This Commissions Guide article relates to Better Choice Residential loans. Articles related to other Better Choice 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
Product | ex GST | inc GST |
Upfront - Gold | 0.60% | 0.66% |
Upfront - Gold Commercial | 0.60% | 0.66% |
Upfront - Ultimate | 0.65% | 0.715% |
Trail - Gold | 0.15% | 0.165% |
Trail - Gold Commercial | 0.25% | 0.275 |
Trail - Ulitimate | 0.15% | 0.165% |
Upfront Commission
Gold and Ultimate Products
Upfront commission will be based on draw down amount at the end of the month that the loan settled.
Better Choice undertakes a monthly net loan balance review for the first 12 months of the loan. When the net balance of a facility has increased by at least $20,000 between monthly reviews, they will pay any further upfront commission if the loan balance has increased above the net loan balance, they have previously paid upfront commission on. Upfront commission on credit increases will move to a percentage-based payment (same as upfront commission) on the net increase to the loan.
Any variation commission payment will form part of any part of any commission clawback that becomes payable should the loan close within the Clawback period
Previous product suite Options, Platinum, Assist, Reset & Alternate no longer open to business.
Clawbacks
Period | % Clawback |
0-12 Months | 100% |
13-24 Months | 50% |
For Classic Loan Product only, any variation commission payment will form part of any commission clawback that becomes payable should the loan close within the clawback period.