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Jessica Darnbrough
One of Australia’s majors has launched an incentive program for a limited time only.
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Westpac has committed from June 1 to pay any aggregator that meets an "individual volume hurdle" an additional 10 basis points in upfront commission on all loans settled.
Speaking to The Adviser, Westpac’s general manager of mortgage broker distribution, Tony MacRae, said the lender would run the incentive for four months.
“The offer will remain in place from 1 June to 30 September and will be judged on applications. The loans do not need to be settled within that month. As long as the aggregator reaches their individual volume hurdle within that month, we will pay an additional 10 basis points in upfront commission on every loan once they settle,” he said.
Mr MacRae said the offer was designed to reinforce Westpac’s commitment to the third party distribution channel.
“This year our goal has been to grow our share of the mortgage market through the third party distribution channel and to do that we need to show our commitment to brokers.
“We want to show how committed we are to the channel through our excellent service proposition, competitively priced products and other incentives, such as enhanced commissions.
“We believe this latest incentive will complement the various consumer offers we have out on the table of late, including our new one-year fixed rate offer.
“We hope this will show that Westpac is keen to support the industry, support brokers and their clients.”
