This Commissions Guide article relates to Firstmac 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
| ex GST | inc GST |
Upfront | 0.6% | 0.66% |
Trail | 0.15% | 0.165% |
Offset/Utilization Rules
Commission will be calculated based on the amount drawn down by the borrower within five (5) calendar days from the date of settlement, net of any funds held in offset accounts.
Further upfront commission payment will be calculated on subsequent drawings after the first 12 months, where the net loan balance is greater than at time of settlement, and the minimum amount payable is greater or equal to $100. This further upfront payment will be made in month 13 and cannot exceed as if the loan was fully drawn at settlement.
The above rules are not applicable to construction loans.
Clawbacks
Period | % Clawback |
0 - 12 months | 100% |
13 to 18 months | 50% |