A mortgage broker arranges most home loans in Australia, and a good one does far more than find a rate — they structure the loan, manage the lender, and stay with you for years. A weak one just pushes you to whichever lender is easiest for them. The difference shows up in how they answer these ten questions.

1. Are you licensed — what's your credit licence number?

Every broker must hold, or act under, an Australian Credit Licence (ACL). Ask for the number and check it yourself on ASIC's registers. No number, no deal.

2. How many lenders are on your panel?

A broker can only recommend from the lenders they are accredited with. A panel of 20–30+ lenders gives you real choice; a panel of three does not. Ask how many, and whether the big four plus a spread of smaller lenders are included.

3. How are you paid — and will I ever pay a fee?

Most brokers are paid by the lender and cost you nothing. But ask directly whether they ever charge the borrower a fee, and how they handle clawback if you refinance early. (See our guide on how broker commission works.)

4. Why this loan for me, specifically?

The answer should be about your situation — offset account, redraw, a fixed portion, your deposit size and lenders mortgage insurance (LMI) position — not just the lowest advertised rate. A rate means little if the loan doesn't fit how you'll use it.

5. Who actually does the work?

At larger firms, the broker you meet may hand your file to a processing team. That is fine — but ask who you'll deal with when something goes wrong at 5pm before settlement.

6. Which lenders do you write most loans with, and why?

If most of their business goes to one lender, ask why. Sometimes it's genuinely the best fit for their clients; sometimes it's habit or accreditation convenience.

7. Can you handle my situation if it's tricky?

Self-employed, casual income, a small deposit, a credit blemish, or buying with a trust — these need a broker who knows which lenders say yes. Ask for a specific example of a case like yours.

8. Are you a member of the MFAA or FBAA — and AFCA?

Membership of the MFAA or FBAA signals professional standards, and every credit licensee must belong to the Australian Financial Complaints Authority (AFCA) so you have somewhere to escalate a dispute.

9. What are your turnaround times right now?

Lender assessment times swing wildly. A broker who knows which lenders are fast this month can be the difference between winning and losing a property.

10. What happens after settlement?

The best brokers review your loan each year and check whether your rate is still competitive. Ask whether they'll come back to you, or whether you're on your own once the deal is done. --- A broker who answers these ten clearly has earned a shortlist spot. Compare mortgage brokers on CompareMyAgents → — independently listed, checked against the ASIC credit register, ranked by reviews and never by payment. New to home loans? Browse our home-loan guides.