BOLT Commission Model
For standard applications, the BOLT processing team will deduct either $385.00 (inc GST) or 30% from the Total Commission, whichever is the greater amount.
Add Origination Fee: $385.00
Total Commission: $1110.00
Broker Split: $725.00 ($1110.00 - $385.00)
Add Origination Fee: $770.00
Total Commission: $3270.00
Broker Earn: $2289.00 ($3270.00 - $981.00)
For “Tick n Flick” referrals you will be paid 50% of the upfront brokerage included in the transaction (as determined by the BOLT processing team).
Note: This 50/50 commission split is calculated AFTER the BOLT processing fee of $385.00 has been deducted.
Less Processing Fee: $385.00
Total Commission: $865.00
Broker Earn: $432.50
How do I work out my commission in BOLT?
When you calculate a quote in BOLT, the results displayed show the maximum total commission amounts you will earn (by lender) for your transaction.
Note: The “Broker Split” amount is what you will earn AFTER the BOLT processing fees have 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.
Note: 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
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 lender and once processed by our Commission team, they will be forwarded to you on either a Tuesday or Thursday after settlement has been affected.
Our Commissions team will also email an RCTI for your commission and accounting records.
Note: 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.
Unfortunately Connective cannot pay any commissions until it has been received by the lender irrespective of the settlement date of your deal.
Do I need to provide a tax invoice for my commission?
No. The BOLT 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.