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.