Mortgage Rewards FAQs
- How many points will I receive on my home loan?
- I've just joined the rewards program, when will I start receiving my points?
- How will I know how many reward points I have accumulated?
- Will I receive the same amount of reward points each month?
- Can I use the reward points to help pay off my mortgage?
- Am I only able to receive reward points on a standard home loan?
- When will my points be processed?
- I have more than one home or investment property, can I receive reward points on all properties? Can I consolidate all my reward points?
- What is a Mortgage Broker and what services can they provide me with?
- What qualifications do the Rewards Team Brokers have?
- How will I know that a participating Rewards Team Broker has the appropriate experience and qualifications?
- Can I arrange a meeting with a broker out of office hours?
- Can I contact a broker in my area?
- Do the participating Rewards Team Brokers work directly for The Rewards Team?
- I don't have a computer, can you get a broker to call me?
- Why can't I get reward points if I use a franchise mortgage Broking company?
- I would like to use my own broker, is this possible?
- Are you paying commissions to the participating Rewards Team brokers?
1. How many points will I receive on my home loan?
Points will vary depending on your loan balance, the lender and the broker selected. For further information speak to a participating Rewards Team Broker.
2. I've just joined the rewards program, when will I start receiving my points?
You will start receiving Reward Points within 12 weeks of settlement of your property. This is due to processing times with various lenders.
3. How will I know how many reward points I have accumulated?
Your personal account will be updated with points every month. You can log in to the members area at any time and check on your current points balance.
4. Will I receive the same amount of reward points each month?
Your Reward Points will vary depending on your monthly loan balance.
5. Can I use the reward points to help pay off my mortgage?
Yes. You can have all or part of your reward points placed directly into your loan. Our Mortgage Minimisation program can help pay off your home loan earlier. In some cases this could mean years off your loan.
6. Am I only able to receive reward points on a standard home loan?
You will get rewards on all types of home loans.
7. When will my points be processed?
Points will be processed at the end of each month and will be updated to your account at the start of each month.
8. I have more than one home or investment property, can I receive reward points on all properties? Can I consolidate all my reward points?
Yes. You will receive reward points on all your loans as long as your loans have been arranged through a participating Rewards Team Broker. You can have all your reward points allocated to the one account.
9. What is a Mortgage Broker and what services can they provide me with?
A Broker is an expert in Mortgages. They can provide you with access to many different lenders and will help you to choose the best products for your individual situation. A broker has the financial knowledge to fully assess your lending needs and can help you to save many thousands of dollars, and cut years off you loan repayments. Brokers provide a free service and can even come to your home at a time that suits you. They will manage your loan needs all the way from assessment to settlement of your new property.
10. What qualifications do the Rewards Team Brokers have?
To become a participating Rewards Team Broker, a mortgage broker must meet strict selection criteria by The Rewards Team to ensure that you are dealing with a broker with appropriate experience, qualifications and accreditations.
11. How will I know that a participating Rewards Team Broker has the appropriate experience and qualifications?
We fully assess all Brokers who want to become participating Rewards Team Brokers. They must provide us with copies of their qualifications and registrations. You can ask your Broker to provide you with evidence of their qualifications when you meet. They will be happy to provide you with any information you need to feel comfortable.
12. Can I arrange a meeting with a broker out of office hours?
Yes. A Broker will be happy to meet with you at a time and location convenient to you.
13. Can I contact a broker in my area?
Yes. We can provide you with access to many Brokers in your area.
14. Do the participating Rewards Team Brokers work directly for The Rewards Team?
No, the participating Rewards Team Brokers are independent brokers.
15. I don't have a computer, can you get a broker to call me?
Yes. Simply call our friendly staff and they will organize for a Broker to call and assist you.
16. Why can't I get reward points if I use a franchise mortgage Broking company?
You can only get reward points if you choose to use a participating Rewards Team Broker.
17. I would like to use my own broker, is this possible?
Yes. Simply let us know your brokers contact details or provide your broker with our contact details. Let your broker know that you want to be part of our program. If the broker is eligible we will contact them and assist them to become an independent participating Rewards Team Broker. Please note that not all Brokers are eligible to use our system. We only work with Brokers who are of the highest standard. Brokers must have the correct qualifications and registrations and must be independent members.
18. Are you paying commissions to the participating Rewards Team brokers?
No, mortgage brokers are paid commission from the lender.