Terms, conditions and eligibility

Payments to Charities, Not for profits and clubs

For a payment to be made, the loan must be an eligible loan.
Eligible loans must be over $200k in borrowings (net of offset)
Eligible loans include residential home loans, including purchases and refinancing. SMSF loans for residential properties is also acceptable. Commercial property loans will be subject to management discretion. Property Development finance, or loans for property development activities, are excluded.
Cash outs and internal refinancing is not eligible, however management discretion to apply.
Any loan refinanced or adjusted during the clawback period will not qualify as an eligible loan.
Payments made are based on the settlement commission (upfront commission) received by the business. The settlement commission is generally received in the month after settlement (usually the end of the month). The business will make every effort to make the payments within 2 weeks of receipt of the settlement commissions. Noting that sometimes there are issues receiving commissions from banks and aggregator.
Settlement commissions are calculated on the actual amount received and may differ to estimates. These payments are affected by offsets, aggregator commissions and lender commission rates. The amounts are calculated excluding GST. The payments are expected to be treated as donations by the receiving organisation and not subject to GST.
Additional settlement commissions are sometimes received from lenders, relating to subsequent drawdowns or adjusted offset balances, construction drawdowns etc. Any additional payment will be at managements discretion based on the nature of the transaction and size of the payment involved.
Any clients for whom we have received a prior clawback (or will based on the current transaction) will have any payments adjusted based on the payments previously made and the value of the clawback. Joint Applicants where one of the applicants has been involved in a loan with a clawback (as a single or joint applicant) will be adjusted based on the value of the prior clawback.
Management can offer payments on other products at different terms based on commissions involved and its own discretion.
If management is aware of future changes to the loans and funding that would affect the overall commissions received (including clawbacks), then payments can be withheld until the overall situation is clear and payment can be correctly calculated.
Separate payment arrangements can be made with clients/recommending partners if mutually agreed by both parties.
Payments for referral partners or recommendations will be limited to eligible loans settled by the client in the first 2 years, starting at the settlement of the first loan. After this period, the client is considered an existing client and not eligible for additional payments to referral partners (excludes payments made for clients on eligible loans).
Management may provide other payments and incentives, gifts etc, in addition or in place of this payment at its own discretion. Management may choose to pay an amount that is higher if it chooses. This does not mean a higher payment is due on future loans.
Management reserves the right to use its own discretion at any time to allow, disallow or adjust payments or alter the percentage amounts for payment calculations. Management will inform the parties involved if this is the case.

For any queries regarding these terms, conditions and eligibility, please contact Chris Burke on 0412 494 943 or email chris@goodcausefinancial.com.au