A major bank has launched an incentive program that could see brokers receiving an extra 10bps of upfront commission.
Westpac general manager of mortgage broker distribution Tony MacRae has told Australian Broker the bank will offer a volume incentive to aggregators in the wake of the lender's push to grow its mortgage book at system. MacRae said the program, running from 1 June to the end of September, will reward aggregators who see their group's overall volumes through Westpac increase.
While the volume targets will vary slightly from aggregator to aggregator, MacRae said they were realistic and achievable. Members of aggregators who hit the targets will receive an extra 10bps of upfront commission on Westpac deals, regardless of their individual volumes through the bank.
While the incentive program will rely on an aggregator's overall numbers rather than those of individual brokers, MacRae said he hoped the promotion would see brokers who hadn't previously used Westpac "give us a go".
"I hope they give us the opportunity to prove we can deliver for them and their customers with market-best turnaround times and service," he said.