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Do you pay to use a broker?


You don’t pay us, the bank or lender does. No cost to you*

This is great news for you. We understand there is a lot of confusion around how mortgage brokers get paid. Let’s break it down


Mortgage brokers are paid an upfront commission
and a trail payment:

1

UPFRONT PAYMENT PAID TO ME BY THE LENDER, NOT BY YOU

A one-off payment called an upfront commission is usually between 0.65% to 0.7% of the loan amount (+gst). We do all the legwork to get your loan approved.

2

TRAIL PAYMENT PAID TO ME BY THE LENDER, NOT BY YOU

A ‘trail’ or ongoing commission is usually 0.15% p.a., based on the balance of your loan. We’ll be in regular contact with you to check in on your situation and make sure your loan continues to work hard for you, your changing situation and goals.

How that plays out:


Let’s say you choose to take out a $500,000 loan with Bank ABC.

I will be paid:

  1. An upfront commission of $3,250 (based on a 0.65% upfront payment rate)
  2. A trail payment of:
    1. $750 in the first year with a loan balance of $500,000
    2. $675 in the second year if your loan balance was $450,000
    3. $600 in the third year if your loan balance was $400,000

The trail payment will continue until you pay off your loan or your loan is changed. It will also cease if your loan ever enters in to default or arrears.

See what we get paid.

Commission received by each lender.

Commission data as at September 2020.


*There may be occasions where you may be charged a fee by your broker. Terms, conditions and normal lending criteria apply.

The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention is taken in its preparation any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances.

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