From Credit Union to brokerage boss, Leigh Nosworthy (pictured above) turned industry challenges into a 20-year success story under the Aussie brand.
Nosworthy’s journey into the world of mortgage broking began after a decade of service at a local Credit Union. His transition marked the start of an illustrious career that would see him navigate through significant industry changes and personal milestones.
“After working at a local credit union for 10 years, I was looking for new opportunities,” Nosworthy says. “This ultimately led me to opening a brokerage in 1993 under the Wizard brand.
“In 2009, Wizard was purchased by Aussie Home Loans, and I have been under the Aussie Brand ever since. I recently was very proud to celebrate 20 years as an Aussie franchisee.”
Discussing the most positive developments in the mortgage broking industry, Nosworthy highlights the strengthened regulatory framework as transformative.
“The industry now has a far stronger regulatory framework than what it once did,” he says. “The best interest duty, as an example, I believe has significantly enhanced the industry’s reputation and enshrined better value for clients.”
This evolution, coupled with advancements in technology, has reshaped the operational landscape, making processes quicker and more seamless for both brokers and borrowers.
However, challenges persist, particularly around the economics and logistics of running a brokerage.
Nosworthy identifies specific pain points such as recruitment, increasing costs, and clawbacks. Despite these hurdles, he focuses on aspects within his control, emphasising customer service and the establishment of enduring client relationships.
“For us, a loan isn’t a transaction, it’s about forming a relationship that lasts a lifetime,” he says.
For newcomers to the industry, Nosworthy advocates for a blend of traditional learning and modern technology.
“If I were starting out today, I would look to join a well-established business and learn directly from people with firsthand industry experience,” he says, highlighting the importance of leveraging existing systems and continuously enhancing one’s knowledge.
Reflecting on a pivotal moment in his career, Nosworthy shares his bold leap from a secure bank job to launching his own business in his 20s – a decision fraught with uncertainty yet pivotal in his personal growth.
“Leaving a well-paid bank job to start my own business in my 20s was a huge step,” he says. “Looking back, I had good lending knowledge but really no idea how to run a business.”
Despite the struggles of early entrepreneurship and the nascent state of the industry, he views his journey as worthwhile, enriched by the lessons learned along the way.
