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A non-major bank is offering brokers 0.65 per cent commission upfront for a limited time.
The St George Banking Group announced the temporary change to its broker commission structure across its three brands, St George, Bank of Melbourne and BankSA for loans settled from October 1 2013.
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The change will give all brokers 0.65 per cent up front commission and removes the current conversion incentive during the promotional period. Trail in year one will continue at 0.15 per cent p.a.
Clive Kirkpatrick, mortgage broking general manager, said the change was introduced to support brokers and to drive business for the Group.
“We’re keen to continue to support brokers by making it easier for them to do business with us and we also want a considerable uplift in volumes, so this just makes sense”.
Mr Kirkpatrick called on brokers to embrace the initiative to extend the life of the limited offer.
“I want to be clear that this is a limited time offer and we’re looking for a show of support from brokers so that we can continue to pay 0.65 per cent promotional rate for a good amount of time,” he said.
“Our broker partners are very important to the bank, with a significant proportion of loans sourced through mortgage brokers”.
“We will continue to invest in the broker channel, and will continue with our process improvement initiatives, product innovation and service enhancements to support our broker partners and create great outcomes for customers,” Mr Kirkpatrick concluded.
