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One of Australia's banks has launched a new bonus commission scheme for brokers.
The ME Bank bonus scheme will apply to home loan settlements of greater than $1 million, accumulated in the three months from 1 September to 29 November 2013.
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The upfront bonus commission, paid on top of current commission, has been set at 0.10 per cent for total value settlements of $1 million to $2 million, 0.20 per cent for settlements of $2 million to $3 million and 0.30 per cent for settlements of over $3 million.
ME Bank’s national manager brokers Stewart Saunders said the campaign is aimed at encouraging more brokers to try the ME Bank experience and in doing so, demonstrate to brokers that fairer banking will help them win more business.
“Brokers know the best way to increase referrals is to give customers a great home loan deal with a lender they like - because a happy customer is their best advocate,” he said.
“Campaigns like this provide an opportunity to demonstrate first-hand that there is a genuine alternative to the majors that provides straightforward, transparent, low-cost home loans, supported by real service,” added Mr Saunders.
ME Bank last ran a bonus campaign at the start of 2013, which has resulted in an increase in ongoing broker activity.
Mortgage Choice CEO Michael Russell said he expects to see more campaigns like this in the next 12 months as lenders compete for mortgage customers.
“You will see lenders coming in and out of the market in short bursts, offering some incentives to drive some volume their way,” he said.
