Broker guide
Fact Find for Mortgage Brokers: Fields and Flow
Before advising, use a mortgage broker fact find form to connect the client’s goals, finances and consent with evidence and missing documents.
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A mortgage broker fact find is the structured record of your client’s goals, finances and consent that you complete before assessing any loan. It captures what the client wants and what they earn, own, owe and spend. It also shows which answers still need documents.
Use the template and interview order below to run the same fact find with every client. The fictional completed example shows how each field reads when it’s filled in properly, including the gaps you flag before lender work starts.
What a Mortgage Fact Find Establishes
A mortgage fact find establishes the client’s purpose, timing, preferences and financial position before you assess any loan. It’s the starting record for the inquiries you must make under the responsible lending obligations.
The Australian Securities and Investments Commission (ASIC) sets out those inquiries in Regulatory Guide 209 (RG 209), its December 2019 guide to responsible lending conduct. RG 209.51 lists the requirements and objectives you’re likely to need:
- the amount of credit the client needs
- how long they need the loan for
- what the loan is for
- the features they want, how much each one matters and any extra cost or risk they’ll accept for it
- any extras, such as insurance premiums, they want added to the loan amount
ASIC also says the answers must be specific enough to show what matters to the client. “Buying a home” is too thin for a purpose field. “Buy a three-bedroom house within 12 months, near the children’s school, with an offset account” gives you something to work with.
RG 209.267 names fact find documents as a useful way to structure and record your inquiry and verification steps. ASIC’s June 2020 best interests duty guide (RG 273) lists fact-finding documents among the records that show how you met the best interests duty.
A fact find records facts and stated preferences. It doesn’t recommend a loan or decide whether one suits the client. That reasoning belongs in your preliminary credit assessment, which uses the fact find as its evidence.
Capture the Financial Position
Capture each applicant’s income, assets, liabilities, expenses and dependants, plus how joint applicants share them, as one complete starting position. A missing liability or an understated expense changes every number you calculate later.
Income
Record the amount, frequency and source of each income, and any change the client can already see coming. RG 209.61 (December 2019) asks for exactly those details, and RG 209.62 says the last pay period alone isn’t enough.
Ask about planned parental leave, a contract end date, a move to part-time work or retirement. Record casual, overtime, bonus, commission, rental and self-employed income on separate lines, because lenders treat each type differently.
Assets
List property, savings, shares, superannuation, vehicles and any gift or inheritance the client expects. RG 209.79 says that if you rely on income from an asset, you also need the cost of maintaining it, so record both beside the asset.
Ask whether the client plans to sell or draw on any asset to fund the purchase or the repayments. Record the answer even when it’s no, because RG 209.80 links that question to whether the client can meet repayments without cutting spending they won’t reduce.
Liabilities
Record every home loan, personal loan, car loan, credit card, buy now pay later account, HECS-HELP debt and tax debt. Give each one its lender, balance, limit, repayment and whether it will be paid out or kept.
Record a credit card’s limit as well as its balance. A card with a $500 balance and a $15,000 limit is a different commitment from a paid-off card that’s been closed.
Expenses
Record living expenses in categories, not as one monthly total. Categories let you compare the client’s figures with their bank statements and with any expense benchmark a lender applies.
RG 209.142 describes the Household Expenditure Measure (HEM) as the most commonly used expense benchmark. RG 209.145 lists outgoings HEM leaves out, so record private school fees, life and income protection insurance, private health cover, investment property costs and HECS-HELP repayments as separate lines.
Dependants
Record the number of dependants, their ages and any adult dependants the client supports. RG 209.71 notes that dependants, location and medical needs can raise the spending a client can’t cut.
Joint Applicants
Record each applicant’s income, assets and liabilities in their own column, and then record how they share household expenses and joint debts. RG 209 Example 11 shows a lender reassessing a loan once it confirmed that a couple split expenses and joint liabilities evenly.
Note any guarantor or non-borrowing partner separately. Their income and commitments affect the household even when they won’t sign the loan.
Use the Fact Find Form and Template
Copy the mortgage broker fact find template below into your customer relationship management (CRM) system, a shared document or an online fact find form. Each field has a rule for when to ask it, completion guidance and a fictional completed answer.
The “When to ask” column uses three rules. “Every client” fields always need an answer. “If it applies” fields need an answer or “Not applicable”, and “Client’s choice” fields record “Declined” when the client prefers not to answer.
Never leave a field blank. RG 209.268 (December 2019) says it’s good practice to answer every question, including with “nil” or “not applicable”. A blank field makes it hard to show you asked the question.
