Most people let the broker run the meeting. They nod through the lender comparison, sign where they’re asked to sign, and follow up when they don’t hear back. A few targeted questions asked early tell you almost everything you need to know about whether you’re working with the right person.
‘Why this lender and not the others on your panel?’ ‘What would change your recommendation?’ ‘What happens if this application doesn’t go through?’
A broker who can answer these three questions clearly, specifically, and without defensiveness is demonstrating something real. Vague answers to any of them are worth taking seriously.
Before you commit to working with them
- Are you an ACL holder or an authorised representative? Who holds the licence?
- How many lenders are on your panel, and how many have you placed loans with in the past year?
- Have you worked with clients in my situation — first home buyer/investor / self-employed / etc.?
- How are you paid, and will you tell me the specific commission on your recommendation?
- Do you operate under the best interests duty?
About your borrowing position
- What’s my likely borrowing capacity across your panel? What could improve it before I apply?
- Are there credit issues or financial history gaps I should know about?
- Does my employment type — PAYG, contract, self-employed — change which lenders suit me?
- What deposit structure gives me the best outcome right now?
About the specific loan being recommended
- Why this lender? What did you rule out and why?
- What’s the comparison rate, and how does it differ from the advertised rate?
- What fees apply — application, valuation, settlement, ongoing?
- If I’m on a fixed rate: what happens when the fixed period ends?
- What repayment flexibility does this loan offer — offset, redraw, extra repayments?
- Are there break costs or exit fees if I need to refinance?
About what happens next
- What documents do I need, and how quickly can I get pre-approval moving?
- How do you communicate with clients through the application — calls, email, or a system?
- What are the most likely causes of delay or complication for my application?
- If the application is declined, what are the next steps?
- Will you proactively check in after settlement — and when should I consider reviewing my rate?
The best brokers welcome these questions. They’re not an inconvenience — they’re the basis of a good professional relationship. If asking them makes you feel like a difficult client, that’s useful information too.
This is general information only. All mortgage brokers must hold an Australian Credit Licence or be an authorised representative. Verify credentials via the ASIC Connect register before engaging a broker.
Sources: ASIC, Best Interests Duty (RG 273); MFAA Broker Code of Practice; ASIC MoneySmart, Questions to Ask Your Mortgage Broker 2025; NCCP Act 2009.
