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Major bank "committed" to brokers

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Rebecca Pike | 11 Feb 2019, 02:59 PM Agree 0
The group has sent out a message to aggregators after the Royal Commission report
  • Ted | 11 Feb 2019, 03:08 PM Agree 0
    Lip service is cheap. When I want a drink I don't reach for a Claytons
  • Paul | 11 Feb 2019, 03:09 PM Agree 0
    Not buying it ANZ....you can go to hell
  • | 11 Feb 2019, 03:15 PM Agree 0
    What a load of Horse Shit.... The majors want Brokers to prostitute themselves.... Use unreliable, unprofessional Bank staff... You know the old saying.... If you pay peanuts - you get Monkeys
  • P.Doff | 11 Feb 2019, 03:21 PM Agree 0
    " Better model for Broker Remuneration" Translation: "Pay Brokers less so we make more profit"
  • Marty | 11 Feb 2019, 03:21 PM Agree 0
    I’d hate to see what they would say if they didn’t support us.
  • | 11 Feb 2019, 03:22 PM Agree 0
    Hollow words. Such rhetoric means nothing!
  • Broker | 11 Feb 2019, 03:22 PM Agree 0
    All just a load of contrived horsesh%te.

    Avoid all the big 4 at every opportunity, as they, in collusion with the corrupt RC and a corrupt political process, are hell bent on destroying our industry and no doubt will succeed in doing so, all because they want the income that Brokers earn. It really is that simple folks.

    • Fed Up | 11 Feb 2019, 03:53 PM Agree 0
      The government is nothing more than the bank's bitches ........
  • Simon | 11 Feb 2019, 03:23 PM Agree 0
    "better model for broker remuneration" - By which I assume you mean better for ANZ, i.e. not have to pay the network you 'support'
    Your funny .. Not
  • Paul | 11 Feb 2019, 03:24 PM Agree 0
    "Changes to remuneration need to take place over time" - no one is agreeing to anything yet ANZ!!!!!
  • Adam | 11 Feb 2019, 03:24 PM Agree 0
    Unless you write your own loans, then we wont trust you!
  • Mark | 11 Feb 2019, 03:25 PM Agree 0
    Ha Ha, could these blokes continue to contradict themselves any more??? We want to work with brokers, they are important but we acknowledge a change is needed to broker remuneration. Why is a change needed? Come out and tell us what you think needs to change and why then I will judge your comments. Until then blah blah.
    • Cam | 11 Feb 2019, 04:56 PM Agree 0
      well said Mark
    • Commoner | 12 Feb 2019, 11:42 AM Agree 0
      It is uncertain and difficult time for mortgage broker community. I am not a broker. There is an unfortunate perception that brokers do not have customer interest in their mind and get paid more than they deserve. Argument put forward by broker industry is that 'they help create competition'. Absolutely. But are they competing against each other to ensure customer can only choose/find the right broker who has customer interest? only competition gives best result in every industry including mortgage broker industry. It will weed out the bad brokers and help flourish mortgage broker industry. There is no level playing field in mortgage broker industry. Sales/Lead Generation is the success criteria not competency in mortgage brokering. The lobby group should propose ways to address this and go public with strategy.
  • Beth | 11 Feb 2019, 03:29 PM Agree 0
    Anz Really ?? It’s fractured !
    then why are we getting so many declines after waiting in queues making us look stupid
    You’ll all cut our incomes making it impossible to grow , employ and nurture our clients by taking the trail income
  • Bottom Line | 11 Feb 2019, 03:30 PM Agree 0
    I missed the bit where they supported keeping trail...…
    but wait...it reads that they support the changes that shaft us...but only if it's gradual.
    Like saying, we don't want you bankrupt this week...but in a year or so that's all fine....
  • Regional | 11 Feb 2019, 03:32 PM Agree 0
    Two bob each way......weasel talk.... we like brokers but support any changes to the way they are paid.... whatever happens to brokers remuneration you can bet that brokers won't benefit
  • Get Real | 11 Feb 2019, 03:46 PM Agree 0
    If ANZ really support brokers I implore them to explicitly state the support the retention of rail income.
  • Astonished | 11 Feb 2019, 03:51 PM Agree 0
    If you support us, then where is your voice yelling "NO"!!! What a joke - you're a greedy, power hungry, evil empire just like CBA and Westpac. The only reason NAB are voicing opposition is because they're neck-deep in the broker market .... still, at least they are speaking out.....

