Comment of the Week goes to…

by 06 Dec 2013
This week's top comment was posted after Australian Broker reported commission hikes may be on the horizon for brokers.

The original article quoted comments from Loan Market's Sam White and AFG's Mark Hewitt, who claimed lenders are fighting for broker market share as the channel grows stronger. White predicted commissions would be on the rise before long as brokers raised the quality of their submissions.

Reader Steve Pacey gets the title of 'Comment of the Week' for his call to see brokers paid their "true worth".

"2008 saw the GFC drive Broker commissions down, 40% reduction. Cost of funds the driver. Fine, we are now 2013, banks boasting record profits, cost of funding stabilized. Surely its about time to reinstate commissions to where they were, especially trail. All brokers now have formalised qualification, licensed, and face increased costs to run a business, yet we have bank not paying trail in first year, and at greatly reduced rates of the past, time to start paying brokers for our true worth."

Thanks to everyone who contributed comments over the last seven days and keep an eye out next Friday to see if you're the author of Australian Broker's next top 'Comment of the Week'!