Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Commissions to continue for Refund

Notify me of new replies via email
Australian Broker | 19 Oct 2011, 09:15 AM Agree 0
Commission payments to Refund Home Loans will continue as usual, but the future of franchisees' trail books is in doubt
  • countrybroker | 19 Oct 2011, 10:45 AM Agree 0
    This is a complete warning to us all, make sure you affrefator is either owned by a large financial instution, has very solid asset backing and a good track record, or has all trails put into a trustee type arrangment,
    if the trails do not continue , ASIC need to be involved to look at how REFUND was run, and if it is found that the law was broken the directors need to be held responsible, The MFAA and FBAA need to get invbolved to try and secure members positions in cases like this.
  • Notarefundfan | 19 Oct 2011, 11:25 AM Agree 0
    That's hilarious. Wait a minute, perhaps if you give more of your commission away you'll be more successful. Business model completely wrong.
  • Experience Broker | 19 Oct 2011, 04:04 PM Agree 0
    The writing was on the wall from day one, cannot see how gullible those who bought the Refund franchise business was thinking in their head.....obviously I dare say most of them were not experience brokers,hence were sold on the model.
    Sorry to rub salt in to the wound but Refund deserves to fail, giving the industry a bad name and encourage banks to cut commissions and increase clawbacks indirectly as they made the bank thinks maybe it is paying too much brokerage as Refunds were giving it away affectiong other brokers income indirectly working for peanuts. Which would be OK if you are monkey and have no expenses to pay!
    How could you possibly survive with the clawbacks and reduction of commissions.....will till you see the next wave of commissions cut from the lenders and I dare say all these dodgy rebate commissions business will be totally cleaned out as they might as well work for free if they want to operate as a business.
Post a reply