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New AFM commission structure revealed

Staff Reporter 3 minute read

Australian First Mortgage (AFM) yesterday announced a new initiative to offer brokers a choice on how their commissions are paid.

As part of the new structure brokers can choose a 0.71 per cent upfront, GST included, and 0.15 per cent trail. Alternatively they can take an upfront only commission of 1.1 per cent (GST inclusive).

The offer applies to AFM’s Complete Option Special product, which includes a standard variable rate of 5.29 per cent and no ongoing fees, or a 5.19 per cent pro pack with an annual fee.

Iain Forbes, AFM director of sales and marketing, said the flexible commission structure highlighted AFM’s ongoing support of the broker network.

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“We are continuing to develop new products and trying to remain as competitive as we can by giving brokers a viable alternative to the major banks.

“We can also provide a conditional approval within 24 hours.”

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New AFM commission structure revealed
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