Interview Order
Run the fact find interview in this order. Each step builds on the one before. Consent comes first because the privacy collection notice is due at or before collection wherever that’s practicable.
- Give the privacy collection notice and your credit guide, then record each applicant’s consent.
- Confirm who is applying, who else is involved and who can act for each applicant.
- Ask about the goal, timing and loan preferences before any figures.
- Collect income, then assets, then liabilities.
- Work through expenses by category and record dependants.
- Read back anything that looks inconsistent and flag the answers that need documents.
- Ask each applicant to confirm the record, then set the review date.
Asking about goals before figures keeps the preferences in the client’s own words. It also tells you which income and asset questions need more depth.
Fictional Client for the Example
The completed example uses Priya and Tom Hale, a fictional couple with a three-year-old child, buying their first home together. Priya is a salaried registered nurse who plans parental leave next year.
Tom is a self-employed electrician. He has traded under his own Australian Business Number (ABN) for two years.
Part 1: Applicants and Authority
| Field | When to ask | Completion guidance | Hale example (fictional) |
|---|---|---|---|
| Full legal name and date of birth for each applicant | Every client | Match the name to the identity documents you’ll collect later | Priya Anne Hale, 14 March 1992. Thomas James Hale, 2 August 1990. |
| Contact details and preferred contact method | Every client | Record a separate email and mobile for each applicant | Priya by email. Tom by text message. |
| Relationship between applicants | Every client | Record married, de facto, family members or other co-owners | Married |
| Residency status | Every client | Record citizenship or visa type for each applicant | Both Australian citizens |
| Authorised representative | If it applies | Record the person’s name, what they can do, the document that gives them authority and when it ends | Tom’s accountant, Lena Ruiz, can supply his business figures only. Signed authority dated 3 October 2026 ends when the loan settles. |
| Guarantor or other contributor | If it applies | Record anyone giving security, a guarantee or a gift | Priya’s parents are giving a $20,000 gift. No guarantor. |
Part 2: Goals and Preferences
| Field | When to ask | Completion guidance | Hale example (fictional) |
|---|---|---|---|
| Loan purpose | Every client | Name the property type, use and location, not just “purchase” | Buy a house to live in, within 20 minutes of Tom’s main suppliers |
| Target timing | Every client | Record the date the client needs the loan and why | Settle by April 2027, before Priya starts parental leave |
| Purchase price range and loan amount sought | Every client | Record the client’s own figures. The assessment tests them later. | $760,000 to $800,000. Loan of about $700,000. |
| Deposit and funds to complete | Every client | Record each source separately | $90,000 joint savings and the $20,000 gift |
| Features wanted and how much each matters | Every client | Ask the client to rank features and say what extra cost they’d accept | 1. Offset account, will pay a package fee for it. 2. Extra repayments. 3. Fixed rate not wanted. |
| Repayment type | Every client | Record principal and interest or interest-only, with the reason | Principal and interest |
| Costs to add to the loan | If it applies | Record any insurance premium or fee the client wants financed | Not applicable |
| Plans that could change the loan | Every client | Ask about children, renovations, moving or selling within five years | Second child possible within three years. No plans to sell. |
| Other preferences | Client’s choice | Record lender preferences, banks to avoid or values-based choices | Prefer a lender with a branch nearby |
Part 3: Financial Position
| Field | When to ask | Completion guidance | Hale example (fictional) |
|---|---|---|---|
| Employment and income for each applicant | Every client | Record employer or business, role, start date, gross amount, frequency and type | Priya: public hospital, registered nurse since 2019, $98,000 a year base salary plus shift allowances. Tom: sole trader electrician, ABN registered October 2024, client states $110,000 net profit for 2025-26. |
| Foreseeable income changes | Every client | Record what changes, when and for how long | Priya plans 12 months of parental leave from April 2027, part-paid. Return date and part-time hours not yet decided. |
| Other income | If it applies | Record rental, Centrelink, investment or foreign income on its own line | Not applicable |
| Property and savings | Every client | Record each asset’s value and owner | $90,000 savings in a joint account. Tom’s ute and tools valued at $35,000. |
| Superannuation | Every client | Record the balance for each applicant | Priya $64,000. Tom $41,000. |
| Assets the client will sell or draw on | If it applies | Record which asset and when | Not applicable |
| Home loans and other property debts | If it applies | Record lender, balance, repayment and whether it will be paid out | Not applicable |
| Personal and car loans | If it applies | Record lender, balance, repayment, end date and owner | Tom: car loan, $14,200 balance, $520 a month, ends May 2029 |
| Credit cards and buy now pay later | If it applies | Record limit and balance for each card or account | Tom: one card with an $8,000 limit and a $1,100 balance. Priya: one buy now pay later account, $300 balance. |
