St George Banking Group has announced a temporary commission hike for brokers working across its three brands: St George, Bank of Melbourne and BankSA, for loans settled from October 1, 2013.
The change will give all brokers 0.65% up-front commission and removes the current conversion incentive during the promotional period. Trail in year one will continue at 0.15% p.a.
St George mortgage broking general manager, Clive Kirkpatrick, says the change has been introduced in order to drive business for the group and to support brokers.
“We’re keen to continue to support brokers by making it easier for them to do business with us and we also want a considerable uplift in volumes, so this just makes sense. I want to be clear that this is a limited time offer and we’re looking for a show of support from brokers so that we can continue to pay 0.65% promotional rate for a good amount of time.”
Kirkpatrick says a ‘significant’ proportion of the group’s loans are sourced through brokers and that the third party channel is ‘very important’ to the St George.
“We will continue to invest in the broker channel, and will continue with our process improvement initiatives, product innovation and service enhancements to support our broker partners and create great outcomes for customers.”