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.