How to Find a Good Mortgage Broker in Australia (2026)
Choosing the right mortgage broker can save you thousands — but choosing poorly can lead to a loan that doesn’t suit your situation. Here is how to find a good mortgage broker in Australia, what credentials to look for, and the red flags to watch out for.
What Makes a Good Mortgage Broker?
A good mortgage broker will:
- Hold a valid Australian Credit Licence (ACL) or be an authorised credit representative
- Have access to a wide lender panel (typically 20+ lenders)
- Explain all loan options clearly — not just push one lender
- Disclose all commissions upfront in writing
- Provide a Credit Proposal Disclosure before you commit
- Be a member of an industry association (MFAA or FBAA)
- Have verifiable experience and client reviews
- Respond promptly and communicate clearly throughout the process
- Be accessible — not hand you off to a junior after the initial consultation
Step 1: Verify Their Licence
All mortgage brokers must hold an Australian Credit Licence or be an authorised credit representative. You can verify this in under a minute.
- Go to ASIC Connect at connectonline.asic.gov.au
- Search for the broker’s name or the brokerage’s business name
- Confirm they are listed as an ACL holder or authorised credit representative
- Check the licence is current (not expired or cancelled)
If a broker cannot be found on the ASIC register, do not proceed — they are not legally authorised to arrange your loan.
Step 2: Check Industry Association Membership
The two main industry associations for Australian mortgage brokers are:
| Association | What it signals |
|---|---|
| MFAA (Mortgage & Finance Association of Australia) | Minimum Diploma in Finance & Mortgage Broking, CPD requirements, professional conduct standards |
| FBAA (Finance Brokers Association of Australia) | Certificate IV minimum, CPD obligations, professional indemnity insurance |
MFAA membership requires a higher minimum qualification (Diploma level vs Certificate IV). Both require professional indemnity insurance and continuing professional development (CPD).
Association membership is a positive indicator but not a guarantee of quality. Check via MFAA.com.au or FBAA.com.au member search.
Step 3: Check Qualifications and Experience
Minimum qualifications required under ASIC:
- Certificate IV in Finance and Mortgage Broking (FNS40821 or equivalent)
- Some experience or CPD requirements before operating independently
Better indicators:
- Diploma in Finance and Mortgage Broking (required for MFAA membership)
- 3–5+ years experience
- Specialisation relevant to your situation (first home buyer, investor, self-employed, SMSF)
Ask: How long have you been a mortgage broker, and how many loans do you settle each year?
Step 4: Assess Their Lender Panel
Ask the broker: How many lenders are on your panel?
A larger panel (30–60+ lenders) generally means more options. However, panel size isn’t everything — some high-quality specialist brokers have smaller panels focused on specific lender types.
Also ask: Do you have access to non-bank lenders? Non-bank lenders (Firstmac, Pepper Money, Liberty, Resimac) are important for borrowers with complex situations or non-standard income.
Step 5: Read Reviews and Seek Referrals
Best sources of broker reviews:
- Google Business reviews (search the broker’s business name)
- ProductReview.com.au
- Personal referrals from trusted friends, family or colleagues who have recently bought property
When reading reviews, look for:
- Comments on communication and responsiveness
- Whether the broker explained options clearly
- Whether the settlement process was smooth
- Whether the recommended loan has performed as expected
Referrals from real estate agents: Many agents have preferred broker relationships. These referrals are fine to explore, but be aware that the agent may receive a referral fee — which the broker is obligated to disclose to you.
Step 6: Meet and Ask the Right Questions
Before proceeding, have a consultation and ask:
- How many lenders are on your panel?
- What is your upfront commission and trail commission on this loan?
- How do you determine which loan to recommend?
- Have you worked with borrowers in my situation before?
- Who will I deal with during the process — you or a team member?
- How long does your typical application take from start to approval?
- What happens if my application is declined?
See our full questions to ask your mortgage broker guide.
Red Flags to Watch Out For
| Red flag | Why it matters |
|---|---|
| Cannot verify their ACL on ASIC Connect | Not legally licensed |
| Pushes one lender without explaining alternatives | May not be acting in your best interest |
| Refuses to disclose commission in writing | Legally required to disclose |
| Guarantees approval before seeing your documents | Irresponsible — possibly misleading |
| Charges a large upfront fee with no clear justification | Fees must be disclosed; unusual for standard applications |
| Not a member of MFAA or FBAA | Not subject to industry conduct standards |
| Pressures you to decide quickly | Good brokers give you time to make an informed decision |
Where to Find a Mortgage Broker
Online directories:
- MFAA Find a Member: mfaa.com.au/find-a-member
- FBAA Find a Broker: fbaa.com.au/find-a-broker
- MoneySmart mortgage broker search: moneysmart.gov.au
Major broker networks and groups:
- Mortgage Choice (franchise network)
- Aussie Home Loans (major broker group)
- Lendi (digital/hybrid broker)
- eChoice (online comparison and broker service)
Independent brokers: Many of the best brokers operate as independent businesses rather than part of a large franchise. Local referrals and Google reviews are often the best way to find them.
Frequently Asked Questions
Should I use a local broker or an online broker?
Both can be effective. Local brokers offer face-to-face consultation and local property market knowledge. Online brokers offer convenience and technology-driven comparison. If your situation is complex, an experienced local specialist may be preferable. For straightforward applications, online platforms can work well. See our online mortgage brokers guide.
How many brokers should I speak to?
Speaking to 2–3 brokers before committing is reasonable. Avoid submitting formal applications through multiple brokers simultaneously — each application generates a credit enquiry which can affect your credit score.
Can I change brokers partway through?
Yes — until you have signed a loan contract, you are not locked in. If you are unhappy with your broker’s recommendations or communication, you can switch. Changing mid-application may add time.
Related Guides
- Questions to Ask Your Mortgage Broker
- Mortgage Broker Best Interests Duty
- How Are Mortgage Brokers Paid?
- Online Mortgage Brokers Australia
- Mortgage Brokers Hub
This article provides general information to help Australian borrowers assess and select a mortgage broker. It is not a recommendation of any specific broker. Always verify credentials independently via ASIC Connect. Find a licensed mortgage broker through MoneySmart.