Mortgage Brokers Australia

A mortgage broker is a financial professional who specialises in helping you find a home loan product from their panel of lenders.

A mortgage broker acts as an intermediary between you and their panel of lenders. Your mortgage broker will start by identifying your needs and financial goals, and let you know if you’re in a position to take out a home loan. They’ll then recommend loan products from a range of lenders they work with.

The key point of appeal for many borrowers is that a mortgage broker will assist you in completing a loan application and submit it to the lender on your behalf. They’ll also liaise with you and respond to any questions you or the lender may have. Your mortgage broker can also help you apply for schemes like your state or territory’s first home owner grant.

A mortgage broker can help you take out a variety of different home loans including:

• First home buyer loans
• Variable rate home loans
• Fixed rate home loans
• Split rate home loans
• Investment home loans
• Construction loans
• Interest only home loans
• Low doc home loans, if you’re self-employed
• Bridging loans

A mortgage broker may also be able to assist you with refinancing your current home loan.

Using a mortgage broker generally won’t cost you anything, as mortgage brokers don’t usually charge a direct fee to customers. Instead they’re typically paid a commission by the lender you choose when you successfully apply for a home loan.

In 99.9% of cases, there's no fee to use our mortgage broker partner Finspo. In rare, complex situations (like bridging loans), where Finspo isn’t eligible to receive a commission from the lender, a fee may apply. If that's ever the case, they’ll be upfront and let you know if any fees will be charged.

Mortgage brokers usually receive two types of commission from lenders:

Upfront commissions

Brokers typically receive a commission from the lender when they successfully sign you up to a mortgage. The amount of the commission varies depending on the lender.

Trail commissions

Trail commissions are usually smaller than upfront ones, but are paid out periodically. In some cases, a lender will pay a trail commission to a broker for each year you remain a customer.

Pros

• May be able to explain the financial aspects of taking out a loan to buy a home, which may be helpful if you aren’t confident in navigating this process yourself.
• Can suggest a range of products based on your situation, enabling you to compare several options, rather than simply going with a provider you already bank with.
• If you don’t have the time to research home loan options yourself, a mortgage broker could do that work for you (based on their panel of lenders).

Cons

• You’ll likely have access to more lenders and loan options if you compare and select one yourself.
• Educational qualifications and industry experience can differ between mortgage brokers, and so too can the panel of lenders they deal with.

If the thought of comparing your home loan options and finding the right one is a bit overwhelming, a mortgage broker may be able to put you at ease. They may also be beneficial if you don’t have the time or desire to review your home loan regularly.

Applying for a home loan directly from a lender may suit you if you're comfortable comparing home loans and your loan needs are relatively straightforward. Alternatively, using a mortgage broker may be worth considering if you'd like additional guidance or have more complex loan needs. Ultimately, it comes down to your personal preference.

Canstar has partnered with mortgage broker Finspo in order to assist you in finding one. Their team of mortgage brokers have years of experience, full industry certification and accreditation, and are all proud members of the Finance Brokers Association of Australia (FBAA).

Canstar also has guide pages for mortgage brokers in these areas:

• Mortgage brokers in Sydney
• Mortgage brokers in Melbourne
• Mortgage brokers in Brisbane
• Mortgage brokers in Adelaide

Whether using the services of a mortgage broker will be worth it for you or not will come down to your home loan needs, the options you wish to compare, and your personal preferences. 

If a mortgage broker is able to save you time, help you navigate complex loan needs, has a decent panel of lenders, and can get you a good deal, then you may find value in using one.

If your loan needs are fairly straight forward and you’re confident in comparing your options, you may instead choose to compare home loans using our comparison tables.

This is ultimately a personal question that’ll be based on your needs and preferences. Mortgage brokers are a popular choice, having written approximately 81% of residential home loans in the March 2026 quarter, according to the Mortgage & Finance Association of Australia (MFAA)’s latest Quarterly Market Share Report. 

Using a mortgage broker is a popular option in Australia and their services are almost always free, leading many borrowers to take advantage. That said, it’s important to ensure you’re matched with a broker that’s right for you.

Are they licensed?

Check your broker is licensed to give you credit advice, including details about the licences they hold.

For example, Finspo is licensed under the National Consumer Credit Protection Act 2009 and an FBAA member. You could also do an online check yourself. Industry bodies representing mortgage brokers, like the Finance Brokers Association of Australia Limited (FBAA) and the MFAA may be able to help with this.

Licensed mortgage brokers are regulated by the Australian Securities and Investments Commission (ASIC), which issues and enforces rules on how brokers operate. For example, mortgage brokers are required to act in your best interests if a conflict arises between your needs and that of the lenders a broker works with. Mortgage brokers are also required to reduce the potential for conflicts of interest that impact the advice they give.

How many lenders do they deal with?

Generally the more options a broker can offer you, the better. There may be little advantage to using a mortgage broker that recommends products from only two or three lenders. It could also be worth asking whether they have a bias towards any particular lender and if so, why?

What is their ownership structure?

Ask if a major bank or lender has an ownership stake in their business. You may be concerned the mortgage broker will try and direct your business to this particular institution, causing you to miss out on an even better home loan deal if one is available. Likewise, it may be important for you to know your mortgage broker is independent.

Our mortgage broker partner, Finspo, is privately funded and independently managed.

What are their fees and commissions?

Enquire about how much they’ll be paid by the lender for referring your business to them. Do some lenders pay them more than others? It could also be worth checking how their commission will be structured. For example, will it be an upfront commission or one that is paid to them on a recurring basis for as long as you have the loan?

What will the borrowing costs be?

While you may not be required to pay your mortgage broker a fee, it’s important to understand the various costs you may incur when you take out a loan. These could be a loan application and property valuation fees, as well as lenders mortgage insurance (LMI) in some cases. These fees are in addition to the interest charges that apply to the loan. A mortgage broker should be able to explain how these costs will differ based on the various options they suggest.

What post-settlement services do they provide?

Some mortgage brokers offer ongoing support, usually in the form of conducting an annual review to ensure your loan still meets your needs, and may even contact the lender on your behalf to negotiate a discounted rate.

Our mortgage broker partner, Finspo, provides helpful check-ins, timely updates, and relevant information that may affect your home loan, such as when the RBA cash rate changes.

Canstar receives a fee if your loan settles via Finspo.