Beyond the Signboard with Amy Bennett
Welcome to Beyond the Signboard; where you get the opportunity to learn all there is to know about your real estate journey from professionals who are passionate about property.
Beyond the Signboard with Amy Bennett
Navigating Mortgage Broking with Colin Mason from Mason Finance Group
They say life's a journey, but Colin Mason's voyage from boiler maker to finance aficionado is one that could inspire even the staunchest of landlubbers. Anchoring our latest episode, Colin charts the waters of mortgage broking, navigating us through the myriad of choices with the expertise only 20 years at the helm can offer. With a trove of over 4,000 mortgage products, he's the lighthouse guiding clients to the shores of property ownership, all while balancing the compass of family life and community values.
In the crew of Mason Finance Group, every sailor has a role, and Colin's captaincy in assembling a team of specialists is nothing short of masterful. We hoist the sails on the topic of professional networking, revealing how building a formidable alliance across different industries can be a treasure for client outcomes. Colin's insight on the ebb and flow of borrowing capacities in a post-COVID world is your map to understanding the currents of the finance sea, proving invaluable for first-time navigators looking to dock in the harbor of homeownership.
As we coast into more personal waters, Colin shares the winds that fill his own sails—be it the joy of aiding clients to financial victories or the freedom found in piloting the skies. His journey is a testament to the philosophy that success is not just about the destination but also the adventures along the way. So, if you're craving a taste of hot curry or the zest of an espresso martini, join us on this voyage of finance, family, and flying, and be part of a conversation that's as much about heart as it is about numbers.
Welcome to Beyond the Signb oard, where you get the opportunity to learn all there is to know about your real estate journey from professionals who are passionate about property. I'm Amy Bennett, your host, and I look forward to providing you with education, inspiration and a behind the scenes look at the world of real estate. Well, good morning and welcome to .
Colin Mason:Good morning Amy.
Amy Bennett:Colin Mason from Mason Finance Group.
Colin Mason:Welcome it's good to be here.
Amy Bennett:It's so exciting. I have to first up. Thank you for the inspiration to get going with the podcast. What?
Colin Mason:a drama.
Amy Bennett:It's exciting. I've been venturing with this for quite a while now.
Colin Mason:We have. We set up, obviously, our podcast channel Interest Rates with mates, so we've got 30 plus, I think, now episodes going strong and, yeah, we've got plenty more in the pipeline.
Amy Bennett:Amazing. We'll have a little chat about your podcast later. Colin is a really valued friend of our team here at McGraw. We've personally known each other for over seven years and it's been really wonderful to have you as a trusted partner for our clients Also probably most of our team as well Really excited to share your journey in mortgage-breaking but getting to know you as well. So we'll chat about your team of over 20 people, where you've come from to get to where you are and a little bit of getting to know you as well.
Colin Mason:Looking forward to it Amazing.
Amy Bennett:So let's get started with your career journey. I always love to learn where you have come from to get to where you are now.
Colin Mason:Yeah, I left school 1995 so a long, long time ago and then sort of left school, got straight into an apprenticeship as a boiler maker. I did that for three years. I'm not very good with hands-on, so I lasted three years and then got into finance.
Amy Bennett:Amazing.
Colin Mason:So I've been in finance for the last 25, 30 years, roughly Started doing a lot of insurance, so general insurance and then group insurance, superannuation, a whole range of different things. Debt collection was thrown in there as well. So I then got into mortgage-breaking back in 2004, moved to Queensland from Sydney and then been in Queensland ever since, worked as a mortgage broker pretty much since then.
Amy Bennett:So amazing. So 20 year anniversary this year.
Colin Mason:This year. Yeah, about now actually.
Amy Bennett:Incredible. So before we go into that, tell us a little bit more about the debt collecting. I'm really interested in that role.
Colin Mason:It's when you're young and you're resilient, you can make any phone calls, so I didn't sort of think too much of it, but obviously we're making a number of calls per day. It was AGC back in the day, which was owned by Westpac, so back on the Paramatta River, and you'd make 100 plus calls a day and it was obviously helping people make the repayments on their credit card facilities or personal loan facilities or sending out the sheriff when it got serious.
Colin Mason:So it was a different type of role, but I think it gave me a taste for finance and I think for a lot of people that start in a role as a debt collection expert, you know, that sort of paves the way for them, I think, on this journey into finance, because there's a lot of challenges in that role. You know you're speaking to different clients with different backgrounds, with various financial struggles, I suppose, and we're there to help them.
Amy Bennett:So yeah, I think that's something that's really evident now. Getting to know you, is that education component and being of service and helping. So I guess you don't want people to get to that stage. Was there a passion for finance in school? Were you excelling in those components at school?
