The Best Interests Duty legislation became effective in January 2021, imposing a legal obligation on brokers to prioritise the best interests of their clients.

This important legislation complements the existing regulations outlined in the National Consumer Credit Protection Act, which governs the conduct of brokers. Under this new law, Prosperity Mortgage Partners is required to place the interests of their consumers at the forefront of their decision-making process, particularly in situations where conflicts of interest may arise. It’s worth noting that while Prosperity Mortgage Partners is bound by the Best Interests Duty, traditional banks do not share the same obligation.

When working with Prosperity Mortgage Partners, you can trust that they are
committed to providing you with the most favourable recommendation from the diverse range of lenders on their panel. That means we will look for the most competitive interest rate and terms and condition on your loan, that is most favourable for your unique needs and circumstances.

This commitment though is not equally shared by your local bank, because if you request lending from your local branch they can only offer their own banking products, regardless whether superior alternatives, more suitable for your circumstances,  may exist in the market.

In essence, Prosperity Mortgage Partners are legally obligated to act in your best interests when advising on a home loan, while banks primarily focus on selling their own products.

Make Prosperity Mortgage Partners your lifelong mortgage broker of choice!