When you visit a Mortgage Broker, your interests are better protected
Buying a home is one of life’s biggest financial decisions. So, once you find the right property at the right price, you need the right home loan.
Many Australians turn to mortgage brokers to guide them through this process and get them the best deal. But brokers don’t just save you time and money, they are also legally obliged to put your interests first.
These laws are known as Best Interest Duty obligations. Best Interest Duty recognises that a broker works for you, and not the lenders. So even though a particular loan product might pay a broker a particular commission, they won’t recommend it to you unless it’s in your best interest.
And the right home loan for you might not necessarily be the one with the lowest rate. That’s why an important part of a broker’s role is to understand your financial needs, circumstances and goals. They can then use this information to find you the most suitable option from their panel of lenders.
Do banks have to follow the Best Interests Duty?
So you might be wondering – are banks also bound by the Best Interests Duty?
No.
That doesn't mean banks are unregulated – they do have rules they need to follow. But the Best Interests Duty is not one of them.
When you visit a bank, that institution will only recommend its own home loan products, even if it knows the bank across the road could offer you a better home loan.
But Eventus Financial, as an independent broker, is able to compare loans from more than 25 lenders, which means you have much more choice. Even better, we don't charge you for this service (as we get paid a commission by the lender if you take out a loan).
How to get award-winning, five-star service
Eventus Financial doesn’t need the Best Interests Duty to remind us to put our clients' interests first. We've always done that. That's why we're one of the best mortgage brokers in Sydney:
Our Director Alex was named 2020 NSW Mortgage Broker of the Year
Alex has been shortlisted for the 2021 Australian Residential Mortgage Broker of the Year award
If you’re looking for a Sydney broker who will always protect your interests, schedule a no-obligation consultation with Alex to find out how we can help you with your home loan.