Our job is to help educate you on how mortgages work so that you can get the best deal from the lenders in the right structure for you. Traditionally mortgage brokers are paid by the bank with ongoing commissions for the life of the loan, and if you go straight to the bank those commissions are kept by the bank. We do not work for the banks – We work for you. So how this works is quite simple, we
give you the commissions and we charge you a fee, offering you 2 options for payment:
1) You may choose to pay upfront at settlement (and receive a discount for paying our fee in advance). You receive all of the banks commissions for yourself from day one.
2) We can withhold the bank commissions until our fee is paid so that you have no out of pocket expense, just like traditional mortgage brokers or going direct to the bank. However once the fee is paid off, we will then start paying the bank commission to you. By you receiving the commissions from the bank it means that we are most likely going to be cheaper than everybody else especially when the commissions are paid onto your loan, the interest savings are amazing! If you are financing investments our fee is most likely tax deductible as we are a legitimate expense incurred in the management of your investment, please see your accountant for advice specific to your situation. So why do we rebate you the commission and miss out on the income? The answer is a few reasons:
1) It means we are not working for the bank! We are truly independent and working for you.
2) Our clients refer business to us making our business run smoothly.
3) We feel good knowing we are helping you pay off your debt.
4) Our clients come back to us if they do need to change loan structures or when they buy another property.
