BOLT Commission Model
For standard applications, the BOLT team will deduct a processing fee or commission split from the Total Commission included for your transaction. The following processing fee OR 30% of the total commission will be deducted - whichever is the greater amount.
From 15th April 2019 the minimum BOLT processing fees are:
- $360.00 + GST for CONSUMER LOAN transactions.
- $495.00 + GST for COMMERCIAL Loan transactions
Example 1 (Consumer Loan)*
Origination Fee: $500.00
Total Commission: $1100.00
Broker Split: $704.00 (ie/ $1100.00 - $396.00)
Example 2 (Commercial Loan)*
Add Origination Fee: $550.00
Total Commission: $3050.00
Broker Split: $2135.00 (ie/ $3050.00 - $915.00)
For “Tick n Flick” referrals you will be paid 50% of the upfront brokerage or commission included in the transaction (this is determined by BOLT).
Note: The 50/50 commission split is calculated AFTER the BOLT processing fee of $360.00 + GST (Consumer Loans) or $495.00 + GST (Commercial Loans) has been deducted.
Example (Consumer Loan)*
Less Processing Fee: $396.00
Total Commission: $854.00
Broker Split: $427.00
*GST Inclusive commission amounts.
How do I see my commission in BOLT?
When you calculate a quote in BOLT, the results displayed show the maximum total commission amounts you can earn (by lender) for your transaction.
Important: The “Broker Split” amount is what you will earn AFTER the BOLT processing fee or commission split has been deducted.
You can then customise the Origination Fee and/or the Customer Rate down to a level that is satisfactory to both yourself and your client.
Each time you change the Origination Fee or the Customer Rate you will need to re-calculate the quote.
Important: BOLT will only produce quote results from lenders whose credit policies and guidelines match your client/quote scenario.
Lender quote results can also be sorted into ascending or descending order by clicking on the following text:
- Monthly Repayment
- Customer Rate
- Broker Split
By clicking on the “Info” button for each lender quote the following information is displayed:
- Amount Financed
- Monthly Account Fees
- Brokerage Amount
- Origination Fee
- Bank Set Up Fees
- Lender Base Rate
- Total Commission
How and when do I get paid for BOLT deals?
Commission payments are paid directly to Connective by the lender and once processed by our Commissions Team, they will be sent to you on either a Tuesday or Thursday after settlement date.
Our Commissions Team will also email an RCTI for your commission and accounting records.
Important: Some lenders do not pay commissions at settlement.
For example, Macquarie Leasing does not pay commissions for consumer loans until the end of the month.
Therefore commissions cannot be paid by Connective until they has been received from the lender, irrespective of the settlement date of your deal.
Do I need to provide a tax invoice for my commission?
No. The BOLT team will invoice the lender directly for your commission at settlement of the transaction.
You don’t have to do anything from an invoicing perspective.