Lendi. Your Best Interest™

Best interests duty

Across the industry, there are many questions about the new broker best interests duty (1 July 2020). At Lendi we’re excited about the opportunities it presents for both improved customer outcomes and growth across the home loan category.

Currently, 40 per cent of new mortgages are taken out directly with a lender however the best interests duty will create a significant difference between the service offered by banks and the service offered by brokers.

This regulation makes the recommendations provided by brokers across the entire industry more valuable than those recommendations provided directly by bank home loan staff because customers will be assured that they have been provided choice from a greater range of options and that these recommendations have not been influenced by the potential for gain for the broker. Borrowers will be assured that the recommendations are designed purely to meet their individual needs and goals.

As more customers understand the practical implications of the duty, we can only assume more new purchase borrowers will engage a broker rather than go direct to a lender, and more existing borrowers will refinance via a broker rather than negotiate with their current lender if they want the best outcome.

We always have the consumer's best interests at the heart of Lendi's business model and we welcome the standardisation of this approach. It can only be a good thing for the industry and our collective customers.

Got a home loan question? Just ask!

We're here to help. Get free expert advice at a time that suits you. Choose a time to chat with a Home Loan Specialist .

The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.

Important legal stuff

Lendi is the trading name of Lendi Pty Ltd (ACN 611 161 856), a related body corporate of Auscred Services Pty Ltd (ACN 164 638 171, Australian Credit Licence 442372). We will never sell your email address to any third party or send you nasty spam, promise.
# Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
Lendi is a privately owned and operated Australian business. Our mission is to change the way Australians get home loans by providing a faster, smarter and more secure home loan experience designed around the customer’s convenience and needs. Although Lendi compares over 1600 products (2,500+ products including feature and pricing variations) from more than 35 lenders, we don't cover the whole market or compare all features and there may be other features or options available to you. The Lendi Group Pty Ltd, which is the ultimate holding company of the Aussie and Lendi businesses is owned by numerous shareholders including; banks such as CBA, ANZ and Macquarie Bank, the Lendi founders and employees, and a number of Australian institutional investors and sophisticated investors including UniSuper.
*WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates are based on a loan amount of $150,000 over a loan term of 25 years. Fees and charges apply. All applications are subject to assessment and lender approval. Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
IMPORTANT INFORMATION: Loan terms of between 1 Year and 40 Years are available subject to lender and credit criteria. Maximum comparison rate will not exceed 14.99% (see comparison rate warning above). Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn't take into account any product features or any applicable fees. Our lending criteria and the basis upon which we assess what you can afford may change at any time without notice. Savings shown are based on user inputted data and a loan term of 30 years. All applications for credit are subject to lender credit approval criteria.
Made with love at Circular Quay in Sydney, Australia. © 2021. All rights reserved.