[AMA] I'm a Mortgage Broker, I Like Saving Myself and Others Money! Ask Me Anything!

Lmortgagebroker on 22/10/2018 - 19:14
Last edited 22/10/2018 - 22:20

Hi all,

I'm a mortgage broker, have been in the mortgage industry since 2012.
Don't like seeing poor advice or bad deals so decided to jump on here and make a post and help out when I can.

I'm the kind of mortgage broker that informs my customers of the eBay Good Guys special to upgrade their whitegoods.

Here to answer any questions you have about your home loan and mortgage products.

Comments are general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice.

Introduce Yourself

closed Comments

      • Lockdude on 23/10/2018 - 14:21

        Thanks for the advice, it's really appreciated! For us I fear it's more like "the year/s ahead". When's the right time to approach a mortgage broker about this sort of stuff?

        I'm not against taking help from parents, but figure it's best that offer that sort of help than I approach. Especially since my best bet is in-laws :)

        • mortgagebroker on 23/10/2018 - 14:32

          Its good to have a chat now so you know your options… I'm sure if you put a case to the in-laws that you can buy now instead of 3 years down the track they may consider it.

          • Lockdude on 23/10/2018 - 14:36

            @mortgagebroker: Legend. No need to reply to this one mate, just wanted to give you a big thanks for helping me and everyone else out today! If you felt like answering one last question, is there any signs which indicate which mortgage broker you should go to? I assume not all are equal.

            • mortgagebroker on 23/10/2018 - 15:40

              @Lockdude: No problem, hopefully some of this will result in some business.

              It's hard to pick a good broker, same as picking a mechanic or accountant. Ask friends, check reviews online.
              I think the smaller guys provide better service. I've seen clients come from other "franchised" brokers that were just not getting the help or advice they needed.

              I'm happy to review anyone's home loan and see if we can get you in a better mortgage.

  • tap on 23/10/2018 - 14:10

    Just got a letter from my bank saying they've upped my rate to 4.19 (Westpac). Is the process as simple as giving them a call and asking to speak with someone from home loans… then asking them to lower our rate (otherwise we'll go shopping for a new lender)??

    I'm owner occupied but also unsure on what the complications of being over 80% are? Does that make it harder to move?

    Cheers,

    • mortgagebroker on 23/10/2018 - 14:35
      +1

      If you're over 80% you will need to pay LMI to refinance your loan. Banks know this.
      Your house might be worth more than it was when you took out the home loan, so you may now be under 80%. Make sure you check.

      Yes, simply give them a call and ask. Worst case they say no.

      • tap on 23/10/2018 - 20:45

        Can you be my broker if the bank doesn't come to the party? Isn't that why you're here, to drum up some business?

        • tap on 23/10/2018 - 21:07
          -2

          I take that as a no.

        • mortgagebroker on 23/10/2018 - 22:37
          +1

          I can be your broker. PM me.

  • esjay on 23/10/2018 - 14:18

    Hi, thanks for your time in advance.

    Is it possible to take out a joint loan together with your partner even if land is registered in only one person's name?

    Current situation: Bought a block of land in my name; paid a 10% deposit to the estate. Land titling is due middle of next year. Planning to build a house and deposited with one of the builders. Now, thinking of taking out a joint loan with my partner (for both land and construction). Both working full time. I am an Australian citizen; she is currently on a temporary visa but planning to apply for PR early next year.

    • mortgagebroker on 23/10/2018 - 14:38

      Answer to your first question is yes.

      Would be easier when she is a PR. Get this moving before the land gets registered.

      • esjay on 23/10/2018 - 14:44

        Well, the PR application would most certainly be submitted before land gets registered but I cannot see the PR being granted before the home loan application owing to the current lengthy PR processing timelines. Anyway, just wanted to get an idea if having her on the loan application (in spite of her temporary status) would allow for more borrowing capacity. And judging by your response, looks like it should.

        • mortgagebroker on 23/10/2018 - 14:56

          Temporary Visa as co-applicant - try AMP

  • tik tok on 23/10/2018 - 14:22

    Also, for once, could you please tell the good people who are planning to buy a house - getting pre approved from a bank means two shits, usually.
    A good broker worth his salt will be able to tell you if you will get a loan or not. A pre approval just adds an extra hit to your credit file.

