Need help getting a home loan? A qualified mortgage broker will help you with everything from finding a home loan to organising your home loan application and settlement.
Compare mortgage brokers
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.
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
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."
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.
Compare home loans directly from lenders
While mortgage brokers can help you get a home loan, nothing is stopping you from doing it yourself. Here's a selection of loans from different lenders. Even if you end up using a broker, it's a good idea to compare some options in advance. This way you can be confident your broker is giving you some competitive options.
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.
We are reaching the age of 60 and we want to buy our first home / villa.
am aboriginal I work in government for over 40 years I have a great. job and good deposit. Why is this so difficult.
I am a sole carer for my 3 children and have s approx 60,000 in savings but due to my situation I am unable to secure a home loan through the usual channels. I have approached banks in the past and been told they will not lend to me. I am very eager to find a resolution to my situation and secure my first home. I have excellent savings record and have never been in debt. can you help me ?
We’re sorry to hear that you’re having difficulty getting approved for a home loan. Generally, if you’re on a carer’s allowance, this type of benefit will require that you have an additional source of income. Earnings from a job would be your primary source, while the allowance is considered supplemental. To ensure that you are getting the right home loan for your circumstance make sure that you are comparing the criteria and what is being offered by different lending institutions. And, look at the restrictions very carefully before applying for a home loan if you are receiving Centrelink benefits.
At Finder, we provide general financial information and so we can’t help borrowers get a loan directly. If lenders can’t help you, I suggest talking to a mortgage broker. They can give you a clearer idea if you have many options.
If I am not in Australia, but holding a visa of permanent residence, and working abroad, is it possible that I apply for home loan with some documents such as work reference? What documents do I need to provide?
Thanks for your comment. I hope you are doing well.
At the moment, only ANZ and HSBC have dedicated loans for expatriates. You can check our guide about home loans for Australian Expats. The page will discuss how much can you borrow with an Australian Expat home loan, how is foreign income treated, and what other evidence and documentation are needed.
There are specialist lenders and mortgage brokers that are much smaller than international banks who can help you get a mortgage. Please go to the page to compare a list of mortgage brokers. You are able to compare them based on the upfront consultation fee, variable rates, comparison rates from, and lenders on panes. Once you have chosen a particular broker, you may then click on the “Enquire Now” and provide your details. A broker will be in touch with you who can take your personal circumstances into account and offer you a range of borrowing options.
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.
Hope this helps and feel free to reach out to us again for further assistance.
Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?
To speak to a mortgage broker in your area, scroll down to the page to find “I’m ready to find a mortgage broker” and on the Australian map click the city where you live. That will direct you to the mortgage brokers in your area. Choose the company/provider that you piques your interest most and click ENQUIRE NOW.
Please note that we’re a product comparison website and we hold no affiliation with any company we feature on our site. We provide general information on products to assist you in your buying decision process hence we cannot recommend product / service that is rightfully fit for you.
Hope this helps! Feel free to message us anytime should you have further questions.
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Hi there,
Can you provide some feedback on mortgagecompareplus.com.au mortgage broker?
Thank you!
I’m afraid we can’t provide any feedback on a specific company.
We are reaching the age of 60 and we want to buy our first home / villa.
am aboriginal I work in government for over 40 years I have a great. job and good deposit. Why is this so difficult.
Hi Kimmi,
Feel free to visit our First-time homebuyer guide for tips and helpful insights in purchasing your first home.
Thanks,
Rebecca
I am a sole carer for my 3 children and have s approx 60,000 in savings but due to my situation I am unable to secure a home loan through the usual channels. I have approached banks in the past and been told they will not lend to me. I am very eager to find a resolution to my situation and secure my first home. I have excellent savings record and have never been in debt. can you help me ?
Hi Nina,
We’re sorry to hear that you’re having difficulty getting approved for a home loan. Generally, if you’re on a carer’s allowance, this type of benefit will require that you have an additional source of income. Earnings from a job would be your primary source, while the allowance is considered supplemental. To ensure that you are getting the right home loan for your circumstance make sure that you are comparing the criteria and what is being offered by different lending institutions. And, look at the restrictions very carefully before applying for a home loan if you are receiving Centrelink benefits.
At Finder, we provide general financial information and so we can’t help borrowers get a loan directly. If lenders can’t help you, I suggest talking to a mortgage broker. They can give you a clearer idea if you have many options.
Regards,
Richard
If I am not in Australia, but holding a visa of permanent residence, and working abroad, is it possible that I apply for home loan with some documents such as work reference? What documents do I need to provide?
Hi Yin,
Thanks for your comment. I hope you are doing well.
At the moment, only ANZ and HSBC have dedicated loans for expatriates. You can check our guide about home loans for Australian Expats. The page will discuss how much can you borrow with an Australian Expat home loan, how is foreign income treated, and what other evidence and documentation are needed.
There are specialist lenders and mortgage brokers that are much smaller than international banks who can help you get a mortgage. Please go to the page to compare a list of mortgage brokers. You are able to compare them based on the upfront consultation fee, variable rates, comparison rates from, and lenders on panes. Once you have chosen a particular broker, you may then click on the “Enquire Now” and provide your details. A broker will be in touch with you who can take your personal circumstances into account and offer you a range of borrowing options.
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.
Hope this helps and feel free to reach out to us again for further assistance.
With care,
Nikki
I would like to find a financial advisor in my area Melbourne post code 3162
Hi Lea,
Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?
To speak to a mortgage broker in your area, scroll down to the page to find “I’m ready to find a mortgage broker” and on the Australian map click the city where you live. That will direct you to the mortgage brokers in your area. Choose the company/provider that you piques your interest most and click ENQUIRE NOW.
Please note that we’re a product comparison website and we hold no affiliation with any company we feature on our site. We provide general information on products to assist you in your buying decision process hence we cannot recommend product / service that is rightfully fit for you.
Hope this helps! Feel free to message us anytime should you have further questions.
Cheers,
Nikki