Using Madd as your mortgage broker is usually a free service as the banks pay us a commission for doing the work on your home loan, however in some circumstances we need to charge a fee for our services. See below a breakdown of our fees and why.
Loan under $200,000
$2,000 + GST – Total $2,200
To complete a home loan application from start to finish is over 15 hours, therefore, when a home loan is under $150,000 the commission alone is not enough to cover the expenses incurred by MADD to complete the job.
Self-managed super funds
$3,500 + GST – Total $3,850
For a self-managed super fund the time to prepare the application, liaise with your Accountant/lawyers and work with the specialised lenders is double the time than a normal loan, therefore we need to charge a fee as the commission alone is not enough to cover our costs.
Some lenders pay us a brokerage and some prefer we charge our client via a mandate. This is case by case depending on the type of commercial loan, your broker will discuss this with you upfront.