It's Not Just About Rates
Choosing a mortgage broker well matters as much as choosing the right home loan. The biggest factor most people overlook: not every broker has access to the whole market. Some cover close to every lender; others are limited to just two or three banks, which can mean you're not actually seeing the best rates available.
Since brokers are typically paid by commission, it's also worth asking directly how they're compensated — a transparent adviser will explain this without hesitation.
Questions Worth Asking
Cover these before you commit to working with someone.
Which lenders do you work with?
Confirm whether they're whole-of-market or limited to a small panel of banks.
How are you compensated?
Ask directly about commission structure and any potential conflicts of interest.
What's your experience with my situation?
First home buyers, self-employed borrowers, and refinancers each benefit from relevant experience.
How will you communicate with me?
Confirm whether you'll get plain-English updates at each stage of the process.
Good Sign
Warning Sign
A broker who only works with two or three banks may not actually be showing you the best rate in the market — always ask about panel breadth.
Quick Summary
- Ask about panel breadth — whole-of-market vs a limited set of lenders.
- Ask about compensation to understand any potential conflicts of interest.
- Look for clear, plain-English communication throughout the process.