N1 Holdings with two subsidiaries in the residential lending space, a brokerage firm N1 Loans and a mortgage management business Zillion Finance Pty Ltd - N1 branded home loans product - N1 Plus (www.n1plus.com.au)
Over $2.3bil loans Australia wide
40+ lenders on panel
Manage self branded N1 Plus Home Loan
Incredible interest rates
Unusual loans approved
Up to 95% LVR loans
Bad credit home loans
Email email@example.com or dial 1300 001 118 or 02 9262 6262
N1 Loans is recognized by independent media outlets and industry peers as Australia's Top 10 Independent Mortgage Brokerage and Australia's Top 20 Mortgage Brokerage Group. N1 Loans Brokers are among the national top 100 mortgage brokers and top 10 commercial and business loans writers.
N1 Loans till early 2020 has settled over $2.3bil loans. N1 Loans has helped thousands of first home buyers, property investors, builders, renovators and developers to obtain finance at competitive rates and fees. The team at N1 Loans go beyond just helping you obtain financing, we exceed expectations by constantly monitoring and helping borrowers’ loan enquiries even post-settlement.
BEST INTEREST DUTY POLICY (BID)
N1 Loans Pty Ltd BID covers ONLY any loan where the credit is provided wholly or predominantly for
personal, domestics or household purposes, or to purchase, renovate or improve residential property
for investment purposes, or to refinance credit previously provided for this purpose, including asset
finance to consumers. Noted, excludes business purpose loans.
The best interests’ obligations will apply to N1 Loans Pty Ltd “mortgage brokers”, a term which is now
defined in the National Consumer Credit Protection Act 2009 (Cth) (Credit Act) as:
1. A credit licensee or credit representative who carries on a business of providing credit assistance
in relation to credit contracts offered by more than one credit provider that are secured by
mortgages over residential property,
2. And does not perform the obligations or exercise the rights of a credit provider in relation to the
majority of those credit contracts.
Key Points Of Best Interests Duty Regulations
1. N1 Loans Pty Ltd must act in the best interests of consumers in relation to credit assistance and credit or loan contracts;
2. Where there is a conflict of interest, N1 Loans Pty Ltd must give priority to consumers in
providing credit assistance in relation to credit or loan contracts;
3. N1 Loans Pty Ltd must manage conflicts of interest. When exists, disclose to customers and always give priority to their needs.
BID Expectations and Code of Conduct
1. To comply with the Conflict Priority Rule (CPR)
2. Resolve conflicts in the interest of the consumers, demonstrated by disclosure and articulation
of consumers benefits
3. To demonstrate transparency in providing information and recommendation to consumers
4. To demonstrate knowledge, skills, and qualifications with the aim to deliver outstanding results
5. To respect and maintain privacy
6. To support communities and be environmentally responsible
Process to Meet BID
1. Gathering Information.
2. Conduct Individual Assessment
3. Disclosure, Present information and Recommendations
4. Educate and equip consumers to make informed decisions
Note: Making recommendations would typically involve suggesting that a consumer apply for a particular credit contract, and therefore involve credit assistance, includes making recommendations or assisting a consumer to refinance an existing loan. Packaged Products Consideration
Recommendations to consumers should identify and consider, for each product within the package:
1. How those products will meet the consumer’s needs, objectives, priorities and preferences; and
2. Whether (and why) suggesting the consumer take out that product, as part of a package, would
be in the consumer’s best interests; and
3. Compare packaged products to standalone home loans without other packaged credit products
such as credit card.
Promotional offers includes:
1. Cash rebate or points rewards;
2. Waived or reduced fees; or
3. Discounted interest rate
If the costs / savings of a promotional offer is quantifiable, this will need be considered as part of the cost analysis of the credit product.
1. Cost Benefits analysis including total costs over the new loan term
2. Detailed benefits from refinancing
3. If benefits not quantifiable, the rationale must be clearly explained and justified