Cash Back Refunds

Reporter: Helen Wellings

These are among thousands of cheques going out to ordinary Australians.

People like horticulturalist Geoffrey Duxfield, personal investor Catherine Rule, schoolteacher Ben Blake, fitness trainer Tamara Kerr, all found out how to get back hidden fees and commissions, they've unknowingly paid on everyday bills.

"It's fantastic to be able to get money back that I never knew I could claim back." Said Tamara

"$870. I knew it would be good but never for a minute thought it would be this good." Said Ben Blake

Paul Brady is CEO of commission-broking company, YourShare, which claims rebates for clients on all sorts of financial products virtually everyone has.

"There are inbuilt fees and commissions where you might pay a premium on your car insurance of $100 a month and you're losing $7.60, $20 every month in fees and commissions." Said Paul Brady

That's right - car and travel insurance, home and building contents .. disability and income protection, investments superannuation or a pension - chances are with every premium, every payment ... you're slugged for fees and on-going commissions pocketed by a broker or company, instead of you.

For Catherine Rule, almost $10,000 a year back in fees and commissions from super and investment funds. And 28 year old Tamara Kerr's getting $240 back .. just from last year's private health premium contributions.

"It's a huge surprise to be able to get so much cash back." Said Tamara

"We're expecting a cheque return of about $1,000 this year, and hopefully it'll be building up over the next two years to up to $2,000 - $2,500." Said Teacher Ben Blake

Father of 3 and school teacher, Ben Blake, claimed back fees and trailing commissions on his family's private health and car insurances and super.

"It'll go up to $1,500 next year when our home loan's through YourShare as well. With us having a young family, it is a big deal." Said Ben

By looking at a client data base, you can see the fees and commissions charged by companies can be incredibly high. Up to 35% of the insurance premiums you pay can be commissions. That's money you can be getting back.

"We calculated that there's over 14 billion dollars every single year that Australian households lose in commissions to unknown third parties." Said Paul Brady

"They're a legacy of the old system where basically advisors were insurance salespeople paid by commission, getting a chunk of the money that you pay for your insurance basically. Nowadays however that's not very acceptable anymore, however a lot of advisors and brokers are still collecting them." Said Nicole from Smart Investor

Nicole Pedersen-McKinnon of Smart Investor Magazine says rebates won't apply to ALL financial products, nor if you're getting good on-going service from a broker or company who deserves fees. Otherwise .. make a claim. Smart Investor surveyed how it's done.

"Your share is actually one of eleven comprehensive commission rebate services that Smart Investor has recently surveyed. Now, it's among one of the best, but there are certainly others out there like Refund Easy, Commission Refunders and My Money that will rebate even someone with average financial arrangements, some $2,500 a year." Said Nicole

"I don't think people realise they actually have a broker within their superfund. They do nothing for them and you're entitled to get that money back. I haven't rung my broker in 20 years, it's a no brainer." Said Geoffrey Duxfield

Geoffrey wants more! And says "I'm looking at my insurance policies for my vehicles. I've also got another small BT portfolio that I'm going to claim on as well."

You can't claim yourself - you need to use a commission rebate specialist. YourShare charges 50% of the rebate you receive, but $295 is the maximum you pay. So if they get back $4,000, you receive $3,705.

"There are several things we'll definitely be putting that money towards - kids school fees, sporting fees, equipment, and with Christmas just around the corner, Christmas presents of course." Said Ben Blake


* YourShare website:

Phone:1300 554 774

Calculate YourShare Cash-back:

* Financial Review Smartinvestor

August 2012 Commission Rebate Services, a study of all companies.

"Get Your Share of $2 Billion."

Other commission rebate services which claim on client's behalf refunds on trailling commissions and fees:

* iRefund - a

1300 305 898


* Commission Refunders

* Cash Back Mortgage

* Dixon Advisory

* InvestSMART TrailCap

* MyMoney

* Refund Easy

Rebates for Home Loans Only:

* Mates Rates Mortgage Brokers

* Refunds Direct,

* We Share Home Loans.