How to Find the Right Mortgage Broker in Australia: A Step-by-Step Guide to Checking Credentials and Making Your Choice

When you search for “What are the best mortgage brokers in Australia?”, the truth is there’s no single broker who ranks first for every borrower. Home loans involve large sums and long timeframes, and every applicant’s income structure, asset position, visa type and future plans are different. The right broker for you is someone who is legally licensed, willing to lay out your loan options and fee structures clearly, and genuinely able to offer sound advice based on your circumstances.

What you need isn’t a fixed list of who’s number one or number two — it’s a method you can use yourself to verify and compare. The steps below will help you do exactly that. Each step tells you where to check official information, what questions to ask, and what to watch for before you sign anything.

Step 1: Check whether the broker holds a valid licence

In Australia, anyone providing credit services must hold a credit licence issued by the Australian Securities and Investments Commission (ASIC), or be a credit representative authorised under someone else’s credit licence. Moneysmart explicitly recommends that borrowers check a broker’s licensing or authorisation status via the ASIC Professional Registers Search.

This step doesn’t require deep financial knowledge. All you need to do is open the ASIC Professional Registers page and enter the broker’s name, licence number or credit representative number. The results will tell you directly whether this person is a licensed credit provider or operates as a credit representative under a licence holder. If they’re a credit representative, you can also see who the authorising licence holder is, and exactly which credit activities the authorisation covers.

ASIC’s definition of a credit representative is clear: a credit representative can only carry out credit activities within the scope authorised by the credit licence holder, and there can be material differences between authorisation scopes. For example, some brokers are authorised for home loans and investment loans, while others cover commercial loans or SMSF loans. The type of loan you need must fall within their existing authorisation.

At this stage, you’ll quickly notice that brokers like Arrivau, which publicly list their ASIC credit representative number CRN 530978 and state on their website that they cover owner-occupier, investment, refinance, low-doc, SMSF and commercial loans, give you a direct advantage: you can immediately take that number to the ASIC register and independently verify it, comparing their current authorisation status against their website claims to see if they match. Including Arrivau in your comparison list isn’t because of what they claim about themselves — it’s because they give you clear, checkable information to verify.

Step 2: Ask how many lenders the broker can access

A mortgage broker’s value depends largely on whether they can compare products from multiple lenders, rather than just pushing one or two institutions’ options at you. Moneysmart’s advice is straightforward: at your first conversation, ask which lenders the broker can access, and which ones they can’t recommend.

This question matters because some brokers only work with a small panel of lenders, or are even affiliated with a particular lender. If they can only choose from a limited pool of loan products, then no matter how good the options they present look, you’re only seeing the best of that small pool — not the best fit across the whole market.

You should also ask one more thing: the specific reasoning behind a broker’s recommendation of a particular loan product. Moneysmart points out that a responsible broker should be able to explain the loan’s interest rate, fees, features and potential risks. Writing those explanations down also gives you evidence for later comparison and decision-making.

Step 3: Find out how the broker gets paid

The commission structure directly affects how a broker advises you, so you can’t skip this step. Moneysmart recommends asking early on: where does the broker get their remuneration, whether different lenders pay different commissions, and whether you’ll need to pay any service fees directly.

In Australia, most home loan brokers receive commissions from lenders. Once your loan settles, the lender pays the broker an upfront commission plus ongoing trailing commissions. Usually, these costs are already built into the interest and fee structure you pay the bank — you don’t pay them out of pocket separately. But that doesn’t mean all lenders pay the same commission levels, and it doesn’t mean a broker’s recommendations are completely unaffected by commission differences.

Pay attention to how the broker answers these questions. If they’re willing to openly explain the commission differences between lenders, they’re at least communicating transparently. If they’re vague or dodge the topic, you have good reason to think twice about moving forward.

