Choosing a mortgage broker is one of the most consequential financial decisions you will make during your home buying or refinancing journey - and yet most people spend more time researching which television to buy than they do evaluating who they trust with their home loan.
By Jason Given · July 2026 · 8 min read
A mortgage broker works on your behalf - not the bank's. Their job is to assess your financial position, understand what you are trying to achieve, search across multiple lenders, and recommend the loan that best fits your needs. They handle the paperwork, liaise with the lender, and guide you through to settlement.
What they are not is a single bank offering you a single product. A good broker gives you genuine choice and the expertise to know which option is right for your situation - not just the one that happens to be available at your current bank.
The first thing to check is whether your broker holds an Australian Credit Licence or is an Authorised Credit Representative under a licensee. This is a legal requirement. You can verify this through ASIC's MoneySmart broker register.
Look also for membership of an industry body - the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA). Members are bound by a professional code of conduct and are required to complete ongoing professional development. It is a meaningful signal that the broker takes their profession seriously.
One of the biggest advantages of using a broker is access to multiple lenders. But not all brokers are equal here. Some operate with a narrow panel of preferred lenders; others have access to 30, 40 or 60 lenders including major banks, second-tier lenders, credit unions, and specialist lenders.
Ask specifically how many lenders they are accredited with and whether that panel includes non-bank lenders. For certain borrower profiles - self-employed, complex income, low deposit, or credit-impaired - specialist lenders can offer solutions the major banks will not touch. A broker with a narrow panel cannot serve these clients well.
Adelaide is a distinct market. Suburb valuations, the pace of growth in areas like the Hills, Brighton, or the inner east, lender appetite for certain property types, and the nuances of how SA contracts work are all things a locally-based broker navigates constantly. A broker who works primarily in Sydney or Melbourne will not have the same feel for what is happening on the ground here.
Local knowledge also extends to relationships. A broker who works regularly with Adelaide conveyancers, real estate agents, and financial planners can often help move a transaction along faster and with fewer surprises.
Google reviews are one of the most reliable signals you have when evaluating a broker. Look beyond the star rating. Read the detail. Are clients talking about how the broker communicated through a complex situation? Did they feel informed and supported? Did settlement go smoothly? These specifics tell you far more than a generic "great service" review.
Also look at how the broker responds to any negative reviews. A professional response - acknowledging the concern without making excuses - says something meaningful about how the business operates. And be wary of profiles with a large number of reviews that all appeared within a short window.
In Australia, mortgage brokers receive an upfront commission and a trailing commission paid by the lender - not by you. This is disclosed in your Credit Proposal document and your broker is legally required to act in your best interests under the Best Interests Duty introduced in 2021.
What this means practically: a broker who recommends a loan because it pays a higher commission is in breach of their legal obligations. Ask your broker to explain how they are paid, and ask them to show you why their recommendation is better for you than the alternatives they considered. A transparent broker will not hesitate to walk you through this.
A well-run broker engagement typically looks like this: an initial discovery conversation to understand your goals and finances, a fact-find to gather your income, liabilities, and deposit position, a formal recommendation with written comparisons across lenders, a pre-approval application, and then active management through to settlement.
If a broker is moving straight to "which bank do you want?" without understanding your situation first, that is a warning sign. The recommendation should come after the conversation, not before.
Modern brokers should be able to collect your documents digitally, provide status updates without you having to chase, and communicate through whatever channel works for you. The buying and refinancing process generates enough stress on its own - your broker's systems should reduce that, not add to it.
Responsiveness matters enormously, particularly when you are in a competitive buying environment. If a broker takes 48 hours to return a call during the initial conversation, consider how that might play out when you need a fast pre-approval answer on a property you want to make an offer on.
The relationship with your broker should not end at settlement. A good broker will review your loan periodically to make sure your rate remains competitive, let you know when a better structure might save you money, and be available when your circumstances change - a new job, growing family, or investment purchase.
Ask your broker how they manage existing clients. Do they do annual reviews? Do they proactively reach out when rates move? This is a meaningful differentiator between brokers who treat the transaction as the end of the relationship and those who see it as the beginning.
There are a handful of patterns worth being cautious about:
These are worth asking in your first conversation:
You do not have to, but there are real advantages. A local broker knows Adelaide's suburbs, understands which lenders are active in the SA market, and can meet you in person. They are also more likely to have relationships with local real estate agents and conveyancers that can help the process move faster.
In Australia, mortgage brokers are paid an upfront commission and a trailing commission by the lender you choose. This is disclosed in full in the Credit Proposal document before you proceed. A reputable broker will always explain their remuneration clearly and is legally required to act in your best interests under the Best Interests Duty.
A strong lender panel should include at least 20 to 30 lenders, covering the major banks, second-tier lenders, and specialist lenders. The breadth matters because different lenders suit different borrower profiles, and your broker should be choosing based on your needs, not lender relationships.
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