This Commissions Guide article relates to Connective Home Loans (CHL) Advance Residential and Commercial loans. Articles related to other CHL products can be found here:
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 |
Residential Full Doc and Lo Doc Loans |
|
|
Upfront | 0.6% | 0.66% |
Trail | 0.2% | 0.22% |
Residential SMSF Loans |
|
|
Upfront | 0.6% | 0.66% |
Trail | 0.2% | 0.22% |
Upfront
Upfront will be payable on or before the last day of the month following the drawdown of the loan.
Upfront commission payment will be paid based on the total outstanding loan balance (net of off set) at calendar day 10 of settlement.
Additional payment will be made on the difference between the end of month total outstanding loan balance and the last highest total outstanding loan balance paid if they are higher than $50K after the 12th month anniversary
Clawbacks
Residential Loans
Period | % Clawback |
Up to 9 months | 75% |
9-15 months | 50% |
15-18 months | 25% |
Commercial & Commercial SMFS Loans
No clawbacks apply to Connective Advance Commercial and SMSF facilities by Thinktank loans, except in the event that Connective Advance by Thinktank, within six (6) months of the initial settlement of a loan becomes (in its reasonable opinion) obliged to refund the Establishment Fee/Application Fee to the borrower with respect to a loan the broker shall after receipt in writing refund the Upfront payment received from Connective Advance by Thinktank with respect to the loan,
Brokers may, at their discretion, elect to take up to 1% of the approved loan amount in an upfront payment. This will be incorporated into the Establishment Fee described in the confirmation of formal finance approval and subsequent letter of offer and paid to the broker post settlement.