Brisbane’s property market is moving fast. According to Cotality’s Home Value Index, Brisbane dwelling values rose 1.6% in February 2026 alone, with annual growth hitting 17.3% and the median dwelling value now sitting above $1 million. Lending conditions have tightened, the cash rate is moving, and the decisions you make about your home loan matter more than ever.
So when it comes to securing finance in this environment, should you walk into your bank, or work with a mortgage broker? According to MFAA data, more than three in every four Australians are now choosing a broker. Here’s why that gap keeps widening, and what it means for you.
What Does a Mortgage Broker Actually Do?
A mortgage broker is an independent professional who sits between you and the lenders. Instead of selling you one bank’s products, a broker compares options across a panel of lenders, structures your application based on your specific circumstances, and manages the process from pre-approval through to settlement.
Critically, a broker doesn’t work for the bank. They work for you. Under Australia’s Best Interests Duty (BID), introduced in January 2021 and governed by ASIC’s Regulatory Guide 273, brokers are legally required to act in your best interests. That obligation does not apply to bank loan officers.
At Borro, that means comparing 30+ lenders to find the loan structure that fits your situation, not the one that’s most convenient for the nearest branch.
Why Are More Australians Choosing Brokers?
Is the shift to mortgage brokers really that significant?
The numbers are clear. According to the MFAA, brokers wrote 77.3% of all new home loans in the September 2025 quarter, representing $130.23 billion in new lending, the highest value for any single September quarter on record. That figure has risen from 67.2% in June 2023, a sustained and accelerating shift.
Research by RFI Global shows 88% of broker customers say they would return to a broker, compared to just 52% of borrowers who went direct to a branch. That satisfaction gap doesn’t happen by accident.
Access, Choice, and Legal Obligation
Why does using a broker give you more options than a bank?
When you apply directly with a bank, you’re limited to that bank’s products. A broker changes that entirely. According to the MFAA’s Value of Mortgage and Finance Broking 2025 Report, prepared by Deloitte, the typical broker accesses 65 lenders via their aggregator panel and presents an average of three options per client. At Borro, that means 30+ lenders actively competing for your business every time we submit an application.
That competition produces better outcomes. The same Deloitte report found clients who repriced through a broker achieved an average interest rate saving of 0.35 percentage points. On a $700,000 Brisbane home loan over 30 years, that compounds to tens of thousands of dollars. Use our loan repayment calculator to see what that difference means on your specific loan size.
The Legal Advantage Brokers Have That Banks Don't
Are banks legally required to act in your best interests?
No, and this is one of the most important distinctions in Australian lending. Best Interests Duty (BID) is a legal obligation that requires mortgage brokers to prioritise your interests above their own in every interaction. According to ASIC, if a broker stands to earn a higher commission from one product, they must disclose this and ensure it doesn’t influence their recommendation.
Banks are not subject to BID. When you walk into a bank, the loan officer can only offer that bank’s products, and they are not legally obligated to tell you whether another lender would offer a better deal. A broker is. That distinction has real consequences for what loan you end up with.
What a Broker Does That a Bank Simply Can't
How does a mortgage broker help different buyer types in Brisbane?
Brisbane’s lending environment in 2026 is genuinely complex. APRA’s limits on high debt-to-income lending came into effect on 1 February 2026, and different lenders are applying those conditions differently. The gap between what lenders will offer, in terms of rate, borrowing capacity, and conditions, has widened. A broker navigates that for you.
First home buyers in Brisbane face a market where the median dwelling value now exceeds $1 million. A broker ensures you’re maximising every available scheme, the First Home Guarantee, the Queensland First Home Owners Grant, and relevant stamp duty concessions, while structuring your loan to avoid unnecessary Lenders Mortgage Insurance (LMI).
Refinancers may not realise their rate has been quietly climbing since settlement. A broker compares your current loan against the full lender panel and manages the switch on your behalf.
Investors face a two-tier lending market. According to Smart Property Investment, investors currently comprise 41.1% of Queensland’s housing finance commitments, compared with a decade average of around 33%. Investment lending has different LVR requirements, serviceability rules, and structuring considerations. A broker who understands both sides makes a significant difference.
Does Using a Broker Cost More?
Is it more expensive to use a mortgage broker than going direct?
For most home loan services, using a broker costs you nothing directly. Brokers are paid a commission by the lender when your loan settles. Under ASIC regulations, those commissions must be fully disclosed. ASIC’s own research has found that broker-originated loans carry interest rates comparable to those arranged directly through a bank, meaning you’re not paying a premium for the service. You’re simply getting access to a broader market with someone whose legal obligation is to act in your best interests.
Broker vs Bank: Key Differences at a Glance
Feature | Mortgage Broker | Direct Bank |
Lender access | 30+ lenders compared | One lender’s products only |
Legal obligation | Best Interests Duty applies | Not subject to BID |
Cost to borrower | Typically free (commission from lender) | No direct fee |
Rate competition | Multiple lenders competing | No competitive pressure |
Complex situations | Matched to most suitable lender | Limited to bank’s own criteria |
Average rate saving (repricing) | 0.35% (MFAA/Deloitte, 2025) | N/A |
Why Pre-Approval Through a Broker Matters in Brisbane
In Brisbane’s current market, pre-approval is not optional. With listings running approximately 31% below the five-year average in late February 2026, sellers and agents take pre-approved buyers seriously. Getting pre-approved through Borro means your application has already been assessed across our full lender panel. When you find the right property, you’re ready to move.
Frequently Asked Questions
No. Brokers are paid a commission by the lender when your loan settles, not by you. ASIC research has found that broker-originated loans carry interest rates comparable to those arranged directly through a bank, so you’re not paying a premium for the service.
Yes. Since January 2021, all licensed Australian mortgage brokers are subject to Best Interests Duty under the National Consumer Credit Protection Act. This legally requires them to prioritise your interests above their own and disclose any conflicts of interest. This obligation does not apply to bank loan officers.
Borro compares home loans across 30+ lenders, including major banks, smaller banks, credit unions, and non-bank lenders. Multiple options are assessed for your situation before any recommendation is made.
A mortgage broker is an independent professional who compares loan options across multiple lenders and is legally required to act in your best interests. A bank loan officer is an employee of one institution who can only offer that bank’s products, and is not subject to Best Interests Duty.
Brisbane has recorded 17.3% annual dwelling value growth to February 2026 with tight supply and strong demand. In this environment, having a broker maximise your borrowing capacity and match you to the right lender is more valuable than ever. The lending landscape is more complex than it was 12 months ago and the gap between lenders has widened considerably.
Get in touch with Borro
If you’re buying in Brisbane, refinancing, or building a property portfolio in south east Queensland, a conversation with the Borro team takes about 20 minutes and costs you nothing. We compare 30+ lenders, manage your application end to end, and make sure the loan you end up with actually fits your situation.
Book a free chat with the Borro team today to find out if this strategy could work for you.
This article is general information only and does not constitute financial advice. Your personal circumstances may differ. Talk to your broker about your specific situation.
Sources: MFAA, Cotality Home Value Index (February 2026), ASIC Regulatory Guide 273, MFAA Value of Mortgage and Finance Broking 2025 (Deloitte), RFI Global, Smart Property Investment.
