Major bank offers commission incentive

by Adam Smith23 May 2013


A major bank has launched an incentive program that could see brokers receiving an extra 10bps of upfront commission.
Westpac general manager of mortgage broker distribution Tony MacRae has told Australian Broker the bank will offer a volume incentive to aggregators in the wake of the lender's push to grow its mortgage book at system. MacRae said the program, running from 1 June to the end of September, will reward aggregators who see their group's overall volumes through Westpac increase.
While the volume targets will vary slightly from aggregator to aggregator, MacRae said they were realistic and achievable. Members of aggregators who hit the targets will receive an extra 10bps of upfront commission on Westpac deals, regardless of their individual volumes through the bank.
While the incentive program will rely on an aggregator's overall numbers rather than those of individual brokers, MacRae said he hoped the promotion would see brokers who hadn't previously used Westpac "give us a go".
"I hope they give us the opportunity to prove we can deliver for them and their customers with market-best turnaround times and service," he said.


  • by Dinsdale 23/05/2013 8:15:59 AM

    Westpac simply following ME Bank
    Are they losing market share because of their previous arrogance ?

  • by Timbo 23/05/2013 8:19:15 AM

    So for 4 months they will go from being amongst the worst paying lenders to average.
    Swing and a miss, Westpac.

  • by Country Broker 23/05/2013 8:20:35 AM

    Positive move Westpac, but with the worst commission rates of the banks anyway, it probably only makes it average & won't make a huge difference.