I / We acknowledge, authorise and agree to the following:
|Loan Amounts||Approval Fee includes
|Fixed Referrer Fee||Net Approval Fee|
|Less than $100,000:||$3,500 (Plus GST)||$1,000 (Plus GST)||$2,500 (Plus GST)|
|$100,001 - $500,000:||3.50% (Plus GST)||1.00% (Plus GST)||2.50% (Plus GST)|
|$500,001 - $1,000,000:||3.00% (Plus GST)||1.00% (Plus GST)||2.00% (Plus GST)|
|$1,000,001 - $2,000,000:||2.75% (Plus GST)||0.75% (Plus GST)||2.00% (Plus GST)|
|$2,000,001 - $5,000,000:||2.00% (Plus GST)||0.50% (Plus GST)||1.50% (Plus GST)|
|$5,000,001 - $10,000,000:||1.50% (Plus GST)||0.50% (Plus GST)||1.00% (Plus GST)|
1. That we (herein called the "Referrer") act as an agent for the Borrower when referring loans to Private Mortgages Australia Pty Ltd (ABN: 63 600 628 81) ("Private Mortgages Australia") and are in no way acting as an agent for Private Mortgages Australia.
2. To indemnify Private Mortgages Australia against any action by any other party, as a result of our actions in connection with each proposed loan advance.
3. Private Mortgages Australia to pay Referral Fees upon receipt of a valid Tax Invoice within 24 hours of settlement.
4. Private Mortgages Australia to send regular advertising material to the Referrers via email, fax or post.
5. Referrer Fees are payable in accordance with the Fixed Referral Fee table set-out above.
6. Referrers may charge an additional Service Fee up to 1.00% (Plus GST) of the Loan Amount. The Service Fee will be collected from the Borrower at settlement and paid to the Referrer. A Service Fee will only be paid if it is disclosed in the original Indicative Letter of Offer and not otherwise. It is the Referrers responsibility to specify a Service Fee at the time the loan application is submitted, additional Service Fees will not be paid if they are disclosed after the ILOO has been accepted by the client.
7. Referrer's may charge more than 1.00% (Plus GST) of the Loan Amount in addition to the Referrer Fee. The Referrer must have an executed client Mandate authorising the payment at settlement. The executed Mandate must be included in the ILOO instead of a Service Fee. It is the Referrers responsibility to specify a Service Fee at the time the loan application is submitted, client Mandates will not be paid if they are disclosed after the ILOO has been accepted by the client.
8. Pass on any discoveries which may somehow affect any loan which is submitted to Private Mortgages Australia.
9. Referral Fees and Service Fees are payable when the referred loan has settled but not otherwise.
10. Where a Borrower approaches Private Mortgages Australia directly for a subsequent loan, a subsequent Referral Fee will be payable to the Referrer in accordance with the Fixed Referral Fee table set-out above. Please note that any and all Subsequent Referral Fees will not be paid in the event that a new Referrer Mandate is executed by the Borrower directing payment to another Referrer.
11. In the event that the Referrer has an executed Mandate, Private Mortgage Australia will direct the solicitor to pay the Referrer directly from the loan proceeds at settlement. It is the Referrers responsibility to disclose a Mandate at the time the loan application is submitted and will be included on the Indicative Letter of Offer as the Service Fee. Private Mortgages Australia is not responsible to pay Referrer Mandates that are not disclosed.
12. All Referrer Fees and Service Fees (or Mandates) are payable to Aggregators where applicable.