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Refinance Your Mortgage & Get Trail Commission Back (e.g. $100/Month on $800,000 Loan) @ Soren Financial

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Refinance Your Mortgage & Get Trail Commission Back (e.g. $100/Month on $800,000 Loan) @ Soren Financial
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MarketingLmans246 on 03/09/2022 - 20:19 sorenfinancial.com (2048 clicks)
Last edited 07/11/2022 - 11:24 by 2 other users

Soren Financial will give you back their trail commissions on any mortgages. E.g If you have a loan of 800,000, if you refinance with Soren Financial you can get a cashback from the lender but you will also get approx $100 per month (1,200 per year) which will save you interest and cut down time off your loan and help you pay your mortgage off quicker.

We do not advertise this, so send them an enquiry that you wish to know more about their trail back commission offer. https://www.sorenfinancial.com/contact-us/

Soren Financial aggregate through Finsure Australian Financial License 384704

We have some slots available left due to some applicants not passing servicing or not proceeding. If your loan size is over 500k and you are looking to refinance get in touch with us or book a time in with me here: https://bit.ly/3lAZKqL . We can take on another 10 clients under this offer.

THANK YOU FOR YOUR SUPPORT AND WE LOOK FORWARD TO ASSISTING YOU WITH YOUR FINANCE.

Financial Cashback Home Loan Loan Refinance

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Soren Financial

closed Comments

  • flashi007 on 03/09/2022 - 20:22
    +7

    How do they make money?

    • Marketingmans246 @ Soren Financial on 03/09/2022 - 20:33
      +10

      From the upfront commissions paid by the bank, they are also paid trail however they are passing the trail onto the customers mortgage

    • tukulzz on 04/09/2022 - 08:36
      +1

      More importantly how are they going to manage this every month as there is no way to automate this - loan balance will be different every month and have to reconcile one by one manually

      • Marketingmans246 @ Soren Financial on 04/09/2022 - 09:11
        +4

        Our aggregator will facilitate this, they are paid our comms by the lenders. They then pass this to us monthly. The payments will actually be done by them via their proprietary platform. I.e Instead of the trail comms coming to Soren Financial, they will go to the borrower either via Finsure or by the lender directly (some lenders will facilitate this :)

  • 2pro4sho on 03/09/2022 - 20:23

    Seems legit

    • Marketingmans246 @ Soren Financial on 03/09/2022 - 20:36
      +5

      well it is a legit offer…

      • 2pro4sho on 03/09/2022 - 21:29
        +11

        That's what I said

      • Mango Madness on 04/09/2022 - 09:03
        +3

        Cashback on future trail is considered an inducement.

        It could be legit, but as it's not stated on the website and most likely not in any broker agreement, how would it be enforced.

        Given you're an associated account, "they" / you are not permitted by AFCA to use inducements, which is why "they" / your website doesn't state the return of trail.

        Stating the inducement here is also against your aggregator, Finsure's financial credit licence.

        • Marketingmans246 @ Soren Financial on 04/09/2022 - 09:10
          +1

          Hi,

          Great points:

          1. Our reputation: We will honour this as long as you are a client of Soren Financial. Have a look at our google reviews and you will see that we do the right thing by our clients
          2. When people have pmed me, I have told them that I am the business owner (Mansour) and they can reach out to me directly with this offer and it will be honoured
          3. I have Finsure's approval to offer this. I asked them first before posting. The payments will actually be done by them via their proprietary platform. I.e Instead of the trail comms coming to Soren Financial, they will go to the borrower either via Finsure or by the lender directly (some lenders will facilitate this :)
          • Thy-San on 04/09/2022 - 15:39
            +4

            @mans246: So why aren’t you putting it in writing?
            In your broker agreement, this should be clearly stated or as part of campaign signup documents - you should articulate it clearly.

            • donki-quijote on 25/09/2022 - 00:15

              @Thy-San: agreed, you need to ensure there is a contract agreement. Otherwise, nothing can stop them paying after the upfront commission cooling period is finished.

  • MS Paint on 03/09/2022 - 20:28
    +9

    Nice advertisement.

