Choosing a broker

How to choose a mortgage broker in Australia

Use a practical Australian checklist to verify a mortgage broker, assess lender access, understand fees, read reviews and compare service before choosing.

Updated: 4 August 2026
Read time: 9 min read
Reviewed by: emoney broker team

Key checks before you decide

Reviewed by emoney broker team. Updated 4 August 2026. Sources are listed below.

Verify the broker or business in ASIC's professional registers.
Ask which lenders are on the panel and which relevant lenders are outside it.
Compare written fees, commission disclosure and service scope.
Read detailed positive and negative reviews instead of relying on the star rating alone.
Choose the broker whose process fits your situation, timing and communication needs.

In this guide8 sections

Begin with verification, not popularity Match experience to your actual situation Understand the lender panel and comparison scope Make fees and commissions easy to explain Test how the broker explains a recommendation Assess communication before the file becomes urgent Read reviews for evidence, not reassurance Interview a shortlist before choosing

Begin with verification, not popularity

Before discussing rates, check that the broker is authorised to provide credit assistance. ASIC's professional registers let consumers search credit licensees and credit representatives by name, organisation or licence details.

Match the register result to the person or business you are dealing with. Check the current status and the services shown, and ask the broker to explain the licensee or representative relationship if the trading name differs from the register entry.

Professional-association membership and qualifications can add context, but they do not replace the licensing check. Verification is the first filter because it establishes who is responsible for the credit assistance and complaint process.

Check	Evidence to look for	Question to ask
Authorisation	ASIC credit licence or representative entry	Which licence or representative number applies to you?
Panel	Current lender list and exclusions	Which relevant lenders can you not access?
Remuneration	Written commission and fee disclosure	What could you and the lender each pay?
Service	Named contact, response process and milestones	Who manages the file after lodgement?
Complaints	Internal process and AFCA details	How is an unresolved complaint escalated?

Broker note

Match experience to your actual situation

A large number of years in broking is useful context, but the stronger question is whether the broker regularly handles situations like yours. First-home purchases, self-employed income, investment property, low deposits, construction and complex refinances can require different lender-policy knowledge.

Ask for an explanation of the process rather than a success story that cannot be checked. A capable broker should be able to describe common document issues, timing risks and decision points without promising approval or a particular outcome.

Experience also includes knowing when to wait, improve the document position or ask another professional for legal, tax or financial advice. A broker who treats every enquiry as ready to lodge may create unnecessary applications and credit enquiries.

How often do you work with borrowers in my situation?
Which documents usually cause delays?
What would make you recommend waiting before applying?
Which issues need separate legal, tax or financial advice?

Understand the lender panel and comparison scope

A broker compares lenders they can access through their panel and accreditations. That can be broader than one bank, but it is not automatically the entire Australian market.

Ask how many panel lenders are genuinely available for the proposed loan type and which familiar lenders sit outside the panel. A long list is less useful if only a small part of it is relevant to the property, income, deposit or loan purpose.

Then ask how the broker narrows the panel. The answer should connect borrower needs with lender policy, costs, features, service and timing rather than presenting a product list with no explanation.

Which lenders are accredited for this type of loan?
Which lenders were considered and ruled out?
Does the panel include my current bank?
Can I ask you to investigate another option?

Watch out

Make fees and commissions easy to explain

Ask how the broker is paid, whether lender payments differ and whether any direct borrower fee applies. MoneySmart says brokers generally receive lender commission, while some brokers may charge a direct fee that should be clearly set out in writing.

The broker should be comfortable explaining upfront and ongoing commission, any direct quote, and the point at which a fee becomes payable. Keep the written documents so the remuneration can be considered beside the proposed loan costs.

Do not choose solely on the promise that the service is free. A useful comparison covers the total loan position and the work performed before, during and after the application.

Who pays you if the loan settles?
Could I be charged directly?
Do lender payments differ across the shortlist?
What ongoing service is included after settlement?

Example

Test how the broker explains a recommendation

Mortgage brokers must act in the consumer's best interests when providing relevant credit assistance. Ask the broker to show how the proposed option connects with your priorities and why alternatives were not selected.

A useful explanation covers the interest rate, comparison rate, lender fees, features, loan term, policy fit and application timing. It also identifies any assumptions that still depend on documents, valuation or lender assessment.

The explanation should be understandable without sales jargon. If the broker cannot describe the trade-offs or becomes defensive when asked for more than one option, the borrower has not received enough information to choose confidently.

Why does this option fit my stated priorities?
What is the lowest-cost option you considered?
What would make the recommendation change?
Which conditions still need lender confirmation?

Next step

Want a broker to check this against your situation?

Share the loan goal, timing and a few key details. An emoney broker can then pick up the enquiry with the relevant context.Start a broker conversation

Assess communication before the file becomes urgent

Responsiveness during the first enquiry can indicate how the working relationship may feel, but speed alone is not enough. Look for clear ownership, realistic timeframes, secure document handling and updates at meaningful milestones.

Ask who will collect documents, prepare the application, communicate with the lender and manage conditions through to settlement. In a larger business, the broker may work with support staff, so the borrower should know who answers each kind of question.

A secure upload process matters because mortgage files contain identity, income, banking and tax information. Avoid brokers who encourage sensitive records through informal messages without explaining how the information is protected.

Named contact for the application.
Expected response and update rhythm.
Secure document-upload process.
Escalation process for urgent settlement issues.

Watch out

Read reviews for evidence, not reassurance

Reviews can reveal communication patterns, process strengths and recurring problems, but a star rating alone is weak evidence. Read a mix of recent positive, neutral and negative reviews across more than one source.

Look for specific detail about the service used, the stage of the process and how the broker handled a problem. Generic praise, sudden review spikes or repeated wording deserve more caution than detailed accounts that explain what happened.

The ACCC warns against fake, misleading and manipulated reviews. Businesses should not suppress genuine negative feedback or encourage only positive reviews. Treat the review profile as one input beside licensing, written disclosures and the quality of the first conversation.

Check the review count as well as the average rating.
Read recent negative reviews and any business responses.
Look for detailed comments about communication and follow-through.
Check whether an incentive or commercial relationship is disclosed.

Broker note

Interview a shortlist before choosing

Speak with two or three brokers where practical and ask the same core questions. Comparing consistent answers is more useful than collecting different sales presentations.

Score the brokers on verification, relevant experience, lender access, remuneration clarity, comparison method, communication and post-settlement service. Note any unresolved concern rather than averaging it away.

Choose the broker whose process gives you enough evidence to proceed and whose service model fits the complexity and timing of your situation. You are not required to continue simply because an initial conversation occurred.

Use the same questions for each broker.
Write down panel, fee and service differences.
Pause if the broker pressures you to apply before explaining the comparison.
Keep copies of disclosures and agreed next steps.

Sources used

Using a mortgage broker
ASIC MoneySmartofficial sourceChecked 4 August 2026
Professional registers search
ASICofficial sourceChecked 4 August 2026
RG 273 Mortgage brokers: Best interests duty
ASICofficial sourceChecked 4 August 2026
Online reviews for products and services
ACCCofficial sourceChecked 4 August 2026
Make a complaint
Australian Financial Complaints Authorityofficial sourceChecked 4 August 2026

General information only

This guide is general information and does not take into account your objectives, financial situation, or needs. A broker can review your circumstances before any recommendation.

Before you choose

Compare the support, costs and limits clearly.

Share what you are weighing up. A broker can explain the process, costs and questions that apply to your situation.

Start a broker conversation Broker support