How do I find a good mortgage broker near me?

A good mortgage broker can save you time, money and stress, and the wrong fit can do the opposite. The encouraging news is that picking a good one is mostly about a few sensible checks rather than luck. Here is what to look for when you are choosing a broker near you.

Check they are licensed

Start with the basics. A broker must hold, or operate as a credit representative under, an Australian Credit Licence. They should be able to give you their credit licence or representative number, which you can verify. This is the foundation, an unlicensed operator is a hard no regardless of how good they sound.

Industry membership

Membership of an industry body such as the MFAA or the FBAA is a good sign, because members commit to professional standards and ongoing education. It is not the only thing that matters, but it tells you the broker is part of the recognised profession rather than operating on the fringe.

Experience with your situation

Brokers often have particular strengths. If you are a first home buyer, self employed, an investor, or building, look for someone who works with your kind of situation regularly. Ask directly, because experience with cases like yours usually means a smoother process and better lender matching.

A broad lender panel

One of the main reasons to use a broker is choice, so ask how many lenders they work with and which types. A good broker has access to a broad panel covering major banks, smaller lenders and non-bank lenders, which is far more than you can reach on your own and lets them match you to the right policy fit.

Transparency on pay

A broker should be open about how they are paid. They should explain that the lender generally pays them, disclose their commission, mention any fee that might apply in unusual cases, and be happy to answer questions about it. Transparency here is a strong indicator of how they will treat you throughout.

They put your needs first

Under the Best Interests Duty, a broker is legally required to act in your best interests. In practice, a good broker feels like they are giving you advice rather than selling you a product, taking time to understand your situation before recommending anything. If it feels like a sales pitch, keep looking.

Reviews, referrals and local knowledge

Reviews and personal referrals are useful, but treat fit for your situation as more important than raw popularity. A broker with local knowledge of your market and the schemes in your state, for example the grants and lenders available to first home buyers in South Australia, can add real value beyond a generic service.

Questions worth asking

A few direct questions quickly sort the strong brokers from the rest.

• Are you licensed, and what is your credit licence or representative number?
• How many lenders are on your panel, and what types?
• Do you have experience with situations like mine?
• How are you paid, and will any fee apply to me?
• How will you show that your recommendation meets the Best Interests Duty?