What does a Mortgage Broker Do?

Trevor Bryce, Mortgage Broker

Choice, experience and a legal duty to act in your best interests when providing credit assistance.

Mortgage brokers now operate under an unrivalled Best Interests Duty when providing credit assistance to consumers, which is a compelling reason to use a broker. This new legal duty offers borrowers peace of mind knowing that their mortgage broker is legally required to act in their best interests.

As a mortgage broker, I act in your best interests when recommending a home loan whereas a lender sells you their products.

The ‘Best Interests Duty and related obligations’ are designed to ensure that retail clients receive advice that meets their objectives, financial situation and needs, and that Advisers (i.e., we as the advice provider) act in the best interests of our clients when providing you with advice.

How Do Brokers Act in My Best Interest?

Arranging an appointment at your convenience to review your paperwork and complete a Statement of Credit Advice is the first step. This document will outline your financial situation and your objectives and product requirements in seeking a loan. Based on our discussions and the lenders who you qualify with, we will make our recommendations that best match your needs and requirements.

As a mortgage broker, I act for you; a lender sells you products.