The aggregation group has settled more than $10 billion in loans ahead of its 10-year anniversary.
Boutique aggregator My Local Broker has passed $10 billion in settlements, marking a major milestone for the group as it nears its 10-year anniversary.
Since launching in 2017, the aggregation group has grown to a network of more than 130 brokers, writing around $2.5 billion each year.
Scott McTeare, My Local Broker’s managing director and CEO, said much of the business’s success stemmed from broker support and a customer-centric philosophy.
“My Local Broker is a business built by brokers, it’s staffed by former brokers, and understands the needs of brokers,” he said.
“We continue to invest in the growth of our people through education, training and technology. Our success comes from our network, so relationships and broker outcomes are at the centre of everything we do.”
McTeare also said My Local Broker was committed to the ‘boutique’ model.
“We’ve learned that being boutique is our strength. We don’t want a network of over 1,000 brokers,” he added.
“Our size and flexibility allow us to do things differently – like custom-building commission structures and support plans that reflect broker needs, not just ours.
“Where other aggregators say, ‘this is the plan,’ we take a collaborative approach and ask, ‘what can we build together to achieve success for both of us?’”
Huge opportunity
Commenting on what’s next for the group, Caroline Pollard, My Local Broker national manager, said the business would focus on both attracting and retaining experienced brokers who want to grow and evolve, as well as nurturing new talent.
“Over the past three years we’ve onboarded several new-to-industry brokers – something many aggregators won’t do – and the results have been outstanding,” she said.
“One broker who joined us from a non-finance background three years ago has achieved significant growth and is now one of our top performers. When you select the right people and provide the support and mentoring they need, there is huge opportunity.”
McTeare added that market conditions over the next 12 months looked positive, with more first home buyers entering the market thanks to the expanded 5 per cent deposit scheme, alongside investor activity and demand across commercial and SMSF lending.
“We’re not a one-stop-shop; we focus on niche opportunities where we can add real value,” he said.
“Diversification has fuelled our growth, and we want the same for our brokers.”
He cited My Local Broker’s partnership with manufacturer and supplier Gervale Homes as an example, highlighting its development of finance products that support affordable housing in leisure and relocatable home communities across regional and rural areas.
“We’re creating specialised products for communities that have traditionally been overlooked,” he said.
“We’re one of the few brokers able to facilitate funding in these areas, and that’s an important way for us to give back.”
[Related: Aggregator partners with diñeiro]
