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MFAA Prosper : Mortgage and Finance Brief 13
Mortgage & Finance brief 39 government bodies, private investors and retirees. It also led him to some interesting loan applications. Nutt says the hardest loan he had to write was for a crocodile farm. “The lenders were hesitant in case the loan defaulted and the occupants had to be evicted,” he says. It’s quite a story for a man who entered the banking industry as a 16-year-old at the encouragement of his parents. They knew the manager of a local bank and organised an interview. “At the time, banking was seen as very secure employment,” he says. “At first, it was great to be able to work near home and eventually I had the opportunity to travel to regional towns. I got to see and live in quite a lot of NSW.” In the 1970s, he became the Real Estate Sales Manager in NSW for AGC, a Westpac subsidiary and the largest property finance company in the country. While there, he completed courses in real estate valuation and technical analysis of stocks and shares, and was appointed State Manager of the company’s investment management department. While he was building his knowledge of the securities and property markets, his then-wife-to-be, Miriam, worked for a small mortgage broking firm. By observing her experiences, he could see he would be a perfect fit for that sector. “Back then, the only reward for performance working in large companies was to keep your job,” Nutt says. “There were more opportunities in smaller firms.” He seized the opportunity in 1977, taking on the role at Randall & Co – little knowing it would be a historic move. But that’s not the end of his achievements. In 1984, he formed his own boutique brokerage, Waratah Mortgage Corporation, with his wife. Both are still running the company, which is now a boutique organisation servicing long-standing clients and their friends and associates. For having such an indelible impact on the industry, he was recently named as a Fellow of the MFAA, which he modestly downplays as a “nice recognition”. It’s a title that’s well deserved. ••• We had lunch the day the first securitised loan was settled, and discussed how the borrower, a baker by trade, wasn’t aware he had created history. Making history: Warren Nutt – the man who, together with business partner Vernon Spencer, launched Australia’s first securitised lending program in the 70s phootostudiocoMMercial
Mortgage and Finance Brief 12
Mortgage and Finance Brief 14