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Don't be wooed by commission bumps, broker head says

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Julia Corderoy | 07 Aug 2014, 08:56 AM Agree 0
It has been a big year for commissions, after majors, non-majors and non-banks have all revealed significant changes to their commission structure
  • Bottom Line | 07 Aug 2014, 10:11 AM Agree 0 industry where some lenders have simply caught up to the others - and that's seen as a risk? No-one has gone out and separated themselves from the pack; and commissions are still lower than they were 7 years ago.
    Not sure there are too many industries that receive a lower rate of pay than they were getting 7 years ago. Yet the 'middle men' eg COSL etc have doubled their premiums in that time; Credit licence increases each year..etc etc.
  • MCC | 07 Aug 2014, 10:13 AM Agree 0
    Thanks Peter. A no brainer really. No matter how much the lenders try & increase market share via higher commissions , if that's the intention, it simply cannot work.
  • Jake | 07 Aug 2014, 11:21 AM Agree 0
    On which side is Peter White on? When lenders cut commissions we all complained and now that they're coming back slowly, the head of the FBAA is pouring cold water on it. These sorts of comments do not help the broker industry, and we thought that the MFAA was the only one in the lenders' pockets!
  • SKEPTIKAL | 07 Aug 2014, 12:44 PM Agree 0
    And when it gets busy, the same lenders will take them off of you again!!
    Stick with the lenders who have stuck by the Brokers all these years.
  • David | 07 Aug 2014, 01:03 PM Agree 0
    I am always amused when I read such a comment.
    Fact being, that CBA and Westpac require "Personal" volume with bank to be accredited to them - contrary to aggregation rules.
    Question!! Which lenders are highest payee on ANY aggregator??? I would say CBA & Westpac.
    So - who is writing these deals and "WHY", and are they best for a client?!!!......
    I am no longer accredited with them, but aggregators are happy their brokers contribute their bottom line!
    They should be boycotted!
  • SouthBrisBroker | 07 Aug 2014, 02:42 PM Agree 0
    I agree Bottom Line. Peter can you u tell us what the FBAA has done about this??? I can't seem to find anything that you have done about this?
  • Papery | 07 Aug 2014, 02:49 PM Agree 0
    ROFLMAO.....What significant changes????? As far as I can tell, so far the changes amount to nothing more than tweaking around the edges & a lot of hot air to tell us all about it.
  • SEQ BRoker | 07 Aug 2014, 07:55 PM Agree 0
    Id be happy to maintain coms at current levels and do away with claws.
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