    ALL brokers should boycott CBA, WBC and ANZ completely and permanently - you want to wipe us out? You get nothing from us......
  • Mark | 11 Feb 2019, 03:57 PM Agree 0
    Yes a half hearted attempt to appease the noise. ANZ stand up and be counted make a real point and acknowledge the role of the industry and acknowledge it is an important part of your (and other banks) distribution.
  • See through it | 11 Feb 2019, 04:09 PM Agree 0
    Translates to: We dont yet have infrastructure to write every loan - so we need the brokers for a little while yet so we can gear up
  • | 11 Feb 2019, 04:22 PM Agree 0
    What a joke.Even after a royal commission they are still lying to us.I have always said, the banks have never liked brokers.
  • Broker | 11 Feb 2019, 04:26 PM Agree 0
    "In a letter to aggregators a major bank has affirmed its support of the broker channel, but also said it supports a "better model for broker remuneration"

    ANZ- can you please remind us why the commissions model that you have used for 25 plus years is broken - without relying on the rubbish so called findings that CBA ,Sedgwick ,and the RC came up with as we all know that is really just propaganda.

    I feel like the cops just burst through my door , planted drugs on me and then I was charged with possession of those drugs as this RC process has been just as ethical.
  • jerry | 11 Feb 2019, 04:33 PM Agree 0
    Any one who trust this mob please remember what they also said to the RC they think we should have a flat fee model. Lets see how they support the broker channel and challenge the RCs recommendation .profit is all they are interested most two faced group I have come across. They want us gone!!!
  • John | 11 Feb 2019, 05:32 PM Agree 0
    This is the same drivel we expect to get from CBA, Westpac and ANZ. We all know they don't want brokers. The real question is why the hell doesn't Hayne?? If there's one message we need to get to the politicians its that the remuneration model in place works perfectly well as it is and requires no change at all.
  • Grant | 11 Feb 2019, 05:35 PM Agree 0
    Good call Ted,

    Too little too late! All the banks want us to provide more information, spend more time and pay us less. Not sustainable in business. Banks want a better quality submission however won’t help us with more client information.Mr Hand is just another banker after his own interests. You should be a politician!
  • TMAC | 11 Feb 2019, 05:47 PM Agree 0
    Pi$$ Off ANZ. Bunch of hypocrites.
  • H | 11 Feb 2019, 06:03 PM Agree 0
    I acknowledge everyone's comments.
    We write 60% of the business in the market. Clients have clearly illustrated who they would rather do business through.
    Let's put some more pressure on them. Show them what we're capable of. We have to balance the power in the banking industry and this is the only way we as an industry retain a position in all of this.

    We must divert business to GENUINE non banks where possible. Find alternatives which are steering business away from the majors yet still good for the customer (we love our customers and cannot hurt them in the process).
    Beware of all those bank-owned white label products! We must do our research.
    Don't promote their rebate offers. That is what they want. They have enough money to pay customers $2000 but quick to clawback comms. The more we keep feeding them, the more they grow over the next few years. They are buying their market share so it doesn't hurt them when they make their move. It's a very thought out strategy.

    Don't get mad, get even!
    Clients don't care about brands, they care about solutions and someone that genuinely cares about their finances.
    Let's invest a bit of time to change things up a little.
  • Kyle | 11 Feb 2019, 07:06 PM Agree 0
    Some of the comments here are clearly the tail end commission hungry brokers who actually don't understand regulation and are just scaremongering.

    Change is always going to happen and some of these comments prove they cannot see past their pocket which is the core of this whole RC, and quite frankly if they leave the industry that's a massive step forward.
    • Paul | 12 Feb 2019, 09:06 AM Agree 0
      Obviolsy you work for a bank!
    • Get Real | 12 Feb 2019, 10:22 AM Agree 0
      Hey Kyle, if you actually had a clue you won't make yourself look such a fool in a public forum.
    • Get Real | 12 Feb 2019, 10:36 AM Agree 0
      G'day Kyle, research showed the average salary of a mortgage broker was around $86,000 pa. This is business income before expenses incurred in running a business (licence fees & insurance etc). Sure some are doing better but some are doing worse. You think $86,000 less expenses equates to commission hungry??
  • Paul | 12 Feb 2019, 09:03 AM Agree 0
    Liar Liar......
  • Andrew | 12 Feb 2019, 10:57 AM Agree 0
    Mark Hand.......get your hand off it!
  • Kyle | 12 Feb 2019, 11:28 AM Agree 0
    If your earnings 86k pa as a broker you are working part time and i don’t want a loan from a part time professional.
    • sigh | 12 Feb 2019, 12:08 PM Agree 0
      Let me guess.....Choice magazine Journalist.
    • Get Real | 12 Feb 2019, 12:20 PM Agree 0
      OK, Kyle. I am a Licenced Finance Broker with a Credit Licence. Pray tell, what are your qualifications to comment on this subject. Don't be shy!
    • Broker | 12 Feb 2019, 01:10 PM Agree 0
      Kyle - What a ridiculous comment you make- 86K is about the national average income so I guess the entire nation is working part time ey?

