Frequently Asked Questions
Everything you need to know about Mortgage Broker Funding
How soon can I access my Mortgage Broker Advance?
Mortgage Factor pays within 24 hours of receipt of your advance application. That means cleared funds in your account!
How are the fees determined?
Mortgage Factor advances anything up to 100% of the unsettled commission, minus the cost of the fees. The fees are calculated at an affordable rate per day and there is no upfront cash required from you. To find out the cost of your mortgage broker advance commission, please click here.
Is the service confidential?
Yes. The service is totally confidential.
Must I sign up for a minimum period?
No. With Mortgage Factor, there’s no sign-up cost, no annual fees and no lock-in contracts – just pay for what you use, whenever you need it.
What if the sale is delayed or does not occur?
You have the choice of replacing the transaction or simply repaying the commission advanced.
Are the fees tax deductible?
Yes. If you are applying for it as a business payment to help grow your business the interest charged will most likely be deductible. However, for your peace of mind, we always recommend that you confirm this with your accountant.
Can I repay the advance early?
Yes. You will also receive a refund of fees paid.
How do I receive the commission?
The commission can be electronically transfered to a nominated bank account or a cheque issued if you prefer.
When do I repay Mortgage Factor?
At settlement, you account to us for the commission, similar to how you would account to yourselves at settlement for commission you are owed.
Can I use Mortgage Factor if we already have an overdraft or business loan?
Yes, you can use our advance commission services alongside your existing funding arrangements without any hassle.
What are the terms and conditions of the Price Beat Guarantee?
We’re committed to offering our members the most competitive rates around. So as soon as your agency is pre-approved as a member, you will have instant access to our Price Beat Guarantee, plus the peace of mind that you’re enjoying the best rate on the market.
If any genuine competitor offers you an advanced commission rate that’s lower than ours, show us and we’ll beat it by 10%!*
*See below for the terms and conditions
What are the terms and conditions of the Best Price Guarantee?
Here’s the fine print on our special offer:
• The Price Beat Guarantee cannot be redeemed in conjunction with any other offer
• Competitor must be an Australian Registered Company
• Competitor rates must be verified and current
• Competitor rates must be of a lower rate and also non-conditional
• Subject to compliance with the standard advance applications and terms & conditions
FREE TO JOIN. APPLY IN MINUTES.
FUNDING IN HOURS ON YOUR TERMS.