Westpac in consultation over re-accreditation fee

by BN13 May 2009

Following the introduction of its new mandatory accreditation requirements, Westpac has entered into discussions to set a broker "re-accreditation fee".

Under its new accreditation system, which came into effect on 1 May, brokers who wish to retain their accreditation with Westpac are required to settle at least one loan with the bank every six months.

New brokers are also now required to submit one loan in the first three months from the issuance of their ID number.

Communique sent by the bank informed brokers that if they do not meet the mandatory deal lodgement criteria, they will have their accreditation cancelled. It also stated that brokers who wish to recommence writing business for Westpac will need to complete a re-accreditation session which incurs an associated fee.

However, the amount that brokers will be charged for the privilege of re-accreditation has not yet been set.

A Westpac spokesperson told Brokernews that the bank was currently holding discussions to come to a decision.

"We are still in the process of consulting with our key business partners and other stakeholders to determine the appropriate fee," she said.

"And, in due course, when we've finalised this we'll be communicating it to these partners."



  • by Joe Blow 14/05/2009 12:14:46 AM

    Decisions like this screw consumers Mr Sherry....how about regulating the banks from this angle nuff nuff.

  • by Broker 14/05/2009 12:48:28 AM

    Accreditation fees...WTF will they think of next , in order to reduce our income, charge us to access broker websites, charge us to send out docs, perhaps a broker processing fee per loan submitted, or maybe charge us for each call we make to you to follow up on your extremely poor service and general incompetence, the list could be endless....one has to wonder if and when this erosion of our income will ever end.

    Oh well , we all have a choice and we all need to make the right choices to safegaurd our futures. The big 4 it ain't.

    These bastards are out of control, and it's time that all aggregators, collectively do something innovative to regain some control over the future of this industry.

    Brokers introduce over 40% of all loans , yet we appear to have no bargaining power whatsoever. I am unsure as to what the solution is here, but the status quo is a sad reflection of where we are headed, unless there is some drastic changes forced by our collective volumes. Perhaps boycotts are the only solution...what else would see them pay any attention to our concerns?

  • by Broker 14/05/2009 12:51:38 AM

    In fact , go right ahead Westpac, I will just kick you off our panel the same day...problem solved.