Mortgage advisers and insurance advisers in New Zealand often are paid commissions from the banks and insurance companies, but this doesn’t mean that they work for free.
Like anyone else in business our advisers need to get paid as this enables them to provide the professional service that is expected.
In many cases advisers get paid commissions from the lenders and insurance companies but this is not always the case. Sometimes the lenders will add specific adviser fees in the loan offers and at other times the advisers will need to charge an adviser fee directly.
Many banks, non bank lenders and insurance companies also have policies where they require the advisers to repay any commissions should the business not continue. In these cases there is a deferred adviser fee charged to ensure that the adviser is remunerated for their work.
To offer clarity we have outlined our commissions, fees and charges here this is also included in the advice given which will be specific to your situation.
These commissions, fees and charges are received by the company (North West Mortgages Limited t/a Mortgage Managers) and this income is used to operate the business and pay the expenses. The individual advisers are paid a either a salary, retainer and/or commissions and bonuses. The adviser that you work with will disclose details of this to you which will be specific to your situation and the advisers remuneration arrangements.
In summary these are the commissions, fees and charges are as follows;