Type "best mortgage broker Adelaide" into Google and you'll get a wall of five-star reviews, award badges and promises of the lowest rate in town. None of it tells you much. Two brokers can have identical ratings and still do a very different job for you, depending on your income, your deposit and how complicated your finances are.

Most new home loans in Australia now go through brokers rather than straight to a bank. The appeal is simple. One person compares lenders for you, does the paperwork and deals with the back-and-forth while you get on with house hunting in Prospect or Seaford.

Since January 2021, brokers have also been bound by a legal best interests duty under the National Consumer Credit Protection Act. They have to act in your best interests and put them first when there's a conflict, including when deciding which lender pays them more. That rule doesn't make every broker good, but it gives you something to hold them to.

So what does "best" actually mean? The best mortgage broker Adelaide buyers can find is the one who asks better questions about your situation than you knew to ask. The quickest way to spot that person is to interview them. Here are the five questions worth asking any broker before you sign anything.

How many lenders are on your panel, and which ones do you actually use?

A panel of 40 or more lenders sounds impressive, but plenty of brokers send most of their loans to the same four or five. That isn't automatically bad, as familiarity with a lender's credit policy can speed things up. You just want to know they'll look further when your case calls for it, for example, if you're self-employed, on a visa, or buying something unusual like a property on a large rural block in the Adelaide Hills.

How are you paid?

Most brokers are paid by the lender, usually an upfront commission when the loan settles and a smaller ongoing trail. They must disclose this to you. Some also charge a client fee, often only if you refinance within the first couple of years. A good broker will explain this without being asked twice.

While you're on the subject of credentials, check them. Every broker must hold an Australian Credit Licence or be a credit representative of a licensee, and you can confirm either on ASIC's professional registers. They also need to be members of the Australian Financial Complaints Authority (AFCA), which is where you go if a dispute can't be resolved directly.

What can I really borrow?

Online calculators are optimistic. Lenders test whether you could still afford repayments if your rate were at least 3 percentage points higher, which is APRA's serviceability buffer. Since February 2026, APRA has also limited how much new lending banks can do where total debt is six times income or more. HECS debt, car loans, buy now pay later accounts and credit card limits all reduce what you can borrow, even if the card balance is zero. A careful broker works all of this out before you start bidding at auctions.

Do I qualify for the 5% deposit scheme?

Since October 2025, the First Home Guarantee has had no income caps and no limit on the number of places. Eligible first-home buyers can purchase with a 5% deposit and avoid lenders' mortgage insurance, as long as the price is under the cap for that area. For Adelaide the cap is currently $900,000, but check the postcode tool on Housing Australia's website, because regional South Australia has a lower limit. Only participating lenders offer it, which is another reason the panel question matters.

What will you need from my accountant?

This one sets the good brokers apart from the rest, especially if you run a business. Self-employed borrowers are usually asked for two years of filed tax returns and notices of assessment, sometimes along with current financials. If your tax accountant hasn't finished last year's return, your application waits.

Lodging through a registered tax agent can give you later due dates, but those dates don't help if a lender wants the return now. Up-to-date bookkeeping for small businesses also makes a difference here, because a profit and loss report that matches your BAS is far more convincing to a credit assessor than a spreadsheet with gaps. If you're planning bigger changes, such as buying the premises your business operates from, it's worth having one of the business advisors Adelaide firms sit down with your broker so the loan structure and the tax side line up.

Still deciding?

Is a mortgage broker free to use?

Usually, because the lender pays the commission. Some brokers charge a fee for complex loans or if you refinance soon after settlement, and they must tell you about any fee upfront.

Will a broker get me a better rate than my bank?

Often, but not always. A broker can compare many lenders and may know about discounts that aren't advertised. Your own bank may sometimes match a rate to keep you, so it's worth asking both.

How do I check that a broker is licensed?

Search their name or credit representative number on ASIC's professional registers. You can also confirm they're an AFCA member.

How long does pre-approval last?

Typically 90 days, though it varies between lenders. If it lapses, your broker can usually renew it with updated payslips or financials.

Do brokers help with refinancing?

Yes. A broker can compare your current rate and fees against other lenders and handle the switch, including the discharge paperwork with your existing bank.