Citi home loan repayment calculator

Thinking about taking out a home loan with Citi? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Citi home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.44%

Total interest payable

$0

Total loan repayments

$0

Pros and cons

  • Global player.
  • Very flexible loan products.
  • Full range of financial services available.
  • Competitive fixed rate loans available.
  • High fees.

Citi home loans rates

Advertised Rate

2.44

% p.a

Variable

Total estimated upfront fees
$649
Comparison Rate*

2.49

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.54

% p.a

Variable

Total estimated upfront fees
$649
Comparison Rate*

2.69

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.69

% p.a

Variable

Total estimated upfront fees
$649
Comparison Rate*

2.74

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.69

% p.a

Variable

Total estimated upfront fees
$649
Comparison Rate*

2.74

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.89

% p.a

Variable

Total estimated upfront fees
$649
Comparison Rate*

2.74

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.09

% p.a

Fixed - 3 years

Total estimated upfront fees
$250
Comparison Rate*

2.83

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

1.99

% p.a

Fixed - 2 years

Total estimated upfront fees
$250
Comparison Rate*

2.85

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

1.99

% p.a

Fixed - 1 year

Total estimated upfront fees
$250
Comparison Rate*

2.89

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

2.54

% p.a

Variable

Total estimated upfront fees
$250
Comparison Rate*

2.94

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

2.79

% p.a

Variable

Total estimated upfront fees
$649
Comparison Rate*

2.94

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.79

% p.a

Variable

Total estimated upfront fees
$649
Comparison Rate*

2.94

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 5 years

Total estimated upfront fees
$250
Comparison Rate*

2.96

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

2.94

% p.a

Variable

Total estimated upfront fees
$649
Comparison Rate*

2.99

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.34

% p.a

Fixed - 3 years

Total estimated upfront fees
$250
Comparison Rate*

3.07

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

2.24

% p.a

Fixed - 2 years

Total estimated upfront fees
$250
Comparison Rate*

3.09

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

2.29

% p.a

Fixed - 2 years

Total estimated upfront fees
$250
Comparison Rate*

3.10

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

2.24

% p.a

Fixed - 1 year

Total estimated upfront fees
$250
Comparison Rate*

3.14

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

2.29

% p.a

Fixed - 1 year

Total estimated upfront fees
$250
Comparison Rate*

3.14

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

2.79

% p.a

Variable

Total estimated upfront fees
$250
Comparison Rate*

3.18

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

2.79

% p.a

Variable

Total estimated upfront fees
$250
Comparison Rate*

3.18

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

3.04

% p.a

Variable

Total estimated upfront fees
$649
Comparison Rate*

3.19

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.84

% p.a

Fixed - 5 years

Total estimated upfront fees
$250
Comparison Rate*

3.20

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

2.39

% p.a

Fixed - 3 years

Total estimated upfront fees
$250
Comparison Rate*

3.22

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

2.89

% p.a

Fixed - 5 years

Total estimated upfront fees
$250
Comparison Rate*

3.22

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

3.09

% p.a

Variable

Total estimated upfront fees
$649
Comparison Rate*

3.24

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.64

% p.a

Fixed - 3 years

Total estimated upfront fees
$250
Comparison Rate*

3.33

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

2.54

% p.a

Fixed - 2 years

Total estimated upfront fees
$250
Comparison Rate*

3.34

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 3 years

Total estimated upfront fees
$250
Comparison Rate*

3.35

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 2 years

Total estimated upfront fees
$250
Comparison Rate*

3.37

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

2.54

% p.a

Fixed - 1 year

Total estimated upfront fees
$250
Comparison Rate*

3.38

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 1 year

Total estimated upfront fees
$250
Comparison Rate*

3.42

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

3.04

% p.a

Variable

Total estimated upfront fees
$250
Comparison Rate*

3.43

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

3.14

% p.a

Fixed - 5 years

Total estimated upfront fees
$250
Comparison Rate*

3.47

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

3.09

% p.a

Variable

Total estimated upfront fees
$250
Comparison Rate*

3.48

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

3.09

% p.a

Fixed - 5 years

Total estimated upfront fees
$250
Comparison Rate*

3.48

% p.a

Ongoing fee
$350 annually
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 5 years