      If I choose to work 30 hours one week followed by 80 the next , this has has nil effect on my ability to do my job property , and I'd suggest that my clients are a much better judge of that you will ever be.

  • Sunil | 12 Feb 2019, 12:11 PM Agree 0
    It is uncertain and difficult time for mortgage broker community. I am not a broker. There is an unfortunate perception that brokers do not have customer interest in their mind and get paid more than they deserve. Argument put forward by broker industry is that 'they help create competition'. Absolutely. But are they competing against each other to ensure customer can only choose/find the right broker who has customer interest? only competition gives best result in every industry including mortgage broker industry. It will weed out the bad brokers and help flourish mortgage broker industry. There is no level playing field in mortgage broker industry. Sales/Lead Generation is the success criteria not competency in mortgage brokering. The lobby group should propose ways to address this and go public with strategy.
  • Kyle | 13 Feb 2019, 11:28 AM Agree 0
    Oh how cute you have a diploma in mortgage broking and your own credit license. They give those out to anyone, barrier to entry non existent. Just my opinion.
  • Mad Broker | 13 Feb 2019, 02:46 PM Agree 0
    Let the market dictate what structure Brokers should be paid.

    If the Big 4 banks do not want to pay Brokers trail then don't deal with Brokers. Most of the non-Big-4 Lenders do.

    Let the Government beef up the watchdogs & weed out Brokers who do not do the right thing.

    Brokers & Borrowers should never be used for Big-4-Banks greed.

    Especially the Most dishonest Greedy Disgusting CBA.
  • Kyle | 13 Feb 2019, 05:29 PM Agree 0
    Mad broker you are just admitting to sending clients to lenders that suit your own commission preference. Are you mad?
  • Broker | 13 Feb 2019, 08:23 PM Agree 0
    Kyle.
    Go get yourself a copy of a commission schedule before shooting your mouth off, as you will find that the commission percentages are so similar between lenders that it is totally irrelevant to where a broker places a loan, but I wouldn’t expect you to know that as you are obviously not a Broker and would have no idea how complex lenders polices have become. One needs to actually need to know these policies to successfully place a loan as most our loans are not vanilla , very few are these days.

    Brokers disclose these near identical commission levels upfront to their clients so what exactly is your issue? - the fact that we earn a living???

    In addition Bankwest pay the highest amount yet their market share from Brokers is miniscule – perhaps you can explain why that is??

    Awaiting your educated response on that, and perhaps you can also explain why Brokers market shares continues to increase when we are doing such a poor job, at least in your eyes.
  • Kyle | 14 Feb 2019, 10:06 AM Agree 0
    No brokers as whole are doing a fantastic job, no problem with the quality of service. What I am referring to is broker commentary about abondonening lenders and striking against certain lenders due to potential future commission disparity that may exist. Which I don’t beleive will actually happen. But saying this is devaluing the professional nature of the industry. It’s cowboy.

    I think the anger is undertandable re changes to Rem, but let’s all be honest here, change is inevitable. I am shocked that industry wasn’t defending and articulating how a broker is paid and why earlier. Inaction is present.

    Yes at the moment it’s hard to place a loan, but in times where credit is flowing out the door pay doesn’t drop either.

    • Broker | 14 Feb 2019, 01:32 PM Agree 0
      There won't be any future disparity in commissions as they call collude , as they always have.

      The industry has little to no effective leadership and therefore cannot defend itself against the cartel and corruption at all levels.

      The commission system has worked fine over 25 years - but as we are too successful for their liking the banks have decided that our income should now be theirs, its really that simple.

      Very successful Broker make decent incomes , less successful Brokers make less , as it should be.
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