Scott Matthews (pictured above), now a successful mortgage broker and owner at Bernie Lewis Home Loans, began his journey in December 2002 almost by accident. Transitioning from a police officer to a mortgage broker, Matthews found his passion in helping people secure their homes.
Matthews began his broking journey in December 2002 almost by accident. At the time, he was a police officer selling his first home. After using a broker to purchase his next home, he became interested in earning additional income to support his government wage.
“I was offered an opportunity at an Adelaide brokerage and did my course at TAFE at night – often attending classes in full uniform,” Matthews says.
Eighteen months later, he resigned from SAPOL and never looked back.
Matthews highlights the increased professionalism and self-regulation in the industry as the most positive developments.
Reflecting on the past, he remembers a time when anyone could be a mortgage broker, including members of outlaw motorcycle gangs. The shift towards a more regulated and professional industry has set new benchmarks.
Discussing current industry challenges, Matthews points out that brokers hold about 74% market share and are the primary mortgage service Australians choose. He sees the next frontier in commercial loans, agriculture, and properly done chattel finance.
“I think the banks are, and will continue, to push back on us. They can’t compete with our service, nor can they offer a range of products from a range of lenders,” he says.
The solution lies in brokers maintaining integrity, over-servicing clients, and managing administrative costs, he says.
Matthews shares a particularly memorable and challenging experience from his 22 years in broking.
He helped an elderly couple who had been scammed into a low-doc loan for a pine plantation investment.
“This proud Scottish man sat at the table and cried in front of me and his wife, it was heartbreaking,” Matthews says.
He arranged a reverse mortgage to pay off the loan and even lent them $7,000 of his own money. The gentleman passed away nine months later, but not before thanking Matthews for his integrity.
“The lesson is, do what is right for the right reasons. Everything else will look after itself,” he says.
For those aspiring to become brokers or new to the industry, Matthews offers valuable advice.
“You won’t have any income the first two-three years,” he says. “If you are lucky, you will make 50K-plus but you will have expenses. Plan your entrance to the industry and be courageous but cautious.”
“I don’t have a job…. I work each and every day willingly and freely because I love what I do,” he says.
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