Westpac to overhaul top tier segments

by Ben Abbott15 Feb 2012

Westpac has announced it will launch a new 'Platinum' top tier broker segment at a series of road shows.

The bank, which recently moved to defend broker segmentation offerings, said the new Platinum tier would be an exclusive top tier broker segment, available to brokers by invitation only. The new segment will be placed above the Advantage + tier, which will remain in place.

In a statement the bank said Platinum brokers would be offered "exceptional, priority service, Westpac’s quickest turnaround times including same-day conditional approval".

Platinum brokers will also receive Platinum branding recognition, "numerous personal premium banking benefits" and discounts on Davidson Institute seminars and courses

“Brokers are an important business partner at a local level, with around 45% of the bank's mortgages delivered via the mortgage broker channel," mortgage distribution head Tony MacRae said.

"Our aim is to bring our broker partners and Westpac’s team of local bankers closer together to build deep and strong business relationships, and Platinum helps us achieve this by rewarding brokers who work closely with us and really delight their customers," he said.

MacRae will meet with its new Platinum brokers and other key business partners at a series of upcoming road shows in February and March, with the theme 'Building Great Partnerships'.

“Our entire Westpac team are keen to get in front of our key customers – mortgage brokers. We understand that our brokers need a lender partner, like Westpac, that puts them at the centre of everything they do, and their sentiment is very clear," MacRae said.

"Professional brokers want a committed partner to assist in their efforts to grow and develop their business by continually adding value and building a great partnership. That’s why it’s important to stage these important local road shows,” he said.

Related stories:

Cummings derides 'ignorant and apathetic' competitors

MacRae stands firm on segmentation


  • by Coast Broker 15/02/2012 9:40:44 AM

    So how much business do you have to write to become a Platinum Broker with Westpac. I would assume it would be a very large amount so are the Platinum Westpac Brokers doing the right thing by their potential clients as it would be all of their business would be going to Westpac. Are their potential clients therefore missing out on a better product with another lender just to satisfy the ego of the Paltinum Broker. Also will a Platinum Broker have access to better pricing. They may as well become a Home Finance Manager for Westpac.

  • by SunnyCoastBroker 15/02/2012 9:47:00 AM

    All well and good, but what about commission levels?? They were the first to cut commissions in 2007 and extend clawbacks out to 2 years. It's difficult not to be cynical.

  • by Joseph Meyer 15/02/2012 9:48:55 AM

    How Dissappointing is it that Customers be them Mortgage Brokers or their clients have to have their service levels discriminated against by loan volumes.The sad part here is that the banks have set the benchmarks by providing their high volume introducers with 24 hour turnarounds plus benefits but the rest of the introducers, may be just as loyal, have to suffer through the bottom end of the customer service cycle. And put up with the errors and delays. One bank, one system why can't it all be the same in service levels throughout it's organisation.