Questions to Ask Your Mortgage Broker
(Without Sounding Like a Wally)

Here’s the thing: your mortgage broker isn’t a mind reader.

One question that usually arises during this process is:

And they’re not magicians either (though a good one will feel like one when they get your loan sorted smoothly).

But their magic only works when you ask the right questions.

It’s not about grilling them like a dodgy used-car dealer.

It’s about knowing what you’re getting into and making sure your loan actually works for you.

And with the dozens of lenders and loan products out there, you want someone who can cut through the crap and show you what’s really worth looking at.

Quick Points

Why mortgage brokers are valuable and how they work in your best interests
Key questions to ask about loans, features, and comparison rates
What to ask about broker fees, commissions, and closing costs
How to check a broker’s licence, qualifications, and experience
Essential questions on the loan application process and timelines
Important questions about deposits, LMI, and first-home buyer perks
Red flags to spot in a dodgy broker and what not to say yourself
Checklist of documents and info to bring to your mortgage meeting
How being prepared helps your broker get you the right deal
Call to action: chat with a Brokr expert for straightforward advice

Why Mortgage Brokers Are Bloody Useful

In 2025, more than 70% of Aussies are using mortgage brokers to land their home loan, and it’s not just because we’re lazy (though having someone else deal with paperwork is a dream).

Brisbane Mortgage brokers aren’t tied to one bank, meaning we can shop around across heaps of lenders.

That means better options, better rates, and someone legally required to act in your best interests thanks to the Best Interests Duty that kicked in back in 2021.

What to Ask About Loans and Features

Don’t just nod along while your broker throws around phrases like “comparison rate” or “split loan”. Ask questions.

At Brokr, we make the process as clear as possible, so if anything doesn’t make sense, we’ll do our best to remedy that.

1. “What types of loans can I get?”

Most loans are fixed, variable, or split. Fixed locks in your interest rate for a few years, which is a great option for budgeting.

Variable moves with the market, which is great if rates drop, not so fun if they rise. Split gives you a bit of both.

2. “What loan features should I care about?”

Look out for:

Offset accounts (save on interest by linking your savings)
Redraw facilities (take back extra repayments when needed)
Extra repayments (without penalties)
Loan portability (move your loan to another house later)

3. “Do these features cost more?”

Sometimes, yes. An offset account might bump up your interest rate. Worth it? Depends how you use it.

4. “Which loan suits my financial situation best?”

If your broker gives you a cookie-cutter answer before hearing your full story, that’s a red flag (more on those later).

5. “What’s the comparison rate?”

Ignore the flashy interest rate. The comparison rate includes fees, so it’s the real cost of the loan over time.

Ask these and you’ll be 10 steps ahead of most people already.

What to Ask About Fees (AKA: Where’s My Money Going?)

Yes, brokers get paid. No, it doesn’t come out of your pocket. But it’s still good for you to know how we bring home the bacon.

1. “How do you get paid?”

Most brokers get two types of commission from lenders:

Upfront (0.4–0.6% of your loan) – paid once the loan settles.
Trail (0.1–0.3% of your remaining loan each year) – paid as long as you stick with that lender.

So on a $500K loan, we might earn $2,300 to $3,250 up front. Good to know

2. “Do commissions affect what you recommend?”

They shouldn’t. The law says brokers have to work in your best interests, not the lender’s. But it’s still better to hear it from the horse’s mouth.

3. “What happens if I refinance early?”

Some lenders claw back the broker’s commission if you jump ship early (usually within 2 years). That shouldn’t stop your broker from giving honest advice, but it’s worth being aware.

What to Ask About Your Broker

This person is guiding you through a massive financial decision, so they better know what they’re doing.

1. “Are you licensed?”

Every broker must have an Australian Credit Licence (ACL), either their own or under an aggregator. No licence, no deal.

2. “What qualifications do you hold?”

They should at least have:

Cert IV in Finance and Mortgage Broking (minimum)
Diploma in Finance and Mortgage Broking Management (bonus points)

3. “How long have you been doing this?”

A rookie isn’t necessarily bad, but experience helps, especially if your situation’s a bit outside the box.

4. “Are you part of an industry group?”

Like MFAA or FBAA. Membership means they stick to certain standards.

5. “What’s your process for matching people with loans?”

You want to hear something better than, “I’ve got a gut feeling.”

6. How many lenders do you work with?”

More = more choice. If they only push the Big Four, ask why.

What to Ask About the Application Process

The home loan process has steps, and you’ll want to know where you are at.

1. “What are the stages?”

Usually:

Initial chat
Uploading docs
Shortlisting lenders
Submitting application
Getting approval
Settlement

2. “How long will it all take?”

If your documentation is solid, some lenders can turn it around in a few days. But tricky situations (like being self-employed or buying a quirky property) can stretch it out.

3. “What documents do I need?”

Expect:

ID (passport, licence, Medicare)
Payslips
Tax returns or group certificates
Bank statements
Details on debts and expenses
Rental income info (if relevant)

4. “How do you assess my expenses?”

Brokers use tools to check your real-life spending. So, no, you can’t just say “I don’t spend much”. Be honest.

5. “What happens after pre-approval?”

That’s when the bank does a full check, values the property, and gives final approval. Your broker should help coordinate everything with your conveyancer and the seller.

6. “What can delay things?”

Missing documents, valuation issues, sudden job changes—they can all throw a spanner in the works.

7. “Will you stay in touch after the loan settles?”

The good ones will check in each and help if you want to refinance later. At Brokr, we’re always down to catch up for a chat over a coffee. Just hit us up!

Your Mortgage Meeting Checklist

ID (licence, passport)
Payslips (2–3 months)
Tax return or group certificate
Bank statements (for savings and spending)
Details of debts (credit cards, loans)
Info on any assets (car, investments, super)

Your income and regular expenses
Property price range
Deposit amount
Loan type preference (fixed, variable, split)
Credit history hiccups
Your long-term plans (investments, early repayments, future upgrades)

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