Brokers who sell Homeloans Ltd's new range of full doc premium home loans will be rewarded by a one per cent upfront commission.
Earlier this month Homeloans launched a number of new products including a 6.99 per cent Premium Saver, 7.14 per cent Premium and 7.34 per cent Premium Line of Credit mortgage – all of which will pay one per cent upfront commission until 30 January 2009.
Broker trail commission will remain at current levels.
Homeloans is the latest non-bank lender to mount a campaign to claw back broker business from the banks.
According to Homeloans Ltd general manager of sales Tony Carn, the new suite of premium mortgages coupled with a one per cent upfront payment will arm brokers with a solid alternative to bank products.
“The broking industry is well aware of threats of a bank dominated industry,” Mr Carn said.
“While our latest promotion will not appeal to all brokers, it will certainly appeal to those with a value proposition that includes being able to sell themselves and their service – rather than merely referring their customers to a mainstream bank brand.”
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