A mortgage broker fee agreement should identify the parties, describe the service and state the amount, due date and payment method. It should also explain cancellation, refunds, commissions, privacy, complaints and termination.
This template is a drafting checklist, not legal advice. Have the agreement reviewed for the brokerage’s licence arrangements and the laws that apply to the service.
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Parties And Service
- Client and brokerage legal names
- Broker contact and authorisation details
- Work included in the fee
- Work excluded from the fee
- Start date and end point
Describe the service in concrete terms. If mortgage brokers charge for credit assistance, the agreement should not suggest that payment guarantees approval or a particular lender outcome.
Fee And Payment
State whether the fee includes GST, when it becomes payable and what happens if the client does not proceed. Explain any refund method and the effect of cancellation before or after work starts.
Disclosure And Consent
Keep lender or aggregator commission disclosures consistent with the credit proposal documents. Add the privacy notice, complaints route and authority to obtain information. Provide enough time for the client to read the agreement and ask questions.
Signatures And Records
Include the date, signatures and acceptance method. Give the client a complete copy and retain evidence of acceptance. Review the template after a fee change or compliance update.
