Check their licence, industry membership, lender panel and Google reviews. Then ask how they’re paid, if they’ll give you a written recommendation and what support you’ll get after settlement.
How to Choose a Mortgage Broker in Geelong: 12 Questions to Ask Before You Commit
Picking a broker is one of the first big calls you’ll make when buying a home. Get it right, and the rest of the process feels a lot lighter. This checklist works on any broker you’re weighing up, us included. If you’re still deciding why you should use a mortgage broker at all, start there and revisit this guide.
Here’s how to choose a mortgage broker with confidence: ask these 12 questions, then compare the answers. Each one comes with a short line on what a good answer sounds like, plus how we’d answer it ourselves.
12 Questions To Ask a Mortgage Broker
These questions to ask a mortgage broker line up with the checks that Moneysmart recommends. We’ve added a few to guide you once you’re living with the loan.
1. Are you licensed, and can I check it?
Good answer: “Yes, here’s my credit representative or licence number, and you can look it up on ASIC’s register.”
The Australian Securities and Investments Commission (ASIC) is the national regulator that oversees credit providers and mortgage brokers. Registered brokers have to follow national credit laws, including the best interests duty and responsible lending rules. If they break those rules, they can be fined, suspended or banned from the industry.
This is why every broker in the country must hold an Australian Credit Licence or act as a credit representative under one.
Our answer: Aussiewide operates as Credit Representative 577368 under Australian Credit Licence 387856, and both numbers sit in our website footer.
2. Are you a member of the MFAA or FBAA?
Good answer: “Yes, I’m a member of the MFAA or the FBAA, and I keep up my training each year.”
The Mortgage & Finance Association of Australia (MFAA) and the Finance Brokers Association of Australia (FBAA) are the two main industry bodies. Members agree to a code of practice and complete ongoing professional development, which goes beyond the legal minimum.
Our answer: Each of our brokers is a member of both associations.
3. How many lenders are on your panel, and what’s the mix?
Good answer: “A large panel that covers major banks, non-banks and specialist lenders, so we’re not limited to one type of loan.”
Panel size matters, and the mix matters just as much. Non-bank and specialist lenders can suit self-employed buyers, people with a small deposit, investors growing a portfolio or anyone with a less straightforward income.
Our answer: We have a broad range of 80 lenders on our panel, from the major banks to non-bank and specialist lenders.
4. Are there any lenders you can’t access?
Good answer: “Yes, a few, and here’s who they are and how that affects your options.”
Even the best mortgage brokers can’t reach every lender in the country. An honest broker will tell you the gaps upfront so you can decide if they matter for your situation.
Our answer: Yes. We will be upfront if a lender you’re curious about isn’t on our panel, and we’ll compare it fairly against what is.
5. How are you paid, and will I pay anything?
Good answer: “The lender pays me a commission; I’ll show you how much, and I’ll tell you before any fee applies.”
Most brokers earn an upfront commission at settlement and a smaller trail commission while the loan stays open. You can read more about how mortgage brokers get paid in our guide.
Ask what happens to that commission if you refinance early. Many lenders claw it back, which gives a broker good reason to find a loan that lasts.
Our answer: For most clients, our service costs nothing. If you change lenders within two years, we don’t keep our commission, so we’re motivated to get it right the first time. A fee may apply in special circumstances, and we’ll always explain it before you go ahead.
6. How does the best interest duty shape your advice?
Good answer: “The law requires me to put your interests first, and I keep records showing how I did that.”
Since 1 January 2021, brokers have had a legal duty to act in your best interests. That duty covers the loan they recommend and how they handle any conflict, including commission. The best mortgage brokers understand your situation well enough to know the loan suits it.
Our answer: Every recommendation we make starts with your goals, your budget, your timeline and the loan features you’ve told us matter.
7. Will I get your recommendation in writing?
Good answer: “Yes, you’ll get a written explanation of why I chose this loan and this lender.”
A written recommendation lets you check the reasoning and compare it with other quotes. If a broker won’t put it on paper, treat that as a warning sign.
