Why do we have fees?
Almost all of our clients don’t pay fees for our services. In most instances, fees (for helping you find the right loan) are paid by the lender.
To ensure we can continue to provide a high level of service to our clients, we will charge a processing fee for smaller loan amounts (under $200,000), clawbacks, unclear credit history or instances where false or misleading information is provided.
If the lender pays you a fee, how do I know I’m getting the best solution for my needs?
At Altitude Capital we don’t want your transaction to be a one-off. We know good business is built on good relationships. We know that if we don’t find you the right solution, we have no right to expect you back in the future – so we’re here to make sure you find the solution that meets your needs, every time.
WHERE FEES MAY BE CHARGED
If you withdraw your application:
If you have engaged our services by signing and returning our Short Application Form and we have completed a Preliminary Assessment and then you decide to withdraw your application or not to proceed with a loan using our services then we will charge you a fee of $660 (including GST) to cover our processing costs.
If we can’t help you:
If we either don’t progress your loan or the lender we choose declines the loan, then you pay no fees unless you have an adverse credit history that you did not tell us about or you provided us with false or misleading information.
If you are using other brokers or lenders:
We work on an exclusive basis only. If we find out that you have applied for a loan with another mortgage broker or lender while using our services then we will charge you a fee of $660 (including GST). Working with multiple lenders at the same time damages your credit history and can greatly reduce your chances of approval.
If your credit history is not clear:
If you have a default/judgment/court writ or bankruptcy listing on your credit file that you did not tell us about, then we will charge you a fee of $660 (including GST). If you are unsure, then let us know and we will do a free credit check.
If you provide us with false information:
If you provide us with any false or misleading information we will charge you a fee of $660 (including GST).
If your loan is under $200,000:
For loans under $200,000 we charge a brokerage fee because lenders pay us significantly less than for other loans.
• Loans under $100,000:- brokerage fee is $1,650 (including GST).
• Loans between $100,000 and $199,999:- brokerage fee is $1,100 (including GST).
This fee is payable at the time of settlement of your loan.
If you repay the loan within 24 months:
If you repay the loan in the first 24 months after settlement then the lender may charge us a fee known as ‘clawback’, because we have introduced an unprofitable loan. Clawback is usually 100% of the commission received in the first year and 50% of the commission received in the second year. If we are charged this fee, then we will in turn charge this fee to you. If you think this may be a problem then we may be able to apply with a lender that does not have clawback.