Westpac details broker 'seal of excellence'

by Ben Abbott27 Feb 2012

Westpac has outlined the details of its nascent top 'Platinum Broker' tier, which is now offering 100 of its best brokers preferential service and support at the bank.

Following its announcement that it would insert a new tier above its previous Advantage + premium offering, Westpac has said it has inducted 100 brokers, a pool it promised to grow over time.

Platinum brokers will be offered a suite of service sweeteners, including a dedicated team of credit managers, free upfront valuations, a 2-hour response guarantee and 24-hour conditional approvals.

These brokers will also receive discounts of between 30% and 50% off Davidson Institute courses for themselves and their staff, as well as 50% of Australian Property Monitors data subscriptions, 15% off advertising campaigns on Fairfax's domain.com.au, and discounts on BRW and Smart Investor magazines.

However, Westpac head of mortgage distribution Tony MacRae said one of the key benefits of the invitation only club was access to co-branding materials that would provide Westpac's seal of endorsement.

Platinum brokers will be entitled to use a 'Platinum Broker' endorsement logo, will receive a Wetpac Platinum Broker certificate for display, and will be included in some customer marketing campaigns.

To be considered for the top tier, Westpac has stipulated a minimum requirement of 15 applications per calendar quarter, a conversion rate of at least 70%, a low arrears book, a minimum settled book with the bank of $20m, and a minimum application quality of 65%.

MacRae said the new offering aimed to bring its key broker partners and Westpac's local bankers closer together to build increasingly strong business relationships.

As part of the offering, Westpac will also offer Platinum brokers access to personalised banking services, via a premium financial services relationship management team.

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COMMENTS

  • by Broker 27/02/2012 10:55:40 AM

    Westpac Mobile Lenders would be a more appropiate term.

  • by Chris 27/02/2012 11:57:48 AM

    I find it interesting how Westpac's strategy to increase their 3rd party market share is to what amounts to bribing the broker who places high volumes of business. I just hope for the sake of our industry brokers continue to offer the most competitive lenders based on price policy and product. As it stands, I can not see how any broker could be doing this and have an overwiesght product mix towards westpac

  • by Perth Broker 27/02/2012 12:22:22 PM

    Westpac should also pay them salary, supeannuation as well as other bonuses that they usually pay to their employees.