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Resimac standardises commission structure

Source: Resimac's website

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Reporter 6 minute read

The non-bank lender has announced changes to its commission structure, including the standardisation of the upfront and trail commission rate for all of its loan products.

Non-bank lender Resimac has announced updates to its broker commission matrix, effective 1 March 2019.

In September, prior to the non-bank’s rebranding of Homeloans and RESIMAC to Resimac, the lender announced that it would be implementing the Combined Industry Forum’s reform proposal to pay upfront broker commission based on the drawn loan balance rather than the total approved facility amount and net of any offset facility.

However, the changes applied only to Homeloans’ Ultra Plus mortgage product – funded by NAB-owned wholesale funder Advantedge.


 Resimac has now announced broader broker commission changes, including the standardisation of:

  • The commission percentage that is paid on each of its products
  • The loan amount on which the commission percentage will be based
  • The clawback period that applies to each of its products

Resimac revealed that as of 1 March 2019, it would pay an upfront commission of 0.65 per cent and a trail commission of 0.15 per cent for all new loans and principal increases with a minimum loan size of $50,000 and $40,000, respectively.

The lender will also apply 100 per cent clawback on all products within 12 months and 50 per cent clawbacks on products from 13 to 24 months.

Resimac added that it would not pay commissions for conversions or security substitutions.

Further, in line with the CIF’s recommendations, Resimac announced the following commission changes for its mortgage products:


Resimac Prime and Resimac Specialist

  • Upfront payments on new loans and principal increases will be based on the approved loan amount net of any redraw and offset, calculated at the end of the month in which the loan settles
  • Where a new loan split is not taken out, no commission will be payable

Resimac Ultra Plus

For new settled loans (excluding construction loans), upfront commission will be calculated as follows:

  • Upfront commission on a settled loan on the debit balance of the loan account six calendar days after the drawdown date of that settled 
  • Upfront commission on any subsequent drawdown on the amount of the subsequent drawdown on the date on which it was debited

For all new settled loans and variations to existing settled loans for construction purpose, upfront commission will be calculated on a settled loan as a percentage on the facility limit on the first settlement date.

Commission will not be paid for subsequent drawdowns for any term loan which is for construction purposes only, for any variation of term loan, or if the purpose of the subsequent drawdown is not disclosed in the loan application.

The non-bank added that for variations to existing settled loans (excluding construction loans) where the debit balance drawn increase is of at least $20,000, Resimac will pay a commission on the net lending increase five calendar days after the drawdown date of the variation.

Resimac MoniPower

  • Upfront commission will be calculated based on the drawn amount less any offset balance as at the end of the month the loan settled, subject to a minimum payment of $400
  • Applies to both new loans and principal increases
  • Where a new loan split is not taken out, no commission will be payable.

 Resimac Accelerate

  • Upfront commission will be calculated based on the amount settled net of offset and redraw
  • Applies to both new loans and increase applications (increase applications are where a new application is lodged to increase the original loan amount, and a new loan split is taken out)

 [Related: Non-bank lender changes broker commissions]

Resimac standardises commission structure
scottmcwilliam resimac ta
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