Colin Mason:No, look, to be honest, I was never one to get good grades in maths. I was probably more getting good grades in science.
Amy Bennett:to be honest with you, so I could have been a scientist. There you go.
Colin Mason:Yeah, I think I was never a strong point, but I always had a passion for helping people and I didn't, you know like. I chose not to go to university. I chose to do other things, like the apprenticeship. You know, with the ball I'm making, I was sort of trying to find my way as I left school, didn't really want to do, but I knew I wanted to leave school and start to make some money and get out there in the real world, which is what I did. So I had to support my mum and dad as well, which was great at the time. But no, look, I mean, I sort of just fell into finance, to be honest with you. But once I had a taste of that debt collection role and in doing insurance for customers and then super-annuation as well, but a financial planning in the early 2000s I loved it and now I can't see myself doing anything else, to be honest with you.
Amy Bennett:Well, we'll get to that a little bit later. So you mentioned mum and dad. I know you come from a really special family and it's so wonderful, isn't it, to have your parents support and belief in you.
Colin Mason:Yeah, absolutely. Mum and dad are great. They've always supported me, as does my wife, bauer, and my three kids. But yeah, look it's. I mean, finance is you know it's a great industry. There's plenty of variables in finance. There's plenty of challenges, plenty of successes, as heaps of things going on in finance always, so you're always learning.
Amy Bennett:No, two days are the same right.
Colin Mason:No, every day is different.
Amy Bennett:Yeah. So look, what I'd love you to do is just to share with our audience what is a mortgage broker and what is your role.
Colin Mason:Yeah. So mortgage broker puts quite simply without a good choice, so customers would call a mortgage broker to say they're having to do the research themselves. I mean, there's a lot of information there on Google, on the web platforms these days, but like to give you an idea on our panel there's 4,000 products, so there's a lot of different products. If you're not accustomed to understanding what the features are of different products or lender policies etc. Or terms, then give a mortgage broker a call. We'll go through and we'll have a look at your situation, make an assessment of how we can help you and then we basically pair a bank or a few banks to your scenario. That's where our mortgage broker is there to help you.
Amy Bennett:Amazing, so I think that's a really important thing to highlight. So if a customer was to go to their bank, how many products would they have on offer generally?
Colin Mason:Oh look, I mean, if you said 10, 10 roughly, that would be enough to cover, I think, all the different product suites. So, generally speaking, you've got variable rate products, you've got fixed rate products, so, and then you've got other line of credit. You've got business loan products as well. So depends on the bank. But if you said 10 to 15 products generally, you're going to get choice around that. But these days the industry is all about best interest duty, so we need to, as a broker, always act in the best interest of our clients, and by doing that we're obviously comparing the market, always ensuring that we're getting the best product for our clients.
Amy Bennett:Amazing. I think it was really interesting. You mentioned there about Google and I think you're correct. We do have a lot of information at our fingertips, but I think definitely there is some you know warning signs. There isn't there as far as sponsored posts or incentivization. I think that's probably something that you know. I'd love to delve into a little bit more, because you probably come across that quite often where sometimes a shiny deal or, you know, an incentivization, a cashback, things like that may not be the best choice for the client.
Colin Mason:No, we've always said that like I mean, there's only a couple of years ago, the banks were throwing refinance cashbacks so cash to refinance your loan to them, but it wasn't always in the customer's best interest, but yeah, it was all about the money. So you got to have a look at the underlying facts and you know what you're really getting when you open up that present so to speak so, and it's not always about the product, it's about other things within the product.
Colin Mason:So some of the features, for example, like you might be looking for things like a fixed rate, but you might be looking for interest only terms. So there's all these different variables, you know, when we sit down and discuss scenarios with the customer. But look, these days it's it's no hidden secret the world's going digital and it's easy for people to surf the net on their phone or their tablets, etc. So but I, you know, I still think there's that level of human interaction that that customers need and want and that's where brokers are obviously there to have that. That will hold that relationship. And then we go through and we, we assess the different products. You know, assess different lenders. There's, I think, upwards of 80 plus lenders in the Australia market at the moment, both digital and both, you know, with branches, for example. So so there's plenty of different options out there, but don't get caught with the wrong option yeah, I really, really think that's such a valued, such a valued insight.
Amy Bennett:Who do you think should use a mortgage broker?
