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Advantedge takes aim at 100% clawbacks

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Australian Broker | 01 Jul 2011, 05:45 AM Agree 0
Advantedge Financial Services has taken aim at major bank clawbacks, with its new clawback structure introduced from today
  • eberand | 01 Jul 2011, 11:16 AM Agree 0
    well done Advantedge. Finally an initiative to truly partner and reflective in the mortgage growth figures. More than anything else its a true sign of good faith, where are the others , some of whom leave a lot to be desired in my view
  • Mark | 03 Apr 2014, 07:43 PM Agree 0
    The clawback issue needs to be resolved as soon as possible. There is no recourse for the broker/introducer for when a client leaves a particular Lender 12months later because they're not happy with that Lender or its service. The Broker has done their job and the Lender has basically destroyed the relationship and the reputation of the broker - and is then penalised further by the Lender. This has to change.
  • oldBroker | 04 Apr 2014, 10:26 AM Agree 0
    @Mark. It's even worse because there is no contractual rationale for clawbacks. It is at the whim of the product supplier. I can see a lender clawbacking an upfront because the client fully utilizes the 100% offset. Why not? The lender is making no money on the loan so what is the difference?
    For Ms Sale to say previously that clawbacks are transparent and above-board is ludicrous. Clawbacks are at the whim of the supplier.
  • JRR | 30 May 2014, 06:04 PM Agree 0
    A number of clawbacks come to mind $4,500.00 just before Christmas last year, $4,700.00 mid way through last year and most recently a further $2,700.00. At what stage are we able to be paid for the introduction of business to the lender? Lenders make their interest in the period of time all we do is work for free on the proviso that the money can be clawed back up to 2 years after work is complete. There has to be a new look at this crazy uncompromising way of looking at our work as brokers and valued business partners to banks. We provide upward of 50% of new business to banks each year. We have a voice.
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