How Do Brokers in Victoria Access Multiple Lenders – What Is a Broker Panel?

By Lowest Interest Rates Australia

Introduction

I still remember the first time I sat down with a mortgage broker. They pulled out a spreadsheet showing loans from 25 different banks and lenders — some I’d never even heard of — and my jaw dropped. I asked, “How do you even know all these lenders?” They smiled and said, “It’s all through our broker panel.”

At that moment, I realised how powerful brokers really are. While most of us only think about our own bank, brokers have access to dozens — sometimes hundreds — of lenders through established partnerships called broker panels. This network is the secret sauce that helps brokers in Victoria (and across Australia) find competitive rates and loan options tailored to each client’s needs.

In this article, I’ll break down what a broker panel is, how brokers in Victoria use it to access multiple lenders, and why it matters to you as a borrower. Whether you’re buying your first home, refinancing, or investing, understanding this behind-the-scenes system can give you a huge advantage when choosing your broker.

Table of Contents

1. What Exactly Is a Broker Panel?
2. How Broker Panels Work in Victoria
3. Who Controls a Broker’s Lender Panel?
4. How Many Lenders Are on a Typical Broker Panel?
5. Benefits of Broker Panels for Borrowers
6. Limitations – What Panels Don’t Include
7. How Brokers Build Relationships with Lenders
8. Should Brokers Tell You Which Lenders Are on Their Panel?
9. Questions to Ask About a Broker’s Panel
10. Final Thoughts – Work with Lowest Interest Rates

What Exactly Is a Broker Panel?

A broker panel is a curated list of banks, credit unions, and non-bank lenders that a mortgage broker is authorised to submit loan applications to. Think of it as a menu of financial institutions the broker has formal agreements with — allowing them to offer you a wide variety of home loan products.

When you go directly to a bank, you’re limited to that bank’s loans. But when you go through a broker, they can compare multiple lenders on their panel, including major banks, smaller regional lenders, and niche providers that specialise in different borrower profiles.

This means that instead of spending weeks visiting multiple banks yourself, your broker can do it for you — all in one sitting.

How Broker Panels Work in Victoria

In Victoria (and across Australia), mortgage brokers don’t usually deal directly with every lender. Instead, they’re connected through aggregators — large financial networks that manage relationships between brokers and lenders. These aggregators negotiate access, set up compliance systems, and ensure brokers meet strict licensing standards under the National Consumer Credit Protection Act (NCCP).

Here’s the simplified flow:

1. A lender (like ANZ, NAB, or Pepper Money) partners with an aggregator.
2. The aggregator offers access to its network of mortgage brokers.
3. The broker, in turn, gets permission to submit applications to that lender.

So when your Victorian broker recommends a loan, they’re not just picking randomly — they’re choosing from the lenders on their approved panel, which has already been vetted and integrated into their system.

Fun fact: The average aggregator network in Australia connects brokers to anywhere between 30 and 60 lenders.

Who Controls a Broker’s Lender Panel?

In most cases, it’s the broker’s aggregator that controls and maintains the panel. Popular aggregators in Australia include names like Connective, AFG (Australian Finance Group), Loan Market, PLAN Australia, and Finsure. Each aggregator negotiates agreements with lenders about how brokers can submit applications, what products are available, and how commissions are structured.

However, within that framework, brokers often choose which lenders they want to be accredited with. Accreditation means they’ve completed lender-specific training and met compliance standards, allowing them to submit deals to that lender.

So even if an aggregator gives access to 60 lenders, an individual broker might choose to work closely with 20–30 — the ones they know best and can negotiate most effectively with.

How Many Lenders Are on a Typical Broker Panel?

It varies depending on the broker’s network, size, and experience. Here’s a general breakdown:

• 💼 Independent brokers: Usually 20–30 lenders
• 🏢 Larger firms or franchise brokers: 40–60 lenders
• 🌐 Aggregator network total: Often 70–100 lenders nationally

This diversity allows brokers to cater to almost any type of borrower — from first-home buyers to investors, refinancers, and even those with complex financial histories.

