What Mortgage Brokers Do
A mortgage broker acts as an intermediary between borrowers and lenders, providing credit assistance across a range of home and investment loan products:
How a Mortgage Broker Can Help
Engaging a mortgage broker may provide several advantages:
Regulatory Framework
Mortgage brokers must hold an Australian Credit Licence (ACL) or be a credit representative under an existing licensee. They are bound by the Best Interests Duty under the National Consumer Credit Protection Act 2009 (introduced following the Hayne Royal Commission). This is a principles-based obligation — there is no safe-harbour checklist. Brokers must also comply with responsible lending obligations, maintain professional qualifications (minimum Certificate IV in Finance and Mortgage Broking), and hold professional indemnity insurance.
Key Regulatory & Oversight Bodies
Australian Securities and Investments Commission
ASIC regulates mortgage brokers under the National Consumer Credit Protection Act 2009. Brokers must hold an Australian Credit Licence (ACL) or operate as a credit representative. ASIC publishes RG 273 (Mortgage Brokers: Best Interests Duty) as guidance.
Australian Financial Complaints Authority
AFCA provides free external dispute resolution for complaints about mortgage brokers, lenders, and credit providers.
Key Qualifications & Requirements
Why You May Need to Consider a Mortgage Broker
There are a number of life events and circumstances where engaging a mortgage broker may be worth considering. The following are common scenarios — this is not an exhaustive list and is provided for general information only.
Buying a first home
Navigating the lending market for the first time — understanding deposits, LMI, government incentives, and lender requirements — can benefit from professional guidance.
Refinancing an existing loan
Interest rates and product features change regularly. A broker can assess whether a current loan remains competitive.
Investment property purchases
Investment lending involves different assessment criteria, tax considerations, and structuring options compared to owner-occupied borrowing.
Self-employed or complex income
Borrowers with non-standard income streams may benefit from a broker's knowledge of which lenders have more flexible assessment policies.
Construction or renovation financing
Progress-draw construction loans have unique requirements and not all lenders offer competitive products in this space.
Where to Find a Mortgage Broker
Locate a licensed mortgage broker through these channels:
Related Verticals
Financial and professional services are interconnected. Depending on the situation, it may be worth exploring these related service areas:
Important Notice & Disclaimer
The information above is general in nature and does not take into account individual objectives, financial situations, or needs. It is not a recommendation of any particular loan product or lender. Before making borrowing decisions, consider whether the information is appropriate for the circumstances and consider obtaining advice from a licensed mortgage broker or credit provider.
The final decision about engaging any professional service provider rests with you. MyMoney® Marketplace facilitates connections between consumers and verified service providers — it does not provide personal advice or endorse any individual provider.
General advice only — does not take into account your personal objectives, financial situation or needs. Consider whether the information is appropriate before acting on it.
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