Best Interest Duty Policy (BID)

Best interests duty

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Our commitment

At N1, we always act in the best interests of our clients. The Best Interests Duty (BID) sets clear standards for how we provide credit advice and loan recommendations. It ensures that every recommendation we make is fair, transparent, and genuinely benefits you.

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What the BID covers

The BID applies to loans provided mainly for:

• Personal, domestic, or household purposes

• Purchasing, renovating, or improving residential investment property

• Refinancing existing credit for the same purposes

• Consumer asset finance

The duty does not apply to business purpose loans.

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Who it applies to

The BID applies to N1 mortgage brokers who:

1. Provide credit assistance for home loans offered by more than one lender, and

2. Do not act as the credit provider for most of those loans.

In short, it applies to brokers who help clients compare and choose suitable lending options.

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Our obligations under the BID

When we provide credit assistance, we must:

1. Act in the best interests of consumers.

2. Give priority to consumers’ interests where any conflict arises.

3. Identify, manage, and disclose conflicts of interest.

These obligations ensure that your needs always come first.

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Our code of conduct

We demonstrate our commitment to the BID through the following principles:

• Comply with the Conflict Priority Rule (CPR).

• Resolve conflicts in favour of consumers and disclose them clearly.

• Be transparent when providing information and recommendations.

• Maintain high standards of knowledge, skill, and professionalism.

• Respect and protect your privacy.

• Support our communities and act responsibly as a business.​

 

How we meet the BID

We follow a clear process to ensure our advice meets your best interests:

1. Gather information – understand your goals, needs, and circumstances.

2. Assess options – review available credit products suited to you.

3. Present and disclose – provide clear recommendations with full transparency.

4. Educate and guide – help you make confident, informed decisions.​

 

Product and package recommendations

When we recommend products, including packages, we consider:

• How each product meets your needs, objectives, and preferences.

• Why a package may or may not be in your best interests.

• How it compares to a standalone home loan without other products such as a credit card.​

 

Promotional offers

Some products include special promotions, such as:

• Cash rebates or reward points

• Waived or reduced fees

• Discounted interest rates

If the value of a promotional offer is quantifiable, we include it as part of the overall cost comparison.

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Refinance comparisons

When recommending a refinance, we:

• Compare total costs and savings over the new loan term.

• Identify tangible benefits such as improved features or reduced repayments.

• Clearly explain and justify any benefits that can’t be measured in dollar terms.

 

Final note

Our goal is to ensure that every N1 client receives recommendations that truly serve their interests. Acting with integrity and transparency is central to how we do business.

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