ISCOVER
Financial services veteran James Angus has been named the new CEO of a non-bank lender built for brokers.
The former general manager of Viking Residential, Angus has been appointed CEO of First Federal, a non-bank lender.
Angus brings extensive experience from his previous roles, having led Macquarie Bank’s mortgage business and broker strategy, and served as chief customer officer at Bluestone for four years.
His decision to join First Federal marks a return to lending from aggregation (he was previously the general manager of Viking Residential, which is now under the leadership of Clive Kirkpatrick), a domain he describes as “in my DNA”.
In his new role, which he commenced last week (26 June), Angus aims to help the lender grow sales, optimise funding, and build out its broker support team.
What is First Federal?
First Federal, established in 2020, operates under the same ownership as Prime Capital, founded by Paul Scanlon.
The non-bank specialises in near-prime, specialist, and self-declared commercial loans up to $25 million (all property-backed).
The lender has its own bank warehouses and is working on its first securitisation program by the end of this year.
It operates a fully broker-distributed model, with no direct-to-consumer offering.
Currently, it is on the lender panel of YBR Aggregation and outsource Financial, as well as relationships with sub-aggregators such as Purple Circle and My Local Broker.
First Federal also offers white label funding for brokers, a strategic move to help larger brokerages build their own brand value.
While the lender was previously led by chief operating officer Kristy Nel, it has now appointed Angus to the CEO role to spearhead its next stage of growth.
Core priorities for the new CEO: Sales, funding, and optimisation
Speaking to The Adviser about his vision for the lender, Angus outlined that he wished to simplify lending and put brokers “front and centre.”
He commented: “We’re here to shake things up and simplify lending with a model that puts brokers front and centre.”
However, he added that the lender wanted to retain its boutique size, built on strong relationships and exceptional service.
“The bigger non-banks are really chasing scale now, and I think that comes at the expense of service,” Angus observed.
“For me… I see us playing a slightly different game: quality over quantity, deeper partnerships over mass distribution, knowing our brokers by name, not number.”
He highlighted the accessibility of its team, noting that its business development managers (BDMs) “answer the phone” and are dedicated to “over-servicing their brokers.”
“We don’t necessarily want to be all things to all people,” Angus explained.
“We see a real strength in doing a smaller number of things really, really well,” he said, adding that personalised service can make a “massive difference to a broker in their business”.
The CEO flagged that one of the lender’s unique propositions was that it offered 0.65 per cent upfront commissions with no clawbacks on all home loans, which he believes addresses a critical pain point in the industry.
“I think we’re the only lender that is paying full… upfront, being .65 on all products with no clawbacks,” Angus told The Adviser.
He said the no-clawback policy was not merely about financial incentives, but about valuing brokers’ time, adding that brokers should not be penalised if a loan discharges early.
“We genuinely understand and recognise the broker’s greatest asset is their time,” Angus remarked, highlighting the company’s dedication to broker support.
A key part of his strategy involves building out the team. Recognising the importance of relationships in the broking sector, Angus said he aims to bring in more BDMs in Sydney, Melbourne, and Brisbane.
Touching on the lender’s ability to fund white label loans for brokerages, he outlined that the move came at a turning point in wholesale funding.
He told The Adviser: “There’s a big opportunity opening itself up with the withdrawal of Advantedge and Adelaide Bank and some [wholesale bank funders] around providing a white label type solution for brokers and brokerages who are looking to scale and really invest in their own brands.
“We can help them create more brand value and drive growth in their business,” he said, suggesting this may be particularly attractive to mature brokerages “writing good volume” that are wondering how they can deliver their own branded offering to their clients.
Angus is also focused on securing a “third domestic warehouse” to enhance competitiveness, particularly for prime and specialist products like SMSF loans.
The new First Federal CEO concluded: “We want to have a business that is servicing a smaller group of quality brokers really, really well and ensuring that we can maintain that balance, or that right balance between scale and service.
“We were built from the ground up five years ago. We’re not trying to retrofit what we want to do or sort of products and services into outdated systems.
“So we can be sharper, we can be bit more digital, and we can be a bit more purpose built for what brokers need today.”
[Related: Clive Kirkpatrick becomes managing director of new aggregator]
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