Referral fees
MyAssetPay may pay someone who refers you to us. Here is exactly what we may pay, to whom, in what form, and what we will never pay.
Why this page exists
Most MyAssetPay customers arrive through the business that already stores their asset. When that happens, we pay that business for the referral. You are entitled to know that before you deal with us, not afterwards, and you are entitled to know it without asking.
This page is the disclosure our Account Terms refer to when they say that the consideration MyAssetPay may provide a referrer is as detailed on the MyAssetPay website. It applies to every MyAssetPay customer.
Who we may pay
We may pay a referrer — a person or business that suggests, recommends or introduces you to MyAssetPay. In practice a referrer is almost always:
- the professional storage provider holding your asset — a wine cellar, a vault, a fine-art store, a specialist facility; or
- an adviser or agent you already deal with, such as a broker, valuer, auction house or accountant.
We may also pay an existing customer who introduces someone to us.
What we may pay
| Form | What it is | When it is paid |
|---|---|---|
| A referral fee | A fixed dollar amount for a referral that results in a settled loan. It may be banded by the size of the loan. | Once, at settlement |
| A trail | A fixed or volume-based ongoing amount while the loan runs. Where a trail applies, it is set out in our written agreement with the referrer. | Periodically, over the life of the loan |
| Promotional support | Marketing material, co-branded material, or reimbursement of an agreed promotional cost. | As agreed |
A referrer may receive one, some or none of these. What applies to a particular referrer is set in a written agreement with that referrer.
What we will never pay — and this is the part that matters
No payment we make to any referrer is contingent on, or calculated by reference to, the sale of your asset or the proceeds of any sale. There is no success fee on a sale, no bonus if a loan is not repaid, and no share of any resale profit. That prohibition is written into our agreements with storage partners, and any term inconsistent with it is void.
The reason is simple. A referrer who was paid more when a borrower failed would have an interest in the borrower failing. Nobody in the MyAssetPay arrangement is paid more if your loan goes wrong.
What this costs you
Nothing extra. Referral fees are paid by MyAssetPay out of its own revenue. No part of any referral fee is added to your loan, charged to you, or recovered from you.
Your cost of borrowing is set out in full in your loan offer before you accept it, and it consists of two things: the interest charge, and the storage levy that funds the professional storage of your asset for the term. The storage levy is not a referral fee. It is the cost of storing your asset, which MyAssetPay pays directly to your storage provider on your behalf; MyAssetPay does not profit from it.
The amount payable on your loan
If you want to know what MyAssetPay is paying, or may pay, to the person who referred you, ask us and we will tell you in writing before you accept your loan offer. Email info@myassetpay.com or call 1300 692 770. There is no charge for asking and it does not affect your application.
If you are a storage provider
The commercial terms are not on this page. See For storage partners, or email info@myassetpay.com.
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