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The dos and don'ts of asset finance

checklist checklist
Damien Warren 2 minute read

Damien Warren, director of Adelaide-based brokerage Mortgage & Lease, gives his top tips on what to do and what not to do for brokers diversifying into asset finance.


  • Find a good mentor when your first starting out.
  • Not be afraid of asset finance. Inevitably, one transaction will go wrong at some time (usually your first). It happens to best of us. Use it and learn from it.
  • Ask questions if you’re not sure. Most BDMs are approachable and come back to you quickly on the loan structure or scenarios, and other brokers who are more experienced in leasing are always good for a sounding board as well. I’m always happy to discuss a scenario with a colleague if it helps them out.
  • Not be afraid to outsource on more complex deals if you’re not confident in the transaction. You keep ownership of the client and are still able to earn an income from the deal.
  • Get accredited through an aggregator that has your best interests at heart and specialises in leasing aggregation (there are ones out there – I use one myself and it is separate to my mortgage aggregator).
  • Make sure you get the best income structure and delivery rate that you can – you win more deals and make more money.
  • Enjoy it.


  • Give up after one transaction. If it doesn’t go through smoothly (Murphy’s Law – it won’t).
  • Expect it to be easy and happen overnight. The key is repeat clients, and unlike mortgages, vehicle finance in particular averages about two-and-a-half years before it’s paid out or the client upgrades. Be there when they do their next one. SMEs generally have multiple asset finance contracts going at any one time, and this provides multiple opportunities
  • Cut corners, disregard AML or NCCP legislation (enough said).
  • Send in a one-page application (or minimal notes) and expect the assessment officer to understand your client. Give them enough information to get that approval.
  • Be greedy with your commissions. Make and earn where you can, but expect the supplier and the client's own bank to be competition (especially car dealers).
  • Forget to educate your client on time frames. Try to under-promise and over-deliver.
The dos and don'ts of asset finance
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