Not sure what to ask a broker, or how much they’ll actually cost you? Get answers to common questions about fees, timelines, credit checks and comparing loans yourself.
Explore home loan options with 40+ lenders and find out what to consider when choosing a mortgage broker for your property goals.
Thinking about your next home loan move? At LoanCalculator.com.au, we help you speak with a mortgage broker to discuss your goals, understand your options and get help navigating the application process.
More than 8 in 10 new home loans in Australia now go through a mortgage broker. Buying your first place, refinancing or adding an investment property? Compare home loan options from 40+ lenders here, check what your repayments could look like, and get clear on how brokers work (and what they earn) before you sign up with one.
Think of a broker as the person who does the bank-shopping so you don’t have to. You tell them about your job, savings and the place you’re keen on, and they go hunting through their lenders. Could be 20, could be 60.
They can’t just hang up a sign, though. Brokers need an Australian Credit Licence (or to work under someone who has one), a Cert IV and MFAA or FBAA membership. Not sure about yours? You can look them up by name on ASIC’s register, it’s free and quick.
How does the broker process work?
First up, expect a fair few nosy questions about what you earn, what you spend and what you owe. After that:
Anyone can google a rate. The real value is knowing which bank will say yes to someone in your shoes.
Borrowing power is the big one. Two lenders can read the same payslips and land tens of thousands apart. The ABS says the average new home loan was $724,415 in the March quarter of 2026, so a gap like that isn’t small change.
Rate isn’t everything either. If you’ll actually use an offset account, it can end up worth more than a slightly cheaper loan without one.
Overtime, casual shifts, your own ABN… every bank has its own rules.
Later on, they’ll flag when refinancing looks worthwhile.
Our two cents? Spend ten minutes on our home loan calculator before you meet anyone, so the numbers don’t come as a shock.
Here’s a quick comparison of mortgage brokers vs going directly to a lender, highlighting the key differences you should know before choosing.
| Feature | Mortgage Broker | Direct to a Lender |
|---|---|---|
| Loan choice | A whole panel | Just that one lender |
| Legal duty | Best interests duty | Responsible lending rules |
| Cost to you | Usually $0 | No broker involved |
| Paperwork | Broker handles it | All on you |
| Rate reviews | Often yearly | Only if you ask |
On a salary with a decent deposit and a bank you like? Going direct is fine. Self-employed, or can’t stomach comparing 30 lenders on a Sunday arvo? That’s where brokers earn it.
Mostly, you don’t pay your broker a cent. The bank does, in two chunks:
So say you borrow $600,000 and the upfront rate is 0.6%. That’s $3,600 to your broker, paid by the lender, not you. The dollar amounts are in your credit proposal.
What is the best interest duty?
Since 1 January 2021, brokers have been legally on the hook to act in your best interests, and ASIC keeps an eye on it. In plain terms, they can’t steer you into a loan just because it pays them better.
In 2018, about half of new home loans went through a broker. Look at it now.
| Measure | Figure |
|---|---|
| Broker share, June quarter 2026 | 81.6% |
| Broker share, June quarter 2018 | 53.9% |
| Lending through brokers, June quarter 2026 | $139.08 billion |
| Loans settled through brokers, 2025 | 838,815 |
| Value settled through brokers, 2025 | $495.55 billion |
Source: MFAA / Cotality, 2026.
We see them pull their weight most for:
On eligibility, most lenders want you over 18, a citizen, PR or right visa holder, with steady income and at least a 5% deposit. Hit 20% and you’ll normally dodge LMI.
They’re not all the same. Not every broker has access to the same panel, charges the same way, or sticks around after settlement. A few sharp questions upfront tell you whether you’re dealing with someone genuinely working for you, or just the first name that came up in a search. Ask them:
From first numbers to settlement day, here’s what the process actually looks like.
Mess around in our calculator until something feels doable.
Line up what our 40-plus lenders have, and yes, read the fees a bit too.
You'll want ID, your latest payslips, a few months of bank statements and some idea of where the money goes.
Some lenders turn it around in a couple of days, others take a fortnight. Worth having before you bid at an auction.
Got your place? A valuer goes out, the lender ticks it off, and you settle on your contract date.
Not sure what to ask a broker, or how much they’ll actually cost you? Get answers to common questions about fees, timelines, credit checks and comparing loans yourself.
Usually not. A few charge on fiddly jobs like SMSF loans, and if yours does, they have to put it in writing before you agree.
Sometimes, sometimes not. Brokers can push a bit, but your deposit and income still do most of the talking.
Nope. Chatting costs your credit file nothing. Only a formal application leaves a mark.
Usually somewhere between six weeks and three months from first chat to getting the keys, depending how fast you find a place.
Plenty of brokers also do construction loans, top-ups and equity for a reno, so it’s worth asking.
Of course, and we’d encourage it. Our compare home loans page and home loan calculator are handy places to start.
Most lenders ask for two years of tax returns and business financials, though a few are more flexible.
Submit a quick enquiry, get matched with lenders from our panel of 40+, and have a broker reach out to walk you through your options.