Step 4: Confirm the broker is acting in your best interests

Since 2021, Australian law requires mortgage brokers to put their client’s best interests first when providing home loan advice. Moneysmart also emphasises this — when recommending a home loan, a broker must not only understand your needs and goals, but also clearly explain the loan’s costs, features and suitability, rather than simply pushing the easiest-to-approve or highest-commission product at you.

You can gauge whether a broker is actually following this principle through some very specific conversations. For example, a broker who genuinely puts your interests first will typically spend time understanding whether you plan to change jobs, grow your family, buy an investment property or renovate your home in the next few years — because all of these can affect which loan structure suits you. If they barely ask any of these questions and jump straight to a particular loan product, they’ve either made assumptions on your behalf or they’re just going through the motions.

Step 5: Get fees and scope of service in writing before you sign

Before you decide to engage a broker, make sure you have a written agreement. Moneysmart explicitly advises that a written agreement should clearly state any fees you need to pay and exactly what services those fees cover. Even if the broker tells you they don’t charge you directly, you should still have that in writing to avoid disputes down the track.

A few details to look for:

• Whether the agreement lists the specific loan types the broker will assist with, such as a first home loan, investment property refinance, or commercial loan refinancing;
• Whether it explains which external costs — like property valuation fees, credit report fees, legal document processing fees — you’ll be responsible for, and which you won’t;
• Whether you’ll owe any fees if your loan application isn’t approved.

You don’t need to ask all of these at once, but before you sign, every one of them should have a clear answer.

Step 6: Keep your documents and communication records organised

You don’t need to prepare notarised documents like you would for a visa application, but keeping your communication records and key documents organised throughout the loan process will significantly reduce the risk of misunderstandings later.

Set up a dedicated folder on your phone or computer and store:

• The loan comparison tables the broker sends you, plus key information documents for each loan product;
• Screenshots of emails or messages about fees, recommendation reasons and application timelines;
• Screenshots of the ASIC register showing the broker’s credentials, along with their full name and number.

If you ever have concerns about the service, these records give you something concrete to rely on when making a complaint or seeking a resolution.

Where to go if a dispute arises

Even with thorough preparation, you can still run into service issues or disagreements. The Australian Financial Complaints Authority (AFCA) is the independent body that handles disputes between consumers and financial service providers. AFCA’s process works like this: consumers should generally first lodge a complaint directly with the financial institution or company involved. If it can’t be resolved, AFCA steps in — free of charge and independently.

One thing to note: AFCA handles financial service disputes. If your issue involves immigration law or visa advice, a mortgage broker generally can’t provide regulated legal advice — for that, you’d need to see a licensed professional.

Frequently Asked Questions

Can a mortgage broker guarantee my loan will be approved?

No. No responsible mortgage broker can promise your loan will be approved, because the final decision rests with the lender’s credit assessment team. If someone guarantees 100% approval, treat that as a warning sign.

Should I put all my hopes in one broker from the start?

No. It’s perfectly reasonable to have brief conversations with two or three brokers first, asking about their credentials, lender access, fee structure and recommendation approach before you decide. Initial consultations usually don’t cost anything, and the more thoroughly you compare different brokers, the less likely you are to regret your choice later.

What if I want a specific loan product but my broker can’t offer it?

This usually means the broker doesn’t have a relationship with that lender, or the product falls outside their authorisation. You can ask the broker directly why, or you can pursue that lender independently as a separate option — check their website or contact them directly to learn about their application requirements.

A Verification Framework You Can Use Long-Term

The steps above boil down to four core principles:

• Verifiable identity — you can check them on the ASIC Professional Registers at any time;
• Broad access — they can compare multiple loan products, not just push one or two lenders;
• Transparent remuneration — they’re willing to explain where commissions come from and how they differ between lenders;
• Everything in writing — fees, scope and both parties’ responsibilities are documented before you sign.

Next time you’re dealing with any mortgage broker, run them against these four criteria and you’ll be able to tell in most cases whether they’re worth continuing to talk to. The quality of a mortgage broker is never about size or advertising — it’s about whether the answers you get on these details are direct and consistent.