Does Your Mortgage Broker Satisfy New ASIC Criteria?
Does Your Mortgage Broker Satisfy New ASIC Criteria?
Are you looking for an independent professional 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 the 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 broking 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 Licence 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 competence and training requirements for Australian Credit Licensees. Recently ASIC has issued its first Australian Credit Licences and we are delighted to announce that ii-A has been granted with an Australian Credit Licence and allowing us to continue to assist clients with Finance requirements. For a company to be granted an Australian Credit Licence the company must comply with a strict set of regulations designed to promote ethical business practices and consumer protection. ii-A is now proud to have both Australian Financial Services Licence (AFSL) for General Insurance Broking and Australian Credit Licence (ACL) for Mortgage Broking.
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 queries in regards to this article!
Mortgage Delinquency Rates Drop
Category: Mortgage broker
