Commission Rates
| ex GST | inc GST |
Upfront | 0.65% | 0.715% |
Trail | 0.15% | 0.165% |
Upfront Commission
Upfront is calculated on the original drawdown amount for each loan on the
settlement date net (less) of any funds held in the borrowers offset accounts or available via redraw as at the 10th business day after the end of the month in which the loan settles
A subsequent payment of Upfront Commission may be paid upon your application in the event that the borrower, having drawn down the loan amount at settlement, transfers all or some of those monies into their Offset Account and then within 6 months of settlement uses those loan monies for a legitimate purpose, in line with responsible lending
Trail Commission
Trail is calculated and paid on the net balance of each Loan less the balance held in any linked Offset Sub-account.
Trail is not be paid in respect of loans during any default (default period). Once any default is rectified, payment of trail will re-commence but will not be payable for the Default Period.
Clawbacks
Clawback rules for Loans repaid/refinanced with another lender
Period | % Clawback |
0-12 Months | 100% |
13-18 Months | 50% |
Upfront Commission paid within six (6) months of the loan being drawn down will be clawed back if:
the balance in any offset account exceeds the funds in the loan account(s);
or the balance in any offset account otherwise lessens the amount(s) payable to us, relative to the (higher) interest, fee and charge payments that would have been payable to us had only the minimum amounts necessary to make periodic loan repayments had been deposited to the offset account(s) (Minimum Offset Amounts)