| HECS-HELP and tax debts | If it applies | Record the balance and any payment arrangement | Priya: $18,400 HECS-HELP. No tax debts. |
| Living expenses by category | Every client | Record monthly amounts for each category and compare them later with bank statements | Groceries $1,300. Utilities $420. Transport $650. Insurance $380. Other living costs $1,350. |
| Childcare and school costs | If it applies | Record the cost and when it will change | Childcare $1,150 a month, ends when the child starts school in 2028 |
| Dependants | Every client | Record number, ages and any special costs | One child, aged three |
| How joint applicants share costs | If it applies | Record how expenses and joint debts are split | All expenses shared from the joint account. Tom pays his car loan from his business account. |
Part 4: Consent and Evidence Flags
| Field | When to ask | Completion guidance | Hale example (fictional) |
|---|---|---|---|
| Collection notice given | Every client | Record the date and version given to each applicant | Both given version 4 on 3 October 2026 |
| Credit guide given | Every client | Record the date and version | Version 2, 3 October 2026 |
| Consent by purpose and recipient | Every client | Record each consent separately, with its date and expiry | See the consent register in the online section |
| Answers that need documents | Every client | List each answer with the evidence it needs | Tom’s trading history, the gift and the declared living expenses |
| Answers that need clarification | If it applies | Record the question and who will answer it | Tom’s 2025-26 profit is an estimate until his tax return is lodged. Priya’s return date and hours are undecided. |
Because every client answers the same fields in the same order, every answer lands in the same place in every file.
Run an Online Fact Find
Set up an online fact find so each applicant signs in securely, consents to each purpose separately and can return to correct their answers before you rely on them. The form becomes the client’s record as well as yours, so build it around their rights as well as your workflow.
Authentication and Access
Give each applicant their own login, never one shared household account. Use a one-time code or another second factor at sign-in, and end idle sessions automatically.
The Office of the Australian Information Commissioner (OAIC) publishes Australian Privacy Principle 11 (APP 11) guidelines. They say entities must take reasonable steps to protect personal information from unauthorised access. Their examples include strong passwords, access controls, logs and audit trails.
Limit staff access by role. A broker and their processor need the full record, while a referral partner needs none of it.
Collection Notice and Credit Guide
Show the privacy collection notice before the first question, and give your credit guide in the same step. The OAIC’s APP 5 guidelines say notice is due at or before collection, or as soon as practicable afterwards.
The notice names your business, why you collect the information, who you usually disclose it to and how the client can access, correct or complain about it. Record the version each applicant saw and when.
Consent by Purpose and Recipient
Ask for consent one purpose and one recipient at a time, never as one bundled tick box. The OAIC’s guidance on consent says bundling many requests together can undermine whether consent is voluntary.
Set up a consent register with one row for each purpose. The Hales’ fictional register looks like this.
| Purpose | Recipient | Who consented | Given | Expires |
|---|---|---|---|---|
| Collect and use information to provide credit assistance | Your brokerage | Priya and Tom, separately | 3 October 2026 | When the file closes |
| Disclose the application to the chosen lender | The lender named at application | Priya and Tom, separately | Asked again at application | When the loan settles or the application ends |
| Share file information for compliance review | Your aggregator and licensee | Priya and Tom, separately | 3 October 2026 | When the file closes |
| Receive Tom’s business figures | Lena Ruiz, Tom’s accountant | Tom only | 3 October 2026 | When the loan settles |
| Marketing and loan reviews after settlement | Your brokerage | Priya only | 3 October 2026 | 3 October 2027 |
The OAIC says consent given at one time can’t be assumed to last forever. Put an expiry on every row, and ask again when the purpose or recipient changes.
Joint Applicants and Authorised Representatives
Ask each joint applicant for their own consent, including whether the other applicant can see their answers. A couple who share everything can allow full visibility, while separated co-owners might each see only the shared sections.
Record an authorised representative as a named person with a defined scope. Keep the document that gives them authority, such as a power of attorney or a signed authority, and set its end date.
Where a client can’t consent for themselves, the OAIC recognises consent from a guardian, an enduring attorney or a person the client nominated in writing while able to consent. Limit a representative’s access to what their authority covers. In the Hale example, Lena can supply Tom’s business figures but can’t read Priya’s answers.
Withdrawal and Expiry
When a client withdraws consent or a consent expires, stop the uses and disclosures that relied on it from that date. The OAIC says that once consent is withdrawn, an entity can’t rely on it for any future use or disclosure.
