'Thank Jesus' for the Australian BrokerNews forum!

by Ben Abbott30 Nov 2011

"Thank you Jesus!"

That was the response from Australian Mortgage Brokers' Paul Gollan on Australian BrokerNews' leading broker forum, on hearing that NAB Broker had rejigged its segementation offering.

"Banks spend a lot of time asking brokers 'what do we need to do to get more business'. Clearly NAB Broker has identified one of the answers," Gollan's online comment read.

Here's the full text of his online commment:

Paul Gollan on 28 Nov 2011 02:17 PM Thank you Jesus! Nice work NAB Broker. Banks spend a lot of time asking brokers "what do we need to do to get more business". Clearly NAB Broker has identified one of the answers. 65 basis points upfront plus their stepped trail structure is finally starting getting broker commission rates back to where they should be. Brokers and their families were smashed by banks during the GFC with banks citing margin squeeze. Notice net margin on mortgages has got very little airplay this year, while pricing committees at banks have been throwing around discounts like drunken sailors. RESPECT NAB!

Other brokers (quoted below) were equally pleased with the move, one of the most significant increases to commissions since the onset of the GFC

Prisco Minichiello on 28 Nov 2011 02:32 PM Well done NAB this is a welcome move. I think it will win you significant market share.

Scott Hawkanson on 28 Nov 2011 03:48 PM Those calling for trail from day one, have you done the numbers? Average trail after 5 years is .25%, from that point you get paid .35% Why don't we display some positivity about moves like this?

Meanwhile, online posters JBJB, Melbourne Broker and Tony all weighed in to suggest  NAB's next best move would be to consider the future viability of the Homeside brand.

JBJB on 28 Nov 2011 05:03 PM
Next move must be to ditch the HomeSide brand and call everyone a valued NAB customer, with normal trail on broker introduced deals.

Melbourne Broker on 29 Nov 2011 09:49 AM
If NAB is serious about winning sizeable marketshare, then do what CBA did and drop the redundant brand (Colonial in thier case) and see the real distribution power of brokers and reward us appropriately for our efforts.

Tony on 29 Nov 2011 11:41 AM
Putting all brokers on an even level is great. When is NAB going to actually combine NAB & Homeside?

Are you having your say on the Australian BrokerNews forum? Post your professional and informed opinion today!




  • by Martin Castilla 30/11/2011 12:01:26 PM

    Great initiative by nab, to be applauded. May other lenders follow suit! As someone's already commented, the day nab & Homeside integrate more seamlessly we'll again sing their praises. Example: I was advised to order a valuation by Homeside, two days later nab emailed to say that (Homeside) valuer is not on their panel therefore they had to order their own (nab's) val. Yup. Crazy. Anyone, baby steps... baby steps...

  • by Brad 30/11/2011 1:51:45 PM

    It may be my personal beliefs, but I never ever decide what loan to recommend the customer based on commissions... so its nice for brokers that werent 4 stars to get a pay increase... I don think it should serve as an incentive to do more deals with Homeside/NAB....