At Provident depending on what service you require we are paid in 2 different ways.
When acting as a Mortgage Broker for regulated or consumer lending that is Home Loans, personal loans, individual car loans. We are paid a commission by the lender.
Important to note, no matter the commission we are paid by the lender the rates and fees for you loan do not change, rather the banks are paying a commission to brokers in places of a sales wage or bonus they would pay to in branch staff.
Commissions we receive are transparent as part of the application process we will disclose the commission paid to us in or Credit Proposal and the lender will again disclose this in your mortgage contract.
The rates of commission between lenders are much the same, so as mortgage Brokers we are impartial to which lender we recommend. Recommendations will only ever be made based on your particular preferences and needs.
In the case where you have a complex business or commercial finance request, business asset finance or are utilising Provident Cash Flow Advisory services a Fee for Service may be applicable.
In these cases, all fees will be quoted and agreed upon prior to work commencing so there is no confusion about what is to be paid and when.