Mortgage brokers often claim to work for FREE because the work they do is paid for by the lender. This is called commission and we share as much of it with you as possible. (Think thousands of dollars, not hundreds).

Borrowers who have used other mortgage brokers tell us our service is the best they have experienced. They are simply stunned that we share so much of our commission. We do it, because as time has proven, we can.

The two most generous options

Mates Rates Mortgage Brokers offers all our clients a choice between the two most generous mortgage rebates available in Australia. We know, because in 2002 we invented Ongoing Rebate Payments which is where we pay ongoing commissions into your pocket. 100% of ongoing commissions and you can’t get more generous than that.

However in response to requests from some borrowers we also introduced  a Single Rebate Payment so now there are two rebate payment options you can choose to receive regardless of what loan features, which product, what loan amount or which lender that best meets your needs from our superwide lender panel.

1. Ongoing Rebate Payments or ORP happen over time and take longer to accumulate
2. Single Rebate Payments or SRP’s happen faster and unlike any other broker, have no strings attached

Add to that, full time, professional mortgage broker help, our exclusive satisfaction guarantee and an established reputation for simplicity, support and savings and you have a recipe for a better mortgage solution at wholesale prices.

Ongoing Rebate Payments (ORP) is money we pay to your loan from Ongoing Commission we receive from your lender for brokering your mortgage.

When and how much?

ORP’s are smaller payments paid monthly for the life of your mortgage. ORP’s are 100% of the entire Ongoing (sometimes called Trail 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.

I am currently paying 5.10% interest, but with the Mates Rates Rebate of 0.30% I am effectively paying 4.8%.

Below are the rebates that I have had direct deposited into my offset account over the past 6 months thanks to Mates Rates generous rebate structure:

August $165.09, July $160.07,  June $165.40, May $149.39, April $165.30 March $165.20

I could not recommend Mates Rates Mortgages highly enough.

Darren

From little thing big things grow.

Although ORP payments start out a LOT smaller than an SRP, the can really add up over time, especially if you deposit them as extra payments to your mortgage. All ORP’s ares 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 ORP 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.

There are only a limited number of mortgage brokers offering mortgage refunds and of those, the Mates Rates team who invented Ongoing Rebate Payments in 2003, still offer the most generous mortgage refunds available.

Mortgage Refunds – How they work

Whenever a mortgage broker arranges your home loan or investment property loan, your lender pays them commissions. These commissions are built into the ‘retail price’ of your loan, so you get the same deal when you go to a lender directly or retail mortgage broker. This is why many people think mortgage brokers are ‘free’.

A few years back, rebel mortgage brokers, including Mates Rates began offering their customers a share of the commission pie, which is around 4-6% of your loan amount. So a $300,000 mortgage generates around $12,000 to $18,000 in commission.

Of course Mates Rates Mortgage Brokers invented the Ongoing Rebate Payment which remains the most generous Mortgage Refund by refunding 100% of all ongoing commissions on a monthly basis. That adds up to around 85% of the total commission.

How Mates Rates can do it

We work smarter and are more generous. We have removed the layers of profit and cost the ordinary mortgage brokers carry. But don’t worry, we’ve invested to make sure we offer a better service, so as well as offering the most generous mortgage refunds, you also get:

• A dedicated, non-commission mortgage professional
• Help with thousands of mortgage options
• Around 3 TIMES MORE 5 Star Rated Fixed  Rate Loans than ordinary brokers
• About 25% MORE ‘Outstanding Value’ Variable rate loans
• Simple, side by side help with your mortgage choice, arrangement and more

Arrange a free, no obligation to find out how Mates Rates can help you by making an online enquiry or calling us on 1300 55 81 61.