ACTING IN YOUR BEST INTERESTS

In 2021, the Banking Royal Commission – led by The Honourable Kenneth Hayne, made Best Interest Duty (BID) a statutory obligation for mortgage brokers.

It simply means that mortgage brokers, amongst other financial service providers, are expected to act in the best interests of you, the consumer.

Did you know that Best Interest Duty doesn’t apply to banks?

In other words, we must always act in your best interest; however, if you turn directly to a bank, then the bank can act in their own interests and not those of the borrower. Mortgage Brokers are required to guide you through the cost, timeline, features and its relevance to your particular circumstances while banks (lenders) only sell you their products.

We understand that interest rates and fees will always be a consideration when choosing a loan. However, the lowest price on the market is not always the best. Our team not only works hard to get to know you and your long-term goals but also ensure that the products you choose will align with your objectives.

So if you’re looking for a home or a business loan but don’t know where to start, Chamberlain+Co can help.