Withdrawal or expiry changes the file in three ways:
- Access: remove the representative’s or co-applicant’s view of the sections the consent covered.
- Sharing: stop sending information to the recipient on that row, and tell the client if the withdrawal stops the application going ahead.
- Follow-up: stop reminders and messages for that purpose, and note the date the purpose ended.
Keep the original consent record with its wording, date and version. Add the withdrawal or expiry date beside it. That record shows what you were authorised to do and when, which you’ll need if a disclosure is ever questioned.
Save, Return, Correct and Export
Save answers automatically and let each applicant return to an unfinished form from their own login. Show which sections are complete, so the client knows what’s left without calling you.
Let applicants correct their answers at any time, and keep the history of each change. The OAIC’s APP 13 guidelines say an organisation must respond to a correction request within a reasonable period, generally no more than 30 calendar days, and can’t charge for it.
When the client asks, APP 13 requires reasonable steps to tell other entities about a correction to information you’d already given them. If a client corrects an answer after you’ve sent it to a lender, note the correction and tell that lender.
Give the client a copy of their completed record on request. Under the OAIC’s APP 12 guidelines, an organisation responds to an access request within a reasonable period, generally no more than 30 calendar days, after verifying who is asking.
Export the record two ways: as a PDF the client can keep and as structured data your CRM can import. Both exports show the confirmation date and the version of the answers they contain.
Identify Missing Evidence
Flag every answer that needs a document or a clarification before you start lender policy and servicing work. A fact find that looks complete but rests on estimates sends you to the wrong lenders.
Give each answer one of three statuses: confirmed, needs a document or needs clarification. Review the flags at the end of the interview, while the client can still explain an answer.
| Answer (Hale example, fictional) | Status | Why it’s flagged | What clears it |
|---|---|---|---|
| Tom’s $110,000 net profit for 2025-26 | Needs clarification | The figure is Tom’s estimate and his 2025-26 tax return isn’t lodged | The lodged return and notice of assessment, supplied through Lena |
| Tom’s two years of trading | Needs a document | Self-employed income needs a trading history | His ABN registration and 2024-25 tax return |
| $20,000 gift from Priya’s parents | Needs a document | Gifted funds need evidence that they’re a gift and not a loan | A signed gift letter and proof the money has arrived |
| Priya’s parental leave | Needs clarification | The return date and hours are undecided | Priya’s leave dates and her stated return plan |
| Living expenses of $4,100 a month plus childcare | Needs a document | Declared expenses are compared with actual spending | Recent bank statements for the joint account |
| Tom’s credit card | Confirmed | Limit and balance recorded | Nothing further |
Look for answers that don’t fit together. RG 209.269 (December 2019) expects follow-up to clarify inconsistencies, such as declared expenses that are lower than the bank statements show.
Record each clarification as a dated file note beside the answer it explains. RG 273.169 (June 2020) says notes drafted only at the end of the process may not capture your reasoning as well as notes taken along the way.
Which documents a lender wants depends on that lender’s policy. Bulma’s Scenario Planner loads a completed fact find, checks the scenario against 52+ lenders’ policies and lists the documents each lender needs.
Send the flagged document requests through your secure document collection process. Keep the fact find as the list of what’s missing, and mark each flag confirmed as the evidence arrives.
Complete the Record
Close the fact find with each applicant’s confirmation, a visible history of corrections and the date the record was last reviewed. These three details show what the client told you, what changed and when you last checked it.
Ask each applicant to confirm the record separately, in their own login or with their own signature. Record the date, time and version of the answers they confirmed.
Keep every correction visible in the file. Show the original answer, the corrected answer, who changed it and when, rather than overwriting the first answer.
Set a final review date and the events that trigger a new review. The Hales’ fictional brokerage reconfirms the fact find if more than 90 days pass before lodgement, or straight away if income, debts or the purchase plan change.
Add a short narrative summary that connects the client’s goals to their financial position. RG 209.272 (December 2019) says a concise summary helps you “connect the dots” between answers to different questions.
Keep the confirmed fact find with the rest of the file for as long as you might need it. RG 209.273 notes that a client can ask for a written copy of the preliminary assessment up to seven years after you provide credit assistance. The fact find is part of the material behind that assessment.
The completed Hale record now shows two confirmations dated 3 October 2026 and one correction to Tom’s car loan balance. It also lists the five open flags from the evidence table and a review date of 1 January 2027. You can start lender research on what’s confirmed and clear the flags as the documents arrive.
