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St George announced this afternoon that from 1 June 2008 it will change the way mortgage brokers earn their commissions.
In the new structure brokers still have the potential to earn a maximum of 0.70 per cent up front and 0.25 per cent trail; minimum levels are set at 0.50 per cent up front and 0.15 per cent trail.
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Full commissions will be paid to brokers based on conversions from application to settlement, meeting agreed loan book run-off rates, electronically lodged applications and cross selling products during the life of the loan.
George Beatty, acting group executive of retail business with St George said the changes were being introduced after careful consultation with broker partners.
“We intend this to be a clear signal that we will continue to support the mortgage broking industry,” he said.
“We are keen to reward brokers for value, efficiency and loyalty and we want to build partnerships with those brokers who are serious about working with us.”
