How We Get Paid?
FSP will place your mortgage with the lender we think will best cater for your needs or with your preference while looking for the best rates, products and/or service for you.
With over 40 residential lenders offering finance there is no shortage of choice.
We are happy to deal with whichever lender you prefer even if it is one that has stated it will not deal with brokers (BNZ) and a few others like Kiwi bank or TSB who will not pay us for the introduction of your business either. Note: We will likely look to you to reward our efforts though.
However in most cases the lender, lucky enough to win your business, will pay us a commission on draw down (settlement) of your loan. Until recently some lenders would pay us a retainer (trail) to ensure we were available for you at any time. Although this has now largely been stopped we are happy to provide ongoing advice around your lending, and to arrange to refix interest rates as required.
We have clients who have lending with BNZ, Kiwi bank and also TSB for which the lenders did not pay us and we did not seek to charge our clients (but we do retain the right to discuss a fee for new borrowing.)
We provide residential mortgage broking free to you in most cases, whoever you wish to choose.
We usually charge a minimum $500 or 1.25% (This could be higher or lower, if negotiated prior to any action on our part) on the total amount of lending we have approved, less what ever the lenders contributes. We only charge if the loan is drawn, except where another broker has been working on the same application then a $500 fee is charged for our time and effort. If you change your mind or it did not work out we may only seek the minimum fee of $500 to recover costs.
We live by our slogan “Our aim, your gain”
We seek to add value to you.