Does the new broker get comission for refixing loans

[TMNT]

I have a few of my fixed loans expiring shortly, they were on 4.99 fixed for 2-3 years, I took a calculated risk , and admittedly it didnt pay off but anyhoo,

if I refix now does the new broker get all the upfront or trailing comissions?

should I fix directly with the bank?

I also would rather trailing/upfront comissions to go to a new broker rather then the one that set up these fixed loans

im at a dilemma of fixing or not, and what rates the var vs fixed are

as for SANF I dont care

 

[Peter_Tersteeg]

If you're simply refixing an existing loan, the first broker will continue to get the trailing commission regardless of who fills in the paperwork (they get nothing but your love).

If the new broker refinances the loan with the same lender to fix it (new application but nothing really changes other than the account number), they'll get trail commissions only. There are some exceptions but not many.

If the new broker refinances to a new lender, they'll get upfront and trail commission.

 

[Jamie M]

If you're sticking with the same lender they may pick up the trail. Different lenders have different ways of remunerating.

Cheers

Jamie

 

[TMNT]

ahh thanks guys, was hoping the new broker or someone else gets it,

not going to finance

OT I know but whats fixed rates like,

im with AMP, nab

 

[HLE]

HI TMNT, I agree with Peter-Tersteeg, If you're simply refixing an existing loan, the initial broker will continue to get the trailing commission regardless of who fills in the paperwork for the fixed loan.

 

[Rolf Latham]

im with AMP,

if u want the rate to apply before christmas get it done sooner rather than later

AMP are shall we say very slow at the moment

ta

r

 

[Marty McDonald]

HI TMNT, I agree with Peter-Tersteeg, If you're simply refixing an existing loan, the initial broker will continue to get the trailing commission regardless of who fills in the paperwork for the fixed loan.

Not always. CBA for example will switch the trail over to the broker new code if asked to.

 

[TMNT]

ok, so whats the correct etiquette thing to do?

I dont want my previous broker to get the comissions for these ones, nor do I want my current or potential brokers to do work with no benefit at all

if only the previous broker is going to get them, I will get them to fix or variable it

 

[Jess Peletier]

You new broker can put in a new application (same lender, loan amounts etc) and pick up the trails - if you let them know you're happy for that, no problems. Otherwise just get your existing broker to do it, which is probably the easiest option if you're not looking for new advice etc.

 

[Marty McDonald]

I would say get your new broker to do it. They should be happy to help as part of the overall service and I know from my point of view I like to know the ongoing position of my clients loans so its easier to run scenarios in the future for them. . If they pick up the trail bonus.