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One of Australia’s majors has announced plans to extend its bonus commission incentive campaign.
Speaking at the NSW Westpac-Accredited Broker Road Show event, Westpac general manager for mortgage distribution Tony MacRae said the lender was delighted to extend its 10 basis point upfront commission incentive for a further six months.
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Mr MacRae told The Adviser the campaign had been a great success to date.
“We have seen about a 15 per cent uplift in applications, so it has been very positive and a great growth story for us and so we are keen to extend it and continue on that journey,” Mr MacRae said.
The campaign will now run until the end of March 2014.
“Once aggregators hit a certain hurdle rate for applications we then pay an additional 10 points commission up front to those aggregators. It’s the same program that we have in place right at the moment but we’ve just extended it out,” Mr MacRae said.
Westpac would continue to evaluate the initiative as well as the bank's ability to carry on offering the upfront commission bonuses, he added.
“We are always reviewing these sorts of things so we will be looking at the success of it and looking at the outcomes between now and March," he said.
