Former banker's leap into broking highlights the power of resilience, risk-taking, and vision
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.
MPA caught up with William Chen (pictured above), lending specialist at Pacific Mortgage Centre, who shared how perseverance and a leap of faith led him from banking to broking — despite financial setbacks and early doubts.
Full name: William Chen
Job title: Lending specialist
Company: Pacific Mortgage Centre
Number of years in the industry: 23
Location: Sydney
How and when did you become a mortgage broker?
Looking back, I often wonder where I found the courage to make the leap into broking. Much of that courage, I believe, came from my father — though that’s a longer story for another time. I was about a year and a half into my marriage, carrying a mortgage, and my wife wasn’t in a stable financial position. When my mother-in-law found out that I planned to resign from my job at the bank, she and my father-in-law showed up at our home at 11pm. Tearfully, they asked how I intended to support the family and made me promise to return to the bank after six months if things didn’t work out. My boss granted me stress leave and wrote a letter to HR that left the door open for my return. My colleagues thought I had lost my mind.
When I eventually made the switch to broking, I discovered just how hard the road ahead would be. In my first year, my taxable income was only around 5% of what I had earned at the bank. I had invested most of the business income into advertising — across 9-5 Magazine, Val Morgan Cinema at Hoyts, Chinese newspapers, letter drops, and directories. My accountant advised me to seriously reconsider my path.
Relationships with my in-laws were strained, but I held onto encouragement from my youngest sister who reminded me, “The Great Wall wasn’t built overnight.” She echoed the wisdom of my late father, who always said, “Don’t be afraid to fall — just make sure you know how to get back up. Success is the mother of failure.” In those first two years, I didn’t dare have children. Running a small business without government support meant surviving on less than minimum wage, with no holidays or overtime. It was a difficult start, to say the least.
In your opinion, what has been the most positive development in broking?
One of the most significant improvements has been the transparency of Veda credit reports, which has helped brokers manage client expectations better. Technology and digital systems have also revolutionised the way we work. E-lodgements replaced old-school faxes and postage, and now we benefit from tools like online valuations, DocuSign, VOI verification, and electronic statements. These not only save space but also speed up data retrieval and streamline operations.
Mobile technology has played a key role as well, allowing brokers to manage appointments, read and respond to emails, and take office calls while on the move. It’s also made advertising more affordable through social media. Meanwhile, an increased number of lenders and product options have empowered brokers to offer better choices to clients. Simplified government regulations, such as standardised living expense formats and clearer distinctions under NCCP, have further improved transparency. Finally, improved access to property information has allowed consumers to make more informed decisions, helping us guide them more effectively.
What challenges do you see currently facing the industry, and what solutions would you propose?
The cost of doing business is a major challenge. Processing costs go beyond salaries, with the 12.5% superannuation adding significant pressure. Many brokers are now outsourcing loan processing offshore to manage expenses. There’s also a serious issue of conflict of interest — bank lenders can override broker deals or bypass income verification entirely to close larger loans, undercutting brokers who are strictly following regulations.
Banks can waive fees for new clients, while we cannot, making the playing field uneven. On top of that, clawbacks are devastating — we put in all the effort to settle a loan, only for banks to poach those clients later. We lose both the upfront commission and the trailer income that sustains our business. The current focus on mandatory living expenses also adds stress, with lenders applying a one-size-fits-all approach that doesn't reflect individual lifestyles.
Another growing concern is mental health. Many brokers are struggling to maintain a balance between work, personal wellbeing, and family life. The high costs of living, rising overheads, and pressure to meet client expectations have created a crisis where brokers lack the time to rest or exercise. It’s not about unwillingness — it’s about being time-poor in an increasingly demanding profession.
Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
After more than 23 years in the industry, there are far too many challenging moments to list. I’ve had clients take advantage of my services, lenders override approved loans that offered lower rates, and I’ve even seen clients at 2am to get deals done. In one case, a loan that was initially approved was later declined because the bank said there was too much exposure in one unit block.
There were also times when clients simply decided not to proceed with a loan after approval. Perhaps most disturbing was an incident involving a client who pretended not to speak English and filed a complaint with AFCA, falsely accusing me of forging loan documents and valuations. They then attempted to extort a cash settlement to withdraw their complaint. Unfortunately, these stories are more common than many realise — and there are countless more where those came from.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
To succeed as a mortgage broker, you’ll need several key ingredients. First and foremost, if you’re starting out, make sure your partner has a stable income and is ready to support you financially for at least three years. When I started, I chose not to have children during those early years because of the immense financial pressure.
You need a genuine passion for helping people — this isn’t an industry for those chasing quick money. Prior lending experience, especially from working at a bank, can give you a strong foundation. It’s also essential to build a solid network and prepare to work exceptionally hard, often sacrificing family time on weekends and evenings.
New brokers should not expect to earn even minimum wage at the beginning — you’ll likely incur losses early on. Strong interpersonal skills are non-negotiable. You must be honest with clients about their borrowing capacity, even when the truth is hard to deliver. Being a good listener and documenting every detail shared during interviews is critical. Most importantly, you need to have an iron will. The journey is full of challenges, and only those with true grit and determination will persevere and thrive.
Broker in Focus is a weekly MPA feature spotlighting mortgage brokers from diverse firms and locations across Australia. Among those recently featured are 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, Luke Mansour of Legal Home Loans, and Livio Tramontin of MPL Mortgage Services.
Are you a mortgage broker interested in being featured? Email the author with your details.
