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Jessica Darnbrough
Bankwest has paid more than one million dollars in bonus commissions to its broker partners.
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Late last year, Bankwest launched a ‘quality bonus’ promotion that rewarded brokers with an additional 10 basis points on applications lodged up to 31 December 2010 that met the benchmark of ‘right first time’.
Speaking to The Adviser, Bankwest’s head of specialist lending Ian Rakhit said the increased commission initiative, which was paid to brokers last week, had proven hugely popular with brokers.
“We saw a 40 per cent increase in applications during this period,” he said.
“Better yet, the vast majority of those applications were of the highest quality. We thought it was prudent to recognise and reward those quality submissions, which is exactly what we did.
“Last week, we paid more than $1 million in bonus commission payments to our brokers.”
Mr Rakhit said the initiative had been such a success that he had already decided to repeat the offer in the future.
“While it is hard for me to put a specific date on when that will happen, I can say we will re-launch the campaign in the near future.”
FAST’s chief executive officer Steve Kane said the broker channel would obviously welcome any further enhancements to broker commissions.
“The initiative was a win for everyone. The broker won through greater remuneration, the borrower won with faster turnaround times and the bank won by having fewer loan re-works,” he said.
