Education is a crucial offering

Torquay broker and financial planner Paul Nelson has been able to assist a wide range of clients by educating them on their finance options

From 18-year-olds to 82-year-olds, Torquay broker Paul Nelson has assisted a wide range of different clients since starting Nelson Financial about 10 years ago.

MPA spoke with Nelson about the joy of helping people buy homes and why educating clients remains a source of lasting satisfaction.

Broking on the surf coast

Originally from the dairy industry, Nelson became involved in the world of finance as an assistant to Terry Lingard in 2002 before moving to Torquay on Victoria’s surf coast a couple of years later.

“I worked with two of the major banks for about six years and then wanted a bit more flexibility and have been out broking in my own business ever since.”

He started Nelson Financial in circa 2010 and enjoys educating people on their finance options as a mortgage broker and a financial planner.

“I love chatting to people, having a conversation and generally helping.”

From zero to hero

Like all brokers, Nelson has experienced some challenging scenarios over the years but a recent one stands out in particular.

“I had clients recently that were formally approved to buy their block of land and build with one application through Bankwest and due to COVID-19 they both lost their employment.”

While both clients were receiving government assistance, this wasn’t enough income to service the debt, so from an ethical perspective Nelson notified the bank.

“I also went back to Bankwest with reasons why I still thought the loan should proceed with the land and the build and all the benefits that the government put in place to be able to get these clients through.”

After explaining how the clients would be able to manage the loan, the lender agreed to proceed with the finance – much to the relief of the customers.

“The clients at the moment are halfway through building their house which is pretty incredible considering theoretically they haven’t got any employment.”

“We went from zero to hero in one week,” he says, explaining the clients would have lost their $30,000 deposit and fallen behind financially for several years had the loan been declined.

Educating borrowers is key

Educating borrowers is a favourite part of Nelson’s role as a broker and financial planner – something that has brought lasting satisfaction for the past decade.

“Give me a scenario and I’ll explain the options and at the end of the day the client can make an informed decision on how to proceed.”

He also gains plenty of joy from helping people, both young and old, on their journey to property ownership.

“I’ve been able to negotiate a 30-year loan term for an 82-year-old lady.”

“She said, Paul, I’m going to be 112 when I pay this off.”

Another favourite was an 18-year-old first home buyer he lined up finance for.

“We went through the budgeting and cashflow strategies, she rented out three of the four bedrooms in her house and is now at 26 debt free.”

All in the family

Nelson enjoys spending time with his family both at home and at work.

“I’m lucky enough that I get to spend time with my beautiful wife Nicole.”

“We work together, do a lot of things together with the kids on the weekend, and we get along really well, so I’m extremely lucky that I get to spend more time with the person I love and adore.”

“There’s no way known I’d be able to do anywhere near the amount of work that we do without her and obviously my fantastic staff that I’ve got are a huge asset to us as a business.”

To new brokers he offers the following advice.

“Work with a really good, experienced broker who genuinely cares for their clients.”

“Study hard and continually educate yourself along the journey. Build a fantastic mental fitness to achieve the goals you want to within the business, focusing on quality and not quantity.”