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Viewing 6 posts - 121 through 126 (of 126 total)
  • Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    They will certainly supply it and actively do. Last time I was reviewing this it was in every pack provided.

    Instead of asking questions on the forum, ask their BDM’s where you will actually get answers.

    All top tier volume aggregators will receive the same base commissions, though some may receive volume bonuses, whereas others might not hit the required numbers.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    I thought aggregators would hand that out just as us brokers are required to handout our credit guides to the retail clients. I’ve met or discussed with all the above aggregators and none has given me that commission sheet. is there a double edge sword here?

    No double edge sword. This is commercially sensitive information and aggregators would be prohibited in making it available to the public. There is no legislative requirement to notify the public either. It would be made available in the contract you would potentially enter with an aggregator though.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    <div class=”d4p-bbt-quote-title”>CharlieX wrote:</div>
    I thought aggregators would hand that out just as us brokers are required to handout our credit guides to the retail clients. I’ve met or discussed with all the above aggregators and none has given me that commission sheet. is there a double edge sword here?

    No double edge sword. This is commercially sensitive information and aggregators would be prohibited in making it available to the public. There is no legislative requirement to notify the public either. It would be made available in the contract you would potentially enter with an aggregator though.

    A lot actually do have it easily available to see, Connective for example: http://master.connective.com.au/flex/commSchedReport.asp

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98

    <div class=”d4p-bbt-quote-title”>CharlieX wrote:</div>
    I thought aggregators would hand that out just as us brokers are required to handout our credit guides to the retail clients. I’ve met or discussed with all the above aggregators and none has given me that commission sheet. is there a double edge sword here?

    No double edge sword. This is commercially sensitive information and aggregators would be prohibited in making it available to the public. There is no legislative requirement to notify the public either. It would be made available in the contract you would potentially enter with an aggregator though.

    contradicting the regulations then?
    are these information not to be transparent to the customers/public as per the regulations, same as a broker has to show the client exactly what he is being paid by the lender?

    if the legal interpretation is no legislative requirement, then will be exactly as the name change from “exit fee” to “crawback” just to get around the regulation?

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98

    broker’s commissions have to be transparent to the clients?
    the clients are the public?

    • This reply was modified 4 years, 11 months ago by  CharlieX.
    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    Your statement doesn’t follow on from the discussion.

    No clients are not the public at large, but those who contract with the broker.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

Viewing 6 posts - 121 through 126 (of 126 total)

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