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Major's commission changes come into effect

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Australian Broker | 02 Oct 2014, 08:30 AM Agree 0
Following on the heels of CBA's commission announcement, another major has touted its previously-announced commission overhaul, which came into effect yesterday
  • Incognito | 02 Oct 2014, 10:09 AM Agree 0
    NAB got the commission model right in 2007. John Flavell was a visionary.

    Other banks are just catching up but NAB deserve the credit, and the loyalty.
  • Steve McClure | 02 Oct 2014, 01:01 PM Agree 0
    Great, that's fixed, now move onto turnaround times - ANZ just approved a deal in 3 hours this morning without any escalation. That's the level we need to be at when brokers are 51% of the market.
  • Macarthur Broker | 03 Oct 2014, 06:21 AM Agree 0
    Hmm, I gave up on NAB when it proved impossible to get a broker code allocated despite filling in a multitude of forms and attending a whole day training session back in the day. Follow that up with a BDM who seems to have lost the ability to return phone calls or emails. No thankyou. I cant risk my customers with a bank who cant even get the accreditation process right.
  • Andrew Edwards | 06 Oct 2014, 08:28 AM Agree 0
    Whilst earning a good commission is important, service including processing times, bdm's returning calls and the occasional visit are far more important.

    When we do actually get to see bdm's we always stress that most rates are the same, most commissions also. What is really an issue for us is that on the odd occasion we have an urgent deal, you get it through quickly.

    I just had a lender (that will remain nameless) hold an urgent deal for 5 weeks only to tell me they weren't interested. They won't be getting a deal from me EVER again regardless of their rates or commissions paid.
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