Peter Ritchie: From detecting crimes to securing loans

From needing a mortgage to purchase land to excelling as a dealer, Peter Ritchie’s (pictured above) journey showcases resilience and a eager understanding of the evolving finance trade.

From Flinders Island to finance success

Ritchie’s journey into the finance world started out of necessity and alternative.

“I wanted cash to purchase 300 acres on Flinders Island, and my very own financial institution wouldn’t help,” Ritchie says.

A buddy’s advice led him to Wizard House Loans, the place he secured the mortgage, purchased the land, a airplane, and even obtained a pilot’s license.

“The man who got here to see us from Wizard was a pleasant bloke, however not that good. My ego instructed that if he might do it, I might do it,” Ritchie says.

Decided to transition into finance, Ritchie joined Wizard House Loans in April 2002. Regardless of the state supervisor’s issues about his lack of gross sales expertise, Ritchie was assured.

“I had been promoting jail sentences for 10 years as a detective. If I might promote jail time, I might promote something,” he says.

He then shortly made a reputation for himself.

“I began with Wizard at Frankston, then opened my very own workplace in Mornington six months later. Many awards adopted, and I’m nonetheless right here,” he says.

Embracing technological advances

Reflecting on the previous 22 years, Ritchie highlights the numerous adjustments within the trade, significantly the shift to digital processes.

“The change in on-line processes, digital ID, and digital signatures on paperwork has in all probability been probably the most progressive change. I nonetheless keep in mind having to fax the whole lot,” he says.

The human contact in a digital age

Regardless of the rise of on-line platforms and AI, Ritchie believes there’s nonetheless a powerful demand for private interplay within the mortgage trade.

“The market share of broker-generated loans could also be rising, however so are the numbers of brokers,” he says. There are nonetheless loads of individuals who wish to cope with an actual individual.”

Navigating mortgage challenges

Ritchie acknowledges that almost all loans at this time include challenges. He prides himself on his skill to anticipate and handle potential objections from lenders.

“Typically I shock myself with the success I’ve with some offers, but when I don’t consider it ought to be a mortgage, I received’t submit it,” Ritchie says.

His recommendation to fellow brokers consists of valuing nice BDMs and sustaining integrity.

“At all times do the best factor and write each mortgage as if AFCA have been standing behind you,” Ritchie says.

Standing out within the trade

Ritchie shares essential recommendation for brand spanking new brokers: don’t follow on clients and discover a distinctive promoting level.

“Having a terrific customer support perspective will not be a degree of distinction; it’s the anticipated minimal commonplace,” he says.

His journey from a detective to a profitable dealer is a testomony to the facility of perseverance and flexibility in a consistently evolving trade.

Get the most popular and freshest mortgage information delivered proper into your inbox. Subscribe now to our FREE every day publication.