Jargon Free Info For You
BID or why is a broker a smart choice
The Best Interest Duty (BID) is a legal obligation that requires mortgage brokers to act in the best interests of their clients when recommending a home loan. Introduced in Australia in 2021 as part of reforms to improve trust and transparency in the mortgage industry, this duty ensures that brokers prioritise the borrower’s needs and financial goals above their own interests or those of any lender.