BOLT Commission Model
For standard applications, the Nodifi 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 Nodifi).
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 work out my commission in BOLT?
When you calculate a quote in BOLT, the results initially displayed show you the maximum total commission you will earn (by lender).
This is displayed in the “Broker Split” column.
Note: The “Broker Split” amount is what you will earn AFTER the processing fees or commission splits have been deducted.
You can then customise either the Origination Fee or the Customer Rate (or both) 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.
Note: BOLT will only produce quote results from lenders whose credit guidelines match your client/quote scenario (eg: age of vehicle or equipment).
Lender quote results can also be sorted into ascending or descending order by clicking on the following text:
- Monthly Repayment
- Customer Rate
- Broker Split
Also, 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
Important: Please note the “Broker Split” quoted may NOT be the final commission you receive. Refer to “What is the Commission Model for BOLT” section below.
How and when do I get paid for BOLT deals?
Commission payments are paid directly to Connective by the lenders.
Once received and processed by our Commission team, they will be forwarded to you on the following Tuesday or Thursday after settlement has been affected.
Our Commissions team will also email you an RCTI for your commission and accounting records.
Note: Some lenders do not pay commissions at settlement. For example, Macquarie Leasing and Latitude Financial do not pay commissions for consumer loans until the end of the month.
Hence, Connective cannot pay any commissions until they have been received from the lender irrespective of the settlement date of your deal.
Do I need to provide a tax invoice for my commission?
The Nodifi processing 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.