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Non-major spikes broker commissions 0.65%

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Australian Broker | 16 Sep 2013, 08:00 AM Agree 0
Broker commissions have been temporarily increased by one non-major lender
  • BONED | 16 Sep 2013, 08:57 AM Agree 0
    You have to do more than increase commissions to gain our support, however removing your unfair conversion metrics is a great start.
  • observer | 16 Sep 2013, 09:03 AM Agree 0
    All they have to do now is fix up their back end processing and they will again be a viable option.
  • Southside | 16 Sep 2013, 09:21 AM Agree 0
    There back office is so poor that most of us have stopped using STG. No matter what the cost i wouldn't be using them until that improves!
  • MelbBroker | 16 Sep 2013, 09:24 AM Agree 0
    Still not using them until they get their act together - higher commission still not covering the cost of doing business with them.
  • JB | 16 Sep 2013, 09:25 AM Agree 0
    The current conversion metrics are a reason to never support St George. Ditch them if you want to be in the broker business.
  • Elaina | 16 Sep 2013, 09:44 AM Agree 0
    The powers that be at St George just don't get dont need to increase upfront comms to get more bsuiness .6% v.65%. Brokers want better service from St George, the back end is so poor currently when it comes to getting loan documents out they are disgraceful. Spend money on fixing that up and you would get a lot more business than you will from an upfront hike. They have been talking about getting rid of the conversation matrix for about two years. scrap it permanently. Start to listen.
  • No longer a fan | 16 Sep 2013, 10:11 AM Agree 0
    They have lost the plot over recent times and have done long term damage to their brand. It's been caused from the top down.
  • BJ | 16 Sep 2013, 10:20 AM Agree 0
    St George are you getting the message. Probably not, hence the need to increase commissions.
  • Wrong Order | 16 Sep 2013, 10:41 AM Agree 0
    BoM has got the order wrong, fix up the back office first, get the doc process right and then give incentives to try an improved process.

    Whilst the conversion measure in place now is unfair that is nothing compared to the stress caused by the incidence of errors from submission to documents issued.
  • Old Time Broker | 16 Sep 2013, 11:24 AM Agree 0
    Increasing Commissions works ~ this is a smart initiative from St George.

    I recently met with senior executives at the bank and they are committed to fixing their back office and are making a number of changes e.g. getting their 'actual' credit teams serviceability calculator out to brokers to reduce rework etc.

    They are doing all the right things and I expect they will become a serious top 3 contender, mark my words...
  • Melb broker | 16 Sep 2013, 01:11 PM Agree 0
    Old time broker .... I disagree. Anything tied to WBC in the broker channel is a nightmare and if brokers continue to support them, nothing will ever change. A boycott is in order and then they will have no choice but to change things. We don't touch any of the lenders, and our business continues with no issues at all. Who needs them??
  • mac | 16 Sep 2013, 02:48 PM Agree 0
    Haven't settled a STG loan since 2010 prior to that was a gold broker with them whatever that is. I think they would be better of spending the extra 0.15% on better training and processes. Their internet banking is a joke as well.
  • ben | 16 Sep 2013, 08:38 PM Agree 0
    STG CEO pay attention you have a terrible service based business. You have done long term damage to your brand and reputation. As far a the broker channel is concerned your name is mud!
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