Does Your Mortgage Broker Satisfy New ASIC Criteria?

Are you looking for a mortgage broker? Mortgage brokers are professional individuals or companies who act as the intermediary between borrowers and lenders during mortgage transactions. An experienced financial broker will always negotiate with the lender to find the best possible financing deal most appropriate for the borrower. Using the services of a professional mortgage…

Are you looking for a mortgage broker?

Mortgage brokers are professional individuals or companies who act as the intermediary between borrowers and lenders during mortgage transactions. An experienced financial broker will always negotiate with the lender to find the best possible financing deal most appropriate for the borrower.

Using the services of a professional mortgage broker will significantly save your time and effort as mortgage brokers have all the necessary information you need, and have a business connections with all major financial institutions at their finger tips. Getting your mortgage through the professional mortgage broker will give you a much better chance of getting the best mortgage deal for you.

On 1 July 2010 the Australian Securities and Investment Commission (ASIC) took over the regulation of consumer credit and finance breaking under the National Consumer Credit Protection Act 2009 (National Credit Act). The National Credit Act requires that all Mortgage Brokers apply for an Australian Credit License by 31 December 2010, if they wish to continue to provide these types of credit services. Australian Securities and Investment Commission (ASIC) have also established certain competency and training requirements for Australian Credit Licensees.

For a company to be granted an Australian Credit License the company must comply with a strict set of regulations designed to promote ethical business practices and consumer protection.

What does it mean for you? If you are looking to buy a new property or would like to re-finance an existing one-you must be sure that any of your financial broker is fully compliant under the National Credit Act. Deal only with the top service providers. The professional mortgage broker will be able to deliver best possible results based on your lending needs and requirements.

We welcome you to contact us for any questions in regards to this article.