Key Takeaways
- The first conversation with a broker is your chance to confirm they suit your situation, so the questions you ask shape the outcome.
- Ask about their experience with accountants, their lender panel, and how they are paid, before discussing your loan.
- Probe specifically how your income will be assessed, including add-backs, profit share, and bonuses, since this drives your borrowing power.
- Cover the loan structure, the professional concessions, the full cost breakdown, and the timeline so there are no surprises later.
The first conversation with a mortgage broker is more than a formality; it is where you work out whether they can deliver the outcome you need, and where you set the terms of the engagement. With variable rates around the 6% mark and lenders assessing every application at the actual rate plus 3 percentage points, the difference between a good result and an ordinary one often comes down to how well your broker understands your situation, and the questions you ask are how you find that out. Accountants in particular have specific things worth probing.
Going into that conversation prepared is how you get the most from a specialist mortgage broker for accountants. This article organises the questions worth asking by theme, covering the broker’s experience and access, how your income will be assessed, the loan and its structure, and the costs and process.
Why the Right Questions Matter
It is worth understanding why this preparation pays off, because the questions do more than gather information. They reveal how experienced the broker is, surface issues before they become problems, and signal that you expect a considered approach rather than a quick sale. A broker who answers clearly and confidently is showing you their competence, while vague or hurried responses are useful information too. The conversation is as much an assessment of the broker as it is a briefing of your situation.
Questions About the Broker’s Experience and Access
Start with the broker themselves, because their experience and reach set the ceiling on what they can do for you. These questions establish whether they are the right fit before you go further.
Their Experience With Accountants
Ask how often they work with accountants and self-employed professionals, and whether they can describe a recent case like yours. A broker who regularly handles accountant files will know the professional concessions and how to present complex income, which a generalist may not. You can confirm their accreditation through the Australian Securities and Investments Commission (ASIC) as well.
Their Lender Panel
Ask how many lenders are on their panel and whether it includes those known for accountant policies. The professional concessions and favourable income treatments sit with a select group of lenders, so a broad panel improves your chances of being matched to the right one. It is fair to ask why they would recommend a particular lender over another.
How They Are Paid
Ask directly how the broker is remunerated and whether any fee applies to you. Most are paid a commission by the lender on settlement, so the service is usually free to the borrower, and the Best Interests Duty requires them to recommend what suits you rather than what pays them most. Confirm this upfront so there are no surprises.
Questions About How Your Income Will Be Assessed
This is where accountants should probe hardest, because income assessment is the single biggest driver of borrowing power and the area where lenders differ most. The answers tell you whether the broker truly understands your profession.
- How will you assess my income, and which parts of it will different lenders recognise?
- If I am self-employed or a partner, which add-backs will you apply, and do any lenders recognise retained profit or profit share?
- How will my bonus or variable income be treated, and do some lenders count it more generously than others?
- Which lender on your panel is likely to assess my income most favourably, and why?
Questions About the Loan and Its Structure
Once income is clear, turn to the loan itself, since the structure and features shape your cost and flexibility for years. These questions help you understand what is being recommended and why.
Ask whether you qualify for the professional concessions, such as a waived Lender’s Mortgage Insurance (LMI) premium up to 90% of the property value, and whether a professional package or a basic loan suits you better given your loan size. Ask which features, such as an offset account or a split between fixed and variable, fit your situation, and if you are investing, how the loan should be structured to keep deductible and non-deductible debt separate. A good broker will explain the reasoning behind each recommendation, not just the recommendation itself.
Questions About Costs and the Process
Finally, cover the practicalities, because understanding the costs and timeline upfront prevents unwelcome surprises later. These questions round out the picture.
- Can you provide a full breakdown of costs, including any application, valuation, and ongoing fees, and which can be avoided?
- Will I pay LMI, and if a waiver applies, what do I need to evidence to claim it?
- How long is the process likely to take from application to settlement, typically four to six weeks?
- What documents will I need to provide, and can you give me a checklist?
A Short Checklist to Take Into the Conversation
Bringing the themes together gives you a simple agenda for the first meeting. Working through these ensures you leave with the clarity you need to decide.
- Experience with accountants, accreditation, lender panel, and how they are paid.
- How your income, including add-backs, profit share, and bonuses, will be assessed.
- Whether you qualify for the professional concessions and which loan structure suits you.
- A full cost breakdown, the LMI position, the likely timeline, and a document checklist.
Frequently Asked Questions (FAQs)
What is the most important question to ask a broker?
For accountants, how your income will be assessed is the most revealing question, because it drives your borrowing power and exposes whether the broker understands your profession. A broker who can discuss add-backs, profit share, and which lenders read your income favourably is demonstrating the expertise that makes a difference.
Should I ask how the broker is paid?
Yes, always. Most brokers are paid a commission by the lender on settlement rather than charging you, and the Best Interests Duty obliges them to recommend what suits you. Confirming this upfront, and checking whether any fee applies in your circumstances, avoids surprises and tells you the broker is transparent.
How can I tell if a broker really understands accountants?
Listen to how they answer your income and concession questions. A broker experienced with the profession will speak confidently about add-backs, partner profit share, the LMI waiver, and which lenders suit your profile, without needing to look it up. Hesitation on these points suggests they may be capable but not specialised.
What should I ask about the loan structure?
Ask whether you qualify for the professional concessions, whether a package or basic loan suits your loan size, which features fit your situation, and, if you invest, how to keep deductible and non-deductible debt separate. A good broker will explain the reasoning, helping you understand the recommendation rather than simply accept it.
Is it reasonable to ask about costs and timelines upfront?
Entirely. You are entitled to a full breakdown of fees, clarity on whether LMI applies, an estimate of the timeline, usually four to six weeks, and a document checklist. A broker who provides these readily is helping you plan, and one who is vague about costs is worth approaching with more caution.
How many questions should I actually ask?
As many as you need to feel confident, though grouping them by theme keeps the conversation focused. The aim is not to test the broker for its own sake but to confirm they understand your situation, can access the right lenders, and will structure the loan well. A good broker welcomes the questions.
The Bottom Line
The questions you ask a mortgage broker are how you turn a leap of faith into an informed decision. Cover their experience with accountants, their lender panel, and how they are paid; probe hard on how your income will be assessed, since that drives your borrowing power; and clarify the loan structure, the professional concessions, the full costs, and the timeline. A broker who answers these clearly and confidently is showing you the expertise worth engaging, while vague answers tell you to keep looking. Go in prepared, and the conversation will point you to the right choice.