More detail on our rebates
There are some conditions you should be aware of.
- We will provide you with a rebate agreement confirming the offer at the time of your inquiry.
- Where you are taking out several loans at the same time (ie within one month of each other), we will generally aggregate them to arrive at a single rebate figure in line with our table of rebates.
- Where loans are for construction, rebate will be paid based on final draw down amount on or after final draw down is completed.
- Rebate on lines of credit will be negotiated individually.
- Bridging loans are calculated on end debt and paid on completion of bridging period.
- Rebates are not paid on credit impaired, shared equity or commercial loans.
- Where lending is restructured and/or increased with the existing lender, commissions are usually paid according to the quantity of new lending. Likewise our rebates are based on the quantity of new lending with the lender.
- Our rebates and other costs are funded from the up-front commission we receive. Any profits we make are based on a small trailing commission we are paid for the term of the loan. However where clients exit their loans early in their term, lenders will claw back their commission payments from us – typically 100% in first 12 months and 50% up to 18 months. Accordingly we generally need loans to last three years in order to make a reasonable profit. As a result we have the right to claw-back the rebate paid to you if you exit the loan within three years of settlement. However, where a subsequent refinance is made through Peach, we will not claw-back the original rebate. Since the second loan requires all the work of a full application we end up doing two applications for one commission payment and so the size of the resulting rebate on the subsequent loan may be smaller. If you are concerned tell us your possible plans, and we’ll let you know how our policy would apply.
- Further, where you intend to substantially reduce the size of your loan in the first three years, your rebate would generally be calculated on the size down to which you would intend to reduce your loan during that time. We reserve the right to claw back a portion of the rebate during the three years after settlement. Likewise, where we have paid a lower rebate, clients have a right to claim additional rebate from us at the end of the three years where they can show that their loan has remained at a level which would justify a higher rebate
- Lender’s now penalise brokers on submitting applications that don’t convert or applications that require reworking. If you require us to submit more than one application or significant reworking our policy is to reduce your rebate by 30% per additional application/rework.
See our terms and conditions for further detail on these policies.
Any questions about rebates should be directed to our General Manager, Andrew Hunter on 1300 852 900