Heard About The Best Interests Duty For Mortgage Brokers?
From 1 January 2021, mortgage brokers will operate under an unrivalled Best Interests Duty (BID) when providing credit assistance to consumers. This provides yet another compelling reason to use a mortgage broker.
This new legal duty will offer consumers the peace of mind of knowing that their mortgage broker is legally required to act in their best interests and put their interests first when providing home loan assistance.
Melbourne Mortgage Advice are delighted with this new government initiative that we believe will strengthen our industry and raise professional standards. For over 20 years we have put our clients best interests first and fully support the new legal requirement for this to happen.
We are excited about how these changes will grow upon our legacy of putting our clients interests first.
So what does this mean for mortgage broker clients?
There has never been a more compelling reason to use a mortgage broker for your home loan. Put simply, we are legally required to act in your best interests and put your interests first.
There is now a very clear and distinct choice available for borrowers:
Choose to use a mortgage broker that must act in the best interests of the consumer when providing credit assistance, or
Choose to go direct to a lender that HAS NO LEGAL obligation to act in the best interests of the consumer when providing credit assistance
So not only will a mortgage broker continue to offer choice through a broad selection of lender and loan options, they must now do so by providing mortgage advice that is in the best interests of the borrower.
So if the banks don’t have to act in your best interests when obtaining credit assistance, why would you go direct? Engage an experienced, qualified mortgage broker and experience the difference for yourself.
Do you need personalised mortgage advice?
At Melbourne Mortgage Advice we offer a professional, transparent advisory process and backup our advice in writing. We aim to make the process as hassle free as possible whilst ensuring that the credit assistance we provide you is in your best interests.
To do this, we must first complete a Preliminary Assessment of your borrowing options. We do this by considering your financial situation, objectives and loan requirements. We have a secure Online Client Portal that will allow you to share the required information with us, quickly and easily.
We then do the hard work for you! We start off by identifying which lenders you qualify with for the loan amount you need. We then consider your loan requirements and preferences and recommend lenders and loans that we have assessed as being suitable for your situation.
You can think of us as the Project Manager for your home loan! We are there to assist you from the time of first enquiry until your loan settles and beyond. When buying property, it is vital that you have a professional team acting for you to avoid the headaches and get the job done.
Whether you are looking to refinance your existing home loan or purchase a property, we do the sums and negotiations to make sure that your goals and objectives can be achieved.
Get in touch with us today to experience the benefits of using an experienced mortgage that will act in your best interests when providing home loan assistance.