Bringing more women into the mortgage space

Attracting more women to the mortgage industry is an important goal for many in the sector. However, women looking to enter the mortgage space can still face obstacles.

Nicole Cannon, director and senior finance broker at Pink Finance – and an MPA Elite Woman for 2022 – recently chatted with MPA about the stumbling blocks women in mortgage face and how to overcome them.

Cannon said that the perception of mortgage brokers’ pay structure can be an issue for many women considering the industry.

“Women like to have security,” she said. “And I think the perception of many mortgage brokers is that we’re commission only, and that becomes quite a barrier for women to go, ‘You know what? I want to become a mortgage broker because it’s an awesome role for working moms.’ You know, it does allow you to work around school drop-offs and pick-ups and that type of thing … we can work around personal appointments.”

Cannon stressed that mortgage broking offered options for more dependable compensation.

“There is the promotion and there is the push of more [pay-as-you-go] brokers to come under broker groups, and that enables women to get involved in the industry where you get a bit of security and surety as to income for their families,” she said. “I think there’s pathways into the industry.”

Read next: Revealed – the Australian mortgage industry’s elite women

She also said that many women might shy away from broking because they don’t think they’re qualified.

“You know, the statistics are out there where, you know, if women don’t feel like they can satisfy most requirements that are on a job description, they’re not going to even apply,” she said. “[But] there can be pathways to get into the industry. So you can start in as a processor or a power broker doing credit research – and then you can evolve your skills where you become a power broker. Then in 12 months, 18 months after you’re gaining those skills, you can take that next step into becoming a broker.”