More than three in four new home loans in Australia are now arranged through mortgage brokers. According to the Mortgage & Finance Association of Australia (MFAA), brokers facilitated 76.7% of all new residential home loans in the December 2025 quarter — the highest December quarter share ever recorded. That’s not a coincidence. Australians are choosing brokers because the lending landscape is complex, the stakes are high, and having a specialist in your corner — at no cost to you — is hard to argue with.
What Is a Mortgage Broker?
A mortgage broker is a licensed credit professional who acts as an intermediary between you and lenders. Unlike a bank lender who can only offer their employer’s products, a broker has access to a wide panel of lenders — at Lagos Financial, that’s 60+ — and their job is to find the product that best suits you, not the lender.
Brokers are governed by the National Consumer Credit Protection Act 2009, must hold an Australian Credit Licence (or act as an authorised representative), and since 2021 are bound by a Best Interests Duty — a legal obligation to act in your best interests even when that conflicts with their commercial ones. Lagos Financial holds ACL 546774 and is an AFCA member (98399). For more on your rights, see our guide to Best Interests Duty.
The Assistance Process: From First Call to Settlement
Here is exactly what working with Lagos Financial looks like, based on our licensed assistance process:
Step 1: Understanding Your Needs
The process starts with a conversation about your objectives and financial position. We ask about income, existing debts, savings, and what you’re trying to achieve — whether that’s buying a first home, upgrading, refinancing, or investing. No obligation, no cost.
Step 2: Verifying Your Financial Position
To make a reliable recommendation, we need to verify your finances — typically payslips or tax returns, bank statements, identification, and existing debt details. As a licensed credit representative, we’re required by law to collect evidence of your financial position before making product recommendations. We can then provide you with a Preliminary Assessment document detailing how we determined any recommended loan is suitable — available on request for up to seven years.
Step 3: Lender Research and Comparison
This is where broker value is most tangible. With 60+ lenders on our panel — major banks, regional banks, mutual lenders, and non-bank specialists — we compare across interest rates, fees, offset and redraw features, and how each lender assesses your specific application. A direct applicant sees one answer. A broker client sees the full market.
Step 4: Recommendation and Application
We present our recommendation with clear reasoning — why this lender, why this product, and how it serves your goals. Under Best Interests Duty, the recommendation must genuinely be the most suitable option for you. Once you’re satisfied, we prepare and lodge the application.
Step 5: Approval to Settlement
We manage communication with the lender through credit assessment, any requests for further information, formal approval, and settlement preparation. You receive regular updates without chasing a call centre.
Step 6: Post-Settlement Review
The relationship doesn’t end at settlement. A good broker stays in contact, flags materially better options when they arise, and is your first call when your circumstances change. This ongoing service is one of the clearest differences between using a broker and going directly to a bank.
What Does a Broker Cost?
For the vast majority of borrowers, the service is completely free. Brokers are paid commissions by lenders — typically 0.5–0.7% upfront at settlement and 0.15–0.20% per year in trail commission — from the lender’s own margins, not from you. If you want to know exactly what commission will be paid on your loan, simply ask. We’re required to disclose it and we will. For a full breakdown, see our guide to how broker commissions work.
In rare cases involving complex situations, a broker may charge a direct fee. If so, it will be disclosed upfront in a written Credit Quote before any work begins.
Broker vs Bank at a Glance
| Mortgage Broker | Bank Lender |
|---|---|
| 60+ lenders compared | One lender’s products only |
| Legal Best Interests Duty | Acts in the bank’s interest |
| Full application management | You manage the process |
| Free service (lender-paid) | No broker fee, but limited choice |
| Ongoing review and service | No proactive follow-up |
Lagos Financial: What We Bring
Lagos Financial is a national brokerage with offices in Bondi Junction (Sydney) and Launceston (Tasmania), and Sam based in Brisbane. Our 60+ lender panel spans the major banks, challenger banks, and specialist non-bank lenders — giving us the range to find the right fit whether you’re a straightforward PAYG borrower or a self-employed investor with complex income. We operate nationally, which is particularly relevant for clients buying or investing interstate.
