Chris Bates
speaker
1,659 appearances
5 recordings
1 series
first heard Jun 2021
last heard Dec 2022
Chris Bates’s voice in public audio — every appearance, attributed to the second.
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Appearances
And we say, here you go.
Here's a great customer that you can lend to.
And so that's why they pay mortgage brokers.
So how much money do they make?
Generally speaking, they make 0.65%.
times the loan amount.
So a $500,000 mortgage would be about $3,200.
That's how much the broker would make upfront.
If you leave that bank though, let's say you go to a broker and in a year's later, you want to refinance.
If it's under 12 months, the broker has to give all that money back to the bank.
There's a 100% clawback.
If it's in two years, they usually have to give 50% of that money back to the bank.
because the bank's not making any money really.
Then ongoing, the bank gives a broker 0.15% times the loan amount.
So every $500,000, the broker makes $750 every year for servicing.
And that's a be there really for that port of call.
If someone wants to change their loan to fixed versus variable, which we're going to talk about, or extend interest only, or consider a renovation, that's where a broker can add a lot of value and talk a client through.
And that's what that's really painful.
It's a cost for them, really.
If you come and you leave, that's a cost for them to set up.
Showing 1161–1180 of 1,659 · page 59 of 83
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