Andrew “Backman” Wallace made a name for himself as one of the biggest wrestlers on the Pro Wrestling Australia roster as part of The Regime. He’s now quickly establishing himself as a big name in mortgage broking, too. We caught up with the Crowd Property Capital Lending Solutions broker to find out how and why he chose broking as his finishing move.
Q. What made you pursue a career in broking?
It all started about 10 years ago when I was studying forensic science at the University of Canberra. I ran out of money and decided to put my studies on hold for 12 months to find a full-time job. I ended up selling cars, and while I was making decent money, the finance manager told me that if I wanted to earn more, I needed to work with money. It made too much sense.
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I then completed my Certificate IV in Finance and Mortgage Broking and found a brokerage firm that took me under their wing. I was doing like a lot of sort of underwriting. Once the information came in, I pretty much did all the servicing calcs, did all the research, made sure the right lender was fitted, stuff like that. And then I'll present the proposal to the broker and then the broker would hand off to the client. So I did all the admin work, prepped the application all the way through to settlement.
It was strictly commission based as well. So it was, it was a very tough struggle for those first couple of months there!
My brother, David, who already had Crowd Property Capital running for about 10 years, focuses on development and commercial finance. He had dabbled in residential loans but didn't have much incentive to move to the resi side because it just wasn't as rewarding as the development side. So, he offered to bring me over to do them when I was ready, knowing I had experience.
Q. What did you do as a loan writer to prepare you for becoming a broker?
To learn everything, I leaned on my boss, who was a top broker for Aussie Home Loans and had a lot of experience. He gave me homework, including PDFs of bank policies, which I read over weekends to learn them.
Q. How do you find your clients as a new broker?
This is actually the part I'm struggling with the most, as I've never had to source my own leads before. A lot of business trickles down from my brother's development work, or he knows people who need help.
I've also started leaning into my wrestling background. People always say to find your niche, but there are so many first-home buyer niches. I thought, why not make myself my own niche—being a pro wrestler and a mortgage broker? You'd be surprised how many fans come to me now asking for help buying a home.
I'm also looking into reaching out to podcasts I regularly listen to, like football, wrestling, or Star Wars podcasts, to potentially become a sponsor and generate business that way.
Q. What is your process for getting a loan written from initial contact?
I start with a Zoom meeting or phone call, lasting about half an hour to 45 minutes, to understand your current financial position, including debts, liabilities, future plans, and potential roadblocks. I then summarise everything in a detailed email to ensure I haven't misunderstood anything and propose a solution, such as an LMI waiver or family guarantee. Next, I send a File Invite link for you to provide all necessary documents like payslips, IDs, bank statements, and liability details.
Once I receive the documents, I perform servicing calculations and scour the market for the best three or four lenders. I highlight their interest rates, application fees, offset account charges, and estimated monthly repayments. Once they approve a lender, I submit the application.
Q. What is the biggest opportunity you see for brokers right now?
With the new First Home Guarantee. I'm very excited to see the inquiry come through about that. It will push a lot of inquiries, and even if someone doesn't qualify, I can discuss other ways they can get a property.
As long as I get someone in the door, I can talk them through the process, explain why they qualify or don't, and work out a solution.
Q. What is the biggest challenge you’ve faced in your career?
Definitely getting clients in the door and initial inquiries has been the biggest challenge. While some complex cases trickle down from my brother's development work, they often involve intricate company or family trust structures that are more suited for commercial finance. So, sourcing my own leads is crucial.
I don't mind handling everything from start to finish, from initial contact to settlement, as it gives me control. I've been doing the old-fashioned method of walking into real estate agents, accountants, and conveyancer offices to introduce myself, especially since I'm new to the Lake Macquarie area.
Q. What’s the best thing about being a broker?
At the moment, I just love helping people. I love being able to tell first-home buyers who think they have no chance of entering the market that there is a solution, even if it's a short-term one with a lower-tier lender, with a plan to move to an upper-tier lender in 12 months. Seeing their eyes light up with the realisation that they can achieve their dream is amazing. Similarly, helping someone in really bad debt with debt consolidation feels incredibly rewarding.
Q: What advice would you give new brokers?
Be aware of all the fees involved in running your own brokerage, such as aggregator fees, setup costs, accountant fees, marketing, and website building, as they can add up quickly.
I would also advise building connections before you start brokering. For me, it took three or four months before I even spoke to my first real person. So, try to talk to people in your local community about your plans before you're officially set up, and then follow up once you are.
You can hear more from Andrew Wallace and how he's kickstarted his broking career in the New Broker podcast, here:
