Australian Finance Podcast

10 questions to ask a mortgage broker (before buying)

17 snips
Aug 20, 2025
Discover the essential questions to ask a mortgage broker before buying a property. Learn what mortgage brokers do, how they get paid, and the benefits of their services versus going to banks directly. Uncover the true requirements for deposits and Lenders Mortgage Insurance. Explore ways to enhance your borrowing power, government grants you might qualify for, and the implications of choosing between fixed and variable rates. Get insights into the loan approval process and the ongoing support you can expect from your broker.
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ADVICE

Clarify Deposit And LMI Impact

  • Ask your mortgage broker exactly how much deposit you need for your target property and loan scenario.
  • Confirm the LMI implications for 20%, 15%, 10% or under 5% so you know the cost and timeline implications.
ADVICE

Check Government Schemes And Occupation Perks

  • Ask whether you qualify for state or federal incentives like deposit schemes, grants, or reduced LMI.
  • Tell your broker your occupation since certain professions can access higher lending with low or no deposit.
ADVICE

Improve Borrowing Power Proactively

  • Ask your broker how to increase your borrowing power based on your income and financial profile.
  • Explore changes (e.g., paying debts, providing evidence of income) that can materially lift your loan capacity.
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