This Commissions Guide article relates to Resimac Residential loans.
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
Prime Alt Doc and Specialist Full Doc and Alt Doc Products
| ex GST | inc GST |
Upfront | 0.75% | 0.825% |
Trail | 0.2% | 0.22% |
Effective for applications submitted from Wednesday 8 March 2023 The upfront payment will be based on the approved loan amount net of any redraw and offset, calculated at the end of the month in which the loan settles. This applies to both new loans and increase applications (increase applications are where a new application is lodged to increase the original loan amount, and a new loan split is taken out). Where a new loan split is not taken out (i.e. an increase on an existing loan split) no commission will be payable.
Resimac Prime and Resimac Specialist Products
| ex GST | inc GST |
Upfront | 0.65% | 0.715% |
Trail | 0.15% | 0.165% |
Upfront is based on the approved loan amount net of any redraw and offset, calculated at the end of the month in which the loan settles. This applies to both new loans and increase applications (increase applications are where a new application is lodged to increase the original loan amount, and a new loan split is taken out). Where a new loan split is not taken out (i.e. an increase on an existing loan split) no commission will be payable.
Resimac MoniPower Loan Products
Upfront Commission will be calculated based on drawn amount less any offset balance as at the end of the month the loan settled, subject to a minimum payment of $400. This applies to both new loans and increase applications (increase applications are where a new application is lodged to increase the original loan amount, and a new loan split is taken out). Where a new loan split is not taken out (i.e. an increase to an existing loan split) no commission will be payable.
Resimac Accelerate Loan Products
Upfront commission will be calculated based on the amount settled net of offset and redraw. This applies to both new loans and increase applications (increase applications are where a new application is lodged to increase the original loan amount, and a new loan split is taken out).
Upfront Commission
No commission is payable for Conversions or Security Substitutions
There is a minimum loan size for commission of $50k (New Loans) and $40k (Principal Increases).
Upfront commission on Bridging Type Loans e.g. Go Between Loan is only payable on the end debt.
Trail Commission
No trail commission is paid on Monipower Line of Credit Loans and Variations.
Trail commission is not payable in respect of Settled Loans while in default or arrears for a consecutive period of sixty days provided however that upon correction of all arrears on the settled loan any trail commission will recommence.
Brokers remain entitled to receive ongoing trail whilst licensed or an authorised Credit Representative under an active Resimac Introducer Agreement.
Notes & Definitions
Ultra Plus includes all Plus product variances (Ultra Plus LOC, Ultra Plus Lo Doc, Ultra Plus Lo Doc LOC etc.)
No commission will be paid on loans that are settled where the loan amount is below the minimum loan size specified above.
Generally, no commission is payable on re-finance loans when the loan is re-financed internally with Resimac
Line of Credit loans are calculated on 75% of limit OR the actual amount drawn down at settlement, whichever is the greater.
Clawbacks
Period | % Clawback |
0-12 Months | 100% |
13-24 Months | 50% |
Partial discharges
Where a partial discharge of security is made within 12 months of drawdown, the upfront commission will be subject to a 100% clawback, proportionate to the amount repaid as a result of the security discharge.
Where a partial discharge is made between 12 months and 18 months of drawdown, the upfront commission will be subject to a 50% clawback, proportionate to the amount repaid as a result of the security discharge.
Where 50% or more of the original loan limit is permanently repaid within 12 months of drawdown, the upfront commission will be subject to a clawback proportionate
to the amount repaid.