Your cashback payment

We don’t believe in sales commissions

Mortgage brokers typically receive incentive payments from lenders. The lenders make these payments when a Mortgage broker recommends that a client use one of their products. The incentive payments are otherwise known as sales commissions.

Mortgage brokers generally receive a commission when the loan settles and then monthly for the life of loan. The amount varies from lender to lender.

The problem with commissions is that it makes it tempting for Mortgage brokers to recommend a product from a lender who pays the highest or at least high commissions. This creates a conflict at a time when you’re expecting an unbiased high quality product recommendation.

Commissions also have the unfortunate effect of incentivising larger loans. This is because sales commissions are calculated as a percentage of the loan. Therefore, the larger the loan the greater the commission.

These issues were a key focus of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

At Shroogle, we take pride in finding the right solution by recommending a product that meets your requirements and objectives.

We believe that charging a low flat fee for services is the best way to deliver unbiased advice. Advice that is not in any way driven by sales commissions.

If we could, we’d ask the lenders to not pay commissions and reduce the interest rate instead. Unfortunately this is a little more complicated, so this is where our cash back payment comes in.

No out of pocket costs

So… when the lender pays us a sales commission, we deduct our fixed service fee and give you the rest. It’s that simple.

The timing of the payment is determined by your lender and ranges from 12-24 months from settlement.

Our service charges

Our fixed service fee is $1,625 per application (incl.GST).

A $15 fee (incl.GST) also applies for administration of your monthly cash back payment for each loan. This is also deducted from the commissions we receive.

Your cash back* payment