Colin Mason:everyone a trick question, trick question yeah so no, I look, honestly, I think everyone should use a mortgage broker. I think, look, I mean, you know, back in the day I used to deal with one of the major banks religiously and then, when I got into mortgage broking in the early 2000s, obviously then I learnt myself that it's not all about just having that one relationship with the one bank, it's about comparing and I think everyone should at least give themselves the chance to compare what they've got with the market.
Colin Mason:You know, in most cases, I mean if they see a mortgage broker, in most cases I'd be, you know, highly surprised if they couldn't walk away with a better option.
Amy Bennett:So that would lead me to the thought that perhaps, if somebody's already in their mortgage journey, they could still reach out and seek, you know, I guess, a second opinion of where they're at. Yeah, always yeah excellent.
Colin Mason:So you know like, even if you're halfway down, I mean you might even have an approval with your current bank and think you know, what you've got approved is fantastic.
Colin Mason:I think your friend says we'll go and see a mortgage broker and then we can say you know, we can save you five, maybe 10 basis points, which is 0.05 to 0.1% off, and depending on what you're borrowing, that could be a thousand, two thousand dollars a year back in your pocket, which is a holiday nearly. So you know there's all that type of stuff. I mean, even last week there was a customer one of the brokers in my office saved them over fifty thousand dollars a year. They thought they were getting the best special from their bank.
Colin Mason:So again just a chat. I've always said just a chat doesn't cost anything. I mean, we don't charge as a mortgage broker anyhow, but you know a five minute conversation and you can be walking away with money back in your pocket yeah, and I'm happy to sort of share.
Amy Bennett:That was a really great. I guess an added bonus for you being a client of yours was, you know, refinancing or even just your team calling my lender on my behalf, and I know we saved two thousand eight hundred dollars annually, so really grateful for that. Definitely a good holiday available. Colin, you're really passionate about your team, so two and a half years ago you started Mason Finance Group. You've already outgrown one office. I know this is one of your favorite topics to discuss, so tell us about your team and their roles.
Colin Mason:So it's not a hidden secret, I love my team. So, look, yeah, we set up Mason Finance Group back in July 2021, just with a few of us, and we've now grown to a team of 23, 24, and we're always looking, you know, for great stuff. So we've grown quite quite quickly. We've got myself and we've got Jess and Todd as the owners of the business, and then we've got three of the senior brokers and then we've got admin. So our and I suppose you know me very well, Amy so we're very process driven.
Colin Mason:So we love the customers to just go through that journey and be really, really happy and get this successful outcome that we're sort of chasing. So we do spend a lot of time with clients on their journey. We're not just a transactional mortgage-broken office. We're a relationship-based mortgage-broken office. So we build relationships with our customers. It's not just the first meeting that we have for the customer. We do an application. We might do two or three meetings before we get to that application, just helping the customers understand what their goals, their objectives are, what their needs are, and then how do we tailor that to a product and a lender that's going to suit?
Amy Bennett:Yeah, I think that's. It's just an absolute, real point of difference with your business is that level of care, the way you look after your clients. You know, I know that that's really important to you, but equally your team, I think, also too. You know it's really important. You're an amazing leader within your business. You really empower your team members and I think that gives you the ability to be able to still. You know, I love, I love the fact that you love being on the phone and chatting to your clients and really being that face of the business. But obviously there's a lot of work that happens behind the scenes. So your team are essentially, you know, assisting clients throughout that process.
Colin Mason:Yeah, look, I mean we with the six brokers, that we've got the brokers. And the way we design the process is the brokers will do the advice piece of the process, so sitting down with a client, going through the goals, objectives etc. Recommending a product, and then, once the broker has done that part of the process, we have a processing team where they manage the client all the way through to approval. And then we have a settlement team as well that manage all the settlements. So so we do break the process up, and the reason why I've done that is because, you know, we don't proclaim to be experts in everything.
Amy Bennett:So I mean.
Colin Mason:I'm not an expert in admin, for example, and some of the settlement team wouldn't be experts as brokers. So, like we've broken it up so that the customer journey is a success all the time. So, and that's, you know, the reason why we've got all the Google reviews etc. Now we've got a lot of repeat customers and customers love what we do. So and they feel that they get the choice and they get the sort of service you know, compared to what the banks might give them at the branch level or, you know, by phoning a bank in Melbourne, for example. So so now we've we've sort of built that process over the last couple of years and we're really working hard to get that better and better, but we're in a pretty good place at the moment.
Amy Bennett:Amazing and I think that's what 20 years experience does is it shows you. You know, it's a really interesting thing in the previous role of being in our property management team and a lot of people would always say, look, I just want that one dedicated team member. Well, of course, that team member gets sick or needs to go on holidays, and you're exactly right, we're not an expert at everything, so that's been something that you know. You know, with my time at McGraw, that we've, you know, really made sure that you know we have dedicated team members. You know one team member loves doing inspections, so that's her sole role.
