When buying a house, you’re not just shopping for a suitable home that meets your individual and family needs but also for a home loan that gives you repayments flexibility and the home loan features that meets your needs and objectives.
With so many lenders and hundreds of loan products on offer, you can never tell which lender and loan product is suitable for you. Speaking with a finance and mortgage professional is one way to get a better picture of the options available for you. Finance and mortgage professionals, also known as mortgage brokers, are bound by “Best Interest Duty”. Under the National Consumer Credit Protection Act 2009 (NCCP), also known as the National Credit Act, finance professionals have a statutory obligation to act in the best interest of the consumers when providing credit assistance.
Where there is a conflict of interest, finance professionals must prioritise the interest of the consumers. The best interest duty obligation came into effect on 1 January 2021.