Non-major announces commission changes

by Adam Smith17 Feb 2015
A non-major bank has today announced changes to its commission structure it says will reward brokers for customer retention.

Suncorp has announced it will change its commission structure for loans settling from 27 February to reward brokers for keeping customers with the bank. The lender said it would increase its trail commission from year four onwards from 20bps to 25bps.

Suncorp head of intermediaries Steven Degetto told Australian Broker the lender was focusing on customer retention through its broker partners.

"One thing we're focusing on into the future is how we can work with brokers to keep the customers they bring to us and grow those customers' products with us. Customer retention and extension of loan live is crucial in our relationship with brokers," he said.

Degetto said the bank had a competitive home loan package, and high customer satisfaction.

"Happy customers staying with us longer is good for us, it's good for the customer and we want to share some of that value brokers are creating by keeping customers aligned with us," he said.

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  • by Greg 17/02/2015 9:01:03 AM

    Good but how about mixing with your brokers and getting your bdms out there???
    I haven't seen a bdm in 2 yrs!!

  • by Deena Janes 17/02/2015 9:06:48 AM

    Good on you Suncorp! Good to see rewards coming back to the brokers.

  • by Tony Thompson 17/02/2015 9:22:38 AM

    Hi Greg, I use Suncorp a lot due to their overall positioning. Product, Rate, Fees and Service. If you haven't heard from your Relationship Manager for a while, it would be well worthwhile jumping on the phone, find out who the RM is, and getting them out to see you. In most cases, their attitude to Brokers and Customers is very refreshing.