Choosing a mortgage broker is one of those things most people don't think about until they need one. You Google it, a few names come up, and you pick whoever answers the phone first.
That approach works sometimes. But a mortgage is the biggest financial commitment most people make, and the broker you choose affects which banks you see, how your application is presented, and whether you get the best deal for your situation — or just the first one that comes through.
Here are seven questions worth asking before you commit.
1. Are you independent?
This is the big one. Some brokers are tied to a single bank or a small group of lenders. That means they can only show you what's on their panel — not the full market.
An independent broker works across the major banks and a range of non-bank lenders. At River Path, we have access to 25+ lenders, including all the main banks. That means we're comparing the whole market on your behalf, not just the corner of it our employer lets us see.
Ask the question. If the answer is anything less than "we work with all the major banks," keep looking.
2. How many lenders do you work with?
Related to independence, but worth asking separately. Some brokers technically have access to many lenders but only ever use two or three. That might be fine — or it might mean you're missing out on a better option.
A good broker should be able to tell you specifically which lenders they place loans with regularly and why they'd choose one over another for your situation. If they can't explain the difference between how ANZ and BNZ assess a first home buyer, for example, that's a red flag.
3. Do you charge fees?
Most mortgage brokers in New Zealand don't charge the borrower anything. The lender pays the broker a commission when the loan settles.
But some brokers charge fees on top of that — application fees, consultation fees, or "packaging" fees. There's nothing inherently wrong with fees if the service justifies them, but you should know upfront.
Ask: "Will I pay anything out of pocket?" If yes, ask why, and compare that with brokers who don't charge.
4. Will I deal with the same person throughout?
Some brokerages have a model where you talk to one person at the start and then get handed off to a processor or assistant for the rest. That's not necessarily bad — but you should know going in.
At River Path, the adviser you first speak to is the one who manages your application from start to finish. That means one person who knows your situation, your documents, and your timeline. No handoffs, no re-explaining.
5. How do you get paid?
This is a fair question and a good broker won't dodge it. The standard model is commission from the lender — an upfront payment when the loan settles, plus a small ongoing trail for as long as the loan stays with that bank.
The commissions between the major banks are similar enough that there's no real incentive to push one over another. But you should feel comfortable asking. Transparency matters.
6. What happens after settlement?
This is where a lot of brokers fall down. They do good work getting the loan across the line, collect their commission, and disappear.
A good broker checks in before your fixed term expires. They watch rates so you don't have to. They're available when your situation changes — new baby, new job, investment property, renovation.
Ask: "What does your service look like 12 months after settlement?" If the answer is vague, that tells you something.
7. Can you help with my specific situation?
Not every broker has experience with every type of lending. First home buyers, self-employed borrowers, investors, construction loans — each one has different requirements and different lender preferences.
If you're self-employed, ask whether the broker has experience packaging self-employed applications. If you're buying a new build, ask whether they know how progress payment drawdowns work. A good broker will either have direct experience or be honest about what they don't know.
The bottom line
Choosing a mortgage broker isn't complicated, but it's worth five minutes of due diligence. Ask the questions, listen to the answers, and go with someone who's transparent, independent, and willing to stick around after settlement.
If you want to put us through the test, send us a message or call Matt on 021 997 106 or Gareth on 021 997 150. We're happy to answer all seven.
