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 Equity Tap Australia Pty Ltd (Equity Tap), 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 Equity Tap.
You are unable to bind Equity Tap in any way, and must not purport to do so.
When you introduce a loan or loans (Referral) to Equity Tap, 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 Equity Tap to pay any Referral Fee or Brokerage Fee (as defined below) to You on an RCTI, and remit the Referral Fee or Broker Fee directly into your nominated bank account (as supplied by You when you sign up with Equity Tap)
You authorize Equity Tap 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 Equity Tap.
Equity Tap 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.
Equity Tap agrees to pay You a Brokerage Fee within 24 hours of the settlement of each loan Referral sent from you to Equity Tap, and funded by Equity Tap.
Brokerage Fee.
You are required to tell Equity Tap staff in writing what your Brokerage Fee will be (INCLUDING GST) at the time of lodging a new Referral.
We advise that the Brokerage Fees 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 if your Brokerage fee is unusually high.
You agree to always quote your Brokerage Fee to Equity Tap on a “GST INCLUSIVE” basis.
You understand that any Brokerage Fee is only payable when the loan Referral you have made to Equity Tap has been funded by Equity Tap.
Repeat Loans or Further Advances.
If a loan Referral made by You has been funded by Equity Tap and the same Borrower applies for additional funding to an existing Equity Tap loan within 12 months of the initial advance, or requests a subsequent advance within 12 months after the previous Equity Tap loan has been repaid, Equity Tap will pay You the same Broker Fee that was paid to You on the initial Referral.
A Broker Fee 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.
Partner Preference rules:
ii. Partner then another Partner: Leads are owned by the first Partner delivering the Referral for the first seven (7) calendar days;
iii. 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;
iv. Direct then Partner: Referrals that are referred by a Partner that have previously come through Direct, will be allocated to that referring Partner (in accordance with the above rules).
v. 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 fourteen (14) 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. Equity Tap 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 only have one recognised Referral source within a 12 month period.
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 Equity Tap will act in accordance with Borrowers choice. Equity Tap 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” Brokerage is paid to the new Partner only on fresh capital.
iii. Existing Partner receives no further information or Brokerage and loses future revenue to the new Partner.