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

Major bank announces rate cuts, broker referral program

Notify me of new replies via email
Australian Broker | 31 Jan 2014, 08:03 AM Agree 0
A major bank has followed its launch of commission changes with announcements of rate cuts and a new broker referral program
  • Melbourne Broker | 31 Jan 2014, 09:09 AM Agree 0
    Westpac should be making real moves to reward all of their existing lenders by reducing their SVR so ALL can benefit. These short term incentives will do nothing to change broker sentiment, just increase volumes for a short time, to a particular niche.
    ANZ and CBA have been running similar offers (albeit with risk pricing niches), so it's not an industry shake up, just the "same old, same old"...
    AB, you should also be a little more honest in your headlines. I was intrigued to see which bank had the stones to cut rates out of cycle, only to find it was a discount program for volumes!
  • Dave Robinson | 31 Jan 2014, 09:14 AM Agree 0
    Hope you take out the "do not market" ones and don't pass on one brokers client to another.
  • Papery | 31 Jan 2014, 09:27 AM Agree 0
    Hey Westpac....send the leads to me!
    But do you mind fully qualifying them first, verifying all the info, going thru the Fact Find & Responsible Lending, running the odd product comparisons & doing the val first, as well??
  • Incognito | 31 Jan 2014, 09:29 AM Agree 0
    Better if Westpac hadn't slashed commissions back in 2008.

    0.70 upfront and 0.25 trail is where things were.

    Anything else is just deception, and brokers must remember who started it all
  • John Smith | 31 Jan 2014, 10:39 AM Agree 0
    A few unfair comments here, and stop talking about commissions - most lenders did the same, even if Westpac was one of the leaders. Focus on product for your client, and get over it.

    I am not a fan of Westpac, but this passing of their clients as leads to brokers is very new and innovative.
    However, I bet it's only high volume brokers who benefit; AND it better not be clients who already have brokers, unless they are advising that broker, otherwise I predict a class action ;)
  • Not Convinced | 31 Jan 2014, 11:20 AM Agree 0
    At last, something proactive from Westpac. I'm sure it will be negated very soon by another regressive move as Westpac lurches from one cost saving disaster to the next. Customers, brokers and staff are treated as expenses by this bank.
  • Dave | 31 Jan 2014, 11:56 AM Agree 0
    It's all about, we've got all these broker customers on 0.25% trail - if the brokers rewrite these loans them we'll only have to pay 0.15%!
  • Noelene | 31 Jan 2014, 03:43 PM Agree 0
    are they still charging for accreditations?
Post a reply