Major's commission changes come into effect

by Julia Corderoy02 Oct 2014
Following on the heels of CBA's commission announcement, another major has touted its previously-announced commission overhaul, which came into effect yesterday. NAB Broker has officially launched its mooted first-year trailing commission of 0.15% for all new loan settlements as of Wednesday 1 October.

This comes on the heels of CBA announcing last week it would implement first-year trailing commission of 0.15% for all new settlements from 1 January 2015.

NAB announced the changes in June, and NAB Broker general manager Steve Kane said the new structure was designed to recognise and recompense brokers for their dedication to providing quality service and support throughout the life of the relationship.

NAB is wholeheartedly committed to the broking channel and today we are delivering on our promise to support the brokers who support us,” he said.

“We offered a ramped trail commission structure to brokers back in 2007, and today we continue to have a market-leading offering which we have seen other lenders follow to the benefit of all brokers.”

The new structure will see trail commission increase up to 0.30% in the fifth year.



  • by Incognito 2/10/2014 10:09:16 AM

    NAB got the commission model right in 2007. John Flavell was a visionary.

    Other banks are just catching up but NAB deserve the credit, and the loyalty.

  • by Steve McClure 2/10/2014 1:01:43 PM

    Great, that's fixed, now move onto turnaround times - ANZ just approved a deal in 3 hours this morning without any escalation. That's the level we need to be at when brokers are 51% of the market.

  • by Macarthur Broker 3/10/2014 6:21:23 AM

    Hmm, I gave up on NAB when it proved impossible to get a broker code allocated despite filling in a multitude of forms and attending a whole day training session back in the day. Follow that up with a BDM who seems to have lost the ability to return phone calls or emails. No thankyou. I cant risk my customers with a bank who cant even get the accreditation process right.