Why expats use a mortgage broker

By Rob McFadden, Founder and CEO at Hypothèque · Updated 2026-11-05 · 5 min read

When you're applying for an Australian home loan from another time zone, the hardest part is often finding a lender that will even look at you. That's the gap brokers fill.

The short version

More than 80% of Australian home loans are now arranged through mortgage brokers, according to ASIC's October 2026 review [1].
Since 1 January 2021, brokers have had a legal duty to act in your best interests when recommending a loan [2].
Brokers are usually paid by the lender, so you may pay nothing directly, but some charge fees and pay can differ between lenders. Ask [3].
For expats, the value is mostly in knowing which lenders accept foreign income and residency, and in having one person who runs the paperwork across time zones.
Check any broker on ASIC's Professional Registers before you share documents [3].

What a broker actually does

Moneysmart describes a mortgage broker as a go-between who arranges home loans with banks and other lenders [3]. A good one should help you:

Work out your goals and what you can realistically borrow.
Find loans that suit, from the lenders they can access.
Explain the costs of each option in plain English.
Manage the application through to settlement [3].

That last point is where the hours go. Lenders ask follow-up questions, valuers need access, documents need re-signing, and settlement needs coordinating. If you live in Tokyo and your lender's credit team works Sydney hours, having someone in Sydney who picks up the phone is worth a lot.

Why it matters more when you live abroad

Lender appetite varies, and it isn't advertised

Australian lenders each set their own policy on borrowers who live and earn overseas: which countries and currencies they accept, how much of a foreign salary they count, what documents they want, and what deposit they expect. Much of this is not on a public web page. Applying to the wrong lender wastes weeks and can leave an enquiry on your credit file. A broker who regularly works with expats should know which doors are worth knocking on.

One contact instead of five

Buying or refinancing involves a lender, a valuer, a conveyancer, possibly a buyer's agent, and sometimes a property manager. A broker can't do the others' jobs, but they can keep the loan side moving and tell you what is needed and when, so you aren't chasing everyone from a different time zone.

The relationship continues

Your loan doesn't stop needing attention at settlement. Rate reviews, a fixed term ending, the house becoming a rental, moving back home: each is a moment to revisit the loan. Many brokers check in after settlement, which suits expats who aren't following Australian rate news closely.

How brokers are regulated

Brokers must hold an Australian Credit Licence or be authorised as a credit representative of a licensee. Before you meet one, Moneysmart suggests searching ASIC's Professional Registers for the credit licensee and credit representative lists; if a broker isn't on either list, they aren't licensed to give credit assistance [3].

Since 1 January 2021, mortgage brokers have been required to act in the best interests of consumers and put those interests first when giving credit assistance [2]. ASIC's Regulatory Guide 273 sets out how it expects brokers to comply [2].

In October 2026, ASIC published a review of how broker businesses were meeting that duty [1]. Among its findings:

Finding from ASIC Report 840 (October 2026)	What it means for you
Over 80% of home loans are provided through brokers [1]	Using a broker is the mainstream route, not a niche one
Seven of eight aggregator groups reported brokers did not recommend the lowest-cost loan in more than 20% of cases [1]	The cheapest loan isn't always the recommendation, so ask why
Brokers presented only one loan option in an average of 6.8% of cases [1]	Ask to see more than one option
Some brokers recommended significantly more costly loans without clearly recording why [1]	Ask for the reasons in writing

None of that means brokers are bad; a pricier loan can be the right one if it has features you need or is the only one that accepts your income. It does mean you should expect a clear explanation.

How brokers are paid

Moneysmart explains that lenders often pay brokers a fee or commission, so you may pay nothing directly [3]. Some brokers charge you a fee instead of, or as well as, the lender's commission, and some earn more for certain loans than for others [3]. None of this is secret: ask, and a reputable broker will tell you.

Questions to ask before you sign anything

Moneysmart's list is a good start [3]. We've added a few for expats.

Which lenders do you work with, and which can't you access?
How are you paid, and does it differ between lenders?
Why is this loan in my best interests?
What fees will I pay, and how do they affect the total cost?
Can you show me more options, including the lowest-cost one?
What is the lenders mortgage insurance threshold, and how can I avoid it?
How many clients do you have who live in my country, and earn in my currency?
How will we communicate across time zones, and who covers when you are away?
How will documents be signed and identity verified while I'm overseas? (Australian embassies can witness signatures on many Australian documents, but services vary by post [4].)

Ask for a written quote showing the loan type, amount, term, current interest rate and all fees, and never sign blank forms or leave details to be filled in later [3].

If something goes wrong

Start by raising it with your broker, then in writing with their business. If it is still unresolved, you can take it to the Australian Financial Complaints Authority (AFCA), which provides free, independent dispute resolution [3].

When you might not need a broker

If you have a straightforward refinance with your existing lender, or your lender already has a dedicated expat team you're happy with, you may be fine dealing direct. A broker earns their keep when your situation is unusual, your time is short, or you want options compared on your behalf.

Why expats use a mortgage broker: what they do, how they're paid and what to ask