Broker in Focus: Rachel Slekenics, Low Rate Home Loans

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 features Rachel Slekenics (pictured above), principal of Low Rate Home Loans, who draws on 20 years of industry experience to highlight the decline in skilled brokers — and advocates for structured training to nurture the next generation and secure the industry’s future. 

Full name: Rachel Slekenics
Job title: Principal
Company: Low Rate Home Loans
Number of years in the industry: 20
Location: Tea Tree Gully SA

How and when did you become a mortgage broker?

I have been a mortgage broker for exactly 20 years this year. I was late to start a career in finance as I completed my Cert IV when I was 33 and started in broking the same year. My first aggregator was Loan Market, followed by Bernie Lewis. My husband and I then owned a RAMS franchise for five years before developing our own brand, Low Rate Home Loans, in 2018, where we now aggregate once again through LMG.

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

I think the database marketing tools available to mortgage brokers now are wonderful. They allow brokerages to streamline their communications with clients and help with client retention.

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

I worry that mortgage brokers as an industry are dying out. As the veterans of the industry hang up their loan-writing boots, they aren’t being replaced by young people who know their stuff. I have seen many brokers make a start and fail due to lack of training. I think our role is perceived as one in which you can “get rich quick” and not one where you need to undergo an apprenticeship to learn everything from the ground up. I feel that, as an industry, we need to invest in the development of a mortgage broking traineeship aimed at skilling its inductees in all aspects of loan processing so that we are ensuring the longevity and professionalism of our role as mortgage brokers.

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

My husband and I were both brokers when the Global Financial Crisis hit, and I was on maternity leave with our youngest child. During this period, my husband also lost his role at Mortgage Choice, and for a while, we were both unemployed. It was touch-and-go if I would continue in the industry, and we were both concerned if it would work out for us. But after my maternity leave, I joined iconic Adelaide brokerage Bernie Lewis, and shortly after, my husband Robert worked there too.

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

The best advice I could give to anyone considering a career as a broker is to start in a support role for a brokerage that has diversified experience and the time to invest in you. My best brokers have been the ones who have not been concerned with making their mark overnight but who have been in it for the long haul and have wanted to learn every aspect of the loan process to ensure their success.

Broker in Focus is a weekly MPA feature spotlighting mortgage brokers from diverse firms and locations across Australia. Among those recently featured are William Chen of Pacific Mortgage Centre, Hayden Folbigg of Bigg Mortgage Group, Russell Munfaredi of Mortgage Pros, Brett Wadelton of My Expert®, Jasmine Alexander of Prosperity Mortgage Partners, Cory Palazzolo of Think Home Loans, Janine Ashmore of Bliss Home Loans, Allan Culbertson of Ledge Home Loans, Katherine Persoglia, Property Before Prada, and Luke Mansour of Legal Home Loans.

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