First conversation
Seven questions, and what a good answer sounds like
None of these are adversarial. A broker who works this way answers all seven readily, often before being asked. The value is less in the answers than in how comfortably they arrive.
01. What is your credit licence or credit representative number?
You can check it on the ASIC register in about a minute, and asking signals you will.
02. How many lenders are on your panel, and which did you use most last year?
The second half of the question is the useful one — the panel size is marketing, the usage pattern is behaviour.
03. How are you paid on this loan, and is there a clawback clause that could reach me?
Both answers must be disclosed anyway. Asking early tells you how comfortable they are with the subject.
04. Why this loan over the next two options?
Best interests duty means there is a reasoned answer. A comparison is a good sign; a testimonial is not.
05. What happens to my application if the valuation comes in under the purchase price?
It is the most common late problem in Sydney, and a broker who has a clear answer has handled it before.
06. Who does the work — you, or someone else in the office?
Not a problem either way. It is a problem if you find out at settlement.
07. What are the current turnaround times at the lenders you are recommending?
Assessment times vary widely and move constantly. In an auction market this is a practical, not academic, question.
One thing not to do
Do not let several brokers each submit an application on your behalf to see who comes back first. Every formal application leaves a credit enquiry, and a cluster of enquiries in a short window makes the next assessment harder. Compare brokers by conversation; commit to one before anything is lodged.
General information about how mortgage broking works in Australia and what applies in Sydney. Licensing and complaints arrangements are administered by ASIC and AFCA; duty and concessions by Revenue NSW. Each page links to the body that sets the rule. Reviewed 17 August 2026.