Choosing a broker is choosing who guides one of the biggest financial decisions you'll make. Most brokers will tell you they're experienced and that you'll get a great rate — that's the easy part to say. These ten questions are designed to get past the pitch and find out how they actually operate.
How many lenders are on your panel?
A broker's value comes partly from breadth of choice. A panel of two or three lenders isn't meaningfully different from walking into a bank yourself. Most established brokers work with 20 to 40-plus lenders. Ask the number, and ask whether it includes non-major lenders — that's often where more competitive or flexible products sit.
How are you paid — and does your income change based on the rate I get?
Brokers are typically paid a commission by the lender, not by you, and by law that commission can't be structured to reward them for pushing you toward a higher rate. A good broker will explain this clearly and without defensiveness. Hesitation here is a signal worth noting.
Why are you recommending this particular product?
The answer should be specific to your situation — your LVR, your income structure, your goals — not a generic "it's got a great rate." If a broker can't explain why a product fits you specifically, they may not have actually compared it against the alternatives.
What happens if this application gets declined?
Declines happen, and a good broker has a plan for it — usually a fallback lender or an understanding of why it might not proceed before they even submit it. What you're listening for is whether they've thought this through, or whether "declined" would catch them off guard.
How will you keep me updated during the process?
Some brokers proactively update you at each stage; others wait for you to chase them. Neither is wrong, but you want to know which one you're getting before you're three weeks into a settlement wondering what's happening.
Have you dealt with situations like mine before?
If you're self-employed, have complex income, have been declined before, or have any other non-standard situation, this question matters more than almost any other. A broker who deals with your specific situation regularly will know which lenders are actually flexible on it — generic experience doesn't always transfer.
What fees will I pay — and when?
In most cases, brokers are paid by the lender and charge you nothing directly — but not always, particularly for some complex commercial or business lending. Get this in writing early, not as a surprise at settlement.
Do you do the paperwork or do I?
A large part of a broker's value is handling the document chasing, the lender back-and-forth, and the paperwork logistics. Find out upfront how hands-on they are versus how much falls back on you.
What's your typical turnaround time?
Ask specifically — from application to conditional approval, and from approval to settlement. Timeframes vary a lot by lender and by broker workload, and if you're on a tight settlement date, this is worth knowing before you commit, not after.
Will you review my loan after settlement?
The best broker relationships don't end at settlement. Ask whether they'll check in down the track — annually, or when rates move significantly — to make sure your loan is still competitive. A broker who treats settlement as the finish line is optimising for the transaction, not for you.
None of these questions are designed to catch a broker out. A genuinely good broker will answer all ten clearly, specifically, and without hesitation — because they already operate this way. The ones worth avoiding are the ones who get vague, defensive, or rush past the questions that matter most.