Using a mortgage broker
What to check and what to ask, from Moneysmart, the government's money guidance site run by ASIC.
Brokers must act in your best interests
Mortgage brokers must act in your best interests when suggesting a loan, and put your interests first.
Check they can give credit advice
A broker must hold a credit licence or be a representative of a licensee. Search ASIC's registers under "Credit Representative" or "Credit Licensee". Every broker on this site shows their credit representative number so you can check it.
How brokers are paid
Lenders usually pay brokers a commission, a percentage of the loan with an upfront and an ongoing part, so you often don't pay the broker directly. Brokers must tell you about the commissions they may receive. A broker who charges you a fee must set it out in a written quote that you sign first.
Questions to ask
Why did you recommend this loan, and why is it in my best interests? What fees will I pay? How are you paid, and is it different between lenders? Can you show me lower-cost options?
If something goes wrong
Talk to the broker first, then complain in writing to their business. If it's still not fixed, the Australian Financial Complaints Authority (AFCA) offers free, independent dispute resolution.
Official sources
General information only, not legal, financial or building advice. Checked against these sources in November 2026; rules change, so check the source before you rely on it.