Our answer: Every Aussiewide client receives a written report explaining why we recommended their loan and lender.
8. Where can I read verified mortgage broker reviews?
Good answer: “On Google, where clients post under their own names, and I’m happy for you to read the lot.”
Reading mortgage broker reviews on Google gives you a better picture than testimonials a broker picks for their own site. Look past the star rating to see if people mention the same broker by name and describe the process clearly.
Our answer: We hold a 5.0 rating from 1081 Google reviews, and you can read our client reviews any time.
9. How well do you know the Geelong market?
Good answer: “Well enough to talk about the suburbs you’re looking at and how local lenders and valuers treat them.”
Lending can play out differently across a region. A unit in Belmont, a new build in Armstrong Creek and an acreage block near Bacchus Marsh can all raise different lender questions. Some lenders also set tighter limits on certain postcodes, small apartments, larger acreage or some building types, so local experience helps you avoid surprises at valuation.
Our answer: We’ve worked out of Moorabool Street for 28 years, with offices in Bacchus Marsh and Ballarat too.
10. Who will I deal with, and how fast will you respond?
Good answer: “You’ll know your broker by name, and you’ll hear back quickly when you get in touch.”
Response time matters most when you’re bidding at auction or racing a finance deadline. Ask who your main contact is, how soon you can expect a call and who steps in when your broker is on leave.
Our answer: We aim to call you within an hour of your enquiry. You can meet the Aussiewide team before you book.
11. What happens in the lead-up to settlement?
Good answer: “A dedicated team keeps the lender, your conveyancer, your agent and your insurer moving so settlement day runs on time.”
Settlement is where small delays can become big problems. A broker with a settlement process takes a lot of the chasing off your plate.
Our answer: Our onshore settlement team coordinates every file from approval to settlement day.
12. What happens after settlement?
Good answer: “I’ll review your loan every year and push for a better rate when the market moves.”
Your rate on day one won’t always stay competitive. A broker who checks in each year can save you from paying more than you need to.
Our answer: Our repricing team reviews every client’s loan each year and goes back to the lender when there’s a better deal on offer.
How To Compare the Best Mortgage Brokers
Try to speak with two or three brokers that you like and give each one the same scenario: your deposit, income, the suburbs you like and your rough timeline. That makes it far easier to compare.
Take notes during each call. Pay attention to how clearly the broker explains things, not only what they say. A broker who’s happy to slow down for your questions now will usually be just as patient when the paperwork piles up.
You don’t need to choose the broker with the biggest name or the flashiest website. Knowing how to choose a mortgage broker comes down to clear answers and support that lasts beyond settlement. The best mortgage broker for you is the one whose answers still make sense once you’ve slept on them.
Red Flags To Watch For
Moneysmart warns borrowers never to sign blank forms or let a broker fill in details later. Here are a few other signs to step back:
- Pressure to sign quickly: A good broker gives you time to think and compare.
- Vague answers about commission: You’re entitled to know how your broker is paid.
- No written recommendation: If the reasoning isn’t on paper, you can’t check it.
- One lender for everyone: A broker who keeps pushing the same lender may not be shopping around for you.
- Reviews you can’t verify: Anonymous quotes on a website tell you very little.
Finding the Best Mortgage Broker For You
There’s no single best mortgage broker for every buyer. The right one is the broker who answers all 12 questions clearly and makes you feel comfortable asking more.
If you’d like to put us to the test, book a free chat with our mortgage brokers in Geelong and bring this list along. We’ll happily work through every question.
Frequently Asked Questions
About The Author
Known to most as “Pato”, Andrew Paterson is an award-winning, Licensed Mortgage Broker with over 15 years’ experience in finance and real estate. He works with first home buyers, refinancers and upgraders, making the process clear, calm and practical.
He’s been a finalist for Best Regional Broker, Best Finance Broker and Thought Leader at the Better Business Awards. A lifelong learner and advocate for the industry, he speaks at national events and represents Aussiewide on the world stage internationally.
