A mortgage broker works for you, not the bank. Their job is to understand your financial position and your goals, search across dozens of lenders to find the most suitable loan and manage the application process on your behalf. The reason to use one isn’t just to save time — it’s because the right loan structure, for your specific situation, can affect what you can borrow, what you can do next, and how much the whole thing costs you over time. 

Let me start with the honest version. 

Most people choose their home loan the same way they choose their phone plan. They ask their current provider, or they find a comparison site, or they go with the bank their parents used. It feels like enough. The rate looks okay. They sign. 

And that’s fine, as far as it goes. But it’s not the same as asking someone whose job is to know the entire market to find the right loan for your specific situation — and to structure it in a way that serves where you’re headed, not just where you are right now. 

That’s what a broker is for. 

What a Mortgage Broker Actually Does 

A mortgage broker is a licensed professional who acts as an intermediary between you and lenders. In Australia, they must hold an Australian Credit Licence (or be authorised under one), be a member of an industry body such as the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA), and be a member of the Australian Financial Complaints Authority (AFCA). 

In practice, what they do is: 

• Assess your financial position — income, expenses, existing debts, deposit, goals 

• Search across their panel of lenders — often 30–50+ banks, credit unions and non-bank lenders — to identify suitable products 

• Compare not just interest rates but loan features, offset accounts, redraw facilities, fixed vs variable structure, and repayment flexibility 

• Handle the application, liaise with the lender, chase valuations, and communicate progress 

• Advise on loan structure — which matters enormously if you’re building a portfolio or have a complex income situation 

 Brokers are remunerated via commission paid by the lender when a loan settles. This must be disclosed to you in writing. Some brokers also charge an upfront engagement fee for complex applications. Both models are legitimate — what matters is transparency. 

“Going to your bank for a home loan is like asking one shop what the best price in the market is. They’ll give you the best price they have. That’s not the same thing.”

Broker vs Bank: The Real Comparison 

When you go directly to a bank, you’re seeing one lender’s products. A bank’s job is to lend you money at a profitable rate. They are not obligated to tell you that another lender would charge you less, or that a different structure would serve your goals better. 

A broker’s obligation runs in the opposite direction. Under Australia’s best interests’ duty, which has applied to mortgage brokers since 2020, brokers are legally required to act in the best interests of consumers and prioritise your interests over their own. That’s meaningful regulatory protection. 

The practical difference is access. A broker can show you products from dozens of lenders simultaneously and explain the trade-offs between them. They can often access rate discounts that aren’t available to customers who walk in off the street. 

For complex situations — self-employed borrowers, single-income households, non-standard income structures, investors building portfolios — this difference is significant. Banks have credit policies. A broker knows which lenders’ policies fit your situation. 

What a Good Broker Does That a Great Rate Can’t

Rate matters. But it’s not the whole story, and it’s not even the most important part for many borrowers. 

Loan structure is the thing that tends to get overlooked, and it’s the thing that affects everything downstream. Whether your loan is in one name or two. Whether you have an offset or a redraw. Whether you’ve fixed, variable, or split — and in what proportions. Whether the loan is structured for flexibility if your circumstances change or your goals evolve. 

For investors, structure affects how much you can borrow for the next property. For self-employed borrowers, it affects what income evidence you need. For single parents, it may determine whether a program like the Family Home Guarantee applies to your situation. 

A good broker thinks about this holistically. A great broker thinks about it in the context of where you’re going, not just where you are. 

“The cheapest rate today is not always the best loan for your goals. A broker’s job is to know the difference.”

The Brokers I Work With

The referrals I make are based entirely on professional experience and shared values — specifically, the conviction that a broker should never overextend a client to earn a bigger commission. 

The brokers I work with all understand what it feels like to be in the client’s seat. That’s not incidental. It changes how they have the hard conversations. 

Irshad Hatami 

For clients who need someone who will genuinely go the extra mile 

Why Aimee works with him: Irshad is the broker I refer to when a client needs someone who will not cut corners to get a deal done. He works with client goals rather than commission targets — and that alignment of values is why I trust him with the people I work with. 

Instagram: @irshad-hatami-5822801a2 

Rielle Berglund — Matilda Tree Finance 

Specialist broker for single parents, women and self-employed Australians 

Why Aimee works with her: Rielle is who I refer my rebuilders, single parents, and women who’ve “been through it” to. She built her practice specifically around the people banks look at sideways — and she does it with the kind of compassion and clear-eyed honesty that comes from lived experience. No jargon, no judgement. 

Website: https://www.matildatreefinance.com.au/ 

Instagram: @matildatreefinance 

Dean Freda — Brokerage & Co 

The broker who understands what you’re working with 

Why Aimee works with him: Dean is The Tradie Broker — and the reason I refer clients to him is exactly that: he understands real-world income, real-world complexity, and how to work with what a client actually has rather than the idealisedversion. Practical, experienced, direct. 

Website: https://www.brokerageandco.com.au/ 

Instagram: @deanfreda_thetradiebroker 

How to Choose the Right Broker for You 

Not every broker is right for every client. The right broker for a first home buyer on a single salary is different from the right broker for a self-employed investor building a portfolio. Here are the questions worth asking: 

• What is your accreditation — are you MFAA or FBAA accredited, and are you a member of AFCA? 

• How many lenders are on your panel? 

• How are you remunerated, and will you disclose that in writing? 

• Do you have experience with borrowers in my specific situation? 

• Will you be the person managing my application, or will it be passed to someone else? 

A broker who answers these questions clearly and without defensiveness is almost always a broker worth talking to. One who hedges, deflects or makes you feel like you’re asking too much is not. 

Frequently Asked Questions

What does a mortgage broker do? 

A mortgage broker assesses your financial position, searches across multiple lenders to find suitable loan products, handles the application process, and advocates on your behalf. A good broker also structures your lending to support your broader financial goals, not just the immediate purchase. 

Is a mortgage broker better than going directly to a bank? 

For most borrowers, yes. A broker has access to dozens of lenders, not just one institution’s range. They can identify options a bank would never show you. Under Australia’s best interests duty (in effect since 2020), brokers are legally required to prioritise your interests over their own. 

How do mortgage brokers get paid? 

Mortgage brokers are typically paid via commission from the lender when a loan settles. This must be disclosed to you in writing. Some brokers also charge a transparent engagement fee for complex applications. Ask any broker upfront how they are remunerated. 

Do I need a mortgage broker for an investment property? 

Using a broker for investment lending is particularly valuable because loan structure affects your borrowing capacity for future purchases, your tax position and your portfolio flexibility. An experienced investment lending broker will think several steps ahead, not just find you a rate for the current purchase. 

Related Articles 

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Do You Need an Accountant When Buying Property?  

Why Property Decisions Need a Coach — Not Just a Plan

Sources and references

The following sources are relevant to the content covered in this article.

Australian Securities and Investments Commission (ASIC) — Mortgage broker best interests duty

Mortgage and Finance Association of Australia (MFAA) — Broker accreditation and standards 

Australian Financial Complaints Authority (AFCA) — Consumer dispute resolution

ASIC MoneySmart — Choosing a mortgage broker

Reserve Bank of Australia (RBA) — The role of mortgage brokers in the housing market

Disclaimer 

This article contains general information only and does not constitute financial, legal or tax advice. Please speak to a licensed financial advisor, solicitor or mortgage broker about your specific circumstances. Aimee Templeman is a licensed real estate agent however approaches property through the lens of learning and empowerment. The mortgage brokers referenced in this article are independent professionals. The Continuum Pathway does not receive referral fees or commissions in connection with any referrals made. Book a conversation with Aimee at Contact.