    • mortgagebroker on 23/10/2018 - 14:39
      +1

      Most Pre-approvals as useless.
      Make sure you ask for a fully assessed pre-approval.

      And yes, get a good broker.

      • OzFrugie on 24/10/2018 - 21:53

        if you have pre-approval, don't the lender process the application quicker? or it's just a myth..?

        does your credit profile/rating get hit each time you do pre-approval even for renewing the pre-approval (after 3-6 months it has elapsed)?

        • mortgagebroker on 25/10/2018 - 15:51

          Depends on the lender.
          If you have a full preapproval your loan will go through quicker. Most the work is already done.

          That can be the case.

  • mick123 on 23/10/2018 - 14:33

    Great thread OP.

    My Q:

    If you have bought land and are building a house (not a H&L package though), I assume you cannot get a standard loan, but it as to be a construction loan (as it pays in stages). Is this correct? I ask as I understand construction loans are at a higher rate. Is that correct?

    • mortgagebroker on 23/10/2018 - 14:41

      Yes, the lender will pay the builder in stages as the house is completed.
      Most lenders constructions loans are at a higher rate, some are not.

  • jli789 on 23/10/2018 - 14:38
    +1

    Hi, thanks for the AMA. what 's the competitive rate for an investor loan, interest only, 80% or less borrowed.

    Is it true that interest only is hard to renew now? that the loan has to go through a reapplication? and what's the longest interest only period currently offered?

    • mortgagebroker on 23/10/2018 - 14:48
      +3

      4.20 - 4.40.

      Yes, if you take out 5 years IO, you must be able to repay the remainder of the loan in the time left on the term.
      Loan has the be reassessed.
      all do 5 years
      I think AMP do 10 still

      • elektron on 23/10/2018 - 17:22
        +3

        You made me realise that my rate was no longer competitive. I just used this information to call my bank and get a better rate! I love you and I love the OzBargain community spirit!

        • mortgagebroker on 23/10/2018 - 22:38

          Great News!!

          • elektron on 24/10/2018 - 12:03

            @mortgagebroker: It is indeed!! The instantaneously brought the rate down from 5.01% to 4.7%. I mentioned the 4.20-4.40 range that you quoted above but they responded saying that they couldn't do more than the 1.6% discount.

  • jli789 on 23/10/2018 - 14:53

    at current lending criteria, how much can one person 100k annual income borrow? what about a household with 150k-200k income?

    • johndowy on 23/10/2018 - 15:05

      I am sure that the first question that will come out will be, what are your expenses like?

    • mortgagebroker on 23/10/2018 - 15:13

      Not that simple - depends on other liabilities, children, living expenses.

    • lainey13 on 23/10/2018 - 15:40

      Use bank online calculators they are fairly accurate if the info you put in is accurate.

    • suti on 24/10/2018 - 09:14

      APRA has told banks that they should minimise any loans above 6 times income. ie if you are on 150k income, some banks MAY consider lending you 750k if you meet all their other serviceability criteria.

      • Adii on 24/10/2018 - 22:15

        As per APRA guidelines banks are introducing Debt to income ratio and loan to income ratio for reporting purpose. Based on DTI some one with 150k gross income qualify to borrow 6.5 times of their income but it will than depends on living expenses.

        @suti 6 times of 150 k will be 900k

  • serpserpserp on 23/10/2018 - 15:16

    Where is the best place to refinance a home loan into a fee free product?

    • mortgagebroker on 23/10/2018 - 15:42

      With your mortgage broker.

      If you know what you are doing - ubank 3.59% is great.

  • Tecgeek on 23/10/2018 - 16:11

    I'm currently getting 3.83 from westpac with lvr of 80% and 1.5M borrowed. SHould i go with HSBC who are providing 3.65% with offset?

    • Ughhh on 23/10/2018 - 16:14

      How are you getting 3.65% with offset with HSBC?

    • mortgagebroker on 23/10/2018 - 16:24
      +1

      Yes, ask westpac to come down first.

    • mortgagebroker on 23/10/2018 - 16:29
      +1

      Virgin money 3.64 with offset with 20,000 reward points for every 100k, so 300,000 reward points.

  • zzznomadzzz on 23/10/2018 - 16:50

    Thank you for doing this, just want to hear your thoughts on this company called Matesrates? Are they any good or is Ubank better?
    https://matesratesmortgages.com.au/

    Cheers!

