HomeSec Partner Agreement
As a Broker Partner, as noted on the Broker Partner Sign-Up form (herein referred to as You), You agree that by proceeding with online Broker Partner accreditation with HomeSec Business Finance Ltd (HomeSec), You have read, understand and digitally agree to the Terms and Condition stated in this Partner Agreement.
You agree that you are not an employee, contractor or agent of HomeSec.
You are unable to bind HomeSec in any way, and must not purport to do so.
When you introduce a loan or loans (Referral) to HomeSec, you agree that you act solely for the borrower you are introducing to us to consider for a loan.
You must use reasonable endeavours to ensure that information provided to us in relation to a Referral introduced to us, by you is accurate.
You must not provide any information which you know or ought to have known is or is likely to mislead or is fraudulent.
You authorize HomeSec to pay your Brokerage Fee (as defined below) to You on an RCTI, and remit the Broker Fee directly into your nominated bank account (as supplied by You when you sign up with HomeSec)
You authorize HomeSec to send regular advertising material to you via email, phone, SMS and post.
You agree to pass on any discoveries which may somehow affect any loan which is submitted to HomeSec.
HomeSec agrees to follow up all Referrals (both electronic and verbal) as soon as they are received, and no later than 1 business hour from the time of receipt of the Referral.
All information including outcomes and updates will be conveyed to You in a timely manner.
HomeSec agrees to pay You a Brokerage Fee within 24 hours of the settlement of each loan Referral sent from you to HomeSec, and funded by HomeSec.
BROKER PARTNERS:
Brokerage Fee. On New Referrals, if You are a Broker Partner and you wish to apply a Broker Fee, and/or interest trail on each loan Referral to us, you will be required to state this figure/s to us in writing (by email or at the top of the Partner Application Form)
Brokerage Fee:______ % of the loan Gross Loan Amount*
Additional Trail:_______% per month*^
*Please note: Brokerage Fee & Trails are subject to approval by HomeSec. We advise that the Brokerage Fees and Trails are added to our standard Establishment Fee & Interest rate. This means the cost is passed onto the borrower. This may affect the competitiveness of the loan offer.
You agree to always quote your Broker fee and Trail to HomeSec on a “GST INCLUSIVE” basis.
You understand that any Brokerage Fee is only payable when the loan you have made to HomeSec as a Referral has been funded by HomeSec.
Trails.
^Trails are not automatically applied to a loan. You need to specifically request a Trail on each loan Referral.
^Trails are paid when the loan Referral sent by you and funded by HomeSec is fully repaid, and has not gone into default. Should a client make monthly interest payments and the loan is not in default, your Trail will be paid to You monthly when the Borrower makes their Interest payment to HomeSec.
Repeat Loans or Further Advances.
If a loan Referral made by You has been funded by HomeSec and the same Borrower applies for addition funding to an existing HomeSec loan, or requests a subsequent advance after the previous HomeSec loan has been repaid, HomeSec will pay You the same Partner Broker Fee that was paid to You on the initial Referral. If a Trail was applied to the initial Referral, that same Trail will apply to additional or subsequent advances to the same Borrower.
A Broker Free, or Trail on Repeat Loans or Further Advances is only calculated on Fresh Capital. Fresh Capital is new or additional capital advances, and it is not calculated on capital already advanced.
REFERRAL MANAGEMENT POLICY
1.REFERRALS
i. Referrals are treated on a first-in first-allocated basis. They are allocated against the first
source or as otherwise provided in accordance with this Referral Management Policy.
ii. Partner Preference rules:
a. Partner then another Partner: Leads are owned by the first Partner delivering the Referral for
the first seven (7) calendar days (regardless of product);
b. Partner then Direct: Referrals are owned by the last referring (non-duplicate) Partner
delivering the Referral for the first 90 (ninety) calendar days from the relevant Referral
(regardless of loan product);
c. Direct then Partner: Referrals that are referred by a Partner (regardless of product)
that have previously come through Direct, will be allocated to that referring Partner (in
accordance with the above rules).
iii. After the relevant period, the Referrals are back “on the market”, however the first source
can continue to conduct their own lead nurturing activities.
2. APPLICATIONS
i. An “in progress (not yet submitted)” application is treated the same as a Referral in
accordance with the ‘Referral’ rules set out in section 1 above (with no change in the
trigger date);
ii. A “submitted” is owned by the recognised source for twenty-eight (28) calendar days
post approval;
iii. After this period the Borrower is back “on the market”, however the first source can
continue to conduct their own client nurturing activities;
iv. HomeSec will continue to nurture withdrawn applications and Referrals, and allocate all deals
against the most recent Referral source in accordance with the ‘Referral’ rules set out in section 1
above.
3. SETTLED LOANS
i. A Borrower can have multiple Partners across products but cannot have multiple
Partners on same product.
ii. Settled Loans are allocated to the Referral source determined in accordance with this policy
for the relevant Referral and will continue to be allocated to that source for that product for
further transactions unless the customer signals a change in their preference.
iii. If a change in preference is indicated through applying through a different Partner
(without any other indication) it will only result in a change in Partner for that customer if
that Referral settles.
iv. A Borrower may request (in writing, verbally or otherwise) that their account be
associated with a different Partner and/or disassociated from an existing Partner which
will result in an ongoing change. It is ultimately the Borrowers discretion and HomeSec will
act in accordance with Borrowers choice. HomeSec is under no obligation to notify any
Partner if an existing customer has changed their preference.
4. CUSTOMER CHOICE
i. Notwithstanding any other rule in this Referral Management Policy, an existing Borrower
(including a Referral) can move from one Partner to another if and when they chose to do so.
ii. In the case of a change to a new Partner as a result of Borrowers choice, “New Referrals”
commission is paid to the new Partner only on fresh capital.
iii. Existing Partner receives no further information or commission and loses future revenue
to the new Partner for that product only.
