Non-major extends increased referral fee for brokers

A non-major bank has announced it will extend its increased broker referral fee until 31 August 2015



ING Direct has extended the broker referral fee for its Living Super product to 31 August 2015, in light of recent findings in the EY and MFAA ‘Observations on the value of mortgage broking’ report.
The MFAA report showed that a fifth of respondents would discuss savings accounts and transaction accounts with their broker alongside their mortgage requirements, and almost one third were interested in finding out more about insurance products and credit cards.
“Brokers support people with one of the biggest financial decisions they are ever likely to make and this builds trust which brokers can build on, further deepening their client relationships and adding more value with referrals,” said ING Direct head of third party distribution, Mark Woolnough.
The referral fee for Living Super was doubled from $275 (incl. GST) to $550 (incl. GST) with the increased fee originally due to run until 30 June 2015.
“Brokers are with their customers from the very start of their financial life cycle, and raising awareness of super can see the mortgage and super working in tandem; one decreases as the other increases. Supporting your customers to take control of their super earlier in their lives can have a huge impact in helping them to get ahead in their retirement. That’s a real value-add.”
Woolnough said the broker referral program had been well received so far and is a way for brokers to diversify their revenue.
“We have had great feedback about the ease of the process, which is a simple one page referral form that covers both products.  Once it’s sent to us, we do the rest," he said.

Keep up with the latest news and events

Join our mailing list, it’s free!