    • mortgagebroker on 23/10/2018 - 17:05
      +3

      They are a mortgage broker like me.
      Ubank is a lender.

      comparing 2 different things.

      Matesratesmortgages.com.au - the Anti Bias Levy in their fine print is a bit of a joke - just find a trustworthy broker.
      and paying the trailing commission minus their $10/month fee. I would not like to see how they treat customers with difficult scenarios.
      Check online reviews before using would be my suggestion.

  • SlickAU on 23/10/2018 - 17:09

    Are there any advantages to getting a shorter loan (say 10-20 years) and having higher repayments/i.e. more risk, vs a 30 year loan and paying it back in 10-20 years?

    • mortgagebroker on 23/10/2018 - 17:10
      +3

      Get the 30-year term and pay it back in 10-20 years. It gives you flexibility if you need it and access to funds in redraw if needed.

      • SlickAU on 23/10/2018 - 21:06

        Yeah that's what I thought…thanks for your 2 cents!

  • dcep on 23/10/2018 - 17:11

    1) My perception was Big banks have lower funding cost with bigger buffer to absorb costs before raising their rates.
    But this has been proven wrong where Big4s recently raised their rates out of cycle, while smaller lenders cutting their rates.
    What's your insider view on this ?

    2) 3.75 with no offset. Is it worth to refinance to lower rates with balance <150k ?

    • mortgagebroker on 23/10/2018 - 17:18
      +1

      Funding costs have been increasing with all lenders. Up to the lenders what they want to set their rates at.
      The loan I offer you today will most likely not be the same loan I offer you in 3 months as rates and policy change often.

      Not worth refinancing. you would need to have a large reduction in rate to cover costs.
      3.75 for 150k loan is a good rate.

    • serpserpserp on 23/10/2018 - 20:12

      Small lenders are not cutting rates at all. The lenders that have sharp rates are the international banks that don't have the same funding requirements/regulations as the local banks. Or they are an online lender that is very strict with who they accept as a customer.

  • termite on 23/10/2018 - 17:29

    How can I find a good mortgage broker?

    • mortgagebroker on 23/10/2018 - 17:54
      +2

      Ask friends, look online, talk to the broker first. Same as finding a good mechanic or accountant.
      You can always get a second opinion.

  • greater mimic on 23/10/2018 - 18:30

    Sorry if you've been asked this already, but what are your thoughts on non-bank lenders such as tic:toc?

    • Seedy seed on 23/10/2018 - 18:32

      Im with tictoc, backed by bendigo/bank of adelaid. They just offered free transfer from variable to fixed for 2 years plus i keep my offset account.

    • mortgagebroker on 23/10/2018 - 22:04

      Good if you know what you're doing.
      Funded through Adelaide bank. Brokers can offer the same product direct with Adelaide bank or through mortgage managers. Rates may be different.

      • greater mimic on 24/10/2018 - 01:01

        So there's no risks with it not being an ADI because it's backed by Adelaide Bank? I'm more worried about how safe it is, and whether they jack up rates for existing customers.

        By from what I've read it sounds like they are safe, and they don't jack up rates for customers so I'm considering refinancing with them (or UBank as you've seen from my other question).

        • OzFrugie on 24/10/2018 - 21:59

          I'd like to know this also.

          Also, I heard/read somewhere that the offset account in non-ADI lender it's not true offset account but actually a redraw account because they are not authorised to take deposit.
          Is this true?
          Will this impact my tax deductibility if I convert my current PPOR to IP in the future?

          • mortgagebroker on 25/10/2018 - 14:04

            @OzFrugie: Question your lender/bank on this.

            Only the amount owing on your loan when you convert it will be tax deductible.

  • Big Bad Bagheera on 23/10/2018 - 18:34

    Thanks so much for taking the time to offer your professional advice in your free time.

    Approx 2. Years ago my workplace offered 1 on 1 advice sessions with an ANZ mobile lender on account of ANZ being a client of the company I work for.

    I was close to buying a property at the time and ended up using the mobile lender id met with then as she seemed much more professional and easier to communicate with than the mortgage lender id met with.
    We ended up buying a property using a mortgage with ANZ that she organised.
    Since then she's been our point of contact for nearly all banking queries, contactable by email and phone.
    E.g. assisting in suspending and replacing stolen cards, creating new savings accounts, lowering interest rates when a better rate became available, providing additional loan estimates etc.

