What Does a Mortgage Broker
Actually Do?

What a broker does vs going direct to a bank

When you walk into a bank, you see only that bank's products. The bank's staff are employed to sell their products — they cannot recommend a competitor, even if it would be a better fit. A broker has no such limitation. They compare across 50 or more lenders and recommend what actually suits your situation.

For straightforward applications, this breadth of access means finding a better rate. For complex situations — self-employed income, investment structures, debt consolidation, first home buyer grants — it means finding a lender whose policies work in your favour when others might decline.

How brokers get paid

Brokers are paid a commission by the lender when your loan settles. This commission is built into the loan product whether you use a broker or go direct — so using a broker does not cost you more. In fact, the competition created by brokers comparing multiple lenders often results in better rates for borrowers.

All commissions are disclosed in full, as required by law. Under the Best Interests Duty, brokers are legally obligated to recommend loans that are in your best interests, not loans that pay the highest commission.

When a broker adds the most value

• First home buyers — navigating grants, schemes, and the application process for the first time. Read our Perth first home buyer guide
• Refinancing — comparing your current loan against what is available across the full market. Read our refinancing guide
• Investors — structuring loans across multiple properties, maximising borrowing capacity. Read our investment loans guide
• Self-employed — finding lenders with favourable income assessment policies

Read our complete home loans guide for the full picture on how the lending process works.

Frequently asked questions