For example, if you’re self-employed in Melbourne, your broker might choose from lenders who specialise in low-doc loans. If you’re buying an investment property, they might look for lenders with flexible interest-only terms. The broker’s panel makes this possible.

Benefits of Broker Panels for Borrowers

Here’s why a strong broker panel works in your favour as a homebuyer or investor:

1. Wider Choice

Instead of being limited to one or two banks, you can access dozens of lenders through your broker. That means more chances of finding a loan that fits your needs — and potentially a better rate.

2. Specialised Lenders

Not all lenders advertise directly to consumers. Some “wholesale” or specialist lenders only accept applications through brokers. These can include non-bank lenders that are more flexible with credit history or income types.

3. Competitive Rates

With multiple lenders on their panel, brokers can play the comparison game on your behalf — pitting lenders against each other to secure better rates, lower fees, or cashback offers.

4. Faster Approvals

Experienced brokers know which lenders have faster turnaround times. So even though they have access to dozens, they’ll recommend the one most likely to approve you quickly based on your situation.

5. Personalised Service

Because broker panels are so diverse, brokers can match loans to different life stages — first-home buyers, growing families, retirees, or property investors — instead of offering a one-size-fits-all solution.

Limitations – What Panels Don’t Include

While broker panels are impressive, they’re not infinite. Here’s what they might not include:

• Some small community banks or niche lenders that don’t partner with aggregators.
• Exclusive deals available only through direct customer relationships (rare, but possible).
• New lenders not yet accredited with your broker’s network.

That said, the vast majority of mainstream lenders and competitive home loan products in Victoria are available through broker panels. If a specific lender isn’t on the panel, your broker should be upfront about it.

How Brokers Build Relationships with Lenders

Brokers don’t just rely on software to pick lenders — they build strong professional relationships with them. These relationships matter because they help smooth out issues, speed up communication, and secure better outcomes for clients.

For instance:

• Brokers attend regular lender training sessions and product briefings.
• They have dedicated business development managers (BDMs) at each lender to escalate applications if needed.
• They receive updates about changing policies, turnaround times, and credit criteria — often before the general public does.

So when your broker says, “Let’s go with Lender A — they’ve been approving similar cases quickly lately,” they’re not guessing. They’re leveraging insider knowledge built through real relationships and daily industry contact.

Should Brokers Tell You Which Lenders Are on Their Panel?

Yes, absolutely. Under the Best Interests Duty (BID) introduced in 2021, brokers are required to act in the best interests of their clients — and that includes being transparent about which lenders they can access and how they’re remunerated.

If you ask, your broker should be able to show you a list of their panel lenders or at least explain which ones they’re accredited with and why. This transparency builds trust and helps you make an informed decision about whether they’re offering you a truly competitive range of options.

Questions to Ask About a Broker’s Panel

When you meet with a broker in Victoria, here are a few smart questions to ask:

• “How many lenders are on your panel?”
• “Are there any major banks or lenders you don’t have access to?”
• “Do you receive the same commission from all lenders?”
• “Which lenders do you use most often, and why?”
• “Can you show me how you compare loan options across your panel?”

A confident, experienced broker will answer these openly — and even show you examples of past comparisons (with personal data removed, of course).

Final Thoughts – Work with Lowest Interest Rates

In short, a broker panel is what gives mortgage brokers in Victoria their superpower — access to a wide range of lenders, from the Big Four banks to boutique non-bank lenders. It’s what allows them to find a loan tailored to your unique situation rather than forcing you into a one-size-fits-all product.

At Lowest Interest Rates, our Melbourne-based brokers have access to an extensive lender panel through Australia’s leading aggregator networks. This means we can compare dozens of options, negotiate competitive rates, and match you with the right lender for your financial goals — all while keeping the process transparent and stress-free.

🏠 Ready to explore your home loan options? Visit LowestInterestRates.com.au today to connect with a licensed Victorian mortgage broker who will explain every step — and every lender — available to you.