Hi All ,
I remember there used to be sites where you can check who has trailing commissions on your loan products have them refunded to you.
Is this a thing now ?
Just wanted to know if there is site such as or if you have refunded the trailing commission back from your home loans and super in 2020/2021?
Many thanks !
Kind regards
Doboman
Home loan upfront + trailing commissions can be found here https://www.connective.com.au/media/docs/Commission_Schedule… a broker would generally get that figure minus GST.
I'm currently refinancing with https://shroogle.com.au who pass on all of the upfront & trailing commission for a $1625 upfront and $15/month fee. You need to hold the loan for at least 24 months or else the lender will clawback the upfront commission and you will have to pay this back to shroogle. After 24 months you could refinance again, collect another (generally 0.65% of total amount being borrowed) upfront commission and so on.
I've used https://www.independentmortgageplanners.com.au/ before and they were very good. Higher price than this option provided by @bargainsdon but worth a look/comparison too. When I refi'd my house I was up $6k just on the upfront commission on a net basis and I get the trail every month.
Thanks , will check them out
Thanks bargainsdon will check out the links
Yeah I signed up for one of those sites back in the day, never got much back and in the end they disappeared.
That what i thought , thanks !
I assume you would need to have some sort of agreement with your broker first. You're not automatically entitled to the commission.
Assuming you got these loans in question from a broker, the trailing commission (like it or not) is part of their payment for originating the loan and if they are any good, assisting you with loan reviews periodically. They would of been legally obliged to provide you a summary of this when you signed for the loan. Are you not happy with the product you got?
Your best bet moving forward if you aren't happy with someone being paid a trail commission is go product hunting and refinance it yourself. There are a number of lenders offering cashback for refinance at the moment.