We chat with Nathan Taddeo, Director of Credo Financial Group about growing up in the mortgage broking industry, why he doesn’t like the term ‘mortgage broker’, and his thoughts on the future of the Australian property market.
Tell us about the journey you’ve taken in your career.
I pretty much grew up in the industry. My father is in the business, and we moved around a lot when I was a kid for it, so I would get dragged along to his meetings on weekends.
When I was in my third year at university, I was studying resource management, property and economics, but always had an interest in property. With only a few subjects left to finish my degree, I thought I would do some work with my dad at his company. They were a one stop shop for finance in that they offered everything, so it was a great exposure, but it was the lending side I really got settled in to. After a while, I was taking on more responsibility and before I knew it seeing clients, so never looked into the other areas.
Sometime later, my father and I decided to go in a different direction to the business as it was at that time. We felt that after a point, offering everything becomes a hindrance in some ways. So, we decided to just do lending and set up our own business.
Credo has now been operating for over 3 years and offers all types of lending. We had built great relationships with our referral partners and as the business took off we employed more staff.
What challenges have you had to overcome in your career, and how did you overcome them?
The good and bad thing about my career trajectory is that I started out right on/before the GFC. I came onto the scene at a time when things were about to be shaken up. I was fortunate to have been in a comfortable area and have seen a lot of change over the years. The biggest challenge for me has been constantly staying on my feet, which is a positive challenge, in a way.
In the early days, as a young guy in the industry, getting people to take me seriously was always going to be difficult. I would go along to industry events where I was far and above the youngest guy there, and the only one not from a banking background. It’s challenging to hold your own in a situation like that, but I found that you just need to keep at it and work hard to prove your worth. People can’t take away what you achieve from your work.
What do you love about what you do?
Helping people buy their first home, or even a home they have fallen in love with. We have clients going through divorces/separations, or other difficult situations and they have invested not only their time and money, but also their emotion into owning a home or investment property. We are helping people achieve a dream, a goal, and I love that. Being a part of something so special to someone is really fulfilling.
When you were a child what did you want to be when you grew up?
Just like a lot of kids I’m sure, Batman was first on the cards.
But growing up, and moving on from that particular dream, I did not have much of an idea of what it was I specifically wanted to be a part of. I studied some economics, and marketing at university, and law always interested me, but I never wanted to practice it. Property was the only thing that had really grasped my attention and drew my interest, which is I guess how I ended up here.
What are your top 3 tips for other people wanting to build a successful career in mortgage broking?
If you are unsure, you are better off saying you will get the answer than making anything up.
Put yourself out there
I’m not a big quotes guy – but I do like the quote, ‘you miss 100% of the shots you don’t take’.
Even when you’re talking on the phone, people can tell if you are not smiling. Put a smile on your face – they can hear it.
What is standing out for you in the industry at the moment?
I am really interested in the future of the Australian property market, and what that means for our clients. I believe it must slow down to a degree, but the fact is it’s never going to be in one direction. Good property is good property. Good areas will always grow. But this idea of people waiting for the market to crash or the ‘bubble’ to burst, I don’t think that will happen.
While I believe growth will slow down, it won’t stop or go backwards. What I do see shifting is people’s expectations. Looking at people in Europe, Asia, and even parts of the US, they live in small houses and apartments, and they’re fine because they go out and socialise outside of the home. Out of sheer necessity, mindsets will need to shift. While there’s not much affordable in Melbourne and Sydney, there’s lots of affordable property in Western Australia.