No shortcuts: For this broker, mortgage broking is about refining processes, earning trust and nurturing relationships
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.
For this edition, MPA is shining the spotlight on Raj Ladher (pictured top), senior mortgage broker at Mortgage Wealth, who has spent the past 19 years helping Australians make smarter financial decisions.
From mentoring new brokers and navigating complex compliance, to embracing a paperless office and virtual assistants, he sees mortgage broking as a “long game” that rewards a clear point of difference, strong processes and a commitment to guiding clients through the often stressful homebuying journey.
- Full name: Raj Ladher
- Job title: Senior Mortgage Broker
- Company: Mortgage Wealth
- Number of years in the industry: 19
- Location: Central Coast
How and when did you become a mortgage broker?
Having completed a master’s degree in Financial Management in 2006, I knew I wanted to help people make better financial decisions. I soon got a job in the financial services sector as a paraplanner and obtained my qualifications as a mortgage broker. It was the wild, wild west back then, with banks offering 125% LVR mortgages – not surprisingly, the global financial crisis hit soon after.
In your opinion, what has been the most positive development in broking?
Personally, I like the transparency and trust that Best Interest Duty has brought to our industry. I love mentioning to our clients how we mortgage brokers are mandated to work in our clients’ best interests, which is far from what the banks are required to do in their direct-to-consumer channels.
Although it needs a better framework, I believe our mentorship requirements for new brokers are great, as there is so much to navigate in our industry, especially in the earlier years. I was fortunate to work with 30-plus experienced brokers in one office, allowing me to be guided through those initial years.
What challenges do you see currently facing the industry, and what solutions would you propose?
The industry is fast-paced, and brokers need to stay across the ever‑changing market, products and client needs, including commercial, asset and business finance. Building strong relationships with all providers they have access to will help brokers navigate this.
With the banks trying to take some market share back from brokers, championing our point of difference – which is choice, convenience and customer service – should never be negotiated. My team and I prioritise building strong relationships with our clients, making sure we take the time to listen to them so they don’t feel like a number.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
Even with 19 years of experience under my belt, every day is a school day. However, some of the main lessons I have learnt over time are:
We are a relationship- and solution-based provider. Most clients (and brokers) talk about interest rates, which is important; however, understanding the client’s short-, medium-, and long‑term plans allows you to help them much more than simply providing a low rate. Keeping an ongoing relationship by providing annual reviews is far more valuable to clients than just a low rate without any follow‑ups.
Don’t get bogged down in the paperwork. With ongoing compliance and bank requirements, getting bogged down with the paperwork reduces your time to focus on growing your business. Getting help with some of these administrative tasks will significantly help you grow. Naturally, there is a cost for help; however, there are many options now with virtual assistants where you can pay per file as opposed to a full‑time salary. My team takes so much off my plate, allowing me to speak with new and existing clients and referral partners.
Embrace technology. Since going paperless in 2020, I haven’t looked back. Using an aggregator CRM that allows you to do all your compliance and customer tasks – i.e. client fact‑find, securely uploading their documents – can significantly increase productivity. I have used many different systems – the good, the bad and the ugly – so take time to understand your aggregator’s CRM prior to joining them.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
Unless you have deep pockets, the mortgage broking business is “the long game”. Building your processes, relationships and trust takes a long time and is ongoing. However, it is very rewarding once you are established.
Know your point of difference and “your why”. This allows you to explain to your clients why they should choose you over your competition. Our value add to our clients is simplifying a typically stressful mortgage and homebuying process by clearly articulating the next steps.
Broker in Focus is a weekly MPA feature spotlighting mortgage brokers from diverse firms and locations across Australia. Among those recently featured are Chris van Rijswijk of Northern Beaches Wealth Home Loans, Ajay Krishnan of Home Loans Fast, Fae Kett of Tembo Money, Tanya Seth of Simpl Home Loans, Steve Tikellis of Excellence Home Loans, Rory Sercombe of Own Money, Brodie Brown of BH Brown Mortgage Brokers, Jason Brown of Home Loans Australia, Chris Bowers of Complete Home Loans, and Jayden Pinto of Aussie Home Loans Geraldton.
Are you a mortgage broker interested in being featured? Email the author with your details.
