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Car Loans Australia
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Car Loans Australia :: Articles

Choosing a Home Loan Mortgage Broker

What should I consider when choosing a mortgage broker for my home loan?

Choosing a Home Loan Mortgage Broker

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

There are a number of potential pitfalls in relying on a mortgage broker for the best home loan solution ... particularly given the enormous growth in the broking industry and the recent entrance of new players.
Getting a broker to arrange your loan can certainly save a lot of time and hassle, but borrowers still have to do their homework to ensure the service they expect is the one that's delivered. 
Obtaining genuinely objective recommendations from brokers, confusion over just who's a lender and who's a broker and lender delays in processing applications mean that using a broker is not always the quick and easy solution to home borrowing it may at first appear.
With the proportion of loans arranged through brokers rising from nowhere to around 30 percent in just a few years, the industry has attracted all manner of people and organisations wanting to enter this lucrative commission-based industry.
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Establishing that any broker you intend to use has experience and qualifications as well as being committed to the industry code of practice is vital to ensure you're getting the best loan for your needs, within a reasonable timeframe.
A number of lenders are also now acting as brokers and some borrowers may be confused over whether they're dealing with an independent broker offering a range of loans, an agent for one lender only, or someone who wears both hats. 
Borrowers must establish with any loan representative just what their role is and how they're being paid so they can judge the integrity of loan recommendations being provided.
Once a broker is found and a loan recommended, some lenders have had difficulty coping with the volume of loans coming through the broker channel leading to delays lasting weeks.
This can be a major concern for those home buyers who have little time to arrange loan finance upon purchase.

The 12 things you must know before obtaining your home loan through a broker:

  • A broker should have a wide range of home loans from a wide variety of lenders, eg. banks, and non-banks. The wider the choice, the better the chance of finding the loan that suits you best.
  • Check the qualifications and experience of your broker, even ask for references from previous borrowers. Are they an MIAA member? Have they completed training courses?
  • Ensure your broker is not an agent for one lender in disguise. Some lenders now operate as brokers too so establish with any broker representative exactly what their role is.
  • Make sure your broker discloses all commission and payments received so you can judge whether a particular loan recommendation is being influenced by how much the broker will be paid.
  • Does the broker charge a fee? Many brokers will not charge borrowers for using their service, others will, so enquire about fees at the outset
  • Ask your broker how the loans they offer are researched and rated. Good brokers should be able to clearly outline their criteria
  • Ask your broker to provide a formal comparison of any loans recommended including the upfront and ongoing fees and the AAPR (average annual percentage rates). Ensure the AAPR is calculated specifically for the amount you want to borrow.
  • Always do some double-checking yourself to satisfy yourself you've been given unbiased and correct information.
  • Check what service is offered by the broker after the loan is negotiated. Will the broker be available for subsequent loan enquiries? What happens if there is a dispute between you and the lender?
  • Will your broker comply with the Privacy Act to ensure the security of your personal and financial details?
  • Your broker should have professional indemnity insurance. This safeguard will help you in the event of legal action.
  • As a last resort, the independent Mortgage Industry Ombudsman Scheme (1800 138 422) is available if there is a dispute you can’t resolve with your broker directly.

Published: Sunday, 1st Aug 2021
Author: Paige Estritori


Car Loans Articles

From Fuel to Finance: A Comprehensive Breakdown of Car Costs
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Finance News

ASIC's Findings Highlight Urgent Need for Reform in Car Finance Sector
ASIC's Findings Highlight Urgent Need for Reform in Car Finance Sector
09 Mar 2026: Paige Estritori
The Australian Securities and Investments Commission (ASIC) has recently conducted a comprehensive review of the motor vehicle finance sector, uncovering significant issues that adversely affect consumers. This investigation was initiated in response to a surge in complaints regarding high costs associated with car financing. - read more
CEFC and Hyundai Capital Australia Collaborate to Lower EV Loan Rates
CEFC and Hyundai Capital Australia Collaborate to Lower EV Loan Rates
09 Mar 2026: Paige Estritori
The Clean Energy Finance Corporation (CEFC) has announced a significant partnership with Hyundai Capital Australia (HCAU), committing up to $60 million to reduce the upfront costs associated with electric vehicle (EV) ownership. This initiative is designed to make EVs more accessible to Australian households and small businesses by offering discounted finance rates on eligible Hyundai and Kia electric models. - read more
Australia's Electric Vehicle Financing Hits $6 Billion Milestone in 2024
Australia's Electric Vehicle Financing Hits $6 Billion Milestone in 2024
09 Mar 2026: Paige Estritori
In 2024, Australia witnessed a remarkable surge in electric and hybrid vehicle financing, with total loans reaching $6.17 billion—a 50% increase from the previous year. This substantial growth underscores a nationwide shift towards more sustainable transportation options. - read more
Isuzu Australia Introduces Captive Finance and Leasing Company
Isuzu Australia Introduces Captive Finance and Leasing Company
01 Mar 2026: Paige Estritori
Isuzu Australia Limited (IAL) has announced the establishment of its own finance and leasing company, Isuzu Financial Services Australia (IFSA), set to commence operations in the third quarter of 2026. This marks the first time the Isuzu Group has founded a leasing company outside Japan, highlighting the strategic importance of the Australian market. - read more
AADA Reports Stabilisation in Australian Used Car Market for 2025
AADA Reports Stabilisation in Australian Used Car Market for 2025
13 Feb 2026: Paige Estritori
The Australian Automotive Dealer Association (AADA), in collaboration with AutoGrab, has released the Annual 2025 Automotive Insights Report, providing a comprehensive overview of the nation's used car market over the past year. The report indicates a stabilisation in the market, with total used car sales reaching 2.32 million vehicles in 2025, a slight decrease of 0.37% compared to 2024. - read more
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