What Your Mortgage Broker Wants to Know at Your First Meeting

“What Your Mortgage Broker Wants to Know at Your First Meeting”

Introduction:

Meeting with a mortgage broker for the first time can feel daunting, but being prepared makes all the difference. Brokers aren’t just number crunchers—they’re here to guide you toward the right loan for your needs. To do that, they’ll need a clear picture of your finances, goals, and lifestyle. Here’s a breakdown of the key questions your mortgage broker will ask so you can walk into your first meeting confident and ready.

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1. Personal & Contact Details

Brokers will start with the basics: your name, contact information, current address, marital status, and residency or visa status. These details help determine which lenders and loan products you’re eligible for.

2. Employment & Income

Your income is central to how much you can borrow. Expect questions about:

• Your job and employer

• How long you’ve been employed

• Your salary, bonuses, or commissions

• Any additional income streams

Tip: Bring along recent payslips, tax returns, or employment contracts—it’ll save time later.

3. Financial Situation

A broker needs the full picture of your money matters. They’ll ask about:

• Debts (credit cards, car loans, personal loans)

• Monthly expenses

• Savings and investments

• Existing property or mortgages

The more transparent you are, the better they can match you with the right lender.

4. Property Goals

Are you buying your first home, refinancing, or investing? Your broker will want to know:

• The type of property (house, unit, investment)

• Your preferred location and budget

• When you plan to buy

This helps narrow down loan options that align with your goals.

5. Deposit & Upfront Funds

How much you’ve saved (and where it came from) matters. Lenders like to see genuine savings, but gifts, equity from another property, or government grants may also count. Your broker will also check if you’re eligible for first-homebuyer schemes.

6. Loan Preferences

Every borrower has different needs. Your broker may ask:

• Fixed vs. variable interest rates

• Desired loan term (e.g., 25 or 30 years)

• Repayment frequency (weekly, fortnightly, monthly)

• Features like offset accounts or redraw facilities

Knowing what’s important to you helps tailor the recommendations.

7. Credit History

If you’ve had defaults, late payments, or previous mortgages, your broker needs to know upfront. This doesn’t necessarily mean you can’t get a loan, but transparency helps avoid surprises during the lender’s credit check.