How does a Craig Pope Financial mortgage broker get paid?

The bank which provides the home loan pays us a commission on settlement for our time and work. So normally our service is paid for by the banks. However, there are some typical conditions:

1. The loan must stay with the bank for up to 28 months.
Otherwise, we may have to repay some or all of that commission. This is called “clawback”. A fee may be applicable to cover our time if this happens, refer to our Scope of Service.

2. You must use us exclusively to arrange the loan for you. If you are also looking to obtain a loan directly, or use another broker, then we may not get paid for our time and thus may charge a fee. It’s important to communicate your intentions early to us and disclose everything.

If you work with us exclusively to arrange your loan, there is usually no fee as the bank pays us for our time. However, on the rare occasion where a fee is charged, it is agreed in advance. It is usually for:

1. Bridging finance when all or most of the loan will be mostly or completely repaid within a short period,

2. Occasionally for commercial and business loans,

3. Short-term loans for debt consolidation, to avoid mortgagee sales and adverse credit, or

4. Any loan where the bank or lender doesn’t pay us a commission or not enough to cover our time,
5. Sometimes in the event of “clawback” as mentioned above,
6. Complex non-bank lender applications.
7. More in depth financial or mortgage reviews