Problems with interest rates and repayments? Ask for home loan help.
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Some are employees working just for wages whilst some work just on a commission basis and some work on a combination of both.
Mortgage consultants generate income from the commissions that the lender pays them to introduce business and the ongoing trail income that a lender may pay for the time that the borrower retains his loan with that lender. These upfront and trail commissions vary from lender to lender and sometimes from product to product. In addition a Mortgage Consultant may charge a fee directly to the borrower and this is done by negotiation and will vary depending upon complexity and competitive forces.
In W.A. the maximum upfront commission including GST is restricted to 2% of the loan amount.
From this income a self employed Mortgage Consultant must cover all business costs.
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