This Commissions Guide article relates to Macquarie Insurance products. Articles related to other Macquarie 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:
Building, Contents & Landlord Insurance
Initial Commission
The Initial Fee paid to the Broker for the referral of Insurance Products to Macquarie Mortgages Pty Ltd will be 13.2% (incl. GST) of the upfront premium paid by the customer in respect of that insurance product referred.
The Initial Fee paid will only be passed through to the broker if Macquarie receives a commission from the insurance company on that insurance product.
Trail Commission
A trail fee will be paid to the broker for the referral of insurance products to Macquarie Mortgages Pty Ltd will be 13.2% (incl. GST) of the premium paid by the customer on each renewal of the insurance product following the first year, and will continue to be paid each year that the customer maintains an insurance product.
Where a customer varies their insurance product in between each renewal period of their policy that results in an increased level of cover, Macquarie will increase commissions paid to a broker for that particular insurance product.
Clawbacks
Macquarie may clawback commissions paid to a Broker in the instance where a customer varies their Insurance Product in between each renewal period of their policy. This will only apply where a variation includes a cancellation of the Insurance Product or a reduced level of cover.
Notes
The Initial Fee and Trail Fee will be paid in accordance with how the customer pays the premium for the insurance product. For example, if the customer pays the premium upfront yearly, then commissions will be paid to the broker upfront yearly. If the customer chooses to pay the premium by monthly instalments, then the broker will be paid the corresponding fee each month.
Life Insurance TPD & Trauma
Initial Fee
The Initial Fee paid to the Broker for the referral of insurance products will be 22% (incl. GST) of the upfront commission received by Macquarie Equities in respect of that insurance product referred
The Initial Fee will only be paid to the Broker if Macquarie Equities Limited and Macquarie both receive the commission from the life insurance company on that insurance product. Therefore. If Macquarie Equities Limited do not receive a commission on an insurance product for any reason (including put not limited to if the policy is cancelled within 13 months of being obtained), the Broker will not receive the Initial Fee on that insurance product.
Clawbacks
Macquarie may clawback commissions paid to a Broker in the instance where a customer varies their insurance product in between each renewal period of their policy. This will only apply where a variation includes a cancellation of the insurance product or a reduced level of cover.