When to Use a Broker
The short answer: almost always. But these situations make broker engagement particularly valuable:
- First home purchase and the process feels overwhelming
- Self-employed income and uncertainty about which lenders will accept your documentation
- Building an investment portfolio requiring tax-effective loan structuring
- Declined by your bank and needing to understand other options
- Existing mortgage not reviewed in 2+ years — you may be significantly overpaying
- Buying interstate, where lender policies on postcode and property type vary significantly
Frequently Asked Questions
Does using a mortgage broker affect my credit score?
A broker lodges one application rather than several, minimising credit enquiries compared to approaching multiple banks directly. This makes the broker approach generally more credit-score-friendly than going direct to several lenders simultaneously.
Can a mortgage broker help with refinancing?
Absolutely — and refinancing is often where the greatest savings are found. If you haven’t reviewed your mortgage in 2+ years, the rate landscape has shifted significantly. A broker models the genuine savings after all refinancing costs to give you a real before-and-after comparison.
Is a mortgage broker the same as a financial adviser?
No. A mortgage broker is a credit specialist focused on finding suitable lending products. A financial adviser is licensed to advise on a broader range of financial products. For investment structuring questions — such as whether to use a trust — you’d engage a financial adviser separately, though a good broker will coordinate with yours.
What if I’m unhappy with my broker’s service?
Raise it directly first. Licensed brokers must acknowledge complaints within 1 day and resolve them within 30 days. If unresolved, you can escalate to the Australian Financial Complaints Authority (AFCA) at afca.org.au or 1800 931 678. Lagos Financial is AFCA member 98399.
Why Choose Lagos Financial?
At Lagos Financial, your broker is Victor Lagos — someone who’s walked the path himself. Victor and his wife went from personal debt to owning multiple investment properties, and that firsthand experience shapes every client relationship.
“I know how hard it feels to be in debt. I know how challenging it can be to even think beyond the next paycheque, let alone owning multiple investment properties. And I know that it requires a huge amount of vulnerability and trust in someone to guide you along the right path.”
— Victor Lagos, Founder of Lagos Financial
When Victor founded Lagos Financial, the mission was clear: partner only with trusted, values-based professionals who understand each client’s individual needs — not treat them as just another loan application to process. Today, Lagos Financial operates with that same ethos across every engagement.
What Clients Say About Working with Victor
Leahan S ★★★★★
“Victor was a pleasure to work with and provided excellent insights on the property financing process. He was successful in securing the loan amount and rate we were after. We will definitely be using Victor again for our next pre-approval.”
Kathleen Opijnen ★★★★★
“Victor assisted us with our recent residential investment loan. He was very thorough in understanding our needs and made the whole process very easy. He was always available to answer any questions and was very responsive. I would highly recommend Victor.”
Al Beyan ★★★★★
“Victor is an absolute legend with a deep understanding and knowledge of the Australian property market. Victor has helped me numerous times over the years with both residential and commercial property loans.”
Victor Idol, CFA ★★★★★
“Victor is passionate about helping people benefit from debt and not lose from it! He is great to deal with and has been instrumental in helping me understand debt products for investment.”
Community Impact
Lagos Financial proudly supports The Freedom Hub — an ethical business whose profits fund the Survivor School, which trains and equips victims of modern slavery in Australia to rebuild their lives and regain employment in freedom.
Related Reading
- About Lagos Financial
- How Mortgage Broker Commissions Work
- Best Interests Duty: Your Rights as a Borrower
Work with a Broker Who Works for You
Lagos Financial offers a complimentary assessment — no obligation, no cost. We’ll review your situation, explain your options across 60+ lenders, and give you a clear picture of what you can borrow and at what rate. Whether you’re buying, refinancing, or investing, we handle the process from start to settlement. Book your complimentary assessment today.
Lagos Financial serves clients across Australia, including as a mortgage broker in Sydney, mortgage broker Bondi Junction, best mortgage broker Launceston, best mortgage broker Bondi Junction.
