Cost to use a Mortgage Broker?

If you’re thinking about using a mortgage broker but wondering what it will cost you, the short answer is... usually nothing.

First Home Buyer Guide

Am I ready to buy a house?

What is a first home buyer?

Will I be able to get a loan?

Is my Credit History and Rental History important?

Buying versus renting

How much deposit do I need?

Understanding deposits

How to meet the banks genuine savings rules

Deposit calculator

Grants and schemes for FHB's

First Home Owner Grants

First Home Guarantee Scheme

Latest government announcements to help FHB’s

Getting finance pre-approval

Pre-approval process

Benefits of getting a pre-approval

Are all pre-approvals equal?

Mortgage brokers vs Banks?

Why use a mortgage broker?

How much does a mortgage broker cost?

Are all mortgage brokers equal?

How to buy a property

Pre-approval process

Benefits of getting a pre-approval

Are all pre-approvals equal?

Preparing for settlement

Going unconditional on the property contract

What does a converyancer/solicitor do for a property purchase?

What happens on the day of settlement?

Managing your mortgage

Understanding loan repayments

Extra repayments, redraw and offset accounts

When is the right time to review your home loan?

How much does it cost to use a Mortgage Broker

At Acceptance Finance, our mortgage brokers provide their services at no direct cost to you, the borrower. We’re here to guide you through the home loan process, from understanding your borrowing power to final settlement, without charging you a fee. Instead, brokers receive payment from the lender after your loan is successfully arranged.

But how does that really work behind the scenes?

Let’s break it down so you know exactly what’s going on.

How mortgage brokers get paid

When a mortgage broker helps you secure a home loan, the lender you choose will pay the broker a commission. This doesn’t affect your interest rate or loan terms, and you don’t need to pay anything out of your own pocket.

There are two main types of commissions:

1. Upfront commission

This is a one-off payment from the lender to the broker, made when your loan officially settles. It’s essentially a thank-you for introducing your business to the bank or lender.

The amount depends on the size of your loan and the specific lender. While each lender has slightly different commission structures, the rate typically sits around 0.5% to 0.7% of the loan amount.

For example, on a $500,000 loan, the broker might receive $2,500 to $3,500 as an upfront commission.

2. Trail commission

A trail commission is a smaller, ongoing payment the lender makes to the broker each month for as long as your loan is active. It reflects the broker’s continued support throughout the life of your loan.

The idea is that the broker stays in touch with you, keeps an eye on your situation, and provides support if your circumstances change. It’s also an incentive for the broker to ensure you’re placed in a loan that suits your long-term needs.

At Acceptance Finance, our brokers maintain this ongoing relationship with clients, providing check-ins and updates throughout the life of your loan, not just at settlement.

What are clawback provisions?

While brokers do receive commissions, there’s a clause in place that protects lenders. It’s called a “clawback provision.”

If you refinance, pay off, or significantly change your loan within a short period (typically the first 12 to 24 months) the lender may reclaim some or all of the commission they paid to the broker. This is known as a clawback.

It’s designed to prevent brokers from encouraging short-term loans or refinancing purely for extra commission.

Why does this matter to you?

If you’re considering refinancing early or paying out your loan, it’s a good idea to have an open conversation with your broker. At Acceptance Finance, we always appreciate the chance to support the next step in your financial journey. Whether that means helping with a refinance, funding a renovation, or reviewing your rate, we’re here to assist.

Importantly, even if a clawback happens, you will never be charged for it.

Are there any hidden catches?

While the service is free to use, it’s still important to be informed and make smart decisions. Here are a few non-monetary considerations to keep in mind when working with a mortgage broker:

Limited lender panels

Some brokers operate within a panel of approved lenders. This means they might not offer access to every loan product on the market. However, many panels include dozens of reputable banks, credit unions, and non-bank lenders, so you’ll still have a wide range of choices.

At Acceptance Finance, however, our brokers have access to a large network of lenders, giving you flexibility and options to match your financial needs.

Commission structures

While brokers are incentivised by commissions, a good broker will always prioritise your best interests. They’ll take the time to understand your financial situation, goals, and preferences before recommending any loan product.

That’s why it’s important to work with a broker you trust, someone who is experienced, transparent, and has your back throughout the process. Our brokers are salaried professionals whose focus is finding the right solution for your long-term success, not just chasing short-term gains.

Bank-only products

There are occasional instances where a bank may offer a product that’s not available through brokers. These might be special promotions, internal staff offers, or niche lending options.

That said, the majority of competitive home loans can be accessed through a broker, and you’ll still benefit from professional support and a simplified process. If you ever come across a bank product you’re interested in, talk to your broker, we can help you compare it against other options and determine what’s best for you.

Why choose Acceptance Finance?

At Acceptance Finance, we’re committed to giving you expert advice, access to a wide range of lenders, and a stress-free loan process, all at no direct cost.

Here’s how we make your life easier:

We do the research for you
We explain things clearly
We manage the paperwork
We advocate on your behalf
We support you beyond settlement

Whether you’re a first home buyer, investor, or refinancing for a better deal, our team is here to help you every step of the way.

FAQ

Do I have to pay anything to use a mortgage broker?

No. Mortgage brokers are paid by the lender, not the borrower. Our service is free to use.

Will using a broker affect my interest rate?

Yes, in a positive way. Brokers often have access to competitive rates and may even secure better deals than going directly to a bank. (So you end up with a lower rate)

Are brokers biased toward certain lenders?

Brokers may receive different commissions from different lenders, but a reputable broker will always recommend what’s in your best interest.

What happens if I refinance my loan early?

If you refinance within the first one to two years, the broker’s commission may be clawed back by the lender. However, you won’t be charged any fees because of this.

Can a mortgage broker help with refinancing?

Absolutely. In fact, brokers are often the best place to start when reviewing your current loan or looking for better terms.

Is it free to make an enquiry and then decide not to proceed?

Yes. Reaching out to one of our brokers is entirely obligation-free. You can ask questions, explore your options, and if you decide not to move forward, that’s completely fine — there’s no cost involved.