Frequently Asked Questions

CRM Capability (3)

Will LoanKit provide me with new customer leads?

LoanKit offers a variety of ways to help you generate leads and establish a presence in your local area. We also have the option of providing leads to you on a cost per lead basis. This is a no risk way of generating business as payment is only required after the lead is received.

How is 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.

Is my database secure?

LoanKit implements several levels of security to ensure that only the people authorized to look at your customer database can do so. You can control which members of your team can access information about customers based on the concept of “ownership” of customer. Information is further restricted for Affiliate logins to ensure that client and broker confidentiality is maintained.

General Questions (4)

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.

Is LoanKit available to all brokers?

LoanKit offers two flexible models, recognising that every broker’s business is a bit different and needs different levels of support. To find out more about the LoanKit membership models please see Membership Models

How do I become a member?

Brokers interested in the non-exclusive Aggregation service will be provided a Joining Kit, which includes a copy of our contract, commissions schedule and a form that establishes your banking and commission payment instructions. We will give you a list of the supporting documentation we require and information about Credit licensing options. Once we have created your login you can order your Lender Accreditations quickly and easily through the LoanKit software. Book into a training session and you are ready to enjoy the benefits of being a LoanKit broker.

Brokers interested in the Leasing Option will be supplied with a software contract and are then ready to book in for training.

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. If you leave the industry you must retain run-off cover.

Membership & Commission (9)

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.

Is LoanKit available to all brokers?

LoanKit offers two flexible models, recognising that every broker’s business is a bit different and needs different levels of support. To find out more about the LoanKit membership models please see Membership Models

How do I become a member?

Brokers interested in the non-exclusive Aggregation service will be provided a Joining Kit, which includes a copy of our contract, commissions schedule and a form that establishes your banking and commission payment instructions. We will give you a list of the supporting documentation we require and information about Credit licensing options. Once we have created your login you can order your Lender Accreditations quickly and easily through the LoanKit software. Book into a training session and you are ready to enjoy the benefits of being a LoanKit broker.

Brokers interested in the Leasing Option will be supplied with a software contract and are then ready to book in for training.

Do I have to have my own ASIC Credit License?

LoanKit offers three options to Aggregation (non-exclusive) broker members:

  1. Become a Credit Representative of LoanKit
  2. Hold your own Credit License
  3. Hold your own license but take up the Managed License option for full compliance support

LoanKit offers brokers comprehensive information about licensing options and their obligations under the National Consumer Credit Protection Act to make operating in the new licensing environment easy.

Will I get prompt payment of my commission?

LoanKit will forward each commission payment, less the agreed fees, in the fourth week 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 a Recipient Created Tax Invoice

What do I have to pay upfront for this service?

There is no joining fee for the LoanKit service. For more information about the services see Member Models

If I terminate my relationship with LoanKit, do I keep getting commissions?

Brokers who at the time of termination are receiving commission from LoanKit will continue to do so provided that their termination was not as a result of fraud. The only condition to continue receiving commissions (apart from fraud related issues) is that the broker must continue to either maintain continuity of professional indemnity insurance or run-off cover.

Can I have my own accreditations with lenders?

Brokers taking up the Leasing option are free to maintain their own accreditations with lenders. Those joining the non-exclusive Aggregation Service can also maintain their own lender agreements whilst supplementing their panel with the LoanKit panel. For details please see Member Models

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.