Total estimated upfront fees
$649
Comparison Rate*

4.22

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.84

% p.a

Fixed - 5 years

Total estimated upfront fees
$649
Comparison Rate*

4.32

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.89

% p.a

Fixed - 5 years

Total estimated upfront fees
$649
Comparison Rate*

4.34

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.09

% p.a

Fixed - 5 years

Total estimated upfront fees
$649
Comparison Rate*

4.42

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

3.14

% p.a

Fixed - 5 years

Total estimated upfront fees
$649
Comparison Rate*

4.44

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.09

% p.a

Fixed - 3 years

Total estimated upfront fees
$649
Comparison Rate*

4.45

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.34

% p.a

Fixed - 3 years

Total estimated upfront fees
$649
Comparison Rate*

4.51

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.39

% p.a

Fixed - 3 years

Total estimated upfront fees
$649
Comparison Rate*

4.53

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.59

% p.a

Fixed - 3 years

Total estimated upfront fees
$649
Comparison Rate*

4.58

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.64

% p.a

Fixed - 3 years

Total estimated upfront fees
$649
Comparison Rate*

4.59

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

1.99

% p.a

Fixed - 2 years

Total estimated upfront fees
$649
Comparison Rate*

4.67

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.24

% p.a

Fixed - 2 years

Total estimated upfront fees
$649
Comparison Rate*

4.72

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.29

% p.a

Fixed - 2 years

Total estimated upfront fees
$649
Comparison Rate*

4.72

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 2 years

Total estimated upfront fees
$649
Comparison Rate*

4.76

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.54

% p.a

Fixed - 2 years

Total estimated upfront fees
$649
Comparison Rate*

4.77

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

1.99

% p.a

Fixed - 1 year

Total estimated upfront fees
$649
Comparison Rate*

4.94

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.24

% p.a

Fixed - 1 year

Total estimated upfront fees
$649
Comparison Rate*

4.97

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.29

% p.a

Fixed - 1 year

Total estimated upfront fees
$649
Comparison Rate*

4.97

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 1 year

Total estimated upfront fees
$649
Comparison Rate*

4.99

% p.a

Ongoing fee
$8 monthly
Go to site
More details
Advertised Rate

2.54

% p.a

Fixed - 1 year

Total estimated upfront fees
$649
Comparison Rate*

4.99

% p.a

Ongoing fee
$8 monthly
Go to site
More details

Citi customer service

Citibank has a 24/7 support via its website. Some of its services for members and prospective borrowers include mortgage brokers, a live chat service and a inbound call centre. Customers can access their funds via a large network of Citibank ATMs located around Australia.

  • Customer service centre (phone, email, branch)
  • Online banking
  • Live Chat
  • Mobile banking staff

How to Apply

Borrowers can apply for a Citibank loan online or arrange for a consultation with a customer service representative. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include:

  • Personal identification material.
  • Proof of income and other earnings.
  • Proof and type of employment.
  • Details of current loans, debts and liabilities.
  • Personal insurance documents.

About Citibank home loans

There are a variety of home loans offered by Citibank:

  • Owner-occupied
  • Investment
  • First home buyers
  • Refinancers
  • Upgraders
  • Renovators
  • Overseas home buyers
  • Line of credit
  • Self-employed (low-doc)

Citibank home loans also come with several interest rate options:

  • Variable rate
  • Fixed rate
  • Principal and interest
  • Interest-only
  • Split loans

The longest home loan term offered by Citibank is 30 years. Repayments can be made weekly, fortnightly or monthly. Several of its products allow borrowers to use parents as guarantors, and also offer mortgages up to 90 per cent of the home’s value.

The fixed-term interest rates offered by Citibank range from six months to five years. Many of its products also offer offset accounts, redraw services and the option to make extra payments.

A rare service that Citibank offers is mortgages for non-Australian citizens and non-permanent residents. However, the bank doesn’t offer superannuation home loans for SMSFs or reverse mortgages for seniors.

Citibank home loan rates

Home loan interest rates vary significantly with Citibank, depending on the borrower’s situation. There are different interest rates for owner-occupied mortgages compared to investment mortgages. Line of credit home loans also have significantly higher interest rates than standard home loans.

Owner-occupied home loans generally have moderate interest rates compared to other lenders in Australia. Investment home loans offered by Citibank also tend to be moderate for borrowers paying interest and principal.

Citibank’s upfront fees tend to be moderately high, but the ongoing mortgage fees are moderate to moderately low. The bank does, however, offer discounts on fees if home loans are bundles with other Citibank products like credit cards. It also advertises interest rate discounts for borrowers with loan-to-value ratios (LVRs) below 80 per cent.

It’s worth comparing the current interest rates and fees at Citibank to make sure you are getting the best home loan rates for your situation.

Citibank home loan review

Citibank’s home loan portfolio is significantly smaller than that of the big four banks, but it delivers certain perks and flexibility to its customers.

For self-employed borrowers, Citibank offers home loans that come with the same interest rates and home loan options as its other owner-occupied mortgages. The investment home loans are also flexible, with the ability to get line of credit and interest-only for several years. As a foreign-owned bank, it also caters for overseas buyers, offering specific home loan products and services to suit non-citizens and non-permanent residents of Australia.

Overall, Citibank’s interest rates are moderate compared to other banks in Australia, but Citibank does offer discounts on home loan packages, as well as rewards that are on top of their advertised rates.

Although Citibank doesn’t have many branches, it has a team of mobile mortgage specialists across the country.

