Non-major lender Macquarie Bank has announced a decrease in trail commission and a reduced clawback period to all new home loan products. However, it's unclear whether this will be available to all brokers.
Effective from 16 October, the changes “support the continued delivery of competitive products, service and pricing in a dynamic home loan environment,” James Angus, division director of Macquarie Bank wrote in a broker note made public on the Connective
A new trail commission of 0.15% per annum (plus GST) will be paid on all new products, the note says.
Regarding the reduced clawbacks, where a new product loan is fully repaid within 18 months of the settlement date, the broker will refund an initial fee, variation fee or product change initial fee (whichever is applicable) in accordance with the conditions below:
- 100% clawback if the new product loan is fully repaid up to 365 days from settlement date
- 50% clawback if the new product loan is fully repaid between 366 and 548 days from settlement date
More to come...