Following on the heels of CBA
's commission announcement, another major has touted its previously-announced commission overhaul, which came into effect yesterday. NAB
Broker has officially launched its mooted first-year trailing commission of 0.15% for all new loan settlements as of Wednesday 1 October.
This comes on the heels of CBA announcing last week it would implement first-year trailing commission of 0.15% for all new settlements from 1 January 2015.
NAB announced the changes in June, and NAB Broker
general manager Steve Kane
said the new structure was designed to recognise and recompense brokers for their dedication to providing quality service and support throughout the life of the relationship.
“NAB is wholeheartedly committed to the broking channel and today we are delivering on our promise to support the brokers who support us,” he said.
“We offered a ramped trail commission structure to brokers back in 2007, and today we continue to have a market-leading offering which we have seen other lenders follow to the benefit of all brokers.”
The new structure will see trail commission increase up to 0.30% in the fifth year.