Frequently Asked Questions

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.

A "clawback" describes where the broker (My Finance Agent) has to repay some or all of the loan commission to the lender. Clawbacks are triggered when a loan is discharged or refinanced within the first 24 months (about 2 years). When a clawback occurs, the lender deducts all or part of the previously-paid commission. Essentially, it means that the lender is protected, while your broker is out of pocket. (Read: How do My Finance Agent brokers get paid?)(https://wixlabs-wix-faq-11.appspot.com/). We appreciate that a borrower's situation can unexpectedly change, but if you are aware of any reason that your home loan may be repaid or refinanced within two years of settlement, we do ask that you advise us. As well as being pertinent to your borrowing needs, we may propose a fee for our services. In such a case, we would tell you upfront and prepare a quote for your consideration. We appreciate your understanding. All this information is documented in your Game Plan, please see [What is in a Game Plan?] p(https://wixlabs-wix-faq-11.appspot.com/)rovided before you proceed with a lender loan application. Your best interest is our commitment. We focus on providing you with excellent service and finding the best possible loan solution for your needs.

Yes, it is free. Please sign up here.(https://www.myfinanceagent.com.au/app-signup) Or to find out more, go to: My Finance Agent App: Start here (https://www.myfinanceagent.com.au/post/my-finance-agent-app-get-started)

Most of our services are free to borrowers, which means we rely on lender commissions to be paid. For this reason, we generally have a $10,000 minimum threshold. We would still be pleased to provide you with free advice, however, please understand we may refer you directly to the lender or a third-party broker.