Mortgage advisers in New Zealand often are paid commissions from the banks, but this doesn’t mean that they work for free.
Like anyone else in business our advisers need to get paid as this enables them to provide the professional service that is expected.
In many cases advisers get paid commissions from the banks, other lenders but this is not always the case. Sometimes the lenders will add specific adviser fees in the loan offers and at other times the advisers will need to charge an adviser fee directly.Also many banks and non bank lenders have policies where they require the advisers to repay any commissions should the business not continue. In these cases there is a deferred adviser fee charged to ensure that the adviser is remunerated for their work.
Types of Fees We May Charge
Here at Mortgage Managers we have two types of fees that we might charge.
Adviser Fee – we may charge an adviser fee only in specific scenarios, such as complex lending situations, non‑bank lending, or situations where no commission is paid. Any adviser fees are generally included in the loan and paid by the lender on settlement.
Deferred Adviser Fee – this is specifically for bank lending where an adviser has carried out full advice work. When the loan settled and the adviser is paid a commission from the bank, and then if the loan is repaid, refinanced or restructured within the first 24 months then the bank may request that the commission is paid back to them (a clawback). If this is the case then Mortgage Managers may charge the Deferred Adviser Fee.
If a Deferred Adviser Fee is charged then you have 14-days to pay the invoice.
If any fee is going to be charged it will be specified within the Scope of Service provided to you and agreed with you.
To offer clarity we have outlined our commissions, fees and charges here this is also included in the advice given which will be specific to your situation.
These commissions, fees and charges are received by the company (North West Group Holdings Limited t/a Mortgage Managers) and this income is used to operate the business and pay the expenses. The individual advisers are paid a either a salary, retainer and/or commissions and bonuses. The adviser that you work with will disclose details of this to you which will be specific to your situation and the advisers remuneration arrangements.
In summary these are the commissions, fees and charges are as follows;
Please be assured that your adviser will also provide confirmation of the commission, fees and charges personalised to your situation.