For Raji Ramachandaran (pictured), launching her Mortgage Choice franchise in Adelaide in 2021 was more than a career move – it was a chance to make a real impact on people’s financial lives.
“Building on my banking background, I was always driven to become an entrepreneur and make a more direct impact on people’s financial lives,” Ramachandaran says. “So, in 2021, I started my own Mortgage Choice franchise in Adelaide leveraging my deep industry knowledge.”
Ramachandaran’s approach is rooted in advocacy and guidance.
“As a broker, I pride myself on being a client advocate, helping people navigate complex lending policies to find the most suitable loan options,” she says. “This rewarding journey combines my professional experience with my entrepreneurial spirit, allowing me to build lasting relationships and help my clients achieve their homeownership goals.”
What truly sets Ramachandaran apart is her unwavering commitment to client education. She sees every loan as a journey, not a transaction, and ensures her clients understand every step.
“I prioritised simplifying their journey, ensuring they understood loan products, features, and government benefits,” Ramachandaran says. “By walking them through product fact sheets and sharing relevant resources, I empowered them to make informed decisions.”
This dedication has paid off in a remarkable way:
“My focus on education and support has built strong relationships so much so that 95% of my clients come through referrals from past customers and their friends,” Ramachandaran says.
The power of referrals
Ramachandaran’s education-first philosophy has created a business where trust and word-of-mouth drive growth. She recalls a memorable case:
“One of the memorable experiences I’ve had was working with a young couple living with their parents,” Ramachandaran says. “With a newborn, they were eager to move into their own home but needed time to save for a deposit.
“Over six months, I worked with them to streamline their finances and secure pre-approval. However, their initial contract fell through due to legal issues, leaving them with limited time to find another property.
“After multiple unsuccessful offers, I connected them with a buyer’s agent who helped them secure the right home. Their loan was approved, and today, they are happily settled. Witnessing their journey come full circle was incredibly fulfilling.”
Ramachandaran is optimistic about the industry’s future, noting, “The most positive developments have been the rise in broker market share, which to me shows just how much consumers trust and value the service and advice that mortgage brokers provide.
“I expect we’ll continue to see broker market share rise and am excited to see my peers helping more people with what’s often the biggest financial commitment they’ll make.”
Yet, Ramachandaran also sees challenges – especially commission clawbacks.
“I think the main challenge facing brokers are clawbacks,” she says. “As a broker, I spend a lot of time working with my customers to prepare their home loan application, keeping Best Interest Duty in mind and helping them understand a complex landscape.
“So, to have commission clawed back when a customer refinances for reasons outside of my control is challenging. It would be great to see more collaboration between lenders and the broking industry to improve the discharge process and protect the broker’s work and income.”
For those starting out, Ramachandaran’s advice is practical and strategic.
“Starting a broking career can feel daunting, but long-term success is built on a strategic approach and a strong mindset,” she says. “The key is to first identify your strengths, leveraging them as a foundation for your practice. For example, my experience in banking gave me a deep understanding of complex lender policies, which has served me well as a broker.”
Ramachandaran also emphasises the importance of professional relationships.
“The other piece of advice I'd give to aspiring brokers is to nurture professional relationships that will help you grow as a broker,” she says. “I do this by regularly connecting with BDMs so I can stay ahead of policy changes. I also network with local accountants and real estate agents to build strong referral relationships.”
By making education and support the cornerstone of her business, Ramachandaran has built a thriving broking practice powered by trust, advocacy, and a remarkable 95% referral rate – a testament to the value of empowering clients every step of the way.
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