At Empowered Finance we provide a free service to our clients as we are paid commissions for referring you to a lender, writing your loan and providing ongoing service for the life of your loan.
Who pays us the commission?
The lenders pay us a commission based on your loan size. They pay us a combination of upfront commission and trail commission.
What is upfront commission?
Upfront commission is paid to us following successful settlement of your loan. The lenders pay brokers an upfront commission for introducing you to them, writing your loan and organising settlement. By doing this, we are essentially doing some of the lenders’ job for them, so they pay us accordingly.
What is trail commission?
Trail commission is paid to us on an ongoing basis for looking after you, our client and the lender’s customer. Throughout the life of your loan we are here to provide you a service that the lender usually would. The advantage for you is – personalised service and professional advice and guidance that a bank simply cannot offer.
Will we tell you how much the commission is?
Yes, we will. As professional and licence mortgage broker we have a number of obligations when it comes to conducting business. One of these obligations is that, clients need to be made aware of any commission payments being made. You will receive a ‘Credit Proposal Disclosure’ document with your loan documents detailing all commissions paid to us.
Will we ever charge any fees?
In most circumstances we will not charge a fee for our service. There are, however, a few cases where we will need to charge a fee – such as complex commercial deals, bridging loans and short term finance. If a fee is required to be paid, you will always be notified and provided a quote prior.