One of Australia’s non-bank lenders has announced it will introduce minimum volume requirements.
From today onwards, brokers that do not settle three loans with Firstfolio Wholesale of any of the other companies within the Firstfolio group in 12 months will be slapped with a $150 administration fee.
According to the company, the new minimum volume requirement will form part of the broker’s Origination Agreement with the lender.
Under the new agreement, an administration fee of $150 per month will be deducted from the commission payable by Firstfolio Wholesale Pty Ltd.
Except for the inclusion of the above clause, all other terms and conditions contained in the Broker Origination Agreement remain unaltered.
The Adviser made numerous attempts to contact Firstfolio for comment, however, these calls went unanswered.