This Commissions Guide article relates to Deposit Assure Bonds.
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
Product | Upfront |
Standard Deposit Bonds (SDB) | 25% of the STDPG Fee |
Express Deposit Bonds (EDB) | 25% of the LTDPG Fee |
Deposit Assure will only pay a commission in respect of SDB or EDB fees after it has received those fees.
Notes & Definitions
EDB means an Express Deposit Bond issued by Deposit Assure for a term of not greater than six (6) months.
SDB means a Standard Deposit Bond issued by Deposit Assure that satisfies any one of the following conditions:
the Deposit bond has a term greater than six (6) months; and/or
the Deposit Bond is for the use in relation to a property where the purchaser is a company, trust or superannuation fund; and/or
the Deposit Bond is for use in relation to a property where there is not, at the time of purchase, sufficient funds or financing to complete the purchase, and the application is assessed based on factors including the property equity, the income of the applicant and the income of any guarantor.
Clawbacks
If an applicant cancels a Deposit Bond or returns a Deposit Bond and Deposit Assure refunds any part of the SDB Fees or EDB Fees Deposit Assure will be entitled to receive a full refund of the commission paid to the broker with respect to that Deposit Bond.