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Jessica Darnbrough
St George Bank has announced it will reward its quality brokers with higher commissions.
From 1 September, the bank will pay brokers with an 80 per cent conversion ratio or better, an additional 15 basis points upfront commission in addition to the current 50 basis points upfront base commission on settled loans.
In addition, the bank will also pay a 15 basis point trail commission from year one and for the rest of the life of the loan.
St George’s general manager intermediary distribution Steven Heavey said the changes are the result of ongoing broker feedback.
“At St George we strongly value our relationships with brokers and listen closely to their feedback. We’ve heard from our broker partners that trail in year one was an important aspect to the overall commission structure and these changes are in response to that feedback,” Mr Heavey said.
“We’re also keen to continue to support our brokers by rewarding them for good quality applications, paying a 15 basis points upfront conversion bonus. This has been streamlined from the previous three tier structure.
“St George’s intermediary partners are very important to St George, with a significant percentage of loans sourced through mortgage brokers. St George continues to invest in the broker channel, and will continue its process improvement initiatives, product innovation and service enhancements for our broker partners and ultimately our customers.”
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