FAQ’s
What does this service cost the clients who we refer?
Nexus Partners does not charge clients a fee to use this service. We receive mortgage referral commission which is paid to us by the lender once a successful mortgage referral has been completed and we pay your share of the commission in the month following settlement.
This commission does not affect the interest rate that the client is offered as the lenders view it as a cost of acquisition of a new client.
Why would i use this service/channel over a mortgage broker?
With Nexus Partners/mortgage referral, your client still gets their lending requirements fulfilled with the most competitive and suitable outcomes from a range of lenders. You however will receive a much larger portion of the revenue generated by introducing the client.
Mortgage Brokers generally keep most or all of the commission. Nexus Partners will pay the majority of this commission to you
Does the client have a choice of lenders, and what if they do not have a preferred bank they wish to be contacted by?
Clients can request to be contacted by up to two preferred lenders from our panel who can compete for the opportunity to win the clients business. We have a range of direct to lender options as well as fully brokered solutions with access to 30+ lender including the majors, both of which provide you with attractive commission structures
What are my compliance obligations?
If you don’t hold an Australian Credit Licence, there are legislative guidelines that you must follow. These include restrictions on the advice that you can provide clients around mortgage products as well as requirements around gaining clients consent and passing their details to a bank, and disclosing any commission payments.
As part of our onboarding process, and ongoing regular communication to Referral Partners, we provide information regarding this and assist you in ensuring your activities are compliant with the associated ASIC legislation.
Can i access commercial lending products?
Yes, with your Nexus Partners referral agreement, in additional to residential lending you have access to referral solutions for Commercial, SMSF & Private Lenders, including development finance. Our experienced Commercial BDM team are helping referral partners access some great solutions through a range of commercial funding options. Call our Commercial BDM team to discuss a client scenario
When does commission get paid?
You will receive commission towards the end of the month following the month that the loan settled. For example, if the loan settled on the 15th May, you will receive the commission payment by the end of June. The reason for this delay is because Nexus Partners dont receive the commission from the banks until just before this time, and then need to process the payments to you.
We will deposit the payments directly into your nominated bank account and you will receive a RCTI (recipient created tax invoice) outlining where the commission was generated from.
Can i contact my banker directly about a referral opportunity
Yes you can, however it is compulsory that you also send the referral via our referral management portal Nexus Connect
Are there minimum volume requirements for the number or value of referrals sent?
No. We understand that this is not your core business and therefore do not wish to restrict the service only to high volume referrers