Mortgage brokers are required by law to behave in the best interests of their clients (the “best interests duty”) and to give those clients’ needs priority when providing financial assistance (conflict priority rule).

What does this mean to you?

Another compelling argument to utilise a broker is that mortgage brokers now operate under an unrivalled Best Interests Duty when offering credit assistance to clients.

Customers may rest easy knowing that their mortgage broker is compelled by law to act in their best interests and put those interests first thanks to this new legal obligation.

Did you aware that banks are exempt from the Best Interests Duty?

A lender sells you its products, whereas we, as mortgage brokers, act in your best interests when proposing a house loan. To put it another way, we are obligated to always behave in your best interests; yet, if a client contacts a bank directly, the bank is free to operate in its own best interests rather than those of the borrower.

Truth: transferring your mortgage to a different lender can be challenging. In essence, it’s like reapplying for a mortgage. You have a lot to think about, such as various loan terms. There is a tonne of paperwork and perhaps fees as well.

Yet at BN Finance, we can make the change as simple as humanly feasible. We’ll make sure you are aware of your options and that you profit to the fullest.

The gist of it is that they differ amongst lenders. The good news is that we have strong relationships with several different lenders and we might be able to negotiate lower rates than if you applied directly. Also, we collaborate with “second tier” lenders, who frequently have lesser overhead and can provide better rates. Despite the fact that the rates vary, you can rest assured that we will keep your rate at the sharp end of the spectrum.

More Choice

Borrowers using a broker have a much higher chance of getting a loan that actually meets their unique circumstances and financial goals because most brokers have access to loans from about 30 different lenders.  In the latest figures released by the mortgage professionals industry body MFAA, between June 2022 to September 2022, 71.7% of all mortgages were applied through a mortgage broker!

Complex Scenarios

Brokers can discover answers in more complicated situations because they already have relationships with their lenders.

Brokers will be aware of which lenders will be more accommodating to borrowers who, for instance, have a history of bad credit, unconventional sources of income, or irregular work.

Additionally, they are skilled in representing borrowers when they believe lenders are not being fair—something that would be extremely difficult for a consumer to do on their own.

Added value for straightfoward loans

Even experienced borrowers with uncomplicated financial situations will benefit from engaging with a broker.

As repeat business and referrals are how brokers grow their clientele, they have an incentive to offer exceptional, individualised customer service. As a result, brokers tend to be attentive, dependable, fast to reply, and eager to go above and beyond for their clients.

For instance, a broker would often consider the borrower’s long-term ambitions in addition to the sale of the current loan to make sure the loan is appropriate for achieving the borrower’s future objectives. By handling the majority of the necessary administration, they will also significantly reduce the burden and tension associated with loan application.