Amy Bennett:And it's incredible to have people in the lane that they want to be in. You've also had a lot of growth within your team as well. You really love inspiring and empowering your team, which I really admire.
Colin Mason:Absolutely. You know, a few of the team members that we've had are now stepped up into other roles as well. So we've got one of the processing managers in there at the moment about to become a broker. We've got one of my, in fact, my son, my 18 year old son just stepped up in another role as well, which is a promotion for him because he's been doing well. So yeah, so, like I mean, there's always opportunity within our business and because we're growing so quickly as well, you know, over the next couple of years we're looking for sort of more growth opportunities and I think we'll get there. So there's always opportunities in finance and I think I was saying to you off the camera before that finance is all about opportunities, you know, and there's so many opportunities, so many variables in the finance world these days, and I think we'll, you know, we'll look to improve and expand on that.
Amy Bennett:Amazing and you're very much personally and professionally. You love having that trusted network of professionals. I know you know that we quite often are working with the same other professionals in other industries and that's really important to you as well.
Colin Mason:Absolutely. I mean, I've always said, yeah, you've got to have a good team of people around you and you've got to make sure they're all working in your best interest as well. You know you don't want to tell people where they're taking in my opinion, taking a clip of the ticket the whole way through because no one or the consumer, you, the client, you know doesn't win on the back of that. So so I think you've got to have a good team of people around you that are all acting your best interest, that understand taxation matters, financial planning, mortgage-broken property, real estate, for example. So there's a heap of good people that you can basically throw around you and that's your team moving forward.
Amy Bennett:Yeah, absolutely, and I think that's something that if people are lacking one of those components, you know exactly like you say, you know, ask somebody that you do have in that trusted sphere and then you can really expand your network. You know, just run through a couple of the, I guess, key products that you have or key questions. So I know you mentioned borrowing capacities are really hot topic and something. So we'll probably delve into a deeper episode in the future, but just give us a taste of each of these topics.
Colin Mason:So borrowing capacity is probably the leading question that we get asked at the moment. Browing capacities changed quite a lot over the last few years with the interest rate hikes. So at the moment, generally speaking, you can borrow around five times what you grow salaries per year, and that's before any debt. So credit card debt, personal loans or even kids, for example, affected in. Before COVID that was about eight to nine times. So just give you an idea on how much it's changed. Every lender is different. Like I said, there's 60 plus lenders on our panel, so every lender will be different. But borrowing capacity would be a hot topic at the moment. So, and against custom, that might go and speak to their bank and think that they're getting the best outcome. It might be that you can borrow another $20,000 or $30,000 extra with another bank. That might get you into a house that they're looking to buy in the market today.
Amy Bennett:So yeah, amazing. And look, even you've helped. I know there's a few industries nurses and everything like that. I've connected you with potential clients and you've been able to unlock some really special deals for them.
Colin Mason:Yeah, absolutely so. There are banks there that'll do a 90% loan to value ratio for nurses even teachers now as well where there's no mortgage insurance payments. So mortgage insurances, just quickly, mortgage insurances where you borrow more than 80% of the value of the home. The banks will basically insure your loan or reinsure it and the mortgage insurer has charged the banker a premium for that, which then they pass on to the customer. So if we can avoid that lender's mortgage insurance, depending on the scenario, the customer might save $10,000 to $20,000 of upfront fees. So again, I mean, that's just a classic example of having choice when you come to a mortgage broker. If you're a nurse and you went to one of the major banks, for example, the chances are you won't get those benefits. So but there's other smaller lenders there that have those benefits.
Amy Bennett:Amazing. Let's chat about fixed verse variable always a hot topic.
Colin Mason:Yes, fixed verse variable. So, and look, that question gets asked probably once or twice a week at the moment as well. So should I fix or should I remain?
Amy Bennett:on variable.
Colin Mason:So, and look, it depends on the customer scenario. Look, there's no hidden secrets that the RBA, hopefully, will start to slash the cash rate this year. We don't know when exactly, but we're sort of tipping the back end of this year. There might be one or two rate cuts. Fixed rates have already started falling on the back of those announcements as well. So most customers at the moment are choosing to stay on variable. So, but again, a chat with us, a mortgage broker. We can sit down and discuss your scenario and work out what's best for you.
Amy Bennett:Perfect. So for those listening or watching, we're recording in February 2024. So who knows where interest rates will be when you're listening?
Colin Mason:Yes.