    Time to make use of that 10 year old sleeper account.

    • Chickenleg on 03/09/2022 - 20:36
      +3

      That was quite the response from OP

      • Ham Dragon on 03/09/2022 - 20:52

        Deleted now, what was the gist of it?

        • Marketingmans246 @ Soren Financial on 03/09/2022 - 20:55
          +10

          The Gist was that I forgot how narky and passive aggressive people can be on this site…

          • Ham Dragon on 03/09/2022 - 20:57
            -1

            @mans246: LMAO why are you taking it personally?

            • Marketingmans246 @ Soren Financial on 03/09/2022 - 21:04
              +1

              @Ham Dragon: Well thats why i deleted it, i thought maybe i was reading it incorrectly…

  • Weshouldgetsushi on 03/09/2022 - 20:37
    -2

    Kwality lender.

    • Marketingmans246 @ Soren Financial on 03/09/2022 - 20:46
      +4

      You pick the lender, you can choose for any of the 45 banks and lenders, including all the major lenders.

    • park on 04/09/2022 - 10:07
      +2

      @Wetwork, I'd suggest figuring out the difference between a lender and a broker before trying on the sass. It'll work out a lot better for you.

      • Weshouldgetsushi on 04/09/2022 - 10:19
        -4

        Ok then. Kwality broker.
        Hope that helps.

  • HolyCr4p on 03/09/2022 - 20:47
    -2

    Give us at least 300 per month then we will talk

    • Marketingmans246 @ Soren Financial on 03/09/2022 - 20:48
      +10

      If you have a loan of 1.5m then you will get approx 300 per month

      • HolyCr4p on 03/09/2022 - 20:49
        -1

        Thanks mansour for the ads. I wish you well.

        • Marketingmans246 @ Soren Financial on 03/09/2022 - 20:51

          Likewise :)

  • OfferScooperHQ on 03/09/2022 - 21:07

    best rate for variable rate?

    • Marketingmans246 @ Soren Financial on 03/09/2022 - 21:09

      what is the loan size?

      • OfferScooperHQ on 03/09/2022 - 21:28

        under 500k.

        • Marketingmans246 @ Soren Financial on 03/09/2022 - 21:29
          +2

          Assuming that it is between 300-500k you can get 3.51% on your owner occupier (P&I) assuming that the loan value ratio is <80%

          • OfferScooperHQ on 03/09/2022 - 21:41

            @mans246: any money for refinance and how much will be monthly will be get? example 400k loan size

            • spal on 04/09/2022 - 08:19

              @OfferScooperHQ: Westpac is offering 3.49% basic variable loan no offset and 4$K cashback for less than 80% LVR. You might be able to find better rates too.

              • bwill85 on 04/09/2022 - 09:47

                @spal: Is 3.49 the headline rate or the all included fee rate ( comparison rate) , also I’m seeing 2k cashback not 4K on Westpac website ?

                • spal on 04/09/2022 - 09:53

                  @bwill85: Not comparison rate. It is 2% discount off standard variable for two years. After two years the discount drops to 1.6%. We have been offered that before the discount expires they will review and refinance. I was also see 2K cashback. So, I got confirmation in an email on 1 September that $4K cashback still applies. This is direct conversations with Westpac's lending manager at our branch.

  • alz on 03/09/2022 - 21:08

    What rates, deals or packages can you get me on a live in 500k and investment $750k refinance?

    • Marketingmans246 @ Soren Financial on 03/09/2022 - 21:13

      3.51% on your owner occupier (P&I) and for your investment 3.99%-4.04% (assuming the loan value ratio is 80% or below for both

      • alz on 03/09/2022 - 21:14

        Any offset, cashback or credit cards included?

        • Marketingmans246 @ Soren Financial on 03/09/2022 - 21:17

          Depends on the lender you choose, they all have different offerings. We will run an assessment on you and run your scenario across 45 lenders based on what you are looking for.

          Then you pick the lender from the shortlisted lenders and based on what you are looking for (e.g lowest rate/offset/redraw etc)

          • alz on 03/09/2022 - 21:19

            @mans246: Whats your phone number and finance licence?

