This article was produced in partnership with Mortgage Choice
Mortgage broking has long been a male-dominated industry and in recent years, industry bodies and aggregators have been working to change that.
One brokerage advocating for change is Mortgage Choice – an organisation determined to increase the representation of women in broking through its Aspire Program.
Launched in 2020, Aspire was created to support and promote the female talent in the Mortgage Choice network.
The initiatives delivered under the Aspire banner are developed in partnership with a committee of brokers and Mortgage Choice head office staff who have been instrumental in the program’s success.
“In 2021, women represented 27% of our franchise owners. By 2023, that figure had increased to 30%,” said Sally Chadwick, executive manager for corporate communications, events and franchise marketing at Mortgage Choice.
Looking at the number of brokers in the network overall, women occupy an even higher proportion at 34%.
“And last year, 42% of our new recruits were women,” said Chadwick.
The increase might not seem large, but recent Mortgage & Finance Association of Australia’s (MFAA) data shows the percentage of women brokers across the industry overall consistently stalled near 25%.
So, what has Mortgage Choice done differently?
“Mortgage Choice launched the Aspire program to deliver development and community-building initiatives for the women in our network, and to play our part in increasing the representation of women in broking.
“Each year we run two national roadshows with fantastic keynote speakers, we deliver learning opportunities and we even run women-focused recruitment campaigns,” said Chadwick.
Aspire keynote presenters have addressed topics such as gender equity and economic empowerment, strategies for high-performance, resilience and effective networking techniques to Mortgage Choice brokers around the country.
Additional professional development opportunities have included media training and a virtual masterclass series that provided tailored content to support emerging and established brokers as they activated their professional brand and accelerated their performance.
Providing relevant professional development opportunities is an important factor in closing the representation gap and attracting more women into the broking industry.
“Creating more opportunities for women to thrive in a supportive environment is part of making broking a more accessible career choice,” said Chadwick. “And you can’t underestimate the importance of visible representation in driving meaningful change.”
To this end, Mortgage Choice delivers media training to groups of female franchisees and actively promotes women brokers as media commentators on home loan matters, which has delivered a fourfold increase in the number of its women brokers providing media commentary.
Mortgage Choice actively celebrates women in broking through its targeted sponsorship of industry awards and events, which puts a spotlight on women in the industry who are scaling new heights in business and delivering exceptional customer outcomes.
Having more female role models in broking creates a positive feedback loop, builds confidence and aspirations, and strengthens the pipeline of women considering a career in in the industry.
The fact that mortgage broking overall remains a male-dominated industry can be daunting for women starting out or looking for a practical advice about how to juggle demanding priorities.
“Working in male-dominated industries can feel isolating for women and can sometimes make it hard for women to find and connect with peers who might be facing similar challenges, for example building a small business while raising a family,” said Chadwick.
“That’s why it’s so important to spend time building a strong network. These connections can be a rich source of learning and support.”
Building community is critical to create a sense of belonging and retain women brokers in the industry long-term.
Mortgage Choice state office teams regularly organise catch ups with the women in their networks to provide opportunities to share and connect in a local setting.
To learn more about Mortgage Choice or its Aspire program, visit here.
A part of leading digital business REA Group, Mortgage Choice is a national franchise broking business with more than 1,000 brokers and over 800 franchisees around Australia. For more than 30 years, Australians have trusted Mortgage Choice brokers to help them find the right home loan to finance their property dreams.
