Michael McDermott’s shift from a bank to independent mortgage brokering showcases his journey from structured corporate confines to embracing the freedoms and challenges of personalised financial services.
McDermott (pictured) embarked on his journey as a mortgage broker in June 2024 after a rewarding stint at one of Australia’s big four banks, the Commonwealth Bank (CBA).
Dissatisfied with the limitations of bank-based lending, McDermott sought a role that offered greater flexibility and client advocacy.
“I resigned from CBA ... and officially opened up as a broker ... and haven’t looked back,” McDermott said.
The transition to mortgage broking has enabled McDermott to offer a wider range of options to his clients, marking a significant development in his professional life.
“It’s the first time in my lending career that I can truly say I am a trusted advisor,” he said.
Despite the positive changes, McDermott acknowledged the challenges posed by increasing competition from banks and the continuous evolution of the industry.
He suggested that brokers need to enhance their value proposition by focusing more intensely on the client’s long-term goals and maintaining proactive communication to differentiate themselves from traditional banking channels.
“Banks will not call a client to offer them a rate reduction... This is where we can capitalise and be a client’s one-stop shop,” McDermott said.
McDermott’s career has not been without its trials.
Adapting to the lack of control over the entire loan processing sequence and the need to trust the banks to handle applications promptly were significant adjustments from his time as a banker.
These experiences taught him the importance of patience and trust in the process, he said.
For those considering a career in mortgage broking, McDermott emphasised the importance of self-belief and perseverance.
“Resigning from a bank is both the most stressful and rewarding experience you can go through,” he said, encouraging new brokers to stay committed and confident in their capabilities.
