How much do mortgage brokers charge?
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 |
| BlueStone | 0.90% + 0.30% (after 18 & 24 months) | 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 |
From time to time we may receive additional referral payments from our business partners. Some advisers may receive payments for referring mortgages, Life and Health insurance, KiwiSaver, currency exchange or Fire and General insurance. Mortgage Lab and the advisers do a significant amount of due diligence to make sure that all referrals are to companies of the highest quality and compliance standards. The decision to refer to a partnering business is based on quality service first and the payment received second.
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