Broker in Focus: Luke Serra, Loan & Finance Brokers

Broker in Focus is a dedicated series that highlights the unique journeys of mortgage brokers, providing them with a platform to share their experiences, insights, and expertise. Through compelling personal stories and professional reflections, each featured broker recounts the key moments that have shaped their careers, delves into the challenges and opportunities facing the industry today, and shares the valuable wisdom they have gained along the way.

This week, MPA is featuring Luke Serra (pictured), mortgage broker at Loan & Finance Brokers, who made the bold leap from a decade-long career in education to the dynamic world of mortgage broking. Swapping the classroom for client consultations, Serra has quickly established himself as a trusted adviser in Perth’s competitive finance sector.

Drawing on his background as a teacher and school leader, he brings a unique blend of empathy, problem-solving skills, and a passion for helping others – qualities that have already seen him guide clients through millions of dollars in loans in just over a year. As he reflects on his journey, Serra shares the challenges, rewards, and lessons learned from his transition, offering valuable insights for both newcomers and seasoned professionals in the industry.

Full name: Luke Serra
Job title: Mortgage broker
Company: Loan & Finance Brokers
Years in the industry: 1 year
Location: Perth, WA

How and when did you become a mortgage broker?

I became a mortgage broker in July 2024, following more than a decade as a Physical Education teacher, where I eventually progressed into leadership roles as head of department and deputy principal. I genuinely loved teaching, especially building trust and rapport with students, parents, and colleagues. However, over time, the role began shifting away from what first drew me into education, and it became clear the profession was facing growing changes – ones I deeply understood were causing many talented teachers to move on.

Interestingly, my first real encounter with mortgage broking came through the parent of one of my former students – she was my broker. Her professionalism, genuine care, and ability to simplify complexity really resonated with me. She guided me when I began exploring the idea of becoming a broker myself, and the decision quickly felt right.

I went from helping teenagers who often weren’t seeking guidance, to assisting adults who genuinely appreciated and valued my support. The satisfaction from this change was immediate. At the same time, broking tapped into my love of problem-solving and critical thinking, two elements I thrived on in education. The first year is indeed challenging, exactly as I’d heard. However, a year into the profession, successfully taking clients through their entire loan journey, I’m processing around $5 million per month and feel excited and optimistic about the path ahead.

In your opinion, what has been the most positive development in broking?

From my perspective, one of the most positive developments has been the significant shift in public perception and appreciation of brokers as professionals. There’s a clear, growing awareness among the community that mortgage brokers offer more than just interest rate comparisons – we’re genuinely trusted advisers who can guide families through one of life’s most significant financial decisions.

Additionally, the increased availability of tools that allow brokers to streamline workflow, automate tedious tasks, and refocus our time back onto client relationships is hugely beneficial. Coming from an education background, where constant reflection and improvement were essential, it’s encouraging to see brokers empowered with tools that allow them to prioritise what matters most: connecting with people, educating clients, and ensuring every borrower feels supported and informed.

What challenges do you see currently facing the industry, and what solutions would you propose?

One of the significant challenges facing brokers, especially those new to the industry, is the overwhelming administrative workload. We spend considerable time navigating multiple aggregator platforms, lender portals, and managing endless streams of document follow-ups. Real progress could be made if industry leaders prioritised meaningful integration between aggregator platforms, lender portals, and broker CRM systems. Automation needs to be smarter and simpler, and lenders and aggregators could do more to streamline policy guidelines and documentation standards across the board. Addressing these specific pain points could significantly reduce burnout and improve client outcomes.

There’s also understandable concern around automation and AI potentially absorbing simple, straightforward ("vanilla") loan scenarios. The reality is this probably will happen to some degree. However, what AI can’t replicate is human empathy, trust-building, and personalised client engagement. Brokers must embrace these uniquely human skills. Developing niche specialisations or expertise in complex lending scenarios is also essential. If we master relationships and understand the nuances of niche areas, we won’t just survive technological disruption – we’ll thrive because of it.

Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?

Early in my broking career, I received several complex client scenarios that, at first glance, seemed daunting. Rather than avoiding them, I leaned into these opportunities. These more intricate applications required me to immerse myself deeply into lender policies, learn how to engage proactively with business development managers, and identify exactly what makes each lender tick.

Navigating detailed application processes, understanding the nuances of policy exceptions, and methodically addressing outstanding lender requirements have rapidly enhanced my knowledge and sharpened my skills. These experiences have taught me how to approach complex files with confidence, clarity, and speed, ultimately benefiting my clients and my own professional growth.

Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?

The single most valuable advice I received when entering the broking industry was to ensure I had at least six months’ worth of savings behind me. Being a husband and father of two, this practical advice was crucial. When you’re starting, the reality is that you’re learning rapidly but getting paid slowly, and broking relies heavily on a healthy pipeline.

I also strongly advise against entering the industry without proper mentorship. When initially exploring my broking options, someone said something that profoundly resonated with me: “Imagine you’re teaching a class, and suddenly someone who has never trained or taught before tries to take over. You instantly know they’re set up to fail.” That analogy convinced me of the necessity of quality training and support, especially in a new industry.

I took this seriously, scheduling interviews with more than 20 broker groups, carefully weighing each opportunity. Ultimately, it was first contact with Sue Whitehurst, the dedicated support person at Perth Mortgage Specialist, led by Michael Harris, that made all the difference. Sue’s genuine care, the seamless interview with Michael, and their commitment to meticulous processes and systems made me feel supported, secure, and invested in from day one.

My advice is simple yet crucial: find a mentor or broker group genuinely committed to your success – someone who will invest in you, share openly, and provide strong support systems. It can make or break your early journey as a broker.

Broker in Focus is a weekly MPA feature spotlighting mortgage brokers from diverse firms and locations across Australia. Among those recently featured are David Meadows of Meadows Advisory, Tom Gu of Aussie Home Loans Chatswood, Tracie Palmer of Cornerstone Home Loans, Harry Green of Low Rate Home Loans, Marisa Schönwolf of CHL Home Loans Leederville, Aimee Bergan of APC Home Loans, Alya Manji of Aussie Home Loans, Leon Ng of Zenith Home Loans, Martin Walmsley of NBS Home Loans, and Cameron Conroy Atlas of Victorian Commercial & Home Loan Group.

Are you a mortgage broker interested in being featured? Email the author with your details.