Learn more about home loans

What are the different types of home loan interest rates?

A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan. 

Having understood what are home loan rates in general, here are the two types you usually have with a home loan:

Fixed rates

These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.

Variable rates

With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments. 

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

What are the benefits of getting a pre-approved home loan from Citibank?

While hunting for your dream home, getting a Citibank home loan pre-approval can have multiple benefits, which include:

  • You'll have an idea on your personal price range, which can save time to find your home.
  • With a pre-approved home loan, you may find yourself with more financial control to better decide how much you can spend.
  • A Citibank pre-approved home loan is a commitment  by a lender that signals you're ready to jump into the property market.

You can apply for pre-approval by providing basic details, such as name, email, and phone number on the bank’s website. Alternatively, you can contact the bank on 1300 361 922 or find a home lending officer on the website.

How do I apply for a home improvement loan?

When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying. 

Besides taking out a home improvement loan, you could also:

  1. Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement.  Speak with your lender or a mortgage broker about accessing your equity.
  2. Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
  3. Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
  4. Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.  

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

How is interest charged on a reverse mortgage from IMB Bank?

An IMB Bank reverse mortgage allows you to borrow against your home equity. You can draw down the loan amount as a lump sum, regular income stream, line of credit or a combination. The interest can either be fixed or variable. To understand the current rates, you can check the lender’s website.

No repayments are required as long as you live in the home. If you sell it or move to a senior living facility, the loan must be repaid in full. In some cases, this can also happen after you have died. Generally, the interest rates for reverse mortgages are higher than regular mortgage loans.

The interest is added to the loan amount and it is compounded. It means you’ll pay interest on the interest you accrue. Therefore, the longer you have the loan, the higher is the interest and the amount you’ll have to repay.

How to use the ME Bank reverse mortgage calculator?

You can access the equity in your home to help you fund your needs during your senior years. A ME Bank reverse mortgage allows you to tap into the equity you’ve built up in your home while you continue living in your house. You can also use the funds to pay for your move to a retirement home and repay the loan when you sell the property.

Generally, if you’re 60 years old, you can borrow up to 15 per cent of the property value. If you are older than 75 years, the amount you can access increases to up to 30 per cent. You can use a reverse mortgage calculator to know how much you can borrow.

To take out a ME Bank reverse mortgage, you’ll need to provide information like your age, type of property – house or an apartment, postcode, and the estimated market value of the property. The loan to value ratio (LVR) is calculated based on your age and the property’s value.

What do people do with a Macquarie Bank reverse?

There are a number of ways people use a Macquarie Bank reverse mortgage. Below are some reasons borrowers tend to release their home’s equity via a reverse mortgage:

  • To top up superannuation or pension income to pay for monthly bills;
  • To consolidate and repay high-interest debt like credit cards or personal loans;
  • To fund renovations, repairs or upgrades to their home
  • To help your children or grandkids through financial difficulties. 

While there are no limitations on how you can use a Macquarie reverse mortgage loan, a reverse mortgage is not right for all borrowers. Reverse mortgages compound the interest, which means you end up paying interest on your interest. They can also affect your entitlement to things like the pension It’s important to think carefully, read up and speak with your family before you apply for a reverse mortgage.

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

Can first home buyers apply for an ING home loan?

First home buyers can apply for an ING home loan, but first, they need to select the most suitable home loan product and calculate the initial deposit on their home loan. 

First-time buyers can also use ING’s online tool to estimate the amount they can borrow. ING offers home loan applicants a free property report to look up property value estimates. 

First home loan applicants struggling to understand the terms used may consider looking up ING’s first home buyer guide. Once the home buyer is ready to apply for the loan, they can complete an online application or call ING at 1800 100 258 during regular business hours.

How do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.

 

How do I apply for Westpac’s first home buyer loan?

If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan. 

You can use Westpac’s online mortgage calculators to estimate your borrowing power. You can also work out the time it might take to save up for the deposit, and the size of your home loan repayments

When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for. 

How to apply for a pre-approval home loan from Bendigo Bank?

Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork. 

Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home. 

With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances. 

To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.

What are the responsibilities of a mortgage broker?

Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. They offer personalised advice to help borrowers choose the right home loan for their needs.

In Australia, mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. Which is the legal term for guidance regarding the different kinds of credit offered by lenders, including home loan mortgages. They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).

These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called “responsible lending” and “best interest” obligations. Responsible lending obligations mean brokers have to suggest “suitable” home loans. This means loans that you can easily qualify for,  actually meet your needs, and don’t prove unnecessarily challenging for you.

Starting 1 January 2021, mortgage brokers must comply with best interest obligations in addition to responsible lending obligations. These require mortgage brokers to act in the best interest of their customers and also requires them to prioritise their customers’ interests over their own. For instance, a mortgage broker may not recommend a lender who gives them a commission if that lender’s home loan offer does not benefit that particular customer.