    First question: Is this normal or have I been lucky to receive such great service and should keep with her for the foreseeable future?

    Currently on a rate of 3.89% on a loan of 375K for an owner occupied property paying P&I.
    From above comments this seems pretty good but not the lowest out there. I recently received a letter from ANZ informing me that from November my rate will be increasing to 4.05%.
    What would you suggest is the best way try keep my existing rate of 3.89% or better yet lower it?

    Thanks in advance

    • mortgagebroker on 23/10/2018 - 18:55
      +5

      She might be a personal banker (all products) and not a mobile lender (focus on lending).
      Obviously working with one point of contact is great.

      If you build a relationship with a personal banker within the branches this is normal. They may get defensive when a broker suggests another lender or refinances their client away.

      Keep supporting her where you can! I'm sure she will work alongside a good broker and both should not compete with each other. Their job is to serve you.
      My general advice is to use different lenders for multiple properties due to the "all moneys" clause and to protect yourself if values decline.

      Call your contact at ANZ once rate changes, say you are not happy with the rate. (I'm guessing your loan is less than 80%) Say "I can refinance to Ubank for 3.59 or NAB at 3.69, can you help me reduce my rate as I want to stay with ANZ and love have your helping us"
      She will go away and come back with a better rate.

  • Jazz87 on 23/10/2018 - 18:53

    Hi there,

    I’m looking to purchase a small investment property in Qld with budgeted purchase price of $300K.

    I’m looking to have a loan with 95% lvr ($15K deposit), as I know I’ll be paying approx $10K in stamp duty, and another $10K in LMI.

    Can you assist with best 3yr fixed rate, and also provide suggestions to avoid/reduce LMI, such as lenders offering a lower fee instead, or allowing to add LMI to the loan.

    Thanks for your help

    • mortgagebroker on 23/10/2018 - 19:01
      +1

      Bigger deposit means less LMI.

      If you have a 35k deposit, you will pay stamp duty and solicitor fees and the rest will go as a deposit.
      LMI will be capitalised to the loan

      4.29 - 4.39 for investment P&I 95%

      If you need help getting finance PM me.

  • GaryG on 23/10/2018 - 19:21

    I think I understand the basic idea of an offset account, that the balance in it effectively reduces your interest cost by offsetting against the loan at the time.

    But is there a point when it becomes better to use the money to increase repayments instead?

    Are there better strategies to use with savings?

    TIA

    • mortgagebroker on 23/10/2018 - 20:17

      No, only when you're ready to pay out the loan or if you think you will use the money and want to lock it away.

      • GaryG on 23/10/2018 - 20:25

        Thanks

    • ausmisc on 24/10/2018 - 08:32

      One reason I can think of to pay down the principal of a home loan vs offset is if you wanted to employ debt recycling via an equity/line of credit loan.

  • NoBucks on 23/10/2018 - 19:31

    Thanks for taking the time.

    I have recently started working for one of the big 4 banks. Do you think a bank employee could still benefit engaging a broker given some benefits that employees get?

    • mortgagebroker on 23/10/2018 - 20:15

      Yes, doesn't take much to have a chat and get a second opinion.

  • Ozbargain91 on 23/10/2018 - 19:49

    Thanks for your time and some interesting reading!
    What is the best interest rate available for a guarantor loan? We are at a 90%LVR with a guarantor to avoid LMI.
    Thanks 😊

    • mortgagebroker on 23/10/2018 - 20:18

      Will need more information. If you are taking a guarantor loan you will normally reduce it to 80% to avoid LMI.

  • josho9 on 23/10/2018 - 20:12

    Are there particular banks/products which you recommend for 30-40% LVR with offset, or 80% LVR plus a substantial balance in offset? The credit unions seem to offer products with no annual fees that advertise low comparison rates and seem to be suitable, but I can't work out if I'm missing some similar deals at big banks or non-bank lenders.

    • mortgagebroker on 23/10/2018 - 20:22

      Not any one bank in particular. Depends on the loan amount. 30% 100k loan will have a higher rate than 30% 500k loan.
      Always double check fees required in the fine print. Some lenders say no establishment fee but change an application fee…

      Go to a broker and they will find the deal for you.

  • [Deactivated] on 23/10/2018 - 20:26

    Suppose you are in year 12 this year completing the HSC/VCE/ect. Would you see entering the financial industry as a well grounded move? Is this a declining or growing industry?
    Thanks for your reply.

