When most first home buyers face a nightmare loan experience, they just vow “never again.” For Mortgage Choice broker Rhys Elmi, that stress became the spark for a complete career change – and a $17m debut year in broking.
Elmi was working at a private school when he purchased his first home during COVID. Before buying, he immersed himself in research, spending “countless hours researching, reading and learning the ins and outs of property.”
But the lending side was a shock. Using an ANZ Mobile Lender, he endured what he calls “the worst experience imaginable.”
“I couldn't believe how hard it was for me to get a loan... and how long it would take. The communication from them was so poor,” he says.
Elmi’s application “missed multiple finance clauses and ultimately ended up being approved 24 hours before settlement. One of the most stressful times of my life.”
Instead of walking away from the industry, he decided to improve it.
“It was because of this I really wanted to help people get finance, and make their experience as smooth as possible,” he says.
Elmi studied hard, completed his courses, and soon moved into broking.
Just four months after settling on his first home, Elmi became a loan admin/broker at Mortgage Choice Cheltenham. The plan was simple: support other brokers, “learn the ropes and bring in my own leads, and write that business.”
The results were anything but ordinary.
“I fell on my feet and wrote $17m in my first year,” Elmi says.
At the same time, his passion for property only grew – “my partner and I purchased three properties between us in 12 months... which has turned out to be a fabulous decision.”
That early trauma now drives Elmi’s client philosophy. He’s determined no borrower should feel left in the dark.
“I strongly believe that if a client is chasing me up for updates... I am not meeting their expectations and need to be more proactive in my communication,” he says.
Having been the anxious borrower himself, Elmi uses that experience to deliver smoother journeys – proving how powerful the right mortgage broker can be when communication and empathy come first.
Elmi is optimistic about technology and AI, seeing them as tools that enhance, not replace, brokers.
“When I first started as an admin, I was spending countless hours on the phone to banks, printing, labelling, and express posting loan documents to clients. This is now automated,” he says. Today, “loan documents are e-sign and sometimes completed before I have even had the chance to tell a client their loan is approved.”
Building on that, Elmi sees AI as a support, not a threat.
“AI is already assisting our business become more efficient and productive and I can't see how AI will disrupt or take over the role of a mortgage broker,” he says.
Instead, Elmi’s bigger concern is misinformation.
“I think social media is impacting a lot of businesses, as a lot of misinformation can spread,” he says. “Perception is reality and I can't believe the amount of people who are jumping from bank to bank and broker to broker as it stands... I think it's due to the misinformation that's out there which confuses people.”
Elmi is often approached by people at the start of their broking journey.
“I often have people contact me who are starting out as brokers and ask me this exact question,” he says. “I strongly believe that you need to have a solid network around you already. Whether that is family, friends or sporting clubs... relationships are critical.”
The Mortgage Choice broker recommends learning from the ground up.
“I would recommend starting as an admin/broker just like I did, so you can work from the ground up and understand the full loan process,” Elmi says.
Just as importantly, he urges newcomers not to go solo too soon.
“I would recommend working inside an already successful business or having a mentor for a couple of years to start as opposed to going out on your own,” Elmi says.
Get the hottest and freshest property and mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
