can create confusion for clients and undermine brokers’ value.
Healey also suggests that a more balanced approach to clawbacks could help mitigate some of the challenges.
Instead of eliminating clawbacks entirely, he advocates for a sliding scale system, which would allow brokers to retain a portion of their commission based on the loan’s duration and client retention.
Such a system, according to Healey, would incentivise brokers to maintain long-term relationships with clients rather than focus solely on initial settlements.
“By addressing these challenges through improved collaboration and a more balanced approach to clawback structure, we can enhance the mortgage broking industry's resilience,” he says.
Throughout his career, Healey has helped countless clients navigate the complexities of securing home loans. One story, in particular, stands out.
“One of the most memorable experiences in my career as a mortgage broker involved assisting a remarkable client, who was 75 years old,” Healey says.
The client sought to secure a bridging loan to purchase vacant land and build a modest residence using the proceeds from the sale of their current property. Despite being on a pension, the client was determined to achieve this goal and travel around Australia while the new home was being constructed.
Healey’s role in helping the client secure their dream reinforced his belief in the transformative power of financial guidance.
“Helping my client achieve the dream was a powerful reminder of why I chose to become a mortgage broker: to make a meaningful difference in my clients’ lives, regardless of their age or situation,” he says.
Ultimately, he finds immense satisfaction in helping clients secure the right home loan for their needs.
“There’s nothing more rewarding than helping clients secure the right home loan for their needs,” Healey says. “The satisfaction that comes from receiving a formal approval or knowing that a settlement has taken place never gets old.”
Advice for aspiring mortgage brokers
For those looking to enter the mortgage broking industry, Healey has some valuable advice: believe in yourself, back your abilities, and remember that success takes time.
“The journey can be challenging, and self-confidence (which was my number one roadblock) is key to navigating the complexities of broking,” he says.
Healey also stresses the importance of surrounding oneself with supportive mentors, colleagues, and industry professionals.
“The most important thing I’ve learned is that people do want to help you because they were once where you are right now and understand you better than you realise,” he says.
Healey encourages aspiring brokers to embrace mistakes as opportunities for learning and growth.
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