One of Australia’s largest non-major banks has announced new commission rates and changes to its clawback period, all to take effect next month.
In a letter to brokers this week, Macquarie explained that from 16 October 2017, a reduced clawback period and new trailer fee will apply to all new home loan products.
“These changes support the continued delivery of competitive products, service and pricing in a dynamic home loan environment,” the group said.
Where a new product loan is fully repaid within 18 months of the settlement date, the broker will refund to Macquarie the initial fee, the variation fee or the product change initial fee (whichever is applicable) in accordance with the below:
i. Where a new product loan is fully repaid between 0 and 365 days from the settlement date – 100 per cent clawback
ii. Where a new product loan is fully repaid between 366 and 548 days from the settlement date – 50 per cent clawback
Macquarie also announced that a trail fee of 0.15 per cent per annum (plus GST) will be paid on all new products.
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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