Do mortgage brokers have access to all banks?

A reasonable question, because the value of a broker rests heavily on choice. The honest answer is that no broker has access to every lender in the country, but a good one gives you access to far more than you could ever reach alone. Here is what a broker panel really covers and why it matters.

Not every lender, but a broad panel

A broker works from a panel of lenders they are accredited with, which for an established broker typically runs to dozens. That panel usually spans the major banks, second tier and smaller banks, credit unions and non-bank lenders. So while it is not literally every lender, it is a wide cross section of the market.

More than you can reach alone

On your own, you can really only approach one lender at a time, fill out its application, and accept its answer. A broker compares many lenders at once and applies to the one that fits. That breadth is one of the central reasons to use a broker, you see far more of the market through them than through your own door knocking.

Access to lenders you cannot approach directly

Some lenders, particularly certain non-bank and specialist lenders, do not deal with the public directly and are only accessible through brokers. So a broker panel can open doors that are simply closed to you as a walk in customer, which can be decisive in trickier situations.

Why the panel range matters

Different lenders suit different situations. One may be strong for self employed borrowers, another for low deposit buyers, another for those with HECS or a past credit issue. A broad panel means the broker can match your particular circumstances to a lender whose policies actually fit, rather than forcing your situation into a single lender mould.

No broker has literally all of them

It is worth being clear that panels vary between brokers, and a handful of lenders sit on no broker panel at all or deal only directly. So a broker gives you wide, but not total, market coverage. If a particular lender matters to you, it is fair to ask whether they are on the panel.

Non-bank lenders are a real advantage

Non-bank lenders are not a second tier option. They are regulated, conduct full credit assessments, and serve a large and growing part of the market. They can be more flexible on income and, because they are not authorised deposit taking institutions, they are not subject to some of the lending caps that apply to banks, which can be an advantage in the right situation.

How the broker narrows it down

A broker does not just hand you a list of dozens of lenders. They assess your situation and narrow the panel to the lenders that genuinely suit you, then recommend from there under the Best Interests Duty. The value is in the matching, not just the access.

Ask about the panel

When choosing a broker, it is reasonable to ask how many lenders they work with and what types, including whether they have non-bank options. A broad, varied panel gives you more genuine choice and a better chance of a lender that fits your situation.