Did you know that the majority of our customers pay no fees for our services? Please call us on 1300 889 743 if you have any questions about our fees.
All of our fees (excluding the clawback fee) are waived if you are:
- An existing customer of ours,
- Have been referred to us by an existing customer, or
- Are a friend or family member of one of our staff members.
If we can’t help you
If either we decline to take on your loan or the lender we choose declines the loan then there are no fees for our services.
If you withdraw your application
If we have submitted an application to a lender on your behalf and then you change your mind and do not proceed we will charge you a fee of $300 to cover our processing costs.
If you are using other brokers or lenders
We work on an exclusive basis only. A $300 fee will be charged if you apply for a loan with another mortgage broker or lender whilst using our services.
This fee will also apply if we have completed a Preliminary Assessment and recommended a lender or lenders to you and you then apply with one of those lenders in the next six months (via a mortgage broker or directly). We have the right to request a copy of your credit file to confirm which lender(s) you have applied with.
If you provide us with false information
If you provide us with any false or misleading information we will charge you a fee of $300.
If your loan is under $300,000
For loans under $300,000 we charge a brokerage fee because lenders pay us significantly less than for other loans. Loans from $1 to $299,999 will attract a $2,500 brokerage fee which is payable when the loan is advanced.
If you repay the loan within 24 months
If you repay the loan in the first 24 months after settlement then the lender may charge us a fee known as clawback because we have introduced an unprofitable loan.
Clawback can be up to 0.77% of the loan amount in the first year or 0.385% of the loan amount in the following year. If we are charged this fee then we will in turn charge this to you. If you think this may be a problem then we may be able to apply with a lender that does not have clawback.
Why do we have these fees?
With the current level of reduced commissions for mortgage brokers it is not possible for us to remain a viable business & to offer a high level of service to our customers if we do not charge a fee for unprofitable loans (small loans / reimbursement of clawback) & if we do not penalise the small number of customers that are not honest with us.
Some of these fees are our attempt to deter customers that do not have a win-win approach to the way they deal with us. Due to our reputation in the industry we also receive a number of customers that contact us just to try and get our advice for which lender they should apply with. We have put these fees in place to stop this unethical behaviour.
Would you like to know more?
Please don’t hesitate to call us on 1300 889 743 if you have a question about our fee structure. As you can see for most loans there are no brokerage fees.