ANZ changes commission payments
ANZ Bank is changing the structure of its commission payments to mortgage brokers from October 1.
Wednesday, August 10th 2005, 7:18AM
by The Landlord
From then, ANZ will stop paying the 0.25% trail commission currently paid on new loans.“The move is in light of pressure on home loan margins right across the board in the last year or two,” ANZ spokesman Craig Howie says.
Instead, the bank will increase the up-front commission it pays from 0.625% to 0.7% and it will pay an at risk component of up to 0.2%, subject to various performance criteria.
ANZ had been consulting extensively with mortgage brokers in recent months, Howie says.
“We think the new structure meets both the bank’s objectives of providing customers with competitive mortgage products and at the same time acknowledges the broker feedback we got about bringing a quality and volume component into the commissions,” he says.
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