Why this page exists: nobody who deals with us should meet a fee for the first time in a document. This page sets out every way we are paid, on every kind of loan, before you have given us anything but a form.
1. In one paragraph
On most home, investment, car and personal loans you pay us nothing: the lender pays us a commission when the loan settles. On a small number of complex regulated loans we charge a file fee, quoted in writing in a Credit Quote that you sign before we recommend any lender. On private lending arranged through Esteb Capital we charge a placement mandate, agreed in writing with the term sheet and refunded in full if we cannot place the facility. The initial assessment, the scenario and the written position are never charged for.
2. Home, investment, car and personal loans
These are regulated consumer loans under the National Consumer Credit Protection Act. Esteb and Co Pty Ltd (Credit Representative 574070) and Richard Esteb (Credit Representative 574071) act under Australian Credit Licence 389328 held by Connective Credit Services Pty Ltd.
The lender pays us when your loan settles:
- Upfront commission: typically 0.5% to 0.7% of the loan amount
- Trail commission: typically 0.15% to 0.25% a year while the loan remains with that lender
- Example: on a $500,000 loan, $2,500 to $3,500 upfront and $750 to $1,250 a year ongoing
Commission is paid by the lender and does not change the rate or terms the lender offers you. The exact amount for your loan is disclosed in your Credit Proposal before you sign anything with the lender.
3. The file fee on complex loans
Some files take considerably more work than a lender's commission covers: alternative documentation for self-employed income, loans above 90% of the property value, a history of defaults or a Part 9, bridging or construction, rural or acreage security, a company or trust borrower on a consumer-purpose loan, refinancing out of a private lender, or a settlement needed inside two weeks. On those files we may charge a file fee.
| File | Paid when we issue your Credit Proposal | Or, if you prefer, paid at settlement |
|---|---|---|
| Simple: one complication | $495 | $995 |
| Standard: two or three | $995 | $1,650 |
| Complex: bridging, entity borrower, or four or more | $1,950 | $2,950 |
Amounts include GST. The right-hand column is the maximum you could ever pay on that file. How the fee works:
- It is set out in a Credit Quote, together with our Credit Guide, and you sign the quote before we recommend any lender and before anything is lodged. A fee is never introduced after an application has been submitted.
- Nothing is payable until we have provided credit assistance, which means recommended a particular loan with a particular lender in a written Credit Proposal. You choose on the quote whether to pay then, or the higher figure at settlement.
- If no loan proceeds, nothing is payable. The amount payable if the transaction does not go ahead is $0.
- Files that are not complex are not charged. Loans under $150,000 are not charged.
4. Private lending through Esteb Capital
Private first and second mortgages, caveat and bridging facilities for business or investment purposes are arranged through Esteb Capital. These facilities sit outside the National Credit Code, and we ask you to confirm the business or investment purpose in writing before we proceed.
Our fee on this work is a placement mandate, sized to the facility:
| Facility | Mandate fee (plus GST) |
|---|---|
| Under $500,000 | $1,500 |
| $500,000 to $1 million | $2,500 |
| $1 million to $2 million | $3,500 |
| $2 million to $5 million | $5,500 |
| $5 million and above | $7,500 |
- The mandate is only offered on a facility we believe we can place, after we have read your scenario and given you a written position.
- It is agreed in writing, with the indicative term sheet, and nothing is payable before you accept it.
- It is refunded in full if we cannot place that facility within the six-month mandate term, or if it is ultimately written as a bank or traditional loan rather than funded privately. It is retained only where we place the facility privately, or where you proceed directly with a funder we introduced during the introduction window.
- The funder's own charges, such as establishment fees, legal costs and valuation, are separate and are shown in the term sheet.
- If you would rather not commit to a mandate, a written Deal Stack Report naming the funders who would take the deal and on what terms is available for $495, credited in full against a mandate signed within 30 days.
5. What we never do
- Charge for the initial assessment, the scenario, the borrowing position or the first conversation.
- Ask for a fee on a regulated loan before we have given you credit assistance, or ask for more than the maximum on your signed quote.
- Introduce a fee after an application has been lodged.
- Charge you anything to recover commission a lender claws back.
- Let a fee change which lender or product we recommend.
6. Where it is written down
- Credit Guide: who we are, how commission works, your rights and how to complain.
- Credit Quote: the file fee, the maximum payable, the amount payable if no loan proceeds. Signed before any lender is recommended.
- Credit Proposal: the loan we recommend, the commission we will receive on it, and the fee if one applies.
- Placement mandate and term sheet: the private facility, the fee, the refund terms and the funder's charges.
- Privacy Policy: how the information you give us is used, including to prepare and record these documents.
7. Questions
Ask before you sign anything. Call 0485 091 282 or email richard@estebandco.com, and we will tell you in plain terms whether a fee applies to your situation and why.