            • Marketingmans246 @ Soren Financial on 03/09/2022 - 21:22

              @alz: details on www.sorenfinancial.com (you can book via the online calendar or call). Finance license at the bottom of the site. Check the online reviews :)

              • alz on 03/09/2022 - 21:34

                @mans246: Ok ill be in touch in due course. Do you work for them? Whats your name?

                • Marketingmans246 @ Soren Financial on 03/09/2022 - 21:36
                  +2

                  @alz: Mansour - yes I am a broker :). Reach out when you are ready and we will be happy to assist. Remind me that you came via Ozbargains so I know that you are calling about the trail comms being remitted back to you. Like I mentioned this is not something we commonly offer.

              • dasher86 on 04/09/2022 - 07:22

                @mans246: You need to include it in your deal description as part out the forum rules.

  • squaredonut on 03/09/2022 - 21:14
    +1

    So do you get the trailing commission based on how long the loan is signed up for or for however long you stay with it?

    • Marketingmans246 @ Soren Financial on 03/09/2022 - 21:16
      +2

      You will receive the trail for as long as you stay with that loan, however should you wish to move/refinance to another lender do this through us again and we simply move you to another lender and get the trail transferred straight to you again.

  • B-Man02 on 03/09/2022 - 21:22

    Do you still get the full trail commission if you have some money offsetting it?
    Do you have to claim the commission as income and pay tax on it?

    • Marketingmans246 @ Soren Financial on 03/09/2022 - 21:26
      +3

      Great questions!

      1. If you are offsetting your loan completely with cash e.g you have a home loan of 500k and you have 500k in cash in your offset. There is no upfront comms or trail comms payable by the lender as they don't make any money off you and hence the broker doesn't get paid.

      2. The funds go straight into your home loan account (we are not tax accountants and cannot give advice pertaining to your tax implications so speak to your accountant for advice).

      • gungirlyuna on 04/09/2022 - 09:57
        +1

        On 2 the loan account or the offset account?

    • tunzafun001 on 03/09/2022 - 21:29

      Hahaha..dreaming bud. Commision is based on what you owe, minus offsets.

      Do you service SA op?

      • Marketingmans246 @ Soren Financial on 03/09/2022 - 21:30

        We provide finance nation wide :)

  • vishmanj on 03/09/2022 - 21:32
    +1

    Is Athena among 1 of 45 lenders?

    • Marketingmans246 @ Soren Financial on 03/09/2022 - 21:33
      +3

      No - Athena doesn't work with brokers. However if you run the numbers and look at the rates and subtract the trail you may be better off moving from Athena.

  • toyapple9 on 03/09/2022 - 21:40
    +1

    Can you pls tell me if my understanding is correct. Lets say I take a loan of 1M ($800k fixed and $200k variable). I put the cash $200k in offset account linked with variable loan. So i will get trail commision on $800k fixed loan only instead of total 1M loan. Is that correct?

    • Marketingmans246 @ Soren Financial on 03/09/2022 - 21:41

      Correct :)

  • Weezle on 03/09/2022 - 22:28

    Any mandate fee paid to the broker upfront? I know some brokers charge their own fee which they shouldn't as they get paid upfront by the lender

    • Marketingmans246 @ Soren Financial on 03/09/2022 - 22:32
      +1

      As long as the loan is not complex, i.e multiple family trusts, Self managed Super Fund loans or govt grants that need to be lodged then we do not charge a mandate.

  • Ham Dragon on 03/09/2022 - 23:02

    Rates on refinancing $1m PPOR & $600k IP loans?

    • Marketingmans246 @ Soren Financial on 03/09/2022 - 23:07
      +1

      3.51% on your owner occupier (P&I) and for your investment 3.99%-4.04% (assuming the loan value ratio is 80% or below for both).

      • Deal finder on 04/09/2022 - 07:51
        +1

        Which bank for 3.51% on OO? Does it have offset?

    • Marketingmans246 @ Soren Financial on 03/09/2022 - 23:12
      +1

      On 1.6m you are looking at about $2200 extra going into your loans per year. That is 22,000 extra after 10 years compounded going off your mortgage which will save you a fair chunk in interest.

