When the one-trick broker runs out of road

Market share for resi is at new highs – so why are the smartest brokers looking somewhere else?

WHEN A market hits a record high, the smartest players temper celebration with caution. They ask what they’re missing. With mortgage brokers now writing 81% of all new home loans in Australia, the wise understand that when the growth ceiling gets closer, you need to look sideways. Clients are getting more complex. Their financial lives don’t fit cleanly into a single payslip or a standard owner-occupier application. And the brokers who are pulling ahead aren’t necessarily writing more loans. They are writing different ones. Diversification has become one of the more overworked words in Australian financial services, but the conversation happening among specialist lenders right now is more specific and practical than the usual exhortations to brokers to broaden out. It’s about capability, risk discipline and the kind of deliberate positioning that separates a transactional operator from a trusted adviser. Beyond the payslip The starting point is the borrower, and the borrower is changing. “The client profile is becoming more diverse, both financially and demographically,” says Aaron Taylor, head of non-standard lending at Bluestone Home Loans. “For brokers, that means more opportunity to support a wider range of clients and build stronger, longer-term relationships. More borrowers have income that doesn’t fit neatly into a payslip, and more expect solutions that reflect their real circumstances.” That shift has been building for years, but its implications for brokers are still working through the industry. A growing proportion of working Australians are self-employed, operating through trusts or company structures, have multiple income streams or operate somewhere between contractors and business owners.

Standard credit models were not built for such groups, which means brokers who rely solely on standard products are, by definition, turning some of those clients away. Chris Meaker, head of sales and distribution at Brighten Home Loans, sees this as a structural opportunity rather than an edge-case problem. “Many borrowers don’t fit into a neat lending box, so we work closely with brokers to understand the full story behind each application,” he says. Through scenario support, tailored credit assessment and adaptable documentation requirements, Brighten works to help brokers find solutions for clients who might otherwise be overlooked. Taylor echoes that framing. “We’re seeing a shift in mindset from leading brokers,” he says. “Non-bank solutions are increasingly part of the plan from the start, of the discussion with clients. Brokers who take that proactive approach tend to move faster and deliver a smoother experience for their clients.” The commercial gap If alt doc and non-standard residential represent one growth frontier, commercial lending represents another – and a significantly underdeveloped one. Broker penetration in commercial sits well below residential, and the reasons are less structural than psychological. “Commercial broker penetration still lags residential largely because of perception rather than actual accessibility,” says Meaker. “Many brokers view commercial lending as more complex, time-intensive and outside their core skill set, particularly when it comes to structuring deals, interpreting financials or navigating different credit frameworks.” Taylor is more direct about what is holding brokers back. “Confidence and complexity can be barriers for brokers wanting to diversify,” he says. “Commercial property deals can be more nuanced and, without the right support, can feel complex or challenging for brokers who haven’t spent time in that space.”

Thinking in segments, not just products One of the more interesting threads in both conversations is the argument for segment-led diversification rather than product-led diversification. The typical industry conversation focuses on adding commercial or alt doc to a broker’s suite. The alternative is to pick a borrower type and go deep. “There’s absolutely a strong case for diversifying client segments, and in many ways, it can be more impactful than product-led diversification,” says Meaker. A broker who focuses on self-employed clients, for example, may work closely with accountants, develop fluency in interpreting non-standard income and build a referral network that generates its own momentum. The product knowledge follows from the segment, rather than the other way around.

Taylor agrees. “Brokers who focus on a clear segment often build deeper expertise and stronger referral networks,” he says. “In practice, it’s about understanding the common challenges within that segment, aligning with lenders who can support those needs and creating a consistent, confident experience. Over time, that positioning becomes a real driver of growth.” The practical implication is that diversification doesn’t require a broker to become a generalist across every product category. It can mean becoming a genuine specialist for a particular kind of borrower. The referral question Expanding the scope of what a broker does inevitably raises the question of where that scope ends. Clients with complex financial lives often need more than a lending solution. They might need tax advice, financial planning and legal input. Brokers who are deepening client relationships will eventually hit that boundary. “Brokers play a central role, but they don’t need to do everything,” says Taylor. “The best outcomes can be the result of a trusted hub of strong referral relationships with accountants, financial advisers and specialists. Knowing when to bring others in is a strength, not a limitation.” Meaker makes the same point from a different angle. “As brokers take on a more central role in a client’s financial life, it’s important they think of themselves as the hub of a broader professional network, rather than a substitute for other specialist,” he says. The value lies in understanding the client’s overall position and recognising when specialist input is required. “Knowing when to refer is just as important as knowing how to structure a loan.”

Brighten is an Australian-owned and -regulated non-bank lender, responsible for the origination, underwriting, servicing and funding of our mortgage portfolio. We have well-established warehouse-funding arrangements with multiple top-tier banks, two public RMBS programs and multiple wholesale credit funds to provide further funding diversification. Brighten’s comprehensive set of product offerings includes competitive home loans for prime and near prime borrowers, the self-employed, alternative-documentation loans, ex-pats and non-residents, as well as commercial loans.

In Partnership with

According to the latest ABS Characteristics of Employment survey, there were 1.1 million independent contractors in Australia as of August 2025, representing 7.6% of all employed people – an increase of 33,000 from August 2024. Separately, the latest ABS Labour Account Australia recorded 978,000 multiple-job holders, representing a multiple-job-holding rate of 6.5%. The multiple-job-holding rate held between 5.0% and 6.0% for the 25 years to 2019 but has remained at record highs of between 6.4% and 6.7% since June 2022. This is a cohort whose blended or variable income streams often sit outside standard lending criteria.