    P.s. do you get paid well - does 300k sound like a stretch for an established mortgage broker doing well in western Sydney

    • mortgagebroker on 23/10/2018 - 22:54
      +2

      This is my opinion.
      I think with open banking and blockchain smaller brokers like myself will not be around in the future. I think there will be a consolidation of brokers into groups and other businesses.

      All the banks are starting to fund fintech startups to stay on top of these changes and are offering great rates and products.

      Westpac owns Uno
      Adelaide bank owns tic:toc and Up
      and more.

      I live on the Gold Coast so loan amount is 300-400k, where Sydney will be double or triple that, meaning you income will be double or triple.

      Only get into it if you have a passion for it. Many people won't take money advice from someone just out of high school, align yourself with a good company.

  • bargainervic on 23/10/2018 - 20:28

    Thanks for starting this forum. Need some advice. We (Me & Wife) have 40% equity in our investment. We are currently going through H&L for owner occupied house around 85% LVR. We would have almost finished our savings by the time finish construction next year. If we are looking to buy another investment around 400 - 500k late next year before starting family once construction finished with 20000 deposit is that even possible. Do you think whether we can draw equity from investment property without affecting borrowing power for another loan.

    • mortgagebroker on 23/10/2018 - 23:05
      +1

      You will be able to pull equity from the investment property.
      Your borrowing power won't change as it is the total amount of lending.

      Will need to know more information on how I would structure this.

      My ideal setup for you on information given.
      - Pull 20k from investment property to pay for deposit of new investment property. 5% deposit.
      - Use savings to pay for stamp duty and costs
      - Put what's left in Owner Occupied.
      - Change investment loans to Interest Only.
      - Pay off Owner Occupied with extra cash as quick as possible.

  • Gumby08 on 23/10/2018 - 20:33

    Is it possible to take out a 30 year loan at age 50? Or can your loan term only equal remaining years in the workforce?

    • drprox on 23/10/2018 - 21:04
      +2

      Definitely possible, banks can't really discriminate, certainly not at 50.

    • miwahni on 23/10/2018 - 22:04
      +2

      If the loan is for an investment purchase you should be okay. If it's owner occupied you may be asked to provide an exit strategy ie a written explanation of your plans to pay out your loan / make your repayments after retirement. Some banks don't worry about an exit strategy until you're 55 or more, some want it at 50+. Your exit strategy is strong eg you have other property that can be sold / high super balance that can be utilised, or other income-producing assets. Prospective inheritance isn't considered an acceptable strategy, and if your strategy involves selling the roof over your head it won't be popular either.

    • mortgagebroker on 23/10/2018 - 23:07

      Banks require an exit strategy. If they don't like it you may not get approved.

  • Gelato on 23/10/2018 - 20:47

    Great post thanks for sharing your insights with the community!

    Just curious how it is like to work as a self-employed mortgage broker? Is income sufficient for living?

    • mortgagebroker on 23/10/2018 - 23:09

      I like it..
      Income is sufficient. Many regional brokers do great, and as more and more bank branches close down, more brokers will get business.

  • misguided on 23/10/2018 - 22:03

    are there any providers for loan refinance at around 85% LMI with no insurance?

    • mortgagebroker on 23/10/2018 - 23:18
      +1

      Citibank

      or other lenders if you are one of the following:
      Medical Practitioner
      Dental Practitioner
      Specialists
      Chiropractor
      Optometrist
      Physiotherapist
      Plastic surgeon
      Veterinarian

      • MJY13 on 24/10/2018 - 02:12

        Some institutions seem to offer lending specifically aimed at healthcare workers, do people in those occupations get better deals aside from no LMI?

        • mortgagebroker on 24/10/2018 - 17:28

          LMI is it really, but this can be 20k-30k savings and more.

      • misguided on 25/10/2018 - 08:49

        I am none of the the above. Probably means I should wait up and try to save more :)

        • damoo on 26/10/2018 - 20:53

          How the hell are chiropractors considered lower default risk by banks?

          The rest i get, they are highly paid, reputable professions… chiropractors are total quacks!

  • emgee on 23/10/2018 - 22:18

    Awesome work OP!

