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ISCOVER
Jessica Darnbrough
One of Australia’s banks has announced its plans to increase broker commissions for a limited time only.
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Yesterday, ME Bank said any broker who settles more than $1 million with the bank anytime between 1 March and 30 June 2013 will receive higher commission payments.
From 1 March onwards, anyone who settles between $1 and $2 million with ME Bank will receive an additional 10 basis points in upfront commission. For those who settle between $2 and $3 million, they will receive 20 basis points extra commission, while those who settle more than $3 million will receive 0.30 per cent bonus commission.
Speaking about the bonus commission payments, ME Bank's national manager brokers Stewart Saunders said the new offer was designed to not only help the bank win business but thank brokers for their ongoing support.
“The campaign really was designed to thank brokers for their support during our first year in the broker market,” he said.
“We’re also hoping to create a buzz in the industry, highlighting how fairer banking resonates with customers and can help brokers win more business.
“Brokers know the best way to increase referrals is to get customers a great home loan deal with a lender they like, because a happy customer is their best advocate.”
“What many brokers may not know is how strongly ME Bank’s fairer banking approach resonates with customers.”
“The latest evidence of this is our winning ‘Lender of the Year’ in the 2013 Australian Home Loan Awards, announced on 23 February, based on the votes of 10,000 customers. We were voted the winner in nine categories and second in another three.”
Mr Saunders also added that the bank has bold plans to grow its market share over the coming few months.
“To achieve this we will continue to be very competitive on rates and to embrace the broker channel,” he said.
“Our brokers are also our customers so they get fairer treatment too, which means giving all our brokers equal access to BDMs and credit teams.”
