For most borrowers, yes. As of the June 2024 quarter, brokers arranged 73.7% of all new home loans in Australia, up from 57% in June 2020 — a strong signal borrowers are finding real value in it. A broker compares products across a panel of lenders instead of just one bank’s range, and is legally required to act in your best interests under Australian credit law. The value is highest when your situation isn’t the simplest vanilla case — self-employed income, multiple properties, refinancing, or anything with a tight timeline.

Brokers are typically paid a commission by the lender once your loan settles — not a fee charged to you directly, in the vast majority of cases. This usually includes an upfront commission and a smaller ongoing “trail” commission for as long as the loan runs. Brokers are legally required to disclose how they’re paid and by whom, so it’s a completely fair question to ask upfront — we’re always happy to walk through it.

Using a broker doesn’t cost you more upfront in the overwhelming majority of cases — the broker is paid by the lender, not by you. What it can save you is time (comparing dozens of lenders yourself) and potentially money, since a broker may have access to rates, cashback offers, or loan features you wouldn’t find by walking into a single bank branch.

The main thing to check is whether a broker’s lender panel is genuinely broad, or limited to a small group they default to. A good broker will be transparent about their panel size and won’t push you toward a lender purely because the commission is higher. Ask directly how many lenders they compare and whether any are excluded — a broker with nothing to hide will answer plainly.

A bank can only offer you their own products. A broker can compare across their panel, which often includes the same major banks plus non-bank and specialist lenders that may suit your situation better. The right choice depends partly on how simple your situation is — but for anything beyond the most straightforward loan, broker access to more options generally works in your favour, at no extra cost to you.

In the large majority of home loan and investment loan scenarios, there’s no direct cost to you — the broker is paid via commission from the lender. Some complex commercial or asset finance arrangements can involve a broker fee disclosed and agreed upfront, but this isn’t the norm for standard residential lending. Always ask for this in writing before proceeding — a reputable broker will provide it without hesitation.

Not necessarily. While a 20% deposit avoids Lenders Mortgage Insurance (LMI), government schemes exist that let eligible first home buyers purchase with a deposit as low as 5%, and in some cases even less. Eligibility and available schemes can change, so it's worth checking your specific situation rather than assuming you need to save the full 20%.

Timing the market perfectly is more luck than strategy — nobody, including the banks, can predict exactly when or if rates will move. A more reliable approach is understanding what you can genuinely afford right now, buying when the right property comes along, and refinancing later if rates do fall. Waiting indefinitely usually just means paying rent while property prices keep moving.

Lenders assess your ability to repay a loan using a buffer rate above whatever the current interest rate is, so your borrowing power shifts as rates move — even if nothing in your own finances has changed. This is why a borrowing power figure from a year or two ago might not reflect what you'd actually be approved for today. It's always worth getting a fresh number before you start looking.

Possibly, yes. Under current government guidelines, you may still qualify for first home buyer schemes and grants even if you've owned property in the past, as long as you haven't held an interest in Australian real estate in the last 10 years. It's worth checking properly rather than assuming you've missed out.