Brokers offer cash back on mortgage commissions
Mortgage brokers receive a significant commission from banks and lenders on home loans they sell. Some brokers give borrowers a rebate on some of these up front and trailing commissions.
Peach Home Loans has been doing this for many years. They have been joined by some other ‘cash-back’ brokers including YourShare. YourShare director Paul Brady says the company has been swamped by enquiries since opening about three months ago.
Brady said he started the company when he realised that after ten years he was indirectly paying his broker about $600 per year through his loan repayments, despite not having heard from the broker for many years.
Source: Sydney Morning Herald