First home buyer? 8 questions to ask a mortgage broker
A good broker can compare dozens of lenders for you. These questions help you find one who fits.
A mortgage broker works between you and lenders to find a home loan that suits your situation. Most don't charge the borrower directly — they're usually paid a commission by the lender — so it's worth understanding how they work before you choose one.
Questions to ask
- How many lenders do you compare, and which ones?
- How are you paid for this loan, and would that change which loan you recommend?
- What deposit do I realistically need, and will I pay lenders mortgage insurance?
- Am I eligible for any first home buyer grants or schemes in my state?
- What's the comparison rate, not just the advertised rate?
- What fees come with the loan — upfront, ongoing and for leaving early?
- Does the loan have an offset account or redraw, and do I need one?
- How long will pre-approval last?
Before you meet
Gather your recent payslips, bank statements, a list of your debts (including credit card limits and buy-now-pay-later accounts) and an idea of the price range you're looking at. Having these ready makes the first conversation far more useful.
Check they're licensed
Mortgage brokers in Australia must hold, or be authorised under, an Australian Credit Licence. You can ask for the licence number and check it.
You can find brokers who work in your area in the "Local mortgage brokers" section on the rentAI homepage.
This is general information, not legal or financial advice. Tenancy and lending rules differ between states and change over time — check with your state's tenancy authority or a licensed professional for your situation.