Mortgage Broker Commissions

The Mates Rates difference

“Unique & exclusive life of loan cashback guarantee”

Mates rates mortgage brokers turns your home loan into real cash savings!!!

  • We guarantee that no loan will be excluded from recommendation because a lender pays a lower commission!
  • We guarantee your cashback credited monthly!
  • We guarantee your loan will settle on time every time or your penalties will be refunded, if mates rates is the cause of the penalties!

Mates rates mortgage brokers saves you time and saves you money!

Your Mates Rates Professional Home Loan Specialist is a salaried professional and does not receive commission. Mates Rates Mortgage Brokers have ‘ABG’ the Anti Bias Levy. ABG negates lender bias. ABG assures you that none of our lenders are excluded from assessing our home loan recommendations just because some lenders pay a broker less commission than another lender. The table below lists the commission Mates Rates expects to receive when we arrange your mortgage.

Remember, 100%** of trail commissions are paid back to you each month as mortgage rebates and CashBack payments.

Your dedicated Mates Rates broker is a full time professional and does not work on a commission basis.

Upfront – 0.65%


Trail – 0.17%

year 1+

Upfront – 0.575%


Trail – 0.15%

years 1-3, 0.20%

year 4+

Upfront – 0.70%


Trail – 0%

year 1, 0.15%

year 2, 0.20%

year 3-4, 0.25%

year 5+

Upfront – 0.65%


Trail – 0.15%

year 1+

Upfront – 0.65%


Trail – 0.15%

year 1-2, 0.20%

year 3, 0.25%

year 4+

Upfront


20% of the fee collected for Short Terms Guarantee,

15% of the fee collected for Long Term Guarantee

NO TRAIL

Upfront – 0.60%


Trail – 0.15% year 1+

Upfront – 0.65%


Trail – 0.15%

year 1-2, 020%

year 3, 0.25%

year 4+

Upfront – 0.65%


Trail – 0.15%

year 1-2, 0.20%

year 3, 0.25%

year 4, 0.30%

year 5+

Upfront – 0.625%


Trail – 0.15%

year 1-2-3, 0.20%

year 4+

Upfront – 0.55%


Trail – 0.22% year 1+

Upfront – 0.65%


Trail – 0.15% year 1+

Upfront – 0.60%


Trail – 0.00% year 1+

Upfront – 0.60%


Trail – 0.20% year 1+

Upfront – 0.65%


Trail – 0.15% year 1+

Upfront – 0.65%


Trail – 0.15%

year 1-2-3, 0.20

year 4+

Upfront – 0.65%


Trail – 0.17%

Looking for more? For a full list of lenders visit the link below

How other Brokers and can cost you more!

It’s a sad fact that ordinary Mortgage Brokers can be influenced by the commissions that lenders pay to them for arranging your home loan with that lender. Lenders know this and as a result lenders offer differing rates of commissions and incentives to brokers in an attempt to buy the broker’s loyalty and business over other lenders.

Mates Rates Anti Bias Guarantee (ABG)

ABG^ guarantees that Mates Rates is not one of those ordinary Mortgage Brokers that can be bought. ABG ensures that regardless of loan or lender or commission Mates Rates is paid exactly the same for arranging your loan with any of our panel lenders.

The major influence in commissions that a lender can use to buy the broker’s loyalty and business, is the ongoing trail commissions they pay to the broker. Mates Rates is not influenced by trail commissions, as we credit them 100%* back to your home loan account monthly, as a CashBack.

Some brokers may choose not to offer you some lenders or products available to them, because of the amount of trail commissions that the lender pays, and you are left none the wiser as to whether or not all of the lenders and products available to the ordinary broker you are dealing with, have been included in your loan comparisons.

Mates Rates is not one of those brokers!

There is also a difference in the Upfront lender paid commission**, some brokers may choose not to offer you some lenders or products available to them, because of this too.

Mates Rates is not one of those brokers!

Some brokers may also favour lenders that pay higher Upfront and Trail commissions or provide other incentives, bonuses and/or benefits for the brokers loyalty.

Mates Rates is not one of those brokers, and to ensure the integrity of Mates Rates, Mates Rates Mortgage Brokers introduced ABG.

ABG combined with CashBack, completely removes any lender bias from our lender panel and guarantees to you that no lender is excluded or favoured due to the Upfront Commission that is paid.

ABG will appear under Once-off Brokerage or Advice fee in the KeyFacts Standard report or included as an application fee in other reports or as an ABG credit under Application fee for lenders that pay a higher Upfront commission. The fee is calculated as a percentage of the loan amount and that percentage is determined by the difference between the Upfront commission paid by the recommended lender and Mates Rates standard Upfront commission payment of lenders such as Citibank, Homesdie or Macquarie that all pay a 0.65% Upfront commission.

ABG is not a fee that is required to be paid by you upfront. You may nominate for ABG to be retained from your CashBack and Mates Rates will credit the ongoing CashBack to your loan, after ABG has been fully covered. If you are entitled to an ABG credit, the amount will be credited to your nominated account within 60 days of the commission being paid to Mates Rates by the lender.

With ABG and CashBack you can be assured that there is no pressure or lender bias on your Mates Rates broker when they compare and recommend to you, our most cost effective Home Loan Recommendations!

Sincerely,

Trent Lee
Founder.

^ ABL – Anti Bias Levy was introduced to Mates Rates on 21 May 2012 and renamed to ABG – Anti Bias Guarantee 18 February 2014.

* Mates Rates Mortgage Brokers charges a $10.00^^ monthly administration fee to maintain each monthly payment of the Cashback/Rebate to your nominated account and for the ongoing development of technology platforms for the better service and delivery of our offerings to our clients. Multiple loans will be made as a single payment to your nominated account and will incur a single fee. Multiple payments will incur the administration fee for each individual payment. Payment of the fee can be deducted from the rebate payment each month or charged to your nominated Mastercard or Visa card annually (2% surcharge applies to credit card payments).

** Lenders may pay an additional bonus upfront commission in addition to commissions listed, based on conversion success, electronic lodgement and loan volumes, etc. This bonus will be credited against ABG when received.

^^ $10 monthly administration fee applies to new loans settled after 1 March 2015.

Last updated on 29 February 2016.

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