Learn about mortgage brokers in Australia with Home Loan Finance Online, including what brokers do, how lender panels work, and questions to ask about home loan options, fees and commissions.
What does a mortgage broker do?
A mortgage broker acts as an intermediary between a borrower and a lender. Brokers may explain home loan features, compare loans available through their lender panel and assist with application paperwork. The lender makes the lending decision; using a broker does not guarantee approval.
For first home buyers, homeowners considering refinancing and property investors, understanding a broker's role can help clarify the home loan process. Read more in What does a mortgage broker do in Australia?
Lender panels and home loan comparison
A lender panel is the group of lenders a broker can access. Panels vary and do not necessarily cover every lender or home loan in the market. Ask which lenders a broker considers and whether any relevant options fall outside their panel.
When comparing home loans, consider interest rates, comparison rates, fees, repayment terms and features such as offset accounts or redraw facilities. Borrowers can also approach lenders directly. A direct lender generally discusses its own products, while a broker may consider products from several lenders.
Broker fees and commissions
Mortgage brokers may receive upfront and ongoing commissions from lenders, and some may charge borrowers a fee. Payment arrangements vary. Ask for a clear explanation of any fees, commissions and other benefits, including when a fee is payable and whether it could apply if a loan does not proceed.
Questions to ask a mortgage broker
Which lenders are on your panel, and which have you considered?
How do the loan's rates, fees and features compare with other options considered?
What fees would I pay, and how are you remunerated?
What conditions apply to pre-approval, and what further checks may the lender require?
What is your Australian credit licence or credit representative number?
Consumers can check credit licensing and representative details through the ASIC registers.
Explore home loan information
Browse our home loan articles or use our calculators for estimates based on assumptions, not quotes, offers, approval or eligibility decisions. You can also subscribe to MoneyTips for financial information, news, guides and resources.
This website provides general information and tools, not personalised financial or credit advice. It does not accept home loan applications or borrowing enquiries, refer visitors to brokers or lenders, or select a loan or provider for you.
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