This Commissions Guide article relates to CHL Elevate (by Bluestone) 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.
Residential Loans
Contents:
Commission Rates
For loans submitted from 1st November 2021
| ex GST | inc GST |
Upfront | 0.65% | 0.715% |
Trail | 0.15% | 0.165% |
Upfront Commission
Upfront Commission for each loan is based on the initial principal sum of the loan net of any funds held in offset accounts or available via redraw and calculated at the end of the month in which the loan settles using the Upfront Commission in the table above.
Upfront commission payments are paid in the month following the month in which the loan is settled.
Twelve (12) months after the date of settlement, a subsequent check is undertaken, If the utilised loan amount increased by $50,000 or more a further upfront commission on the difference will be paid.
Further Advances
Where Bluestone provides a further advance to a borrower on an existing settled loan, the upfront commission based on the loan product in the table above is payable on the net increase amount, not the new approved credit limit. Trail commission will be calculated on the new outstanding loan balance as outlined above.
Upfront will be paid at 0.715% on further advances.
Trail Commission
Trail commission is calculated by multiplying the Trail Commission rate for the loan product in the table above by the balance of the principal outstanding as at the last business day of the month.
Clawbacks
clawback period will be reduced to 6 months on all Prime Alt Doc home loan applications settled from 1 August, 2024.
Period | % Clawback |
0-6 Months | 100% |
7-12 Months | 50% |