BREAKING: Major bank announces commission changes

A big four lender has announced a raft of changes, including introduction of year one trail



NAB has announced it will introduce year one trail for loans settled from 1 October of this year.

NAB general manager of broker distribution Steve Kane said the lender would pay 15bps for the first year on all loans settled from 1 October. The lender's ramped trail structure will remain, though trail for loans five years and beyond will fall from 35bps to 30bps. Kane said, however, that the reduction would only apply to loans settled from 1 October.

"We are committed to continually evolving our offer for brokers and their clients and understand the benefits and value of year one commissions for brokers," Kane said.

The bank also announced it would drop its Homeside brand and rebrand the product range under the NAB badge.

"We will continue to deliver an exclusive broker proposition, and all the benefits that come with that, combined with the benefits of being able to sell using the strength of the NAB brand," Kane said.

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