Frequently Asked Questions
- Do I have to become a "Loankit" broker or can I keep my brand?
- Is Loankit available to all brokers?
- What do I have to pay for this service?
- How hard is it to become a member?
- Do I have to maintain my own Professional Indemnity Insurance?
- Will Loankit provide me with new customer leads?
- Will I get prompt payment of my commission?
- How is the Loankit software kept up to date?
- What do I have to pay upfront for this service?
- If I terminate my relationship with Loankit, do I keep getting commission?
- Who owns my clients? Especially if I leave Loankit?
Do I have to become a "Loankit" broker or can I keep my brand?
Loankit is not a retail brand so you don't change yours when you join us. All communications will appear to be coming directly from you and the borrower will be unaware of the presence of Loankit.
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Is Loankit available to all brokers?
Loankit is an Aggregator and we provide our tools and services only to members who have joined our aggregation service
for a very low flat-fee aggregation cost. Our member brokers can receive our fantastic software and tools and also
receive top commission rates. For experienced independent brokers this is an unbeatable offer of flat low fees
coupled with fantastic software and tools, allowing them to improve the bottom line of their business whilst
gaining access to business-winning software.
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What do I have to pay for this service?
Option 1
You will receive 100% of your upfront and trail commission as a member of Loankit. Instead of charging a percentage of
the commission you earned, we charge a flat fee on your upfront commission and also a flat fee per month on each
settled loan - regardless of the size of the loan. Split loans count as 1 loan and hence are charged just 1 fee
regardless of the number of splits in the loan.
These fees cover you for our aggregation commmission and the services Loankit has to offer
(there are some optional services which may cost additional fees should you choose the optional services).
In addition we charge a monthly Licence Fee of $100 (+ GST) which is waived if you achieve certain volumes.
If you settle 4 or more loans in a month, Loankit will waive this Licence Fee.
The upfront and trail fee varies depending on the state you reside in.
| Fee Type | NSW | QLD & ACT | VIC | WA, TAS, SA |
| Upfront | $175 | $145 | $155 | $125 |
| Trail | $5 | $4 | $4 | $3 |
Option 2
A high volume broker has the option of paying a flat monthly fee of $1000 (+ GST). This fee will cover all settled loans and trail commissions regardless of volume or numbers settled in the month.
This option is not available to WA brokers.
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How hard is it to become a member?
Your Loankit representative provides you with a Joining Kit, which includes a copy of our contract, commissions
schedule and a form that establishes your banking and commission payment instructions. You provide us with the list of
your current accreditations so that we can have them transferred to our Aggregator arrangement. Once complete,
it takes two days to get you up and running
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Do I have to maintain my own Professional Indemnity Insurance?
When you join Loankit, and every subsequent year, you will be asked to show that you're keeping your professional indemnity insurance current. We will provide you with information about the level of insurance required.
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Will Loankit provide me with new customer leads?
We will help you increase your leads through your current clients, help you achieve more successful conversions and provide support for your relationship with referrers. We do not offer a service of new leads as they are generally much harder to convert than those generated from your own client base.
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Will I get prompt payment of my commission?
Loankit will forward each commission payment, less the agreed fees, on the 26th of each month.
All commissions will be transferred electronically to your nominated bank account. Within Loankit you can nominate
commission splits to be paid to your referrers which will occur at the same time.
For each payment run you will receive Recipient Created Tax Invoices confirming the commission payments that have been
made.
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How is the Loankit software kept up to date?
Every time you login, Loankit will ensure you have the latest product information, assessment calculations and lender notices. You will be connected to the Loankit server via the internet and will always have access to the most up to date information, calculations and services.
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What do I have to pay upfront for this service?
There is no joining fee for the Loankit service. See What do I have to pay for this service?
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If I terminate my relationship with Loankit, do I keep getting commission?
You will continue to receive your commissions, however Loankit reserves the right to hold back on the first payments to
cover possible future clawbacks. Once the clawback period expires for each loan, any retained commissions are released
to you.
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Who owns my clients? Especially if I leave Loankit?
Your clients are your clients. If you leave, we will not contact your clients with the periodic Newsletters or CRM contacts and will be unable to continue offering them the services of the customer software.
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