Profession

Mortgage brokers in Australia: ASIC licence and register

Mortgage brokers are regulated federally by ASIC. What the credit licence and best interests duty mean, how to check a broker, and what to ask.

Checked on against the sources at the bottom of the page.

In short

In Australia, mortgage brokers are regulated by federal law, so the same rules apply in every state and territory. A business that does credit activities needs an Australian credit licence from ASIC, or must act as a credit representative of a licensee. Since 1 January 2021 a mortgage broker must act in the best interests of the consumer when giving credit assistance. You check a broker on ASIC’s professional registers, not on a state register.

What the broker does

A mortgage broker helps you find and apply for a home loan. ASIC’s Regulatory Guide 273 defines a mortgage broker as a person who carries on a business of providing credit assistance for credit contracts secured by mortgages over residential property, does not act as the credit provider for most of them, and provides assistance for contracts offered by more than one credit provider. The guide says the definition applies “regardless of the title of the person providing credit assistance”.

A broker is not a lender. For how lenders assess you, see the serviceability buffer, pre-approval and deposits and lenders mortgage insurance.

Licence and authorisation (federal, all states)

The rule. ASIC states that anyone who wants to engage in credit activities must be a credit licence holder or otherwise permitted, for example an authorised representative of a licence holder. The Act is the National Consumer Credit Protection Act 2009 (Cth), called “the National Credit Act” on ASIC’s pages. The requirement applies from 1 January 2011.

Credit representatives. ASIC’s Information Sheet 126 (updated May 2025) says “Credit representatives are authorised to engage in specified credit activities on behalf of a credit licensee.” Employees and directors of a licensee do not need formal authorisation. The licensee notifies ASIC of each authorisation online.

Training. Representatives who provide third-party home loan credit assistance must “have at least a Certificate IV in Financial Services (Finance/Mortgage Broking)” and “undertake 20 hours of continuing professional development each year”.

Credit representative number. The licensee must give ASIC the representative’s number where the person is a current or former credit representative, and include it in documents lodged with ASIC that refer to the representative. Ask the broker for it.

Best interests duty. RG 273 says: “If you are a mortgage broker, you are required to act in the best interests of the consumer when providing credit assistance: s158LA and 158LE of the National Credit Act.” Brokers and, where relevant, other credit licensees had to comply “from 1 January 2021”. If there is a conflict of interest, the broker must give priority to the consumer’s interests and must not prioritise their own interests or those of credit providers or third parties (the conflict priority rule, sections 158LB and 158LF). The duty applies to credit products regulated by the National Credit Act: those for personal, domestic or household purposes, or to buy or improve a residential investment property.

ASIC published a review in 2026 saying the industry should strengthen how it shows that home loan recommendations are in customers’ best interests. The release is dated “today” without a calendar date on the page we read.

How to check a broker

  1. Ask for the broker’s name, the credit licensee’s name and the credit representative number.
  2. Open ASIC’s Professional Registers search, the address ASIC’s own page links for its professional registers. ASIC’s “Search ASIC’s registers” page also lists a register of persons banned from engaging in a credit activity.
  3. Search the licensee and, if the person is a representative, the representative.

We could not read the search page or any terms of use published for it (the page returned HTTP 403, which we did not bypass), so we cannot describe its fields or conditions. If the search finds nothing, ask the broker which licensee they act for.

Terms of use

ASIC’s copyright page, which we read, does not mention the registers or their data. It says: “The copyright to all material that ASIC publishes, either online or offline, is owned by ASIC, unless otherwise indicated.” It allows reproduction without permission, under a Creative Commons BY 4.0 International licence, of ten classes of document, which do not include register entries, and says other content needs permission, requested from feedback@asic.gov.au. Payotte copies no ASIC register: it points you to the official search.

What it costs

We did not find, on an ASIC page we could read, a published scale of broker fees or commissions, and we give no figure. The pages we read set rules about conflicts of interest rather than prices. Ask the broker, in writing, how they are paid, by whom, and whether the amount differs between lenders; the conflict priority rule is the reason the answer matters.

Which professional to consult

A conveyancer or solicitor reviews the contract of sale (conveyancers). A real estate agent handles the sale (real estate agents). For tax questions about your situation, consult a registered tax professional.

Questions to ask

  • Which credit licensee do you act for, and what is your credit representative number?
  • How are you paid, and does the amount change with the lender I pick?
  • How many lenders did you compare for me, and why did you recommend this loan?
  • What do you hold on file about my needs and objectives?
  • What happens if I need to change or discharge the loan later?

Frequently asked questions

Is a mortgage broker licensed by the state?

No. The licence is federal, issued by ASIC under the National Credit Act, whatever state you live in.

Does the broker have to act in my interests?

Yes, when providing credit assistance on regulated home loans: RG 273 refers to a best interests duty in force from 1 January 2021.

Does the duty cover investment loans?

RG 273 says it covers credit for personal, domestic or household purposes, or to purchase or improve residential investment property.

Can I rely on the broker’s word about the licence?

Check it yourself on ASIC’s professional registers.

Can I copy ASIC’s register?

ASIC’s copyright page says permission is needed for content outside ten listed classes of document. Ask ASIC before reproducing register data.

Sources