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Bank announces commission incentive

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Australian Broker | 27 Aug 2014, 11:57 AM Agree 0
A non-major has announced commission increases for its broker network
  • Brado | 27 Aug 2014, 12:18 PM Agree 0
    I just dont think they get it... none of them
  • James | 27 Aug 2014, 12:22 PM Agree 0
    I do wish you'd stop refering to them as a non major. Cba own them outright.
  • James Green | 27 Aug 2014, 12:26 PM Agree 0
  • Peter Cleary | 27 Aug 2014, 12:29 PM Agree 0
    What great news but not much point to it if they cant provide an efficient service platform this aspect is sadly lacking at Bankwest
  • Really? | 27 Aug 2014, 12:37 PM Agree 0
    You guys are so clever :) who thought this up - that's brilliant! Don't get me wrong, it is good to see banks are finally understanding how much trail is valued by us. Why not just put 0.15% in from day one and be done. Splitting hairs and too complicated - so for the next 3 months - deals at 76% for 600K don't get the "bonus" trail but 340K at 75% gets 0.1% sorry 0.05% - honestly - too messy, no-one is going to write more deals with you because of this promotion. Just bring back day 1 trail - even drop your upfront to 0.65% and pay 0.15% trail and work on your process - giving a better client experience is more valuable than this and if you are not paying trail from day 1 across the board you are not on the radar and will only be used when there is a policy need. I am sure someone administering Bankwest commissions is loving this idea - hope there is free Nurofen supplied.
  • Finance Guru | 27 Aug 2014, 12:48 PM Agree 0
    Get Real!
    Plenty of "Non-Major" Lenders pay 0.70% upfront and 0.25% Trail....and offer better rates!
  • Not Amused | 27 Aug 2014, 12:54 PM Agree 0
    Robbing me of total trail by closing original loan account and reopening as new loan after one of the borrowers had passed away will stop me from ever using this lender again.
  • muel | 27 Aug 2014, 01:12 PM Agree 0
    Leasebrokers get nil trail!
  • John | 27 Aug 2014, 02:32 PM Agree 0
    Who writes sub 75% LVR deals, not many in the average market, FHOG'ers and new areas are at 90-97% LVR's. They are just trying to clean their book up with non LMI loans.
  • Tony Broker | 27 Aug 2014, 02:48 PM Agree 0
    Thanks for the heads up Peter on Bankwest " Service Levels ".
    That's more important than Upfront Comm & trail.
  • Papery | 27 Aug 2014, 03:44 PM Agree 0
    How much for the Accreditation again??
    And how quickly will you can that Accreditation if volumes are not met?
    PUH-LEASE..... give me a break!!
  • muel | 27 Aug 2014, 04:12 PM Agree 0
    we don't have those issues with volume never have since 1989
    We deal with all the players.Then again asset finance is a different world compared to mortgage broking.The industry is very close nit and thankfully doesn't have a "pulse accreditation "system as the mortgage industry does.It attracts a totally different type of broker.
    (Thank God)
  • Old Broker | 27 Aug 2014, 04:33 PM Agree 0
    Bankwest when the originally entered the Sydney market were hot with upfronts a nice trail and great service. They also had a nice Gold Product all they have to do is to go back to it and they will write bucketloads of business. But they dont get it they just do not listen or survey the brokers us we will tell you .... its just that simple....New brokers take note....
  • SEQ BRoker | 27 Aug 2014, 07:54 PM Agree 0
    Moreover, there is a non major out there with competitive enough rates that don't claw back. Who cares what trail bump you get. Brokers have on average around 7% of their loans clawed back. No claw back means a better bump in income overall.
  • Jules Corderoy | 29 Aug 2014, 11:01 AM Agree 0
    Hi, Jules Corderoy here, a journalist from Australian Broker.

    Thank you for all your comments, they have inspired me to write an article on what brokers really want.

    If new commission structures aren't providing brokers with the incentive the banks think they are - what would you really like to see banks doing?

    If you are happy to provide your insight on what brokers really want in a product and service, please contact me on (02) 9439 4566 or

  • Ed Ridge | 01 Sep 2014, 10:49 AM Agree 0
    I am with you "Not Amused" did the same to our office and we have now taken them off the panel. Offered $300 as compensation for a loss of over $4K, deeply insulted. The management at BW just don't get it. One of the poorest back ends in the industry. Would rather us a major with a branch conflict that have them take money from me like that did. Aggregator is still MIA...what a surprise!
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