Commission Rates

Clawbacks

Upfront commission is calculated based on the net loan balance on the 10th calendar day after the date of draw down. Net loan balance includes the draw down amount, prepayments fees, applied interest and transactions.

Construction loans are calculated based on the settled limit.

Subsequent Draw Downs: if a customer retains funds to be used at a later date, MyState will pay upfront commission on the subsequent draw down amount (i.e. on loan funds used after the initial draw down) provided the initial settlement occurs on or after the 11th calendar day following the initial draw date and occurs within 12 months of the final draw down and is for an amount equal to, or greater than $20,000 up to a maximum loan split limit.

Cash on Hand Line of Credit (Secured Overdraft) upfront will be calculated based on 70% of the established facility loan contract amount, irrespective of the drawn down amount.

Bridging Loans will be paid trail commission only

For a further advance upfront commission will only be paid on the amount of the further advance. If another broker introduces and submits the application to MyState for the further advance, then that broker will be entitled to the upfront commission

Upfront commission on loan variations involving increases are calculated based on the net debt increase on the 10th calendar day after the loan is drawn down. The net debt increase is established by calculating the difference between (a) net loan account balance on the day before the date of draw down and (b) net loan account balance on the 10th calendar day following the date of draw down.

Trail commission is paid on the outstanding monthly loan balance at the end of each month of a loan.

The amount of any linked offset account will be deducted from the end on month loan balance in calculating trail commission.

Trail commission will be paid on the total amount of the loan including the further advance only if the broker introduces and submits the application to MyState for the further advance.

Trail payment will be subject to the satisfactory performance of the loan. If a loan fall sixty day or more in arrears, payment of trail commission will be suspended. Payment of trail commission will be resumed from the date a loan is no longer 60 days in arrears. There will be no retrospective payment of trail commission for the period a loan was 60 days in arrears.