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Coming Full Circle

In the early days of mortgage broking, aggregators were established to support brokers by combining loan volumes to secure better commission rates with lenders.

Over time, however, the role of aggregators has shifted. Many have become large corporate entities, treating brokers more like numbers than valued professionals. This change has left many brokers, including those in Australia, feeling disconnected as the focus has moved away from collaboration and mutual benefit.

A Better Model 

A new type of aggregator has emerged – one that prioritises the needs of its members and fosters genuine collaboration. Designed with brokers’ success in mind, this co-operative model thrives when its members do. As the network grows, so do the benefits for everyone involved.

Purple Circle Financial Services provides a distinct advantage for brokers looking for a more supportive partnership: ownership, transparency, and collaboration.

“Our innovative model, which offers brokers equity, shares valuable industry insights, and fosters strong networking opportunities, ensures that when one succeeds, we all succeed”

Greg Pennells, Founder of Purple Circle.  

The Vision 

We continually ask ourselves and others:  

  • What if transparency could inspire greater motivation to succeed in the business you are already passionate about? 
  • What if Australian mortgage brokers shared ideas and strategies with one another, creating an environment of mutual support and growth? 
  • What if collaboration between like-minded brokers meant collective power, not competition. 
  • What if your efforts in writing loans could directly contribute to owning a share of the business? 

Purple Circle has seen tremendous growth, increasing its broker membership by an impressive 213% last year. “I set out to create the club I always wished existed – and our swag of industry awards would indicate we have achieved what we set out to do!” says Greg. “We attract brokers who are tired of being treated as just another number and are looking for a more personal and rewarding model of support in their mortgage broking journey.” 

Members don’t have to pay for their shares in the company. The potential is clear: what would it look like to own part of an aggregator that truly values its members? 

With Purple Circle, you have the opportunity to be part of something fully transparent, completely inclusive, and a business model that puts you at the core of its success.  

With Purple Circle, Australian mortgage brokers have the opportunity to be part of something fully transparent, completely inclusive, and built around their success. 

Find out more

Small and Medium Enterprises (SME) Guarantee Scheme

The Scheme will enhance lenders’ willingness and ability to provide credit and will be available for new loans made by participating lenders until 30 September 2020.

The Government will provide eligible lenders with a guarantee of 50% per cent of new loans. Some generic terms are:

  • Businesses with a turnover of up to $50 million.

  • Maximum total size of loans of $250,000 per borrower.

  • Loans will be up to three years, with an initial six month repayment holiday.

  • Unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.

Reduced Interest Rates

Consider your current banking arrangements. The Reserve Bank has recently reduce the cash rate and lenders have passed this on to various loans they have.

Instant Asset Write Off

An increase in the instant asset write-off threshold from $30,000 to $150,000 30 June 2020.

Deferment of Loan Repayments for up to 6 Months

The banks are developing their own approach as to how to deal with requests from their clients for repayment holidays. Some are automatically granting the request, others are assessing the requests individually.