How Many Lenders Does a Typical Melbourne Mortgage Broker Deal With?

By Lowest Interest Rates Australia

Introduction

I’ll never forget the moment I walked into a mortgage broker’s office in Melbourne, coffee in hand, expecting to talk about one or two banks. Instead, the broker pulled up a digital dashboard filled with logos—twenty, thirty, forty lenders all at once. I thought, “Wow—how many banks are you dealing with?”

It was a bit overwhelming, but also reassuring. As a first-home buyer in Victoria, I wanted the best possible deal, and seeing that many lender options made me feel like I had the whole market on my side. That got me thinking: exactly how many lenders does a typical Melbourne mortgage broker deal with, and why does it matter for someone like me?

In this article, I’ll walk you through the typical panel size of a Melbourne mortgage broker, why breadth of lender options matters, what questions you should ask your broker, and how using a broker at Lowest Interest Rates can give you access to a wide network of lenders and better home-loan possibilities. Whether you’re buying your first home or refinancing, knowing the answer to this question can help you partner with a broker who really gives you choice.

Table of Contents

1. Industry Average: How Many Lenders Do Brokers Work With?
2. Why the Number of Lenders Matters for You
3. Typical Panel Size for Melbourne Mortgage Brokers
4. Factors That Affect a Broker’s Lender Panel
5. How to Evaluate Your Broker’s Lender Panel
6. Benefits of Working with a Broker With a Large Lender Panel
7. Possible Drawbacks of Too Many (or Too Few) Lenders
8. Key Questions to Ask Your Broker About Their Lender Network
9. Real-Life Example: How a Wide Lender Panel Helped a First-Home Buyer in Victoria
10. Final Thoughts — Partner with Lowest Interest Rates

Industry Average: How Many Lenders Do Brokers Work With?

The number of lenders a mortgage broker works with is often described as the broker’s “panel”. According to a report by the Australian Competition & Consumer Commission (ACCC) and Deloitte, the average broker in Australia had access to around 34 different lenders and actually settled loans with approximately 10 of those in any given period. :contentReference[oaicite:1]{index=1}

However, that was data from several years ago and across Australia overall. For a Melbourne-based broker, the number may be higher (or lower) depending on their size, affiliations, and niche.

Why the Number of Lenders Matters for You

So why should you care how many lenders a broker deals with? Because if your broker only works with a handful of lenders, you might not be seeing all the best options — especially for a first-home buyer in Victoria with specific needs (small deposit, government schemes, etc.).

Here are a few reasons why lender panel size matters:

• More choice = better fit: More lenders means more loan products, more flexibility, and a greater chance of finding one that matches your deposit size, income type, and borrowing goals.
• Access to niche lenders: Some lenders specialise in first-home buyers, low deposit loans, guarantor loans, or regional Victoria. A broad panel increases your chance of finding one.
• Better negotiation power: When a broker can show your application to multiple lenders, they can compare offers and negotiate better terms.
• Backup options: If one lender declines you, a strong broker with many lenders can pivot quickly to another — reducing your risk of missing out on a property.

In short: a broker with a large panel is like having access to the full buffet instead of a fixed menu. For first-home buyers, that difference can be significant.

Typical Panel Size for Melbourne Mortgage Brokers

In Melbourne, many mortgage brokers are affiliated with aggregator networks and have access to between **30 and 60** lenders. Some larger or specialist brokers may access **70 or more lenders**. Meanwhile, smaller or niche brokers might only deal with **20–30** lenders.

While I couldn’t find a published Melbourne-specific average recent figure, the national average of 34 lenders gives a useful benchmark. Given Melbourne’s competitive market, you should expect a broker who services first-home buyers to offer at least 30 lenders — and ideally more.

When you partner with Lowest Interest Rates, you’ll typically gain access to a wide network of lenders across major banks, credit unions, non-bank lenders and specialists — meaning you’re not locked into one institution’s product set.

