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ISCOVER
Staff Reporter
One week after Australian First Mortgage announced it would increase its broker commissions, another non-bank lender has decided to raise its upfront commissions.
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On Monday, Homeloans announced it would increase the upfront commission it pays on certain loans by 10 basis points.
Effective from today onwards, the lender will pay 70 basis points upfront commission on its Homeloans Ultra and Accelerate loans.
In addition, the non-bank said it would reduce its get in fees by more than 50 per cent on the Homeloans Ultra, MoniPower and ProSmart (excluding SMSF) loans.
The new fee structure also sees Homeloans waiving legal fees on standard loans as well as its application fees.
Homeloans’ general manager sales Greg Mitchell said these changes demonstrate Homeloans’ determination to build market share, as well as its ongoing and steadfast commitment to the broker channel.
"It's a tough market at the moment, so we feel it is of utmost importance to reward brokers for supporting us. Our new fee structure also provides a clear benefit to borrowers,” he said.
