Please Note: From September 2023, QuickAF is only accepting 'Tick & Flick' referrals. Full Applications are unavailable.
QuickAF Commissions
Commissions and referral fees on QuickAF deals are calculated based on the total commission earned, including brokerage and origination fees. The amount you receive depends on the deal:
Tick & Flick Referrals
You will receive 45% of the commission earned on the deal.
Your Commission Statement/RCTI will display the total commission earned on the deal and the total of the 'processing fee' applied in line with the above.
Example scenario
Commission/brokerage = $1,000
Origination fee = $990
Total commission = $1,990
Payment = $895.50 (processing fee is 55%, broker earns 45%)
Please note:
Quick AF will only produce quote results from lenders whose credit policies and guidelines match your client/quote scenario.
The final commission on your deal may not be exactly the same as was illustrated by QuickAF due to lender policy/changes or because a deal may have to arranged with a different lender (the QuickAF consultants will discuss this with you if it is deemed necessary).
Timing of QuickAF commissions
Commissions are paid once the lender payment has been received by Connective.
For lenders that pay on settlement you will be paid within a couple of days. Some lenders pay monthly in arrears, and payments dates will vary for those.
See the Asset Finance & Quick AF Lender Payment Schedule for a list of lenders and their usual payment schedules.
Commission statements and RCTI's for Quick AF deals are available in the CAF Statements section of the Mercury Commissions App.
Invoicing of QuickAF commissions
Brokers do not need to invoice for QuickAF commission. The QuickAF team will invoice the lender directly for your commission at settlement of the transaction.
QuickAF Commission Clawbacks
Some Asset Finance lenders will claw back commission if a deal defaults or is paid out early. Most lenders only claw back within the first 12 months. There is no schedule of Asset Finance clawback policies available, but if you have any queries about actual or potential QuickAF clawbacks submit a Commission Enquiry.
If a QuickAF commission is clawed back on a Tick&Flick referral, you will be clawed back an amount in proportion to what you were paid. Clawback invoices are issued in the normal manner through the Commissions App in Mercury Nexus and amounts due to Connective can be deducted from either Residential or Asset Finance commissions.
Example scenario
Commission/brokerage = $1,000
Origination fee = $990
Total commission = $1,990
Payment = $895.50 (processing fee is 55%, broker earns 45%)
Lender claws back 50% of commission
Commission/brokerage clawback = $500
Origination clawback = $nil
Total clawback = $500
Broker clawback = $225.00 (45%)