Best Interests Duty Now in!

Best Interests Duty Now in!

From 1 January 2021, mortgage brokers will operate under an unrivalled Best Interests Duty when providing credit assistance to consumers, which provides yet another compelling reason to use a broker.

This new legal duty will offer consumers the peace of mind of knowing that their mortgage broker is legally required to act in their best interests and put their interests first.

Sherlock Homes believes this represents a terrific opportunity for mortgage brokers to
engage with the consumers they serve to highlight the benefits of the Best Interests
Duty. I have always acted in my clients best interests anyway so it is good to see that this has become and industry standard.

When you’re looking for a home loan, you could go to a mortgage broker or to a bank. While a bank will only offer you its own products, a mortgage broker is an industry expert who will take the guesswork out of finding the mortgage product that suits you and your needs.

If you walk into Audi do you think that they would tell you that Toyota have a cheaper car? Your mechanic won’t openly tell you that they charge you more than most other mechanics for the same job. But there might be a cheaper mechanic just around the corner.

Kyle Scott – Sherlock Homes

It’s understandable that brokers are now the number one choice for people who are seeking a home loan or to refinance an existing loan. Businesses are also engaging brokers to help them with their finance needs from car and equipment leasing to loans to help their businesses expand.

What can a broker do for you?

The leg-work

As a Mortgage Broker I already know the industry, the lenders, their products and their requirements, saving you a lot of time and energy on research. I also put the time into finding out about your particular credit situation and have a wealth of experience to draw on to help you simplify it.

Translate industry jargon

Brokers are able to make sense of what loan documents and lenders are saying – put it into real world language, so to speak.

Get you what you want

I will determine your borrowing needs and fiscal ability, and choose the only an appropriate product to suit your requirements.

Give you a broader choice

Being a broker, I have on offer a larger selection of loan products. While a bank can only offer you its own products, Sherlock Homes can help you choose from a selection of loans provided by different lenders.

Help you compare apples, oranges and the whole fruit basket

I have the knowledge and tools to compare often hundreds of products and you get a loan suitable for your circumstances and needs.

Find you a good deal

Loan providers are always spruiking a special deal or two, and these could make a big difference to your repayments or success rate. A broker will know which of the deals on the market at the moment will be appropriate for you.

Act as your advocate

A good finance broker wants the best for you, the client. They will be your cheer squad, middle-man, team player and coach throughout the process.

They’re in it for the long haul

As a broker I won’t just love you and leave you – I will oversee and manage the loan’s progression right through to the end on your behalf. By the way, ‘the end’ isn’t when you sign the documents and buy your property; you can expect your me to keep track of you and your changing needs, helping you should you need to switch products or wish to purchase another property.