Hi All,
I am looking for a mortgage broker who gives the trailing monthly commission back. Its for a new loan for PPOR.
I am based in Melbourne but I guess it should not matter which city the broker is based in.
To be clear, I am not asking about the initial lumpsum commission but the monthly commission for the life of the loan.
Trail commission back which mortgage broker who gives, know you do not?
why
I am looking for a mortgage broker who gives the trailing commission back.
Are you looking for a mortgage broker to work for you for free AND pay YOU his/her ongoing income (that's paid to them by the bank)?
They get the initial lump sum commission from the bank when you get the loan, any trailing commission for the life of the loan which is paid monthly by bank is given to the loan owner by these specific mortgage brokers
But doesn't necessarily mean you get the best deal using a broker.
Secret tip! - Brokers work for the highest commission, not always the best deal for the mortgager.
Shh, you might invite all the angry ignorant internet people who will say that brokers legally have to find the customer the best deal, therefore they do!
That's their income for doing their job.
You wouldn't give back some of your salary to your employer, would you?
What are you on about? some mortgage brokers work and advertise that way. the trailing commission is roughly $100 a month on 800k loan
@jedimaster: Lol at the downvotes - you're absolutely right. Some brokers will, just like some workers are willing to work for less than other workers. For ozb, I'm surprised at the negativity towards his question, dude's just trying to save. I don't know one personally though.
But think of the exposure! O.P. has x followers on Instaglam.
Read the Barefoot Investor by Scott Pape. He mentions about it in his book too. There are specific brokers who do this. I am not asking for someone to forego their income.
https://www.barefootinvestor.com/articles/the-forty-thousand…
You should ask them to forego their income, 95% of brokers are snakes.
Yeah nah,
Mortgage brokers fees are baked into the lower interest rates they have access to from the bank unfortunately, i'd be surprised to see one give their trailing commission back.
Really is stupid though how you're barred from the lower rates if you don't have a mortgage license.
Rather hunt down the best rate. For me that was with Up bank. No sign up or monthly fees either
Plenty do..usually the brokers who post cash back deals here on ozb…although there is a split (50:50) on the trailing commission and a commitment to stay with them for atleast 2 years. I have over $2M in mortgage serviced by one of the brokers who posts here regularly (Wilson), with whom I agreed to a 0.4% cashback in 2 instalments (on settlement and 1yr anniversary with a clawback condition if I switch lenders within 2 years). He has been a bit slack in service of late, so I’m not going to wholeheartedly recommend him, but just reach out to the various brokers who post here and see who is willing to offer a portion of their trailing commission
so how do you think the broker makes money mate??
They get the initial lump sum commission from the bank when you get the loan, any trailing commission for the life of the loan which is paid monthly by bank is given to the loan owner by these specific mortgage brokers
https://www.barefootinvestor.com/articles/the-forty-thousand…
Mates Rates is the normal one I thought? I've used them before, 100% minus GST is returned.
And $10/month processing fee.
Hi Op, not being smart ass but genuinely curious to understand your thinking. Why not a portion of upfront? Why trail only? Do you want a set and forget loan?
I would be contacting lenders directly first.