Amy Bennett:Let's chat about primary place of residence verse investment properties. So obviously different rates for those two scenarios.
Colin Mason:Yeah, there is, and again it comes down to all those different lenders and what they're offering. But generally speaking, you'll you'll be charged a slightly higher rate of interest when you're buying an investment compared to buying a home that you're living in. There's, obviously, tax benefits that come with investment properties. So in terms of borrowing capacity what we mentioned a second ago we can have a different outcome for investment loans compared to an owner occupied loan. Again, obviously, discussion with a mortgage broker. We can go through your personal scenario and work out what you can borrow for both circumstances or both different scenarios around buying a home or buying an investment, I suppose just on the back of that. I mean first home buyers at the moment that are limited with their borrowing capacity. Some of them are even looking at buying an investment property now to help them get into the market with rental income, obviously on that investment, helping them borrow a little bit more.
Amy Bennett:Amazing.
Colin Mason:So we're doing a little bit of those conversations at the moment as well. So, and again, it comes down to choice. So, but yeah.
Amy Bennett:Let's talk about first home buyers, really passion of mine and also yours. I know that your team hosts a lot of seminars and that's, you know, definitely something that you're really keen to expand on. We did.
Colin Mason:We did a seminar last night actually. Oh, there we go, yes. So, like we love first home buyers and just putting a smile on their face and really helping them with their journey through that sort of process of buying real estate for the first time. So first home buyers generally borrow with a 5% deposit. There's plenty of different schemes available to at the moment. So government schemes that are available for first home buyers, that they meet certain eligibility, where you don't have to pay the lender's mortgage insurance, so you're getting a government grant. For example, there's $30,000 as a government grant Now if you build brand new, for example, so there's benefits there to help first home buyers into the market. So if you're I mean if you're listening to your first home buy, definitely give us a call because we're doing more seminars for first home buyers, and we do go through a lot of that stuff.
Amy Bennett:And I think as well with first home buyers. You know, one of the things I was really educated from your team was super saver schemes and things like that. So rather than a first home buyer, you know doing all of that work themselves, you know saving a deposit. When would you encourage them to come to one of your seminars?
Colin Mason:That's a good question. So and we said this last night to the first home buyers that were there is that you know we're not a transactional mortgage broker. So we want to build a relationship, like I said before. So make an appointment, come and have a chat with us. We don't charge at all. We'll sit down and we'll start your journey today, and it might be 12 months, it might even be two years, before you actually end up in a position to be able to buy something with a deposit, etc. But we want to build that scenario with you. So, if you're thinking of getting into the market or understanding a little bit more about how to get into the market with finance, book a meeting with us, sit down with us or one of our brokers and we'll go through the whole journey with you.
Amy Bennett:Amazing. And first home buyers. I know a lot of the parents come along as well, which is really great and I know that that's, you know, something, like I said, that's really important to your team and what a feeling to be able to help somebody you know to put that sold sticker up and you know, as we always say, you know it really is. You know such a special process and and that's the whole reason for this podcast is really to share all of the behind the scenes beyond the signboard.
Amy Bennett:You know that gets to that sold sticker. So you know that that's a momentous journey for a first home buyer. I know personally you helped us in our first home journey which I always joke because it was kind of an impossible scenario and you made it possible. So you know we'll be forever grateful for that. But you know I'm sure you're doing that countless times a week.
Colin Mason:Always trying to find solutions.
Amy Bennett:So and again that's the.
Colin Mason:The joys of what we do as a mortgage broker is finding choice and and trying to unravel the customer scenarios to try and find a bank that's going to be tailored to their needs.
Amy Bennett:So I think that's that science coming back out. Isn't it Finding the formula to get to people?
Colin Mason:Absolutely yeah, so I don't know what formula there is, but you know we'll make it as we go. But no, look it's. I don't know. I just love finance. I mean, I love finding the solution. We love challenges. You know, challenges aren't aren't scary to us.
Amy Bennett:It's amazing, yeah that's really exciting, I'm sure, for the audience. Bridging finance is also just one more little thing I just wanted to. I know we could talk for hours about that on its own. It's something that I've done a lot of research, you know, really specializing in downsizing and helping people with transitional process in their real estate journey. So just give us a little taste of what it is and then I think we'll take that offline for another podcast in the future 100%.
