You can compare mortgage brokers in the table below and click "more info" to learn more about a particular company. If there's no green button on a broker, it means we don't currently have a partnership with this broker. You can contact them directly on their own site.
Leave your details with any of the providers on this page and one of their mortgage brokers will call you. They will talk you through suitable mortgage options for your situation and help you with your home loan application and paperwork too.
How to find the best mortgage broker
Mortgage brokers are like any other business or service: there are good ones, excellent ones and bad ones. Luckily, it isn't too hard to find a good one in a few steps:
Check the broker's accreditation and qualifications. Your mortgage broker should be a qualified professional. You'll also want to ensure your broker is registered with the Australian Securities and Investment Commission (ASIC) either as a licence holder or a credit representative. You can check ASIC's register here. Mortgage brokers are also required to be a member of an industry association, either the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA). At a minimum, every mortgage broker needs to hold at least a Certificate IV in Finance and Broking, if not a diploma.
Read reviews online. Read online reviews from previous customers. This is a good way to get a sense of a broker's history and service.
Ask for recommendations. Ask around and see if anyone you know has had some experience with a good mortgage broker.
Do your own home loan research. Mortgage brokers may have access to hundreds of different loan products, but it doesn't hurt to spend a little time researching your options on your own as well.
Approach more than one broker. Shop around and talk to a few brokers before deciding which one you want to go with.
Go with your gut. If a broker is pushy, not responsive or doesn't take the time to explain things to you, go with your gut feeling. Look elsewhere to find a better broker.
How can a mortgage broker help?
With a little research, it's actually pretty simple to find a good home loan yourself. But if you are a bit confused or have a complicated lending situation, then you can talk to a mortgage broker.
Mortgage brokers in Australia are licensed professionals who can do a home loan comparison for you. They'll talk to you about your needs and help you find a suitable loan. Brokers can't compare the whole market, but they have access to a panel of lenders.
Many Australian borrowers, especially first home buyers, turn to a mortgage broker to help them get a loan for their first home.
Did you know?
69.6% of new home loans involve a mortgage broker*
*According to recent figures from the MFAA, 69.6% of all owner-occupier home loans between January and March 2023 were facilitated by a mortgage broker.
How much does it cost to use a mortgage broker?
A broker's service is usually free because they receive a commission from the lender you choose. This means that brokers don't get paid unless your loan gets approved, which gives them a very big incentive to help you gain home loan approval.
There are 2 types of broker commission:
Upfront commission. An upfront commission is the commission a mortgage broker receives for introducing the home loan customer to the lender. It is normally around 0.3-0.5% of the loan value. For example, for an $850,000 mortgage, a 0.3% commission would amount to approximately $2,550 in the broker's pocket.
Trail commission. This is a recurring commission that is calculated based on the remaining loan amount each year, which is paid to them monthly. Some lenders offer an ongoing commission of 0.1-0.2% based on the remaining value of the home loan. This commission is paid for the broker providing ongoing service to the client.
Brokers may charge you a fee if they're providing more services, such as financial planning. Check with a broker before you employ their services to get a clearer idea of potential costs.
What kind of borrowers benefit from using a broker?
While you can go it alone, some borrowers are probably better off going straight to a broker. This includes the following:
Borrowers with a poor credit history. Brokers are useful for borrowers with a poor credit history or discharged bankruptcies. They can help you apply for regular home loans that you may qualify for or specific bad credit products.
Borrowers on Centrelink or pensions. It's often possible to qualify for a loan while receiving welfare payments (and using some of the payment to count as income), but a broker can help you with eligibility requirements for relevant lenders.
Older borrowers. Middle-aged borrowers can have difficulty getting approved for a home loan because they're older and have fewer working years to pay a loan back. Brokers have a good sense of which lenders may accept your application.
Borrowers with complicated situations. If you're looking to set up a complex property investment strategy or have multiple loans, then a broker is a really good idea. A broker can help you structure your loans in a more advantageous and cost-effective way.
How a mortgage broker got the loan approved after banks said no
Graeme Holm, mortgage broker and founder of The Infinity Group, explains how he helped a self-employed couple working in hospitality to secure a loan during the pandemic.
"I had a couple aged in their early 30s who were seeking to purchase an owner-occupier property in Hinchinbrook, Sydney for $810,000. This was during the period where COVID-19 was creating a lot of uncertainty in the market with lenders, especially for self-employed applicants.
"The applicants were initially declined, despite having a healthy deposit of $260,000.
