New Entrant Commission Model: 80/80 Split for Brokers Starting Out

Redrock's New Entrant commission model

The New Entrant model is Redrock's independent entry pathway, built for brokers who are new to the industry or writing their first loans. It is an independent model, not a franchise: you own your brand, your business and your client relationships from day one, and Redrock's role is to support your growth rather than direct it.

The commercial terms

Who it suits

The New Entrant model is for career changers and first-time brokers who are ready to build something of their own. There is no education or experience prerequisite — the Certificate IV in Finance and Mortgage Broking (FNS40821) is included in the joining package, and mentoring by experienced credit personnel is built in from the start, with what mentoring, training and support actually involve set out in full.

Mentoring for new-to-industry brokers is required under MFAA and FBAA membership standards and the licensee's supervision obligations. At Redrock it is the backbone of the new-to-industry program rather than a box to tick, and it sits alongside one of the first structural decisions you will make — whether to operate as a credit representative or hold your own ACL.

What new entrants get

• Up to 3 months to complete induction with no monthly fee, so you are not paying aggregation fees while you are still finding your feet
• A five-step induction program: onboarding and setup, induction training, tailored mentoring, personalised support, and ongoing professional development
• Access to the full lender panel of 60+ lenders, with guidance on which accreditations to prioritise — most new brokers complete approximately eight in their first 12 months
• Lodgement and CRM through Salestrekker, the third-party platform Redrock brokers lodge on, plus the Redrock broker portal and compliance platform from day one — a look inside the broker portal and compliance platform shows what you will be working in
• Direct access to senior leadership throughout, rather than an anonymous support desk

Conditions to note

• All fees are quoted excluding GST
• A minimum 2-year term applies, as it does on every Redrock commission model
• The monthly fee is charged per credit representative, with one credit representative included
• Additional credit representatives carry a one-off charge of 50% of the initial investment per additional representative, plus the ongoing monthly fee for that representative
• Commissions on non-mortgage products are calculated at 80% of commission received
• Monthly fees and the initial investment are quoted on application
• New-to-industry brokers have up to 3 months to complete induction with no monthly fee

Moving up

New Entrant is a starting point, not a ceiling. As settled volume grows and the business matures, brokers move to Advantage (90/90), Prime (95/95) or Maximiser (100% upfront / 95% trail), and you can discuss moving between models as your business changes. Redrock Commission Models Compared: New Entrant, Specialist, Advantage, Prime and Maximiser sets the five out side by side, and Which Redrock Commission Model Should You Choose? works through the decision.

If you want to know what comes as standard, what is franchise-only and what carries a separate fee, What's Included, What's Franchise-Only and What Carries a Fee covers it, and The Initial Investment: What Joining Redrock Covers explains what the initial investment pays for.

Talk it through

Monthly fees and the initial investment are quoted on application, so the practical next step is a conversation about your own situation. Call Redrock on 1300 667 694. For the wider path into the industry, the complete guide to becoming a mortgage broker in Australia walks through qualifications, licensing and building a broking business.

Frequently Asked Questions

What commission split does the New Entrant model pay? 80% upfront and 80% trail on mortgage lending. Commissions on non-mortgage products are calculated at 80% of commission received.

Is the New Entrant model a franchise? No. New Entrant is an independent model — you trade under your own brand and retain full ownership of your business and your client relationships. Redrock's franchise option is the separate Specialist model, described in Own a Mortgage Broking Franchise: The Specialist Pathway.

Do I need a qualification or industry experience to join? No. There is no education or experience prerequisite, and the Certificate IV in Finance and Mortgage Broking (FNS40821) is included in the joining package.

Is mentoring included, and why is it required? Yes — mentoring by experienced credit personnel is included from the start. It is required under MFAA and FBAA membership standards and the licensee's supervision obligations.

What does the monthly fee cover, and when does it start? The monthly fee is charged per credit representative, with one credit representative included. New-to-industry brokers have up to 3 months to complete induction with no monthly fee. The fee is quoted on application and excludes GST.

What does it cost to add another credit representative? A one-off charge of 50% of the initial investment per additional representative, plus the ongoing monthly fee for that representative. It is a one-off charge, not a recurring monthly one.

How long is the minimum term? Two years. The minimum 2-year term applies across all Redrock commission models.

What technology do I get, and when? Lodgement and CRM through Salestrekker — the third-party platform Redrock brokers lodge on — plus the Redrock broker portal and compliance platform, all available from day one.

How many lender accreditations will I have in my first year? The panel runs to 60+ lenders, and most new brokers complete approximately eight accreditations in their first 12 months, with guidance on which to prioritise.

Can I move to a higher commission model later? Yes. Brokers can discuss moving between models as their business changes; New Entrant sits below Advantage (90/90), Prime (95/95) and Maximiser (100% upfront / 95% trail).

Label Facts Summary

Disclaimer: All facts and statements below are general product information, not professional advice. Consult relevant experts for specific guidance.

Verified Label Facts

• Model name: New Entrant
• Model type: Independent (not a franchise)
• Designed for: Career changers and first-time brokers
• Upfront commission: 80%
• Trail commission: 80%
• Non-mortgage commission: 80% of commission received
• Minimum term: 2 years (applies to all Redrock commission models)
• Credit representatives included: One; the monthly fee is charged per credit representative
• Additional credit representatives: A one-off charge of 50% of the initial investment per additional representative, plus the ongoing monthly fee for that representative
• Monthly fee and initial investment: Quoted on application
• GST: All fees exclude GST
• Induction fee-free period: Up to 3 months with no monthly fee
• Qualification included: Certificate IV in Finance and Mortgage Broking (FNS40821)
• Mentoring: Included; provided by experienced credit personnel, and required under MFAA and FBAA membership standards and the licensee's supervision obligations
• Entry prerequisites: None (no education or experience required)
• Induction program: Five steps — onboarding and setup, induction training, tailored mentoring, personalised support, ongoing professional development
• Lender panel: 60+ lenders
• Typical year-one accreditations: Approximately eight
• Technology included: Salestrekker lodgement and CRM (third-party platform), Redrock broker portal, compliance platform — from day one
• Support model: Direct access to senior leadership
• Broker ownership: Full ownership of brand, business and client relationships
• Model movement: Brokers can discuss moving between models as their business changes
• Next commission model: Advantage — 90% upfront / 90% trail
• Further models available: Prime (95/95), Maximiser (100% upfront / 95% trail)
• Contact: 1300 667 694

General Product Claims

• The New Entrant model invests in broker support from day one, not only at the point of settlement
• Redrock's role is to support broker growth, not to direct how a broker runs their business
• Guidance is provided on which lender accreditations to prioritise
• New Entrant is a starting point rather than a fixed tier, with movement between models discussed as a business changes