    We’re currently renting in a good school zone and unlikely to be able to purchase a house here anytime soon (in spite of the slowdown in the market). Keen to get into the property market though, via a smaller investment property. A few queries (may not be directly linked to mortgages, though property related):
    1. Would you suggest to wait another few months before entering the market, going by predictions of further declines?
    2. Are you seeing an increase in distress sales or see that going up? Is it possible to get a good deal these days?
    3. A very basic question - do real estate agents typically double up as mortgage brokers as well and vice versa?

    Thanks in advance!!

    • mortgagebroker on 23/10/2018 - 23:32
      +1

      As I'm based on the Gold Coast I don't pay much attention to the Melbourne and Sydney market as they are there own beast.

      1. Might be a good idea to wait a few months to see if anything happens. What is going on may be the new norm with the way the world is at the moment.
      2. Haven't noticed it much yet.. search for sale of land for overdue rates.
        search on google - site:realestate.com.au "foreclosure" or something along those lines
      3. A great mortgage broker will not be a real estate agent and a great real estate agent would not be a broker.
  • [Deactivated] on 23/10/2018 - 22:36

    Is your income sufficient enough to fund your incurable bargain spending addiction? Has finding this website reignited your passion for earning money only for it to be sucked out and invested into useless imported goods? Do you not think that it is unethical for such a website to exist where it’s users are emmersed into a dilluded humanistic sphere where supposed ‘people’ post deals where in fact, bots act under the guise of ozbargains predominant sellers in order to achieve ample profits through means of collusion amongst its greatest players?

    I’m just kiddin

    • mortgagebroker on 23/10/2018 - 23:38

      White good from good guys 20% off sale
      Blinds from spotlight 50% sale

      Do what you can to make your house the best home!
      I do cash-out refinances for customers wanting basic renovations (paint, blinds, carpet) and to upgrade appliances. Got to make sure they are not paying top dollar.

  • MyLoginName on 23/10/2018 - 22:40

    Thanks for this AMA.
    I am with CBA on 3.97 rate after recent increase, with offset and package fee $395. Loan of $400k
    Is it good idea to refinance with NAB or St George for lower rate without offset and annual fee?
    I have few offset accounts but not much savings in them as putting major part in mortgage repayments.

    • mortgagebroker on 23/10/2018 - 23:40
      +1

      If that's the case it probably not worth having the package fee.
      You will know your savings habits, decide if the offset is worth it.

      Nab has a good 3.69 special.

  • johndowy on 23/10/2018 - 23:26

    If you have a very large mortgage with the bank are there any benefits you can get? Do you have any more negotiating power or is everyone treated the same?

    Say your mortgage is like $1m, 2m, 5m, 10m+

    • mortgagebroker on 23/10/2018 - 23:42

      Yes, you have more negotiating power with a larger loan.
      Get a broker negotiating for you!

  • charliechunks on 24/10/2018 - 07:46

    How far back do banks typically want to go to look at living expenses?

    • mortgagebroker on 24/10/2018 - 10:57
      +1

      3-6 months

      • charliechunks on 25/10/2018 - 07:27

        Thanks OP! so much great info from you on this thread!

  • exulted on 24/10/2018 - 09:03

    Why are you not recommending Interest Only with Offset account for every mortgage?

    • mortgagebroker on 24/10/2018 - 10:59

      Depends on the client and their requirements, and future plans for the property.

  • aussiebattler87 on 24/10/2018 - 09:13

    I'm currently on a P&I loan and i'm moving out of my home to rent it out as an investment. Do I need to change my loan to an Investment loan?
    Are there any ramifications of not switching loan types?

    • mortgagebroker on 24/10/2018 - 11:01
      +1

      It's really up to you. The right thing to do is to inform your lender.

  • Doggiie on 24/10/2018 - 09:43

    What's stopping people from your industry from not doing things in the best interest for your clients? Considering the lack of transparency and confusing nature of mortgages, it can easily be taken advantage of.

    Do you think there should be more transparency? Such as "I will be getting $X with $Y trailing commissions over 3 years if you choose Z Bank"

    • mortgagebroker on 24/10/2018 - 11:07

      Brokers must provide every client before taking out a loan with a Credit Proposal Disclosure.
      This document says exactly what you said. "I will earn a maximum of $X upfront and $Y trailing commission"
      It will also mention if any of the commission is being paid to anyone else such as a referrer.

      If you do not receive this, the broker is not compliant under the National Consumer Credit Protection Act. Find another broker.

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