"Conventional lenders had advised that they could not support the clients with this purchase due to their self-employed status and because the industry they were operating in was considered an 'at risk industry': they own and operate two cafes.
"We had approached a non-conforming lender who had also initially declined the deal for the same reason. But because of the strong argument I made, and my experience in the industry, they eventually agreed to take another look at the deal. They then formally approved the application for the client's home purchase. The clients were ecstatic with the outcome and were able to buy their dream home."
Finder survey: How many Australians have used or would use a mortgage broker?
Response
Yes
69.42%
No
30.58%
Source: Finder survey by Pure Profile of 1112 Australians, December 2023
Are there any downsides to using mortgage brokers?
Mortgage brokers do a lot of the legwork for you and may not charge you a cent. What can be wrong with that? Nothing at all. But there are some reasons why you might be better off just finding your own loan.
A broker won't compare all loans. Mortgage brokers only compare lenders in their panel. That's usually a list of between 20 and 30 lenders, including the Big Four. While this gives you plenty of options, it means you will likely miss out on the very lowest home loan rates from small online-only lenders that don't feature in broker panels.
A mortgage broker is a middleman. A mortgage broker will liaise between you and the lender during the entire application process. You might not even deal with your lender until settlement or after. This makes it hard to get a sense of what your lender is like and you'll rely on your broker to answer your questions, at least initially.
Not all brokers are equally good. As with any profession, some brokers are better than others. Some mortgage brokers run very small businesses and may be busy, or you may be dealing with an inexperienced broker who isn't sure how best to help you.
Questions to ask a broker
When talking to a mortgage broker, you should ask a few questions about the loans they're suggesting for you and their service overall.
Questions you should ask include the following:
Do you charge a fee? While most mortgage brokers don't charge their clients, some do, so you should pose the question to the broker at the start so you're clear about all the costs involved.
How many lenders do you have in your network? You want to ensure that the broker has a diverse range of lenders in their panel, including banks and non-bank institutions. Most brokers have access to at least 20 lenders, if not 30.
How much commission do you make? To understand the mortgage broker's motivation, you should ask how their commission structure works. This may help you determine whether there is a conflict of interest at play.
How much of a deposit do I need? Ask how much of a deposit the lender wants, and find out whether the size of the deposit affects the interest rate of the loan. Sometimes a lender will give you a better rate of interest if you put down a larger deposit. A smaller deposit may also mean that you have to pay lenders mortgage insurance (LMI). Your broker should lay this all out for you in easy-to-understand language.
Can I make extra repayments and/or repay my loan early? The quickest way to repay your mortgage and save money in interest is to make overpayments whenever possible. Double-check that your lender is happy for you to do this without penalty. Some lenders charge an admin fee to process the additional payment.
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To make sure you get accurate and helpful information, this guide has been edited by David Gregory as part of our fact-checking process.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio
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Richard has written 558 Finder guides across topics including:
ChoiceLend offers its loans through Choice Aggregation Services. It has a range of loans including variable, fixed and split rates, as well as equity loans.
Hi, I am 72 years old, have a full time job and I get finance assistante from centrelink. My question is can I apply for investment home loan ? If yes then who is the mortgage broker or bank I should go. Thanks.
Finder
MarcJune 24, 2016Finder
Hi Dp,
thanks for the question.
I’m unable to say whether or not you could apply for an investment home loan as each lender has their own unique lending criteria, which they’ll use to evaluate your application. I would recommend either contacting a number of lenders to find out their eligibility criteria or alternatively contacting a mortgage broker and finding out which lenders they think you will be approved with.
I hope this helps,
Marc.
SarahMarch 2, 2016
Can I get a loan for building on my land I own. On centrelink and banks are not willing
You can compare several construction and owner-builder home loans but unfortunately most lenders restrict the loan amount to 60% of the total land value and construction cost. If you don’t have a stable income source or sufficient savings, it may prove difficult to qualify.
Hi, we currently live in WA but plan to buy our first home in Tasmania – hopefully in the next 6-12 months. Should we be looking at finding a mortgage broker here, or in Tas? Or does it not really matter?
Thanks :)
BelindaDecember 10, 2015
Hi Jac and Noah,
Thanks for your inquiry.
finder.com.au is an online comparison service so we are not licensed to provide you with specific personal advice regarding where you should consult the services of a mortgage broker.
If you intend to purchase a property in TAS, then I believe you may benefit from using a broker that has expert knowledge of the property market in that location. Additionally, a broker in TAS would be aware of relevant fees and legislation related to your property purchase as these are commonly governed on a state level.
