Best Interests Duty
New legislation affecting mortgage brokers was introduced following the Royal Commission into banking. The new ‘Best Interests Duty’ means that as mortgage brokers, we have to choose a loan, rate, product and lender that is in the best interests of our client.
What Changes for Our Clients?
Since our establishment, Edney Ryan Mortgage & Finance has always operated with clients’ best interests at heart, well before it was legislated, so there is no operational change for us.
We will continue to provide choice to our clients in order to find the best suited loan for their circumstances.
Does the Best Interests Duty Apply to Banks?
No, the ‘Best Interests Duty’ does not apply to banks, which makes this new legislation highly significant for borrowers, and provides a compelling reason to use a mortgage broker rather than going directly to a bank. Banks are not able to provide the choice of loans, rates or terms, as they are limited to offer their own products.
Peace of Mind for Borrowers
Mortgage brokers offer choice, experience and have a legal duty to act in your best interests when providing advice on loans. We are here to help you find the most appropriate finance options. Please give us a call on (02) 9908 9888 for assistance.