How using a mortgage broker works, step by step

If you have never worked with a mortgage broker before, the process can feel like a black box. It is actually fairly linear, and knowing the stages ahead of time makes it easier to prepare and to spot if something is taking longer than it should.

Step one: the initial conversation

Most engagements start with a conversation, either in person, by phone, or over video, where the broker asks about your income, goals, deposit, and timeframe. This is where you should also feel free to ask about their fees, lender panel, and how they get paid. A good broker uses this meeting to understand your full financial picture, not just the loan amount you have in mind.

Step two: gathering documents

Once there is a general direction, the broker will request supporting documents: recent payslips, tax returns if you are self-employed, bank statements, identification, and details of any existing loans or credit cards. This stage moves faster if you have documents ready in advance, and slower if information trickles in over several weeks.

Step three: comparing lenders and loan options

With your financial picture assembled, the broker compares options across their lender panel, weighing interest rate, fees, features like offset accounts or redraw, and your likelihood of approval with each lender. This is the stage where best interests duty applies directly: the recommendation should reflect what suits your situation, not just what is easiest to process. If you are weighing whether to skip the broker and deal with the lender directly, our guide on mortgage broker vs going direct to your bank breaks down the tradeoffs.

Step four: application and assessment

Once you choose a loan, the broker submits the application to the lender along with your documents. The lender then runs its own assessment, which can include a property valuation if you are purchasing or refinancing against real estate. This stage is often where delays happen, usually due to missing paperwork rather than the broker or lender being slow.

Step five: approval and settlement

After conditional approval, any remaining conditions are cleared (such as a satisfactory valuation), and the lender issues unconditional approval. From there, your solicitor or conveyancer coordinates settlement with the seller’s side and the lender. The broker’s formal role usually winds down here, though many stay available for questions.

A rough timeline

Stage	Typical duration	What can extend it
Initial conversation to document collection	A few days to two weeks	Slow gathering of payslips or tax returns
Lender comparison and application submission	Three to five business days	Complex income (self-employed, multiple properties)
Lender assessment and approval	One to three weeks	Property valuation delays, incomplete file
Settlement	Set by contract, often four to six weeks after finance approval	Conveyancing or seller-side delays

What a good broker does differently

The strongest signal of a smooth process is communication. Reviews across the industry consistently point to responsiveness and clear explanations as what separates a good experience from a frustrating one, while slow updates and unreturned calls are the most common source of complaint. Asking upfront how often you will get updates, and through what channel, sets expectations early.

What you can do to keep things moving

Beyond having documents ready, staying reachable during the assessment window makes a real difference, since lenders sometimes come back with a quick request for a missing statement or a clarifying question, and a same-day response can be the difference between a smooth week and a week-long delay. It also helps to flag anything unusual about your situation early, a recent job change, an existing debt you plan to pay off, or a gap in your payslip history, rather than letting the broker or lender discover it partway through assessment. Surprises tend to slow things down far more than the underlying issue itself would.

Why the same broker can move at different speeds for different clients

Two applications with a similar loan amount can take noticeably different amounts of time, and it usually comes down to document completeness and how quickly questions get answered, not favouritism or effort on the broker’s part. Understanding this upfront helps set realistic expectations rather than assuming a slower week means something has gone wrong.

Once you have a feel for the process, comparing a shortlist of local brokers side by side is the natural next step. You can start from the home page to browse options, and our scoring method explains what we weigh when ranking them.