How to choose a mortgage broker in Melbourne's east

A mortgage broker compares loans across a panel of lenders, prepares and submits your application, and manages the lender relationship through to settlement. That is the visible part.

The part you never see is the matching. Lenders assess the same borrower differently. They treat overtime, bonuses, HECS debts, casual income and business income under different policies, and those policies change through the year. A broker who tracks them can stop you applying to a lender who was never going to say yes.

This is now the normal way Australians borrow. Cotality data commissioned by the Mortgage and Finance Association of Australia put the broker share of new residential home loans at 81% in the March 2026 quarter, a record.

The lender pays the broker a commission when your loan settles, which is why most borrowers pay their broker nothing directly. ASIC's Moneysmart states it plainly: "Lenders generally pay mortgage brokers a commission for distributing their products, so you don't pay them directly."

Commission usually comes in two parts: an upfront payment when the loan settles, and a smaller trail paid over the life of the loan. The trail is the part worth understanding, because it means your broker is paid to keep you in a loan that still suits you.

Here is the honest complication. Commission rates are not identical across lenders. That is exactly why brokers in Australia are held to a best interests duty. Moneysmart again: "Mortgage brokers must act in your best interests when suggesting a loan for you." It is a legal obligation that applies to brokers. A bank's own staff are still bound by responsible lending rules, but they are selling their employer's products rather than comparing the market for you.

So ask the question directly: how are you paid, and does it differ between the lenders you are recommending. A broker who answers it comfortably has answered it before.

Work through these before you hand over a payslip. Each one tells you something the website will not.

1. 1

   How many lenders are on their panel

   which means you learn whether you are being compared across a real market or across four lenders and a preference. Ask for the number, then ask how many of those they wrote a loan with last year.

2. 2

   Who holds their credit licence

   which means you know who is accountable if something goes wrong. Most brokers are credit representatives operating under a larger licence holder, which is normal. Not being able to answer the question is not.

3. 3

   Whether they specialise in your situation

   which means the difference between a broker who has done fifty self-employed applications and one who is about to do their first. First home buyer, refinance, investment and self-employed lending are genuinely different problems.

4. 4

   Whether they will show you the comparison, not just the recommendation

   which means you can see what was ruled out and why. A broker who only ever produces one option has either done the work and not shown it, or not done it.

5. 5

   How they handle a decline

   which means knowing what happens on your worst day. Every credit enquiry leaves a mark, so a broker who submits and hopes is expensive. Ask what they do before submitting to avoid one.

6. 6

   Who you deal with day to day

   which means finding out now whether the person selling you the service is the person who will handle your file. Support teams are fine. Being handed to one without being told is not.

7. 7

   How quickly they come back to you

   which means testing the thing that decides whether you win the property. Ask their turnaround on a pre-approval question, then see how fast they reply to your first email.

Comparing brokers in your head does not work, because the last conversation always sounds the strongest. Write the answers down instead. The rows are blank on purpose.

A worksheet, not a ranking. Equifin is deliberately not in it.

These five belong in the conversation before you sign an application, not after.

• Which lenders did you rule out for me, and what ruled them out?
• What will this loan cost me over the first five years, including fees, not just the rate?
• What in my application is a lender most likely to question, and how are you handling it?
• If this lender declines me, what is your next step, and does it cost me another credit enquiry?
• Who do I contact after settlement, and when will you next review whether this loan still fits?

Going direct to a bank is genuinely the better option for some borrowers, and any broker who tells you otherwise is selling.

Go direct when your situation is straightforward and you are happy with your bank. Two PAYG incomes, a solid deposit, no unusual debts and an existing discount on the table. A broker may add little there beyond a second opinion, and your bank may sharpen the rate to keep you.

Use a broker when something about your file needs interpreting: self-employed income, a recent job change, a past decline, a HECS debt against a tight budget, or a first purchase where the Victorian grants and deposit thresholds interact. A bank can only offer you a bank's loan, and it will not tell you when a competitor's policy fits you better.

One honest section, since you are on our website. Equifin suits first home buyers working through the Victorian grants, owners refinancing who want the numbers checked before they move, and self-employed borrowers whose income needs explaining properly to a credit assessor. We are based in Box Hill South and work across Box Hill, Blackburn, Surrey Hills, Mont Albert, Burwood, Camberwell, Doncaster and greater Melbourne, and online with clients across Australia.

Equifin does not suit everyone. If you want a branch to walk into, a teller who knows your face and everything handled in one building, a bank will serve you better than we will. If your situation is simple and your bank has already given you a sharp offer, take it.

Equifin Pty Ltd is Credit Representative 522395 of BLSSA Pty Ltd ACN 117 651 760, Australian Credit Licence 391237. Lis Listiyowati spent 14 years at NAB before founding Equifin in 2020.

Walk into these conversations with your own numbers. It changes what you are able to ask. For a first purchase, the First Home Buyer Planner works out your borrowing power and the schemes you may qualify for. For a refinance, the Refinance Savings Simulator shows whether moving is worth the switching costs, and the Smart Mortgage Calculator covers repayments and stamp duty. All three give you estimates to work with, not a loan approval.

Working out a deposit in Victoria? Start with how much deposit you need. If a term here is unfamiliar, the jargon buster defines it.