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The traits of successful mortgage advisers

Success in any field requires positive working habits – being a mortgage adviser is no different.

Monday, July 17th 2023, 10:28AM

by Sally Lindsay

While there are many factors separating the best from the rest, you can improve your chances of joining them by adopting these valuable traits. These have come from sources in New Zealand and around the world. 

1. Communication is king

Effective communication is essential to be able to explain complex financial products to clients. You need to be able to sell the benefits not only to the customer but when applying with the lender. You will need to clearly articulate your thoughts and ideas, listen carefully to clients' needs and quickly identify their pain points and even those of the bank. Then speak only to the solution you can provide. Additionally, you will need to write clear and concise mortgage proposals. The advisers that marry credit expertise with strong communication skills soar above the rest. Be ever ready to take questions and queries from clients and discuss in detail loan products, fees and services.

2. Research skills

As a mortgage adviser, it is essential to have excellent research skills. You will need to find the best mortgage products for your clients, as well as keep up to date with changes in the mortgage market. Topics related to clients' mortgage needs include mortgage products, interest rates, and following industry news. You'll also need to be able to effectively communicate your findings to your clients.

3. Time management

You will often be working with tight deadlines, and will need to be able to manage time effectively to meet clients' needs. You will also need to prioritize your workload and stay organised.

4. Marketing know-how

You will need to have excellent marketing skills to promote your business and attract new clients. You will be able to build strong relationships with clients and referral partners. Social media marketing can be a great way to connect with potential clients and promote your services. However, use social media wisely - avoid spamming people with sales pitches, and instead focus on providing valuable content that will help your target audience.

5. Problem solving and critical thinking

Critical thinking is important to understand the complex financial products available and make recommendations in the best interest of the client. Mortgage advisers who are able to effectively solve problems and think critically will be more successful in helping their clients obtain the financing they need.

6. Insight on law and regulations

You need to have a sharp understanding of the law and regulations surrounding mortgages. This includes everything from the application process to the closing stages of the loan. Without this knowledge, you'll be at a disadvantage when competing against other advisers.

7. Strong maths skills

We're not talking calculus or quantum physics here but you need to have a good handle on completing simple equations quickly over the phone. In particular, when it comes to percentages. Strong attention to detail is needed by advisers and also common sense. This can sometimes blow up in your face when you're trying to apply logic to some bank policies. Nevertheless, completing a preliminary assessment for a client requires you to read supporting documents like payslips, tax returns and bank account statements. In time, you need to be in a position to easily identify where something doesn't add up, figuratively and literally.

8. Interpersonal skills

Strong interpersonal skills are essential for dealing with clients on a daily basis. You will need to build rapport with clients and understand their needs to provide the best possible service. You will also need to negotiate effectively and close deals.

The best advisers recognise they are there to help everyday people change their lives through home ownership. This belief shines through when speaking to customers and actually helps the sales process. Through speaking their language, customers trust you on a personal level.

Tags: Mortgage Advisers

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.69 7.49
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 7.09 6.89
ASB Bank 8.64 7.45 7.05 6.85
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.35 7.05 6.85
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.95 7.65 7.45
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.10 - -
Co-operative Bank - Owner Occ 8.40 7.30 7.05 6.85
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.80 7.55 7.35
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.99 6.85 6.65
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 8.05 7.79
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 7.05 6.89
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.75 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 8.05 7.65 7.29
SBS Bank Special - 7.55 7.15 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.89 7.65
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 7.09 6.85
Unity 8.64 6.99 6.99 -
Wairarapa Building Society 8.60 7.15 6.94 -
Westpac 8.64 7.99 7.59 7.35
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.39 6.99 6.75
Median 8.64 7.45 7.40 6.87

Last updated: 29 November 2023 1:56pm

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