Commission Rates

Notes & Definitions

Clawbacks

The broker is not entitled to any payment in respect of a loan or product if BMM has not received corresponding commission in respect of that loan or product.

For a variation of an existing loan, if a mortgage broker who is not the original broker introduces a variation or principal increase to a loan, all trail commission will cease to be paid to the broker who originally introduced the loan.

No trail commission will accrue in respect of loans during any period the loan is in default including any loan or other payments remains in arrears for a period of 15 days or more after the due date. Once any default is rectified trail will commence again but will still not be paid for the default period.

If the broker is aware a loan will have a short duration, the broker can nominate (by advising BMM at the time of application) to receive Nil upfront commission with continued commission payment.

Commission agreements vary on “Lines of Credit” (LOC) facilities between their funders. Where standard commissions are paid on LOC full upfront will be paid to the broker.

In the case of land or construction loans, the loan is considered drawn down when the final instalment is drawn down. For these types of loans if their funders pay BMM earlier, BMM will in turn pay commission earlier.