What is the Mortgage Broker’s Best Interest Duty (BID)?

Mortgage Broker's Best Interest Duty (BID)

Buying a home can be stressful, particularly when it means borrowing more money than you ever have before. But getting advice and support from a home loan expert like myself can make all the difference.  As your mortgage and finance broker, I am here to help you achieve your dreams – whether that’s buying a home, a new car, or building wealth for your future.

The Best Interest Duty (BID) for mortgage brokers came into effect on 1 January 2021

The Best Interest Duty and related obligations ensure that you receive advice that meets your objectives, financial situation and needs, and that we act in your best interests when providing this advice.

In short, it means that your mortgage broker (us!) must legally comply with the BID to ensure that you secure the best home loan product that is most appropriate for your situation.  It also means that not much will change for us because we have always put our clients’ interests first.

Your Mortgage Broker has your best interest

The Value of Mortgage Broking

Given the amount of media attention on the banking industry and mortgage brokers lately, it’s refreshing to see a recent report from Deloitte recognising the value we deliver to you and all our customers.
The report highlighted:

  • Mortgage brokers currently arrange more than half of all home loans each year, and this number continues to grow
  • More than 90% of customers are happy with their mortgage broker’s performance
  • Mortgage brokers drive competition by improving access to lenders, helping all customers get a better deal

Brokers depend on strong relationships, so they put their customers first.

The Australian Financial Complaints Authority shared that just 0.44% of complaints received were against brokers. This suggests that consumers are indeed overwhelmingly satisfied with their experience with mortgage brokers.   

The Value of Mortgage Broking

Maria Papa is a senior property and finance expert specialising in home loans, investment loans, self-employed loans, alt doc loans, car loans, personal loans, and loan protection.  She has offices in Sydney, Melbourne, and Manila.  If you have questions, you can call Maria at 0430 144 008 or email her at mpapa@maverickfinance.com.au.

Your full financial situation will need to be reviewed prior to acceptance of any offer or product.

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We are a team of qualified professionals who have been in the mortgage broking industry for the last 10 years. We are also property investors who have accrued the knowledge and experience to help you achieve your property goals.

Learn the right strategy and find the resources to empower you to buy your first home, to refinance or to purchase your first investment property. Our team of brokers can guide you through the home buying process and answer your questions,
including:
➔ Where and what you can buy?
➔ How much deposit will you need?
➔ How much can you borrow?
➔ What are all the other costs involved?
➔ How can you repay my mortgage quickly?
Our role as your mortgage broker is to guide you through the process to ensure that all your needs and options are considered.