How much do mortgage brokers charge?

Question

Mortgage Lab · Accepted Answer

Almost all Mortgage Lab services are at no direct cost to you as our brokers get paid a commission by the banks and other lenders when a mortgage is finalised or refixed.

The exceptions to this:

If a mortgage is paid off or discharged within 27 months, a fee may be incurred. See our FAQ: What if I sell my home or refinance my mortgage shortly after using a mortgage broker?
Finance companies may require a fee to be added to the loan rather than paying us a commission. You'll always be made aware of these fees long before they are locked in.
If, following the service provided by the adviser, you elect not to continue engaging Mortgage Lab to settle the mortgage or finalise the insurance product, the adviser may charge you an hourly rate of $250 for the work provided. The maximum charge we will typically invoice for is $2,500.

The commissions paid are below. These commissions are accurate at the time of writing - 15th March 2021

Lender	Upfront	Trail	Refix
ANZ	0.85%	N/a	$150
BNZ	0.55%	0.15%	N/a
ASB	0.85%	N/a	$150
Westpac	0.60%	0.20%	N /a
Sovereign Home Loans	0.60%	0.20%	N/a
ASAP Finance Limited	Fee Charged	N/a	N/a
Avanti Finance	Up to 0.80%	N/a	N/a
Cressida	Fee Charged	N/a	N/a
DBR	Fee Charged	N/a	N/a
First Mortgage Trust	Fee Charged	N/a	N/a
Heartland Bank (Reverse Mortgage)	1.50%	N/a	N/a
Liberty Financial	0.60%	0.15%	N/a
NZCU (Personal Loans)	1.00%	N/a	N/a
RESIMAC	0.60%	0.15%	N/a
SBS Bank	0.80%	N/a	$150
Southern Cross	Fee Charged	N/a	N/a
The Co-operative Bank	0.70%	N/A	$150

How much do mortgage brokers charge?

How much do mortgage brokers charge?

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