  • ujwols on 03/09/2022 - 23:13
    +3

    This is very generous of OP

  • aloha on 03/09/2022 - 23:33
    +5

    Thanks for reminding me that the Coalition ignored or backflipped on most of the recommendations that came from the Hayne Royal Commission

    • brongz on 04/09/2022 - 06:15
      +1

      Because politicians have more than one property and they gain a lot from this crazy prices nowadays. Not even 10 years ago I never see 1 million price tag on any realestate agents listing for house and land.

      Sometime wondering whether the politicians care about Australian kid’s future or they just ignore them. You know like “you’re 18, better to live not with parents anymore” thing.

      • ymmf on 04/09/2022 - 09:22
        +2

        Somehow Australians also have themselves to blame when labour didn't get voted in with a proposal on removing negative gearing. The vested interest also lies with a lot of voters. The Australian election system does not encourage leaders to make hard and unpopular decision as the terms are too short.

  • marc171 on 04/09/2022 - 00:10

    Any admin fee in getting back the trail commission? I know some brokers charge an "admin" fee from the trailing comission.

    • Marketingmans246 @ Soren Financial on 04/09/2022 - 00:14
      +1

      No we do not charge an admin fee.

  • spammingb on 04/09/2022 - 00:11

    Is it for the life of the loan?

    • Marketingmans246 @ Soren Financial on 04/09/2022 - 00:16
      +1

      Yes- It is for the life of the loan if we keep the loan with Soren Financial. If you refinance away from the lender you choose via us (and we are not the broker) then we dont control the trail and cannot give it back to you. If you use us to refinance every-time, then yes it is for the life of the loan.

      Contact us via our website and we can discuss your individual loan scenario and show you how much you will get per month and how you can use this to pay your loan off quicker…

  • offal spokesman on 04/09/2022 - 00:11

    If i refinance, does the bank or anyone have to come out and revalue the house?

    Im concerned with the falling market, my house wont be worth what i need to refinance

    • Marketingmans246 @ Soren Financial on 04/09/2022 - 00:13
      +1

      Depends on the property and where it is located and the loan value ratio. We can usually get away with a desktop valuation which means the valuation report is carried out in a call centre by a person behind a computer. We can control this process anyway e.g if the bank requires a full valuation ( someone needs to come out, then we cancel the valuation). Contact us and we can discuss the best ways forward that will make you comfortable.

    • MuddyClear on 04/09/2022 - 01:32
      +1

      House prices went up significantly and only just started to fall recently, so I wouldn’t stress.

  • Chumpmaster on 04/09/2022 - 00:28

    Trail paid from bank to broker is normally 20 basis points, you're only paying 15 basis points out is that right?

    • Marketingmans246 @ Soren Financial on 04/09/2022 - 11:37

      Not sure where you are getting your info from, but the trail is not 20 basis points, its 15 :)

  • tg on 04/09/2022 - 00:30
    -1

    If getting $100/month, wouldn’t it be better to get something like $4000 cashback upfront?
    $4000 is 40 months of $100.
    Considering that most people refinance every 2-3 years.

    • Marketingmans246 @ Soren Financial on 04/09/2022 - 00:33

      If the bank you choose offers a cash back that is on top of what you will get for refinancing via Soren Financial. E.g Westpac is currently offering 2k, you refinance through us you and choose Westpac as your lender, you will get the 2k from them + the trail comms from us :)

      • Splashtash on 04/09/2022 - 08:48

        They are actually offering $4k unadvertised ;) or $5k if with a partnered job provider

        • Marketingmans246 @ Soren Financial on 04/09/2022 - 08:50
          +1

          Sorry it was a 1am google search - 4k is correct. Whatever the lender offers in terms of cash back we can source for you.

