How Lendi Group helps women shine

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While female representation in broking may be sliding overall, one company is challenging the status quo to help more women thrive as mortgage brokers and business owners

THEY SAY one thing people in finance should never do is fight the market. That might be true for stocks or interest rates, but it’s a different story when it comes to fixing a trend like the declining numbers of women in broking. Lendi Group is a prime example of how a major player in the industry is working to help women not only remain in broking but also thrive.

Lendi Group was created in 2021 though the merger of Aussie Home Loans and Lendi to form Australia's largest retail mortgage broker. Both were founded as market disruptors to help Australians get better deals, better rates and better information on home loans. Lendi Group’s platform helps customers compare, apply for and settle loans online while being supported by a team of experts and brokers who power its brands, products, services and relationships. With a shared history of challenging the status quo, the two brands provide different experiences for customers, with the same goal of helping more Australians achieve homeownership.

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“Having prominent male voices in the industry advocating diversity through their words and actions [is an initiative that industry bodies could spearhead]”

Ann Phang, Lendi

Female representation across the merged Aussie Home Loans and Lendi organisation currently sits at 32%, with 42% of its new brokers onboarded last fiscal year being female. This compares to an industrywide proportion of 25.6% female brokers recorded by the MFAA in mid-2021 and figures even lower than that in other surveys done this year. While there are many factors at play here, the lack of new female entrants is sometimes cited as a key reason for persistently low representation suggesting there is an image problem. “I think internal concerns prevent many women from entering the industry, whether those concerns are around being able to break into a male-dominated industry or being able to balance the demands of a broking career with family commitments,” says Belinda Woodley, franchisee at Aussie Prospect in SA.

“It’s important to broadcast that broking is a really viable option for women”

Belinda Woodley, Aussie Prospect, SA

Aussie Prospect is currently the top-performing store in the Aussie network and has five female brokers. Ann Phang, a top-performing home loan specialist at Lendi, agrees on the image issue. “I think conscious and unconscious beliefs and perceptions play a huge part,” she says. “People’s knowledge of the industry and what being a broker entails might be outdated.” Female strengths The reality is that, compared with many other pathways, a career in broking is better suited to women, who often juggle other responsibilities. But much more could be done at the industry level to promote this. “It’s important to broadcast that broking is a really viable option for women,” says Woodley. Phang cites measures to increase the number of women in higher positions; a framework for organisations to promote workplace diversity; mentorship programs for graduates; celebrating successes often; and better engagement with the media as some of the initiatives that industry bodies could spearhead. “Having prominent male voices in the industry advocating diversity through their words and actions [is another],” she says. While overall the number of women in broking has declined during the pandemic, positive dynamics around the mainstream acceptance of remote work may bode well for an uptick in female brokers down the track. “Being able to nominate your own hours means work can be balanced with other commitments,” says Woodley.

The ability to earn a passive income from commissions and trail if life’s circumstances dictate that your hours be reduced for a period is also a key advantage, she adds. It's also possible to leave the industry temporarily without too much career impact. “Broking is a skill for life, so for younger women with aspirations of starting a family, it's always something you can come back to when you are ready.” While larger than the national average, the gender pay gap of 20.6% in the broader finance industry is coming down faster than in many other industries and may not necessarily apply to

A mentoring role Woodley has been in the industry for 16 years and knows the importance of career development to the young women who join it. Of the 232 Aussie stores, 28% are owned by at least one female franchisee, and Lendi Group is committed to providing pathways for more women to build thriving, scalable businesses. “I prioritise the development of our brokers by maintaining a mentoring roster with my team where I provide direct support, including sitting in on client meetings,” she says. “This allows for the quick identification of skill or learning gaps.” Women also have an abundance of innate skills that broking requires. “Women are often more nurturing than men, which lends itself well to being able to build rapport with clients,” says Woodley.

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“Having prominent male voices in the industry advocating diversity through their words and actions [is an initiative that industry bodies could spearhead]”

“It’s important to broadcast that broking is a really viable option for women”

“Having prominent male voices in the industry advocating diversity through their words and actions [is an initiative that industry bodies could spearhead]”

“It’s important to broadcast that broking is a really viable option for women”

While female representation in broking may be sliding overall, one company is challenging the status quo to help more women thrive as mortgage brokers and business owners

Female representation across merged Aussie and Lendi group

32%

mortgage broking to the same degree as some careers in finance. This is due to the prevalence of commission-based pay in broking jobs, which tends to even out remuneration levels according to performance, Woodley says.

Proportion of Aussie franchises with at least one female owner

28%

This is particularly helpful if women are making the key financial decisions for the household, she adds. The central role women play in household finances means that many feel more comfortable engaging with a female broker. The more challenging economic environment of 2022 presents the ideal chance for some of these skills to shine. “Now is the time to coach people through the storm and help them find different ways to cope,” says Woodley. She says there are always opportunities regardless of where interest rates or property prices are heading, and it’s a matter of adjusting to the market and keeping people informed. Phang focuses on making the home loan process less daunting for her clients. “I like to take on an ‘educator’ role with my customers and carefully explain each step I’m taking,” she says.

Good listening skills are another strength many women possess that are important for relationship building and long-term success. It’s Phang’s ability to educate her clients and carefully guide them through the home loan journey that underpins her achievements, including ranking as the top-performing Lendi broker in 2021. Her selection to join Lendi Group’s performance and development program, Signature, which identifies the top 10% of the broker network and provides them with opportunities to further elevate their results, suggests even greater things are to come for her. Setting an example Lendi Group and the success of its female employees is evidence of the potential that exists for the industry as a whole to change the narrative and be more welcoming to women, offering an environment that leverages female strengths. Changing the image of broking as a male-dominated industry is an important step towards eventually improving the representation statistics. This commitment starts at enterprise level through Lendi’s participation in such initiatives as Project F, which involves identifying and addressing the systemic barriers to achieving sustainably gender-balanced technology teams.

Women’s successes are highlighted internally and externally by Lendi Group to ensure visibility and representation in the industry landscape. The broker network is also supported by a large group services team, more than 45% of whom are female team members. Notably, women make up over 50% of Lendi’s distribution and marketing teams. While these employee groups do not count as mortgage brokers in the industry statistics, they are perhaps one example of an under-the-radar opportunity to appeal to potential future female brokers. “Increased representation and visibility for women in the industry would assist in reducing barriers to entry for women by making the industry more attractive,” says Phang.