Non-major announces broker bonus commission

by AB23 Aug 2013

ME Bank has announced a new bonus commission campaign for brokers. The scheme calculates bonus commissions on home loan settlements greater than $1 million, accumulated during the three-month period from September 1, 2013 to November 29, 2013.

All accredited brokers are eligible, regardless of the number of home loans they currently place with ME Bank.

Total value of settlements

Upfront bonus commission (on top of current commission)

$1,000,000-$1,999,999.99

0.10%

$2,000,000-$2,999,999.00

0.20%

$3,000,000+

0.30%

“Importantly, we’ve deliberately avoided designing a bonus system which forces brokers to channel unsustainable volumes to one bank, which is potentially unhealthy in an industry based on giving customers home loan options,” says Stewart Saunders, ME Bank national manager, brokers.

“The campaign is simply about encouraging more brokers to try the ME Bank experience and in doing so demonstrate to brokers that fairer banking will help them win more business.”

Saunders says campaigns like this one provide an opportunity to demonstrate first-hand that there is a  ‘genuine alternative to the majors’.

He adds that ME Bank last ran a bonus campaign at the start of 2013, the legacy of which has been an increase in on-going broker activity.

“We’re serious about growing our business and we want to lift on-going activity to an even higher level. After the last campaign, brokers told us that they were using the additional commission payments to fund marketing activities to support their own businesses. “

“Helping brokers grow their businesses in turn benefits the entire industry, which is a great outcome.”

 

 

COMMENTS

  • by James Green 23/08/2013 9:25:44 AM

    Awesome initiative. Great work ME.

    This will definitely grow your volumes.

  • by John from Geelong 23/08/2013 9:33:54 AM

    They couldn't offer me enough money to ever deal with them again. They are the most dysfunctional lender I have ever dealt with.

  • by Keith of the west 23/08/2013 9:51:54 AM

    Sorry but this sort if stuff gets caught under NCCP brokers trying to sell a product to get higher the normal commissions and overlooking client needs and potentially better alternatives. Fraught with danger!