Lumsden noted the definition of a mortgage broker was one that:
Carried on a business of providing credit assistance in relation to credit contracts secured by mortgages over residential property;
Did not perform the obligations, or exercise the rights, of a credit provider in relation to the majority of those credit contracts; and
In carrying on the business, provided credit assistance in relation to credit contracts offered by more than one credit provider.
Examples, she said, of situations where best interest duty would apply even if the product was not a mortgage were:
Someone who met the definition of mortgage broker advising on personal loans and credit cards;
Limepay, Domain join forces for property financing venture
By Reporter|19 January 2021
Enterprise payments fintech Limepay has been advised on its recent joint venture with listed property marketplace Domain.
Firm: The Fold Legal (Limepay).
Deal: Limepay has joined forces with Domain to create the venture “MarketNow Payments Pty Ltd”, which will offer real estate agents and their vendors the ability to finance property marketing costs using a pay later option.
The Fold advised on all aspects of the regulatory requirements for the design of the BNPL product offering, it said in a statement, and acted for Limepay on the joint venture.