Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Brokers hold the key to trail payments: St George

Notify me of new replies via email
Australian Broker | 02 Apr 2009, 04:00 PM Agree 0
St George Bank has sent out a lucid message to brokers - the future of trail payments is in their hands.

  • Broker | 03 Apr 2009, 10:34 PM Agree 0
    I love their "Just trust us" trail commission model. The amount of my trail is dependent on St George telling me whether my customers are using their st George Freedom account.

    Give me a break! How are we going to keep them and the aggregator diligent about this?
  • OzBoy | 04 Apr 2009, 01:51 PM Agree 0
    "The industry really has to demonstrate that it can add value in that regard," he said. Another comment with no substance behind it. What does he mean by this. I get told the month after a loan is paid out and I am never advised when a client is in arrears, so not sure how I can add value or is this just a seed planted so that at same stage in the further St G can say "Well there is no value in paying trail so we are cutting it." I am only too happy to assist but lenders and aggregators need to give us the information and tools to add value. I would really like to see some of the journalists in this area to start drilling down a little more to get some substance behind these remarks.
  • St George (read USELESS) | 04 Apr 2009, 02:09 PM Agree 0
    St George has to demonstrate that they can add value to the home loan market by fixing up their ancient processing systems and not wasting everybody's time. How often do you get a request from a SG lender (for a 80% LVR and servicing ratio of 3x) asking about a credit card CRAA inquiry from 5 years ago. Only to find that it was just to buy them more time in delaying your approval.
  • Bob D Broker | 04 Apr 2009, 10:33 PM Agree 0
    Ozboy, Aggregators receive information about loans no longer receiving trailer due to finalisation or arrears, so if this information is not being communicated to you it sounds like you need a new aggregator. Are you with one of those flat monthly fee operations?
  • Seeking Real Estate Agents | 06 Apr 2009, 02:11 AM Agree 0
    We are seeking real estate agents to service our pre approved finance customers, qualified leads for real estate commission split 50/50.

    You give us half of your 3% commission, we give you the pre approved buyer. Great business model for real estates.

    For once you pay and not demand commission on commission.
  • OzBoy | 06 Apr 2009, 09:49 AM Agree 0
    Nope and nope. As you would know Bob (after all your comments it would seem you are an authority) some aggregators (as well as some lenders) systems are not robust enough to handle this information correctly, I am sure you would have seen the mistakes with the first lot of KPI figure's supplied by lenders earlier this year. If St G want us to be responsible for managing the client then give us live access as a couple of other lenders do, instead of relying on 3rd parties such as aggregators to pass on the information. Thanks again for your input but a little more depth to your comments would be a positive.
  • OzBoy is correct | 06 Apr 2009, 06:22 PM Agree 0
    I know exactly what you mean. The reports are riddled with errors. You don't have enough hours in a day to keep finding errors which all seem to be to the broker's disadvantage!
Post a reply