Mortgage broking is an industry that has traditionally been dominated by men, and recent reports do not show this is shifting anytime soon (according to the MFAA the proportion of female brokers has fallen to 25.8%, the lowest level since 2016). So, in honour of International Women’s Day, and to celebrate the work of all brokers in Australia – we wanted to throw some light on the amazing work being done in this field – and to highlight some of the key skills we believe set women brokers apart.
Why should women consider mortgage broking as a viable business or career path?
The flexible nature of mortgage broking allows people to schedule work around their other commitments and juggle family life while still providing excellent service to their clients. Setting your own hours, choosing your own clients and not needing to attend in-person meetings are just some of the many benefits women brokers report…
“Despite still being a male-dominated industry, Mortgage Broking is such a great choice for women, especially in this post-covid era when remote work is so attractive. Like any industry, there is always a lot going on, but the flexible nature of mortgage broking allows you to schedule work around your other commitments and you can juggle family life with running a successful business.”
~Amanda Gleig, former leader in the mortgage broker business (Money Wise and OpenFinance), and now training and development manager at Auctus Coaching
What can the mortgage broker industry offer women?
The same benefits of course also apply to anyone joining the brokering world, but we wanted to highlight the specific benefits for women here as they are a much-underrepresented minority (and have so much to offer) in the broker world.
The mortgage broking industry has few key benefits for women, such as the ability to work remotely or part-time, working from home or close to home, and setting your own hours are all major benefits that many traditional roles do not afford to women who wish to care for young children (and/or aging parents). And this is a real issue for so many women in Australia, with some recent statistics showing the dilemma many face who want to work, grow their careers and enjoy success but are often limited in their options:
A report by the Australia Institute estimates there are almost 400,000 stay-at-home mums aged between 25 and 44 who want to go back to work but can not.
The report’s author, David Richardson, says
“80 per cent of Australia’s hidden unemployed are stay-at-home mums who want to work outside the home”.
Why women could be the secret weapon in the mortgage broker industry
And let’s be clear here, this isn’t just one way. The mortgage broker industry (like most others) is actually missing out on key advantages by not having an equal representation of women in their business.
“Women have such a diverse range of skills and qualities that are particularly suited to the mortgage industry, which can help them to truly understand their clients’ needs and find the best solutions. Having both male and female perspectives and experiences can ultimately only strengthen the industry and benefit clients.”
~Amanda Gleig, a former leader in the mortgage broker business (MoneyWise and OpenFinance), and now training and development manager at Auctus Coaching
One of the key reasons that women are well-suited to the mortgage broking industry is their ability to understand and empathise with clients’ needs. Excellent communication skills, empathy and attention to detail are all essential qualities for a successful mortgage broker and often the natural skills that women bring to the table. They can often better help clients navigate the complex world of mortgages, explaining the process in clear and understandable terms as well as supporting them to provide guidance as they work towards their goal of owning a home.
Another advantage of having women in the mortgage broking industry is the different perspectives they bring. Women may have a different approach to problem-solving, and they can offer a unique perspective that can help clients find the best solutions.
In recent years, there has been a push to encourage more women to enter the mortgage broking industry and in late 2022, MFAA CEO Anja Pannek announced their commitment and action steps to attract more women brokers to the industry…
“To successfully increase the participation of women, and people from other diverse groups, as mortgage and finance brokers, we need to nurture an environment where they feel valued,” said Ms Pannek.
“Our members have told us that to do this, training, education and sharing best practice is critical. The MFAA has been actively providing resources and opportunities for brokers and other industry members to understand and be involved in sparking change.”
These resources include an Inclusive community hub on the MFAA website providing diversity, inclusion, mental health and wellbeing learning resources, research, videos and presentations.”
The future for women in the mortgage broker world
As the industry continues to evolve and adapt to changing circumstances, it is essential that women are encouraged and supported in their pursuit of a career – or business – in mortgage broking. By doing so, we can ensure that the industry is diverse, inclusive, and representative of the communities it serves. Women have a valuable contribution to make in this field, and it’s time to recognise and celebrate the important role they play in the industry.
We’d love to hear your thoughts on this and what else can be done to improve the representation of women in the mortgage broker industry in Australia.
Celebrate International Women’s Day with Auctus Coaching! We empower women to take control of their financial future. Join us for a discovery call with our expert mortgage broker, Christian Paterson, and discover how we can help you achieve your financial goals. Don’t miss this opportunity to invest in yourself and your future. Book your call today or fill in our online form for more information. Let’s make International Women’s Day a day of action and empowerment!
