This Commissions Guide article relates to Australian Military Bank Residential Loans.
Connective will maintain this guide to the best of its ability but cannot guarantee that the information within is complete, and/or in line with the latest guidance and policies of the lender. If you believe anything is missing or inaccurate, please contact us.
Contents:
Commission Rates
Minimum loan amounts apply to receive upfront and trail on all loans.
Upfront Commissions
| ex GST | inc GST |
DHOAS Home Loans | 0.409% | 0.45% |
Standard Loans (non-DHOAS) | 0.600% | 0.66% |
Trail Commissions
| ex GST | inc GST |
DHOAS Home Loans | 0.182% | 0.20% |
Standard Loans (non-DHOAS) | 0.200% | 0.22% |
Commission is payable on AMB home loan products subject to the following minimum loan amounts. Commission is only payable with respect to settled loans made for home loans, residential investment and residential construction. To be eligible for commission, the value of the settled loan must be equal to or greater than the respective amounts specified in the tables below.
Product | Minimum Loan Amount |
DHOAS Value | $250,000 |
DHOAS Fixed Rate Home Loans/DHOAS Rate Saver | $150,000 |
DHOAS Standard Variable | $50,000 |
DHOAS Construction | $50,000 |
Variable Offset | $50,000 |
Value | $250,000 |
Home Equity Overdraft | $50,000 |
Construction | $50,000 |
Fixed Rate Home Loans/Rate Saver Home Loans | $150,000 |
Investment | $30,000 |
DHA Investment Fixed Investment Rate Saver Investment | $150,000 |
Upfront
Upfront commission will be calculated based on the drawn amount less any offset balance as at the 7th day of the following month.
Upfront commission will be paid by the 15th of each month in respect of commission payable for the previous calendar month.
Upfront is payable on loan variations or principal increases, but only with respect to additional funds advanced (new money).
Trail
Trail commission will be calculated based on the drawn amount less any offset balance as at the 7th day of the following month.
Trail commission will be paid by the 15th of each month in respect of commission payable for the previous calendar month.
No trail commission is paid where:
- In respect of a loan during any period the loan is in default. Once the default is rectified, trail will commence but will not be paid for default period.
- If a broker who is not a broker of Connective introduces a variation or principal increase to a loan, they may cease paying any future trail commission for that loan.
- If AMB determine (acting reasonably) that broker engaged in fraud, misrepresentation, significant negligence or illegal activity with respect to any loan product, they may cease paying any future trail commission in respect of all products introduced by that person or some products introduced by that person.
Notes & Definitions
DHOAS means Defence Home Ownership Assistance Scheme
Clawbacks
If a loan is repaid in full within 24 months of settlement of the loan for any reason other than the borrower switching to another Australian Military Bank loan product, the broker must repay an amount equal to:
Period | % Clawback |
0 - 12 Months | 100% |
13 - 24 Months | 50% |