Banks pay real estate agents for home loan referrals
Mortgage brokers aren’t the only people involved in the housing market to be paid commissions by the banks: all five of the major home lending banks have confirmed they pay in some form people such as real estate agents for referrals for home loans.
Wednesday, May 26th 2004, 7:31AM
by The Landlord
That includes Bank of New Zealand, despite its current aggressive advertising campaign using the slogan: "We’ve cut out brokers to give you a great home loan deal."BNZ spokesman Owen Gill says his bank has not and would never pay cash for referrals. However, "there are some instances where we give people some Flybuys." Flybuys points can be redeemed for a wide range of goods and services, including travel and accommodation.
That suggests BNZ’s campaign really should be making it clear that although it has cut out some middlemen, it hasn’t cut out others.
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