How Do You Work in the Best Interest of Clients?
The Australian government stipulates that mortgage brokers must work in the best interest of clients. This means giving them access to the home loan products that suit their financial circumstances. Placing a home buyer in a mortgage that they cannot afford to repay is a bad transaction. Therefore, the Royal Commission stepped in and released the Best Interests Duty on January 1, 2021.
Mortgage House takes working in the best interest of clients to heart. Our proprietary tools help our loan specialists efficiently evaluate the applications. Then they efficiently match their financial circumstances to the most appropriate mortgages. First-time home buyers have short employment and credit histories. In addition, their income has not reached its full potential yet. Therefore, it’s best to place them in a home loan that scales with them.
Small business owners, independent contractors, and gig workers benefit from the low doc home loan. Although it carries higher home loan rates, Mortgage House builds tools into the loan that helps defray some of the interest rate charges.
Our loan specialists apply several lenders’ ratios to further determine the best mortgage per client. For example, buffering ensures that the home buyer can continue repaying their loan even if rates increase.
Best Interest of Clients Conclusion
Mortgage House follows an ethos of working in the best interest of clients. We work with home buyers and investors. Our loan specialists have the tools to thoroughly evaluate all applications. Then they find the most suitable mortgage products from our selection. Start the process today.