How mortgage brokers are paid How we're paid, and why it matters
Straight answers about commission, fees and our duty to you.
Using a mortgage broker usually costs you nothing directly. Here's how it works.
Lenders pay us commission
When your loan settles, the lender pays us an upfront commission. While your loan stays open, they also pay a smaller ongoing commission, often called trail. Commission amounts vary between lenders, and we tell you how much we'll be paid before you go ahead.
We must act in your best interests
By law, mortgage brokers must act in your best interests when giving credit assistance, and put your interests first if there's a conflict. Commission can't be the reason we recommend a loan. We'll explain why we recommend each option, in writing.
When a fee applies
For most home loans there's no fee. For some complex work, such as certain commercial or specialist loans, a fee may apply. If it does, we tell you in writing before you proceed.
Where it's all written down
Our Credit Guide sets out how we're paid, our licensee and how to make a complaint. Before you apply, you'll also get a document setting out the commission for your specific loan.