Colin Mason:So bridging finance is a product that allows customers to buy something else, so buy another real estate asset before they've actually sold what they've got. So it allows them to move without having to do a subject to sale, etc. So there's a few good products on the market at the moment, One in particular if a customer is looking to downsize, for example, they can get bridging finance to buy the next property. They'll settle on the next property, move into it and then they can sell their property within six months. They don't need to be working, they don't need to show income, nothing like that, as long as there's no what they call end debt. So end debt being that once you've sold the existing house, you don't have any requirement for a mortgage at all on the new house that you just bought. So it's an easy process. You can normally get conditionally approved in a couple of days and it allows, as I said, allows people to downsize and move into the next real estate asset with not a lot of documents at all.
Amy Bennett:Amazing.
Colin Mason:So that's one part of it. And then there's another bridging finance product, where you do require a mortgage at the end, and then there's other products on the market for that, which I won't go into a little detail today. But we'll do that offline.
Amy Bennett:We can Look I can't help myself, though, just putting my real estate hat on, I guess and to give our audience a bit of a taste. So some key things for that, which is why I'm very pro people doing that is generally people don't know do I sell first, do I buy first? And it is a really it's our basic human need. If we went back to Maslow's hierarchy of basic human needs, shelter is that core principle and that's something that I'm really aware of in my role. So that fear of being homeless obviously we've been through quite a significant housing crisis, so I think that's a really great thing that it's really able to unlock.
Colin Mason:Absolutely. Look, I mean bridging finance. It's, I mean, if you're thinking about, I suppose, making that next step in your journey. People have felt in the past that they were sort of back into a corner. You know, I mean I want to buy something, but bridging finance costs so much money which I mean there's a myth that it does. And, look, it depends on the advice piece. To be honest with you, like a lot of banks would get that part wrong, to be honest with you, in terms of the way they set their sort of product up. But there are banks I mean on the market at the moment or in the market at the moment that offer the bridging product. It doesn't cost a lot of money and in fact, if you work it out, if you sold your property to go and rent and then to buy something, it's actually cheaper to pay the bridging finance fees in most cases anyhow to make that bridge to the next property.
Amy Bennett:So there is a real misconception. I think that's probably something that you know. We both, you know, get us feedback quite often and we're, you know, both obviously working together to overcome that. It also allows the prospective buyer to be in a much stronger position when presenting an offer as well. So that's just something I wanted to highlight. So I know your team's phenomenal. You know I've referred countless people to your team to have that conversation, just so that they're in a stronger position when they, you know, put forward an offer 100%.
Colin Mason:look, I mean we've done just a bridging finance loan for an 86-year-old, for example, downsizing, so on an age pension, so again, didn't need to be working, didn't need to show that she could service the bridging finance debt. So for your audience that's listening, that wants to downsize and is thinking of selling but wanting to buy something before they sell, absolutely give us a call. Or give you a call and you know we can have a chat. But for a lot of customers bridging finance is like a swear word.
Colin Mason:You know they don't even want to mention, they don't even want to go there. But the clients that we are engaging, that we are talking to about bridging finance, when we actually break it all down for them, there's a sigh of relief nearly.
Amy Bennett:Again, it's education, and I think it's had a few different new names and everything like that, hasn't it? But look, I think that's you know, the evolution of products that are available. So I thought it was really important that we mentioned to that, I guess, speaking of myths and misconceptions, what's one major one with your industry?
Colin Mason:Probably the biggest question or the biggest myth would be brokers charge a fee for service, which we don't or we shouldn't do anyhow. I mean, I doubt there's brokers out there that do charge a fee for service, but no, look, we shouldn't be charging you any fees for our service. The banks will basically pay us an upfront commission, which is like a referral fee, which we receive only once the loan settles. So the brokers don't charge and they shouldn't charge, and they should give you all the time of the day to sit down with you and understand your needs and objectives and then acting your best interest. So if they're not doing that, then call the next mortgage broker.
Amy Bennett:Yeah, perfect, Sounds like a good hook to give your team a call. I think you're exactly right, though you know when I do, you know refer people to you, know seek for the information, they definitely do think there's a cost associated, so that's a really good thing for us to break down. We probably already have a feel for it. Well, what do you love about your role? Just helping people.
Colin Mason:I absolutely love it. You know, when we get challenges and we do get a lot of challenges in terms of scenarios from customers, but just seeing the smile on their face, that's the biggest joy for me and also my team. In fact, we even have a bell in the office that we ring, you know, when we get the approval on some hard deals so, and the whole team gets around it. So that's what we love doing, you know. I mean just to see customers come in. You know shoulders slump. You know they've been to three or four other brokers or banks and they're just not getting the right answer, and then we get it over the line for them. That's the stuff that we thrive.
Amy Bennett:And that's something that's happening regularly for you, isn't it? You know, like you said with the challenge, you know when someone gets a no, that's you know, that's your. You know, I guess that's when your superhero powers come out and really looking at all options. So I think that's a really good message for people to understand that no doesn't mean no. There's just another option to pursue 100% agree with that.