Thanks,
Belinda
DanielJune 28, 2015
First time home buyer:
I would like to apply for a home loan for rural property in SA, no more than 1 hour from Adelaide. What are the required deposit percentage and what is the max acreage I can apply for and be financed?
Thanks.
BelindaJune 29, 2015
Hi Daniel,
Thanks for your enquiry.
The required deposit percentage and the amount of land you can finance will depend on the lender or issuing provider of the loan. Generally, lenders will prefer that your property is under 10 hectares and banks will be conservative in their lending for properties greater than 200 hectares in size. Ideally, you will need a 20% deposit of the property value but again, this will depend on the lender.
You can read more about rural or construction home loans and fill out a form to speak with a specialist from Building Loans Australia about your financing needs.
Kind regards,
Belinda
merleMay 31, 2015
We own our home and want to make renovations and improvements. Can we get some kind of home loan to do this or do we have to get a personal loan. Thanks, Merle
DavidJune 4, 2015
Hi Merle.
If you’ve owned your home for an extended period of time e.g more than 5-10 or more years, its likely you have equity in the property. I’m assuming you don’t have a redraw facility or if you do the amount available is minimal. I’d suggest a refinance of your home to release the available equity. Hope that helps.
David.
BelindaJune 1, 2015
Hi Merle,
Thanks for your enquiry.
Depending on the nature of your renovation, you may want to consider a line of credit loan or a construction loan.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
Thanks,
Belinda
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Hi, I am 72 years old, have a full time job and I get finance assistante from centrelink. My question is can I apply for investment home loan ? If yes then who is the mortgage broker or bank I should go. Thanks.
Hi Dp,
thanks for the question.
I’m unable to say whether or not you could apply for an investment home loan as each lender has their own unique lending criteria, which they’ll use to evaluate your application. I would recommend either contacting a number of lenders to find out their eligibility criteria or alternatively contacting a mortgage broker and finding out which lenders they think you will be approved with.
I hope this helps,
Marc.
Can I get a loan for building on my land I own. On centrelink and banks are not willing
Hi Sarah,
Thanks for getting in touch.
We have a page about home loans for Centrelink recipients where you can see which benefits are accepted by lenders and you can enquire with a mortgage broker.
You can compare several construction and owner-builder home loans but unfortunately most lenders restrict the loan amount to 60% of the total land value and construction cost. If you don’t have a stable income source or sufficient savings, it may prove difficult to qualify.
Feel free to read our tips about how owner builders can increase their chance of getting approvedfor a loan.
Thanks,
Belinda
Hi, we currently live in WA but plan to buy our first home in Tasmania – hopefully in the next 6-12 months. Should we be looking at finding a mortgage broker here, or in Tas? Or does it not really matter?
Thanks :)
Hi Jac and Noah,
Thanks for your inquiry.
finder.com.au is an online comparison service so we are not licensed to provide you with specific personal advice regarding where you should consult the services of a mortgage broker.
If you intend to purchase a property in TAS, then I believe you may benefit from using a broker that has expert knowledge of the property market in that location. Additionally, a broker in TAS would be aware of relevant fees and legislation related to your property purchase as these are commonly governed on a state level.
Thanks,
Belinda
First time home buyer:
I would like to apply for a home loan for rural property in SA, no more than 1 hour from Adelaide. What are the required deposit percentage and what is the max acreage I can apply for and be financed?
Thanks.
Hi Daniel,
Thanks for your enquiry.
The required deposit percentage and the amount of land you can finance will depend on the lender or issuing provider of the loan. Generally, lenders will prefer that your property is under 10 hectares and banks will be conservative in their lending for properties greater than 200 hectares in size. Ideally, you will need a 20% deposit of the property value but again, this will depend on the lender.
You can read more about rural or construction home loans and fill out a form to speak with a specialist from Building Loans Australia about your financing needs.
Kind regards,
Belinda
We own our home and want to make renovations and improvements. Can we get some kind of home loan to do this or do we have to get a personal loan. Thanks, Merle
Hi Merle.
If you’ve owned your home for an extended period of time e.g more than 5-10 or more years, its likely you have equity in the property. I’m assuming you don’t have a redraw facility or if you do the amount available is minimal. I’d suggest a refinance of your home to release the available equity. Hope that helps.
David.
Hi Merle,
Thanks for your enquiry.
Depending on the nature of your renovation, you may want to consider a line of credit loan or a construction loan.
You can find details about these types of loans on renovation refinancing.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
Thanks,
Belinda