Commission Refund Tips.

• Look past the “Razzle & Dazzle” of the home page and read the fine print. It will save you money!

• No one refunds 100% of the trailing commission.

  • Don’t be misled by advertising.
  • All providers have to retain part of the commission to pay for the service.
  • Look in the fine print, the Terms and Conditions or the Financial Services Guide and it will show the amount retained.
  • Most retain 50% up to a certain level then refund 100%
  • Refund Easy refund 60% of the first $700 and 100% above that per annum.

• Check to see if couples get a discount.

  • Some providers use threshold per person
  • Some levy a fee per account
  • Refund Easy treats couples as singles and only applies the one threshold and pools their commission refund which provides a bigger refund.

• See how often you will receive your refund?

  • Is it annually, twice yearly, quarterly or something else
  • Refund Easy make refunds every quarter

• What happens if you close your account or leave a provider?

  • Will your accrued commission be paid or forfeited?
  • Refund Easy always pays out any commission we receive, even if you leave or close your account for whatever reason.

• If the pricing changes in the terms and conditions will your policy automatically benefit from the better rates?

  • Once again check the Terms and Conditions or the Financial Services Guide for details on this.
  • A section may say that ‘The original terms and conditions apply to clients who joined before a certain date”.
  • Don’t be stuck with an expensive plan
  • Refund Easy automatically upgrades any terms and conditions to all existing clients without them having to request it.

• The English language can be used in many ways to explain the same thing.

  • Don’t buy the “spin” ask these 2 questions:
    • How much commission, in dollar terms, do you estimate you will collect for me?
    • How much of this will you, as a refund provider, keep for providing the service?

• Refund Calculators?

  • Make sure you are comparing “apples for apples”
  • Make sure you are aware of the commissions set in the calculator. i.e. are they .4% or .5% or.6% of the investment/super balance.
  • Do they show you a net refund after the refund providers have taken their costs out?
  • Refund Easy calculators show the net estimate after our costs.

• Do I have to start a new product to get a commission refund?

  • In some cases yes.
  • Not all product providers allow the transfer of commission from one broker to another without a new product being set up.
  • Will you receive advice on the benefits lost if you change a policy?
  • Ask yourself “Is it worth changing just for the commission?”
  • Refund Easy do not offer “alternative products from just one product provider ” to enable clients to obtain a commission refund. We would prefer you sought advice from a broker in that field to ensure you do not lose benefits just to gain some commission.

• Research, Awards and Comparisons can be subjective depending on the questions asked

  For example

  • A fully optioned V8 Holden Statesman will always win an award against a base model Holden Barina if the main weightings are given to options and features at the expense of price
  • On the other hand a base model Holden Barina would likely win an award against the same fully optioned V8 Holden Statesman if high weightings were given to an economical way to get from A to B for the price conscious.
  • Do your own research.
  • You can choose what sort of vehicle is right for you.

• Real Estate Commission Refunds?

  • This is probably going to be the biggest transaction you complete in your life.
  • Is it better to:
    • Get a commission refund or
    • Get the best agent in your local area to work on getting the best price for your property.
• Real Estate is a very competitive industry.
• Look in your local paper for the local agents with good sales results
• Get quotes from 3-4 agents
• Negotiate with the one you feel most comfortable with. Haggle over their fees and you might be surprised at what you can achieve.
• Refund Easy don’t offer this service for the above reasons.

• How much commission are you really having your refund based on?

  • Sounds an obvious question… or is it?
  • Is your commission based on 100% of what the product provider is paying or
  • Is it based on 100% of what a third party intermediary, such as a mortgage broker or general insurer, is paying the commission refund provider?
  • An example of this is for a mortgage:
    • The bank may pay an upfront commission of .6%
    • A mortgage broker may pay 50% of that 100% to the commission refund provider which would be .3%.
• Depending how the commission refund providers business is structured, i.e. whether they deal directly with a the bank or use a mortgage broker, will depend on how much you actually receive.
• Refund Easy believes we are transparent with terminology we use when explaining our refunds.

• Value for money

  • Each provider offers something different
  • Ask yourself
    • “What services am I likely to use”
    • “Do I feel I’m getting value for money”

• Last but not least

  • Ask questions
  • Ring us on 1300 992 889
  • Send us an email at info@refundeasy.com.au
  • How many times have you heard “There is no such thing as a silly question”
  • We are available and happy to answer any questions you may have.

• Price matching

  • We refuse to be beaten on price for the products we offer refunds on
  • If you find a better deal we will beat it by 20%

Learn how YOU can claim your refund!