Colin Mason:I think don't exhaust. You know two or three options and I think you can't get the fourth option done because we've seen many clients over the years me doing this job, where you know they've been trying, trying, trying for months and then come and see us and then we'll get it done.
Amy Bennett:Yeah, amazing. So obviously finance has been a journey 20 years amazing. What would you do if you weren't in finance?
Colin Mason:Look, airline pilot, yeah. So I mean, you know, obviously I've got my, my private pilot's license and I also teach people how to fly in my spare time. So just love, love aviation, love, love flying. My dad used to be a pilot when he was younger just a private pilot and I sort of had the passion for it, I think ever since I was, I think, two years of age, sitting in his cockpit up in the air with him flying in New South Wales somewhere. I can't even think of where it was now, but I think ever since then I had a passion for it. So, and then when I had the chance to do it about six or seven years ago, I did my license and then did some instructing and, yeah, love it.
Amy Bennett:Amazing. Well, I have been in the plane with you. You have. We took a scenic route and we survived. We had a bit of hesitation there. We took a scenic route around the Glasshouse Mountains, which was really magic. That's where I grew up. Let me have a quick little example of flying the plane of which wasn't my forte, so I won't be following in your footsteps. But yeah, it's amazing we have such a beautiful coastline here you mentioned you just took a quick trip up on.
Colin Mason:Hervey Bay On Sunday. So a good mate of mine's got a plane and we went up to Hervey Bay through Sunshine Coast on Sunday morning, which is the nicest day we've had for a long time, with all the rain obviously backing away for a little while. Hopefully had coffee up there and then returned. Hey, what a Sunday yeah it's a great way to start the day.
Amy Bennett:So Hervey Bay's a beautiful place. I'd love to know you enjoy holidays, as do I. What's your dream holiday destination?
Colin Mason:I would say winter in Canada.
Amy Bennett:Yes.
Colin Mason:So Vancouver, canada, and then summer in Europe, so Rome, great Colin.
Amy Bennett:Beautiful, that's a year covered. Absolutely, you just had a lovely family holiday over Christmas.
Colin Mason:We did. We went to Whistler for a white Christmas and didn't snow apart from Christmas Day, which was perfectly fine because that's what we wanted. But the kids got a chance to snow and say that I wasn't very good at it, but yeah, we had a great time. And then we went down to San Diego and into America as well with the kids, so now had a great time.
Amy Bennett:Beautiful, so cherishing those moments. The boys are all obviously growing up very fast.
Colin Mason:They are taller than me and you met them yes.
Amy Bennett:Not the easiest thing to get everybody all together for a family holiday, but I'm sure that that was lots of fun for everyone.
Colin Mason:It was. We had a great time, so it was good to take three to four weeks off.
Amy Bennett:Yeah, it looked really well deserved. I think that's probably a shift in your mindset, if you don't mind me saying to really balance out and have that time. Both you and I, we really love what we do. We're very passionate. I'd say we're married to our jobs.
Colin Mason:We are.
Amy Bennett:Yes, we both have very understanding spouses Speaking of, and I kind of probably know the answer to this question but what was the most amazing day of your life?
Colin Mason:I look definitely meeting Bianca and marrying my wife Bianca, and then obviously the three kids that we've got, Absolutely, and I'd probably suggest, if I can add a third one, setting up Mason Finance Group. That was a you know, we sort of I'm not an ironing whether we should do it, whether we shouldn't do it, and we did it and you know, two and a half years later we've got a big team that we absolutely love and a great future.
Amy Bennett:Yeah, so five best days of your life. We five yeah, so I think look, you and I the same every day. Every day that you wake up, breathe things, a beautiful day. Just a quick little segue when you started Mason Finance Group with Jess. We want to just delve into that a little bit. It's a really special story and your history together.
Colin Mason:Yeah, Look, it's. Look, I took a break out of finance, as you know, and, to be honest with you, I was going to probably go on and do more of the flowing and try and maybe get into the airlines, et cetera. So, but obviously change your heart. Just after that and and Jess is a good friend of mine I was only with a business coaching and and Jess and I sort of sat down and discussed maybe doing like a finance business, getting into mortgage-broken, which we did and when we agreed to do it, I said to Jess let's just start at my house in the garage, We'll start and see how it goes. And then, as soon as we sort of announced that we were doing it, then the calendar started filling up and then all of a sudden we needed an office and then we needed more team members and then all of a sudden we need more office space and it's just sort of yeah, sort of gone from there, but it's been a great journey.
