At My Finance Agent, most of our brokerage services are free of charge. Instances where we charge an upfront fee are generally associated with complex or high-compliance lending scenarios, such as Self-Managed Superannuation Fund loans, or involving small loan amounts and/or short repayment timeframes. In the case of charging for our services, we would tell you upfront and prepare a quote for your consideration.
When it comes to home loan borrowing, there are zero fees for our loan assistance. Instead, we get paid by the lender and only after your loan settles. Lender payments typically consist of two components:
Upfront payment: Upon settlement of your loan, we receive a commission from the lender. It is calculated as a percentage of your loan balance, minus any balance in offset. The lender calculates the commission several days after settlement (the time varies between lenders) and is paid the following month.
Trail commission: In addition to the upfront payment, we may also receive a trailing commission. This is an ongoing commission paid to us monthly for the duration of your loan. It is calculated as a percentage of your loan balance, minus any balance in offset.
All of this information is documented in your Game Plan, which is provided to you before you proceed with a loan application with a lender. Your best interest is our commitment. We focus on providing you with excellent service and finding the best possible loan solution for your needs.
