Who are Home Loan Cash Back?
We are an innovation in the mortgage broking industry. Working alongside over 40 lender partners, including the major banks, second-tier providers and many others, we always work to give you the best market rates that suit your circumstances with maximum cash back on your mortgage.
We also offer cash back on Life Insurance, Income Protection Insurance, Home & Contents Insurance & Car Insurance through our preferred partners. You will receive 50% of the commissions we receive for your insurance policies
What are Broker Upfront & Trailing Commissions?
Understanding upfront and trailing commissions starts with an intro into how mortgage brokers work.
When we introduce home loan customers to banks, scouring the market for the best deals for you of course, we receive a commission from whichever lender you choose to borrow with. On top of an initial commission, called the “upfront” commission, we also receive “trailing” commissions that are paid by the banks every month.
Trailing commissions are an ongoing payment made to mortgage brokers for as long as you keep the loan that was introduced in place. Traditional mortgage brokers retain 100% of their commission or share it with their referrers, where as we share it with no one but you!
The rates of commission can change from one bank to the next. On average, the upfront commission is around 0.65% of the loan, while the trailing commission can be between 0.15% and 0.30% of your outstanding loan balance each year.
With Home Loan Cash Back, as long as your loan application is for at least $350,000, will split all of this with you 50/50, so you can save more on your mortgage!