• 28 Jun 2024
Winner of second Residential Broker of the Year award has advice for cash-strapped home buyers

The Mortgage and Finance Association of Australia named Ms Avis Residential Finance Broker WA 2024, marking her second time atop this podium.

he mortgage and finance broking industry in Western Australia honoured this year’s achievers at the 2024 MFAA State Excellence Awards, with Helen Avis, Director of Finance, Specialist Mortgage, taking out one the most coveted awards for the second time.

The Mortgage and Finance Association of Australia named Ms Avis Residential Finance Broker WA 2024.

The accolade follows her win in 2022 that led to her also claiming the national title. She also led the Specialist Mortgage team that won the MFAA Finance Broker Business Award last year.

Ms Avis said the MFAA Excellence Awards are renowned for celebrating the highest standards of professionalism, integrity, and innovation in this finance field.

“This recognition is a significant milestone in my career, and I am deeply grateful for the acknowledgment of my hard work and dedication within the mortgage and finance industry,” Ms Avis said.

“Winning this award is not just a personal achievement but also a testament to the incredible team and clients I have had the privilege to work with.”

Ms Avis added that the award highlighted the significant contributions of women in the mortgage industry.

“It is a powerful reminder that with determination, passion, and the right support, we can achieve great heights.

“I hope this recognition inspires other women in our industry to pursue their goals with confidence and resilience.”

All Western Australia MFAA State Excellence Awards winners are finalists in their respective categories at the MFAA National Excellence Awards which will be held in Melbourne on Thursday 25 July following the MFAA National Conference.

Advice for borrowers struggling with deposit

While it’s often said a 20 per cent deposit is needed to qualify for a home loan, a significant number of borrowers are securing mortgages with smaller deposits, according to the latest data from APRA, the banking regulator.

Ms Avis said it was still possible to buy a property with a small deposit and could offer advice on structuring a loan application correctly.

In the March 2024 quarter, 31.0 per cent of new home loans (by value) had deposits of less than 20 per cent, while 6.2 per cent of new loans had deposits of less than 10 per cent.

“While more than three in 10 borrowers are taking out loans with deposits under 20 per cent, these figures are relatively low by historical standards.

“Back in December 2020, for example, 41.7 per cent of new loans had deposits of less than 20 per cent, while 11.3 per cent had deposits of less than 10 per cent.

“This illustrates how banks have tightened their lending standards, to ensure borrowers don’t take on an excessive amount of debt, yet it’s still possible to buy a property with a small deposit,” Ms Avis said.

Generally, these buyers will need to pay lender’s mortgage insurance (LMI) when purchasing a property with a deposit of less than 15-20 per cent.

Full list of MFAA winners

Residential Finance Broker Award
Helen Avis, Specialist Mortgage

Regional Finance Broker Award
Jasmine Bunter, Loan Market Geraldton

Business Development Manager Award – Aggregator
Renee Dewar, Loan Market

Business Development Manager Award – Lender/Support Service Provider
Petra Rebeira, Suncorp Bank

Commercial & Equipment Finance Broker Award
Steven McCaughey, Financewest Solutions

Community Champion Award
TAG Finance Australia

Customer Service Award – Business
Loan Market Ellenbrook

Customer Service Award – Individual
Nicole Williams, For Finance Sake

Diversified Business Award
TAG Finance Australia

Finance Broker Business Award
Loan Market Bal & Associates

Fintech Lender Award
ubank

Loan Administrator Award
Gracen Woodcock, Loan Market Geraldton

Major Lender Award
Macquarie Bank

Mutual/Credit Union Lender Award
P&N Bank

Newcomer Award
Kurtis Grace, Whiteroom Finance Goldfields

Non-Major Lender Award
Bankwest

Specialty Lender Award
Pepper Money

Young Professional Award
Robert Flynn, Vorteil Financial Group

 

Article Q&A

Can I buy property without a large deposit?

In the March 2024 quarter, 31.0 per cent of new home loans (by value) had deposits of less than 20 per cent, while 6.2 per cent of new loans had deposits of less than 10 per cent.