Starting out as a mortgage adviser is hard enough, but starting without prior industry experience is even tougher.
Loan Market’s Ryan Amoore was recently listed as a rising star in NZ Adviser’s 2019 Young Guns list, and was working with a dental healthcare company before deciding to change his career. Amoore spoke to NZ Adviser about his “leap of faith” into mortgage advice, and how an industry newcomer can utilise the resources around them to get off the ground.
“I took a huge leap of faith having no previous banking experience, sold my family home and backed myself 100% with the support of my wife,” Amoore said. “It has been a steep learning curve, however that’s something I’m not unfamiliar with. I didn’t leave fellow Loan Market adviser Bruce Patten alone until he could see my drive and knew that I was going to push until it all started happen, and he agreed that I could come and base myself out of his office. I listened and learned, and I owe a lot to Bruce for how he has helped and mentored me.”
“I had a great experience with my own broker, who is also with Loan Market, and after referring quite a number of friends, family, colleagues and clients I decided that I could find my own clients and give them the same service that I had received,” Amoore explained.
“I love the fact that many of my clients had been direct to the bank and were unsuccessful, but once they were referred to me, we achieved an approval. The biggest challenge has been the availability of funds for 80%+ LVR applications, however it feels like there is always money available at one or two of the banks these days.”
Amoore says the most rewarding part of the job is sending an unconditional loan offer to first-home buyers, for whom the purchase is a massive life stepping stone. He says this is what drives him to find the lender best suited to each client’s financial position – something which can be hard to begin with, but which offers massive reward to those who choose to persist.
“To new brokers, I say grind it out,” Amoore said.
“It can be a tough task to start with, but this industry is a serious case of 'if you want it, it’s there for the taking". When I first started I would ask anyone if they needed a hand with mortgage advice – the guy making my burger, an Uber driver giving me a ride, etc. There were no limits, and that worked out quite nicely. The slower real estate market would be the toughest thing for any broker that isn’t writing a consistent number per month, but those who are established now will continue grow as times get tougher.”
“Later down the line, I’d love to have a team of customer service managers,” Amoore concluded. “That way I’d be able to spend my working hours building my business and working directly with my clients all day.”