          • Splashtash on 04/09/2022 - 08:58

            @mans246: No need to apologise, just sharing my info ^^
            How long is turnaround times if applied with full details? Thanks

            • Marketingmans246 @ Soren Financial on 04/09/2022 - 09:04
              +1

              @Splashtash: Depending on:

              1. The lender you choose
              2. When you lodge (every day we get new turn around times from every lender)
              3. When your existing lender will discharge your loan

              Our turn around times are quick (from our end). We have a lodgement team that will lodge your loan same day you provide the returned docs and if you are going with Westpac, it should be approved within 1-2 weeks max.

        • cheekymonkey97 on 04/09/2022 - 09:50

          or $5k if with a partnered job provider

          What do you mean by this? My workplace offers benefits with Westpac such as $1k extra on home loan refinance, is that what this is referring to?

          And how do I get the unadvertised $4k?

          • Splashtash on 04/09/2022 - 12:07
            +2

            @cheekymonkey97: Mate with your name you could probably get $6k for being a cheeky monkey . Just ask

  • austony on 04/09/2022 - 00:37

    can u make me refinance for me?
    I do low doc, not full doc..

    • Marketingmans246 @ Soren Financial on 04/09/2022 - 00:38

      Yes we can refinance lo doc. Send me an enquiry via our website and mention our Ozbargain post. www.sorenfinancial.com

  • Look Up on 04/09/2022 - 01:14
    +1

    $800K loan
    Upfront commission 0.65% of loan amount once off = $5200
    Trail commission 0.15% of remaining loan amount monthly = about $1200 in first year

    In an era where recurring revenue is more important than the initial sale, this is an interesting business model from the OP

    • MuddyClear on 04/09/2022 - 01:27

      In an era where recurring revenue is more important than the initial sale, this is an interesting business model from the OP

      True. I’m guessing competition is high right now on refinancing or these guys aren’t very well known.

  • formatc on 04/09/2022 - 03:49

    it may suit me better with banks offer ＄3000 or＄4000 cashback straight after i refinance to them.

    compare to this only $1200 for a year

    • Slo20 on 04/09/2022 - 05:52
      +2

      As the description states you can still sign up with a bank that gives the cashback (assuming they are one of the 45 banks on their books) and get the trailing commission.

    • Shaneeo on 04/09/2022 - 09:02

      There are brokers that are will give you lender Cashback + broker Cashback + trail commission

      • Marketingmans246 @ Soren Financial on 04/09/2022 - 11:35
        +5

        Those guys wont be in business long and you will lose the trail. We have seen those guys come and go, all it does it waste everyones time. Everyone needs to win for an offer to be sustainable :)

  • whtsthenews on 04/09/2022 - 06:14

    Just to reconfirm, this deal is for refinancing only and not new loans? I would have thought trailing commissions are available for all loans?

    • Marketingmans246 @ Soren Financial on 04/09/2022 - 08:46

      It does not matter if you are purchasing or refinancing, you will still get the trail. The refinance option was just an example.

  • AMAR on 04/09/2022 - 07:29
    -1

    So for 280k investment loan 80% lvr
    What will be offer

    • Marketingmans246 @ Soren Financial on 04/09/2022 - 11:34

      Hi - same as stated, we will give you the trail comms.

  • amsaini15 on 04/09/2022 - 07:49

    I wonder if most of us will struggle to refinance loans now because of high rates as debt to income ratio will be high.

    • Boogerman on 04/09/2022 - 08:05

      Also, home will need to be revalued if purchased in the last year - it may be less than what was paid

    • Marketingmans246 @ Soren Financial on 04/09/2022 - 08:48

      There are multiple factors involved. What is your loan value ration (debt divided by the value of your home) If it is under 80% you can refinance without major issues normally (as long as you still pass servicing).

  • Boogerman on 04/09/2022 - 08:04

    Which financier has the cheapest variable interest rate & lowest monthly/annual fees with a full offset account?

    • Marketingmans246 @ Soren Financial on 04/09/2022 - 08:51

      Best to contact us so we can check what your Loan value ratio will be and then we can do a check based on your LVR. We do not recommend refinancing if your LVR is above 80% because you will be charged LMI by the lender. If that is the case, there is no financial benefit to moving.

      • Boogerman on 04/09/2022 - 10:12

        My LVR is below 80%. Please advise.

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