Factors That Affect a Broker’s Lender Panel

Several factors determine how many lenders a broker deals with. Here are a few that can influence their panel size and your options:

• Aggregator network: Many brokers work through an aggregator (a larger group that provides access to multiple lenders). A well-connected aggregator means more lenders.
• Broker experience and volume: High-volume brokers or those with years of experience may achieve accreditation with more lenders.
• Specialisation: A broker specialising in first-home buyers or low deposit loans may have extra niche lenders in their panel.
• Lender criteria: Lenders have different appetites for risk — some specialise in high deposit borrowers, others in regional Victoria or guarantor loans.
• Compliance and accreditation: Every lender accredits brokers — fewer lenders may mean the broker has narrower accreditation or focuses on certain products.

How to Evaluate Your Broker’s Lender Panel

When you’re choosing a broker, don’t just ask “how many lenders do you deal with?” — dig a little deeper. Here’s how to evaluate their panel and what it means for you:

• Ask for a list: A good broker can show you which lenders they’re accredited with (or at least name some major ones).
• Check for diversity: Look for major banks + regional banks + credit unions + non-bank lenders. That mix matters.
• Ask about your case: “Does your panel include lenders who approve low-deposit loans, first-home buyer schemes, or guarantor products?”
• Check recent deals: Ask which lenders they’ve placed loans with in the last 6–12 months — active placement means real access.

Ultimately the number isn’t everything — but **the diversity and relevance** of the lenders are just as important, especially for first-home buyers in Victoria with special requirements.

Benefits of Working with a Broker With a Large Lender Panel

Having access to many lenders means you’re more likely to get:

• A loan structure suited to your deposit size, employment status and financial goals.
• More competitive interest rates, fees and features across lenders.
• Access to special offers, non-advertised lender deals, or niche lender support.
• Greater chance of approval — especially if you have less than 20% deposit or unusual income type.

For first-home buyers in Melbourne and regional Victoria, these benefits can make the difference between being approved on the first go — or being knocked back and missing out on a property.

Possible Drawbacks of Too Many (or Too Few) Lenders

While more lenders is generally better, there can be some caveats:

• Too many lenders without focus: If a broker’s panel is too broad but they don’t know each lender’s criteria well, your application might be mismatched.
• Limited depth: Some lenders might be included but rarely used because the broker doesn’t have experience placing loans with them.
• Smaller panel: If your broker only has 10–15 lenders, you risk missing niche opportunities — especially if you’re a first-home buyer with special needs (e.g., low deposit, FHBG scheme).

The key: ensure your broker doesn’t just *have* many lenders, but *knows* how to use them for your situation.

Key Questions to Ask Your Broker About Their Lender Network

When you meet a mortgage broker, ask:

• How many lenders are you currently accredited with? Can you name a few?
• Which lenders on your panel specialise in first-home buyers or low deposit loans in Victoria?
• How many lenders have you placed deals with in the last 12 months? (Breadth vs depth)
• If one lender declines me, how quickly can you switch to another?
• How do you stay updated on each lender’s policies, special offers and panel criteria?

A broker who answers these confidently is likely to give you access to the full range of options — not just “the one bank we work with”.

Real-Life Example: How a Wide Lender Panel Helped a First-Home Buyer in Victoria

Let’s meet Karen, a teacher from Melbourne’s inner north, saving for her first home. She had around 8% deposit and a modest income, but no help from family for a guarantor. She felt stuck — the big banks said she needed at least 15% deposit.

She spoke to a broker at Lowest Interest Rates. The broker pulled up a panel of 35 lenders, identified 4 that accepted 8% deposit first-home buyers, and found one with a special program for buyers using the First Home Guarantee scheme.

Because the broker had access to those niche lenders, Karen was approved within weeks — and bought a townhouse in Footscray. Without that wide lender panel, she might still be renting.

Final Thoughts — Partner with Lowest Interest Rates

So, how many lenders does a typical Melbourne mortgage broker deal with? On average nationally it’s around 30-40 lenders, but what really matters is the relevance of those lenders to **your** situation as a first-home buyer in Victoria.

When choosing a broker, make sure they have a broad and active lender panel, understand first-home buyer requirements (schemes, concessions, low deposit loans), and are proactive in matching you to the right lender.

The team at Lowest Interest Rates specialises in first-home buyers across Victoria. They have access to dozens of lenders, know which ones support low-deposit and government-scheme borrowers, and will work with you to secure the best loan for your goals.

Visit LowestInterestRates.com.au today to explore your options, compare lender panels, and start your home-loan journey with confidence.