Chris Meaker

Brighten

Industry experts

Aaron Taylor is a senior leader at Bluestone Home Loans, bringing deep experience across non-bank lending and broker partnerships. He works closely with brokers to help them navigate complex scenarios and grow their businesses with confidence. Taylor has a strong focus on supporting underserved customer segments, including self-employed borrowers and those with non-standard financial profiles. Known for his practical approach and commitment to service, he champions solutions that balance flexibility with responsible lending. At Bluestone, he plays a key role in driving initiatives that strengthen broker capability and improve outcomes for clients who may not be well served by traditional lenders.

Bluestone Home Loans

Aaron Taylor

Chris Meaker has over 21 years of experience in the finance industry with a focus on lending, business development and sales management. Prior to joining Brighten, he worked at La Trobe Financial, where he was an executive general manager and head of origination channels. Previously, he worked at Pepper Financial Services Group as state manager and senior business development manager. He also holds a diploma of finance and mortgage broking.

Brighten

Chris Meaker

What goes wrong Diversification done poorly can be damaging. Deals fall over. Compliance files come up short. Clients end up in products that don’t suit their circumstances. Understanding how that happens is as useful as understanding how to avoid it. “When diversification doesn’t go to plan, it typically comes back to a gap between experience and preparation,” says Meaker. “This might show up as a deal that falls over because it wasn’t structured correctly upfront, a client being placed in a product that doesn’t fully meet their needs or documentation that doesn’t stand up to compliance requirements.” Such failures are not deliberate. They stem from insufficient familiarity with the nuances of a new segment or product combined with moving too fast. “In most cases, it’s not a failure of intent – it’s a lack of familiarity with the nuances of a new segment or product,” says Meaker. Taylor reframes the question slightly. “What often gets mistaken for ‘diversification risk’ is really just a lack of early alignment,” he says. “Stepping into something new without a sounding board can let uncertainty creep in.” Brokers who bring their scenarios to their BDM early can workshop structure, create clarity upfront and move forward with confidence.” “Diversifying can be a powerful growth lever for brokers,” Taylor adds. “With the right support around them, stepping into new areas becomes simpler, more confident and far more scalable.”

“Commercial property deals can be more nuanced and without the right support can feel complex or challenging for brokers who haven’t spent time in that space”

Aaron Taylor, Bluestone Home Loans

The recent removal of negative gearing on established residential properties and the restructuring of the capital gains tax discount also reduce residential investment’s appeal for many buyers. Commercial property, by contrast, retains full negative gearing benefits – a structural advantage that could draw investors who are reassessing their portfolios in light of the new rules. Some non-banks see the gap beginning to close, partly because residential brokers already have the potential clients. Most established brokers are sitting on a book of business owners, investors and self-employed clients with commercial or business lending needs they are not being asked about. The conversations are already there. The product knowledge is the missing piece. “Brokers who take a gradual approach – starting with simpler commercial scenarios and building from there – are realising that it’s a natural extension of the relationships they already have,” says Meaker.

Building incrementally The picture that emerges from both lenders is consistent. Diversification is not a switch to flip. It is a capability to build, deal by deal, segment by segment, with lender support filling the gaps while broker confidence accumulates. “Brokers who succeed tend to start small, lean on lender support and gradually build confidence through experience,” says Meaker. “Putting the right processes and checks in place early is also critical, particularly from a compliance perspective.” For Taylor, the common thread across all of it comes back to one thing – partnering with capable lenders. “Brokers don’t need to have every answer,” he says, “but they do need the right support around them.”

“Brokers who take a gradual approach [to commercial lending] – starting with simpler ... scenarios and building from there – are realising that it’s a natural extension of the relationships they already have”

Chris Meaker, Brighten Home Loans

Published 27 Jul 2026

Aaron Taylor

Bluestone Home Loans

Homeownership is a fundamental part of the Australian dream. However, the path can be challenging, especially when traditional lending can be strict and unforgiving. We’re here to change that. Since 2000, Bluestone Home Loans has been helping borrowers with complex or unique financial situations access the market with confidence – offering a chance to purchase property, when others won’t – by offering tailored lending solutions. We empower brokers to serve a broader range of clients, from self-employed professionals to borrowers with past credit issues or those seeking niche lending options. With a 25-year legacy, Bluestone Home Loans has become a trusted leader in the Australian lending market, known for delivering innovative, flexible and straightforward solutions that break the mould of traditional lending.

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Brokers also writing commercial loans

Source: MFAA Industry Intelligence Service report, 19th edition

8,000

4,000

3,000

2,000

1,000

Oct 2019− Mar 2020

Apr 2020− Sep 2020

Oct 2020− Mar 2021

Apr 2021− Sep 2021

Oct 2021− Mar 2022

Apr 2022− Sep 2022

Oct 2022− Mar 2023

Apr 2023− Sep 2023

Oct 2023− Mar 2024

Apr 2024− Sep 2024

Proportion of total

Number of brokers

show/hide values

4,486

4,727

4,539

5,369

5,268

5,864

6,118

5,654

6,755

Source: ABS Multiple job-holders data, seasonally adjusted

Australia’s multiple-job holders

Brokers

Ben Mckell

Brighten

Anja Pannek

MFAA

5,000

6,000

7,000

7,023

27.3%

27.5%

27.9%

28.8%

31.8%

30.1%

28.5%

30.7%

31.5%

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5.8%

770,400

Dec 2019

Quarter

Rate

Multiple-job holders

6.6%

986,400

Sep 2024

6.7%

990,500

Dec 2024

6.5%

963,100

Mar 2025

6.5%

978,000

Mar 2026