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Mortgage manager increases commission

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Australian Broker | 25 Sep 2012, 07:00 AM Agree 0
A mortgage manager is increasing its upfront broker commissions to get a 'competitive advantage' and reward loyalty, it says
  • ozboy | 25 Sep 2012, 08:55 AM Agree 0
    Great news, would seem the CEO of MC may have been off the money in relation to commission increases. Now brokers if you want more of this then support AFM. If we can do this TOGETHER then you may find that we, as a group, could CLAWBACK some of the lost ground since 2007/208. The ball is firmly in our court....time to pick it up and run! Hey it is footy finals time.
  • Stephen Dinte | 25 Sep 2012, 09:59 AM Agree 0
    I could not agree more with ozboy. Brokers have the potential to develop much stronger ties with the non-banks as we are their distribution arm. If brokers nationally get behind the non-banks and include their product offerings during discussions with clients, they may well find that their clients are not that inclined towards the majors either. So much for the doomsayers who predicted a reduction in commissions if brokers introduced "fee for advice".
  • Qld Broker | 25 Sep 2012, 10:03 AM Agree 0
    Mortgage Managers need to get competetive with their fixed rate offerings. I like many others would love to support them, but I'm not going down that road with half a suite of products. I want to make sure my clients ultimately get what they come to see me for. Good service and a good product offering, be it fixed or variable.
  • Consumer Observer | 25 Sep 2012, 10:31 AM Agree 0
    The constant focus on broker commissions is disgusting and does nothing to inspire confidence in broker services. This money-grubbing focus indicates the industry has a long way to go before it becomes professional and offers services in the customer's interest, not the broker's own. No one can use a broker with confidence when the industry harps on about remuneration. It's quite clear a broker's focus isn't on the customer, only his/her back pocket.
  • BJ | 25 Sep 2012, 10:33 AM Agree 0
    Incredible when you actually ask these second level lenders to put their hand up and ask if they are interested in tendering for business to support some 1500 financial planners and they can not find the time to respond. For the record, commission is not the driver, but a cpompteive service, ability to understand client needs and an ability to apply their collective minds to developing a product to meet the market. Get serious and focus on client outcomes and guess what, the commission looks after itself.
  • BJ | 25 Sep 2012, 10:58 AM Agree 0
    As difficult as it may be to accept the the quite accurate comment by the Consumer Observer, they are in fact spot on. The industry has a focus on commission to our detriment. AFM and other second level lenders need to take note of these comments. If AFM and others want to capitalize on the so called "negative sentiment" they could start by listening to the market. Paying for business is an amateurish pursuit of business growth and does not build a solid foundation.
    I reiterate, start by actually responding to the market and the needs of the market or we will follow the route of the dinasour.
  • TN | 25 Sep 2012, 11:40 AM Agree 0
    I will fully support AFM from now on :). Other lenders, hear this!
  • Clint Hawthorne | 25 Sep 2012, 12:30 PM Agree 0
    Thank you to those brokers who have responded to this media relaease, what the above online media release failed to mention was that not only have we increased broker commissions but we have also REDUCED the interest rate to the end consumner down to 5.90% per annum for professional package lending with an LVR <70%. QLD Broker if you are looking for a great fixed rate loan then I suggest you also contact AFM or myself at chawthorne@australianfm.com.au as we have also reduced our fixed rates and have some very competitive rates on offer to the end consumer! Want good old fashioned great customer service (for you and your valued customer)? I challenge you to give Australian First mortgage a go!
  • 1martym1 | 25 Sep 2012, 03:02 PM Agree 0
    Consumer may not realise we've had a 35% haircut since the GFC and we are just glad to see it going the other way!
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