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During the pandemic one Sydney-based accountant found adding another string to his bow became vital for himself, and his clients.
Why mortgage broking and accounting are a perfect match
14 September 2022
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1 minute read
Moien Khan is the managing director of KonceptM, a Sydney-based chartered accountant and tax agent business, and like many accountants he was forced to question the future direction of his profession during the pandemic.
“I found that my role had changed from being a number-cruncher to being a business adviser,” he told Accountants Daily.
“What I found was that there was nobody to fast-track loan applications for my clients, particularly small businesses who needed to obtain funding fast.”
Rather than recruiting a broker or referring to one, Mr Khan decided to partner with National Lending Group (NLG), which offered a number of solutions for accountants considering opportunities in mortgage broking. He quickly saw an opportunity to carve out a niche in business lending.
“Being an accountant, I know why some of my business clients have lumpy P&Ls and I can easily explain that to lenders,” he said.
He’s now one of a growing number of accountants offering broking services at KonceptM.
“All of my staff completed a Diploma in Mortgage Broking over six months. I moved some of my accounting staff on to the mortgage side and we started writing loans in June,” Mr Khan said.
“We are currently working on about 30–40 leads, which have come purely from existing accounting clients. We haven’t marketed the mortgage broking business yet.
“Moving into mortgages has been a huge eye opener for us. Accounting and mortgage broking really go hand in hand.”
Mr Khan is just one of many accountants and brokers to join NLG’s new initiative. The Accountant-Broker Collaboration Program enables practices to diversify and increase revenue by offering a service to clients seeking funds.
“The Accountant-Broker Collaboration Program is a bespoke initiative that benefits all stakeholders,” partnerships director Steve Lake said. “It materially extends brokers and accountants’ service proposition, supercharges referrals and boosts lead generation.
“Having the ability to facilitate residential or commercial finance represents a tremendous opportunity.”
