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MacRae stands firm on Westpac segmentation

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Australian Broker | 10 Feb 2012, 08:15 AM Agree 0
Westpac has defended its mortgage broker segmentation model, following a recent decision from competitor NAB to scrap its tiered service proposition
  • Stephen Dinte | 10 Feb 2012, 10:38 AM Agree 0
    The problem with segmentation is that it takes time and a number of deals to become an A+ broker (or whatever title a lender chooses to give). During that time, the service level is not as good as that offered by other lenders. So, my clients are disadvantaged because I am not an A+ broker. Lenders who do not segment have the better answer. Treat all brokers equally, give great service to all and let the market decide which is better. Giving the majority of deals to one lender due to this segmentation may cause a broker to fall foul of ASIC.
  • Julie Saxon | 10 Feb 2012, 10:50 AM Agree 0
    Being a Westpac preferred broker does not give any real value to its brokers, An advantage plus broker gives similar service to brokers as an every day broker with Homeside or Suncorp
  • Troy | 10 Feb 2012, 10:57 AM Agree 0
    Westpac should increase comms for the A + brokers as well
  • Brisbane Broker | 10 Feb 2012, 12:58 PM Agree 0
    Westpac, St George and CBA use the same approach. I have been an Adv + broker and a Gold Broker with these lenders for quite some time but of late I have used Homeside more often as their service levels and credit policies are superior. Wpac and CBA then keep threatening me they will withdraw my prefered status....BIG DEAL!!! I will support the lenders that continue to provide service and products and not base my advice purely to stay at the top of the accreditation tree.
  • Broker1 | 14 Feb 2012, 11:58 AM Agree 0
    Or you could try using lenders other than the Big 4 to get better deals for your customers and A+/Diamond Broker service on every deal you submit
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