From 1st January 2019, ING will calculate upfront commission on the residential loan balance net of any offset balance (to a maximum of $2 million) 5 calendar days following settlement.

Any loan settlement occurring in the last 5 days of the month the upfront commission will be held over to the next month, the upfront commission is then calculated and paid on the day 6 adjusted balance and payment made the following month e.g. Ii the loan settles on the 26th June commission will be calculated on 1st July and be paid in August commission run.

From 1st January 2019, the Base Fee is payable in arrears by the 5th business day of: (i) the month after settlement, where settlement occurs at least 6 days prior to the end of the month; or (ii) the second month after settlement, where settlement occurs in the last 5 days of the month.

From 1st January 2019, the Additional Fee is payable in arrears by the 5th business day of: (i) the month after the second review date, where the second review date occurs at least 6 days prior to the end of the month; or (ii) the second month after the second review date, where the second review date occurs in the last 5 days of the month.

No upfront is payable in respect of the Orange One Credit Card or Mortgage Offset Deposit Account.

ING will pay an upfront for each settled loan, in respect of a customer introduced to ING provided that the broker is an NCCP authorized person at the time that ING entered into the relevant loan agreement with the relevant customer.

With respect to additional or increased limits on existing loans, an Upfront Fee will be payable only on the amount increased above the original approved limit. Trail will continue to be paid on balance outstanding. In the event the existing loan originated through a non-intermediary (non Broker) channel, an Upfront Fee will be payable only on the amount increased above the original approved limit, but no ongoing trail will be paid on the loan. Additional Upfront Fees will not be paid on increases of less than $10,000 on Residential Loans.

If the loan the broker introduces to ING is a refinance of an existing ING loan, then the upfront payable on that loan will be calculated on the difference between the balance of the outgoing ING loan, and the amount of the new loan the broker introduced to ING.

If the loan the broker introduces to ING is a substitution of security only and there is no additional borrowing or funding involved, the broker will continue to receive trail but no upfront fee.

Upfront and trail will not be paid on any loan that is an ING branded workplace or staff loan.

No trail is payable in respect of the Orange One Credit Card or Mortgage Offset Deposit Account.

Trail is calculated on the daily balance (less any amount held in offset) of the principal amount outstanding in respect of each loan introduced by a broker.

Trail for a settled loan is payable monthly in arrears on or before the 5th Business Day of the following month.

Trail is not payable on a loan while it is in default over 60 days; or

Trail is not payable on a Line of Credit facility, where the loan balance exceeds the customer’s credit limit by 2.0% or more

ING will pay the broker a trail for continuing to have a relationship with the customer the broker introduced to ING and for managing the key customer transaction. If in ING’s reasonable opinion the relationship is not maintained and/or the customer approaches ING for a variation directly the ongoing trail on the customer’s settled loans will cease to be paid to the broker. If the customer approaches ING through another brokers aggregator for a variation, ING will move the customer to the new broker and the ongoing trail on the customer’s settled loan will be transferred to the new aggregator.

Trail will cease on a customer’s settled loan where: (i) in ING’s reasonable opinion the relationship with the customer is not maintained by the broker (ii) It is determined by ING, acting reasonably that the broker was involved in any identity fraud, documentary fraud, forgery, dishonesty or misrepresentation in respect of the customer’s settled loan; or (iii) ING has determined that the customer is no longer assigned to the broker/aggregator.

Trail is not payable by ING to a broker in respect of an ING loan product issued to a customer if the customer was introduced prior to the broker being authorised to introduce customers to ING.