What is an SRP?
A Single Rebate Payment (SRP) is money Mates Rates pays to you from the Upfront Commission we receive from your lender for brokering your mortgage.
When and how much?
An SRP is paid within 60 days of your mortgage settling and is 25% of the entire Upfront Commission received by Mates Rates.
It includes any special discounts or bonuses that affect the Upfront Commission paid by your lender to Mates Rates for your loan.
A bird in the hand.
An SRP is paid to you in the beginning of your loan when your money is most valuable and it’s yours to keep, no matter what happens. Even if the lender initiates a “clawback”.
What’s clawback? It’s complex and it’s nasty. But don’t worry, at Mates Rates, it doesn’t affect you, because you keep your SRP no matter what.
Can I get an SRP and ORP?
Sorry, but we have to pay our staff because we need them to look after you. You can only choose one or the other.