Amy Bennett:Amazing. Well, you are a very humble person, but it is all very well deserved. I would also probably add that there's probably a bit of peer pressure in that time off. I'm sure your phone didn't stop ringing that time.
Colin Mason:No well, I mean I didn't have the phone, yeah, but some we found you other ways Social media, you know stuff like that.
Colin Mason:So it's yeah, no, look, it's been. I look the support I've received over the years and I've always said, if you do a, if you do the right thing by people, generally good things come. So I've always tried to look after my customers in the best possible way and always been very humble, like you know, and it's not about the awards and the accolades and the recognition. It's about me just helping people, and it's the same for my team as well. My team is very well-centered around that. They just want to help people and that's what we're all about.
Amy Bennett:Look, you've got a beautiful culture within the team. Charity and community contributions really important as well. I know that you're always the first to put your hand up and support A lot of local Sunshine Coast-based organizations. I know that the team you know doesn't hesitate to, you know, get the sausages or frying at an auction.
Colin Mason:Absolutely.
Amy Bennett:Yeah, we do lots of great things together. I know your team will always support it. Our Sunset Sneak Peaks with a free education session or ability for people to crunch the numbers at open homes so that's really valued.
Colin Mason:Absolutely yeah, and I always have a good getting involved wherever we can.
Amy Bennett:So yeah, all right. Well, a couple of final questions. What would be your favorite food and drink, favorite meal?
Colin Mason:Favorite meal? Definitely a good hot curry.
Amy Bennett:Yes.
Colin Mason:Love that. Proper hot, proper hot, indian hot as we say, and favorite drink would be espresso martini Nice. I love a good espresso martini.
Amy Bennett:I like it. Curry of choice.
Colin Mason:Curry of choice would be chicken Lahori. Oh nice, that's my favorite too.
Amy Bennett:Yeah, hard to get. So I do know where is your favorite Indian from.
Colin Mason:So Rangoli.
Amy Bennett:in Buderim.
Colin Mason:Sunshine Coast, yeah, so I've been going there for years.
Amy Bennett:So we just spoke about it. Offline. We love curry bowl, so the same owners and the chicken Lahori. There is amazing. Our favorite as well espresso martini. Yes, that's a favorite of my husband, who wakes up early and often needs that to keep him awake at night.
Colin Mason:Definitely good espresso martini. We've got some good friends of ours that make a mean espresso martini Good. We're going there on Saturday night, I think.
Amy Bennett:Okay, perfect, so no sleeping Saturday night.
Colin Mason:No sleeping.
Amy Bennett:Sunday. And the final question is what is your favorite quote or saying?
Colin Mason:Favorite quote would be success is not the sorry, happiness is not the key to success. Sorry, success is not the key to happiness. Happiness is the key to success. If you love what you're doing, you're always going to be successful. Yes, always lived by that. Yes, and my mum once gave me a signboard saying don't get so busy making a living that you forget to make a life which is super important to me.
Colin Mason:So that's probably one of the reasons why I took a break, to be honest with you, out of finance, burning the candles at both ends and just really getting myself into a point where you know, I think when you get down the tools a little bit and you've actually you're not everything coming at you at a million miles an hour you can actually think seriously about what your future looks like.
Amy Bennett:Yeah, I think that's really important for a lot of people. I think you probably also. It was a reignited passion for the industry as well. But I hope also you felt that you know the loss to the industry, so that's been something that we're absolutely delighted that you're back. So that brings us to the end. Can you believe already? I know we could talk for hours, but I have no doubt we have emails and phone calls piling up. So, colin, I would love our audience to know how they can find you and the team.
Colin Mason:Yeah, so the best way to get in touch with us would be either my mobile number, so 043707407, or they can call the office on 5210099 and make a meeting with a broker. Perfect, generally speaking, you can get in within a couple of days with our brokers, depending on who you want to see.
Amy Bennett:Awesome, and following on all the social channels, I know your team does a great job. I know we always talk about that. Obviously, that's a passion of mine. So, mr Colin Mason, thank you so much for your time. Thanks for having me. I absolutely love and adore you, both personally and professionally.
Colin Mason:Thanks, Amy.
Amy Bennett:So grateful for all you've done for my family and, most importantly, my clients Always welcome All right. Thanks, colin.
Colin Mason:Bye, Dr Amos.
Amy Bennett:Thank you for listening to this episode of Beyond the Signboard. We trust you enjoyed it as much as we enjoyed making it for you. If there are any topics you want covered in the future, make sure you reach out and let us know. Also, feedback and suggestions are appreciated almost as much as like shares and downloads.