It's an important criterion for us as your accountant to ensure when we give advice we are acting in your best interest. As this firm is a member of Chartered Accountants Australia New Zealand we adopt the requirements set by the Accounting Professional & Ethical Standards Board (APESB). This concept means providing appropriate advice, prioritising our client's interests and warning our clients if advice is based on incomplete or inaccurate information. It essentially results in our client achieving the best possible outcome.
We believe that not providing broking advice to clients is not acting in their best interests. As the owner of the Mortgage Choice Woodville franchise we can refer clients for the purposes of reviewing their existing loans or exploring the opportunity to obtain a new loan. The purpose of this business is to create a referral point so our clients can obtain competitive loan comparisons to their existing or new loan requirements.
There is no obligation for our clients to engage in our broking services. For every client contemplating taking out a new loan or simply refinancing, we provide two alternate mortgage broking firms they may wish to consider to be able to compare to our services. In all cases we will recommend that the client approach their existing bank to request that they match or better any other financing options.
As the owner of the Mortgage Choice Woodville franchise we engage fully licensed mortgage brokers to handle the application process. Accountants are not involved in the identification and selection process of choosing the best competitive loans of the Mortgage Choice franchise. Mortgage Choice has a selection of 25 different residential lenders and 8 commercial lenders which mean our clients have access to numerous comparative financing options.
The commission structure of Mortgage Choice is strategically aligned with our duty to act in our clients best interests. Each lender/bank pays equal rate of commission to Mortgage Choice. This means we will not direct our clients to the lender/bank which pays the broker the highest commission. This is in keeping with our clients receiving honest, impartial and correct advice.
Prior to entering into any loan our firm completes a best interest checklist including obtaining your written informed consent to ensure that our clients are receiving advice which is in their best interests.