Understanding broker commission payments

The timing of your upfront commission payment depends on the arrangement you have in place with your aggregator. We pay commissions to your aggregator on or around the 20th calendar day of each month for home loans.

The calculation of upfront commission payments occurs:

• after settlement, and
• at the 12 month anniversary (if applicable).

Upfront commission on construction loans is calculated on the full approved loan limit, assuming all progress payments are made.

Construction loans follow the same clawback policy for a home loan.

An internal refinance occurs when a customer with an existing Macquarie home loan refinances to a new Macquarie home loan. The calculation and payment of upfront commission depend on the type of home loan they had.

• For a home loan facility with a BSB starting with 182, if the new loan has any common security or borrower(s), the upfront commission is calculated based on the difference between net loan balance of the previous loan and the new loan. Additionally, a new trail commission will be paid on the refinanced loan.
• For a home loan facility with a BSB starting with 183, a new upfront commission and trail will be paid on the refinanced loan.

There may be some instances where you may be expecting a commission payment and don’t receive one. You should first raise this with your aggregator.

Please refer to your aggregator in the first instance if you have a commission query related to your principal increase application.

Our commission clawback policy applies to all home loans, including construction loans. Where the home loan facility is fully discharged:

• prior to 12 months after the settlement, 100% clawback will apply, and
• from 12 months to 18 months after the settlement date, 50% clawback will apply.

In accordance with your obligations under the Macquarie Broker Code of Conduct, you must not deliberately attempt to influence a commission outcome. For example, you shouldn’t ask or suggest to your customer to put funds in their offset accounts on particular dates to inflate commission calculations.

Please refer to your aggregator in the first instance if you have a commission query.

If you choose to move to a different aggregator, we’ll continue to pay trail to the aggregator you were with when these loans were settled. Please refer to your initial aggregator for more information. 

We’re unable to transfer existing loans to a new aggregator or to a new broker.

You’re also unable to discount your trail commission for a cheaper rate.  

If you haven’t been paid your trail commission this month, it may no longer be payable for several reasons. These include:

• The home loan facility has been discharged, or
• The principal balance is below $10,000, or
• The home loan facility is more than 60 days in arrears.

Before escalating, check Broker Portal to see the status of the home loan, including whether it has discharged (e.g. the account has been closed) or what the current balance is.