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Suncorp Bank increases commissions

Staff Reporter 3 minute read

Suncorp Bank has increased its upfront commission payment by 15 basis points.

The bank announced that it had increased upfront payments from 0.50 per cent to 0.65 per cent, effective August 1.

Suncorp also announced that it had removed the conversion hurdle and corresponding bonus.

The commission structure still includes a trailing commission of 0.15 per cent in years one to three and a trailing commission of 0.20 per cent in year four.

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Suncorp’s head of intermediaries, Steven Degetto, said the more generous commission structure was aimed at rewarding brokers for quality business.

“It’s clear to us that our broker partners are focused on customer satisfaction, only submitting deals they truly expect to be fulfilled,” he said.

“This is why we’ve elected to remove the conversion hurdle and reward our valued brokers right across the board.

“Increasing our commissions and simplifying our offering are initiatives we’re proud of in our bid to make doing business with us even easier, further demonstrating Suncorp Bank’s commitment to being the genuine alternative for our broker partners.”

This has been a big year for commissions, with NAB announcing the return of first-year trail in June and Westpac announcing a 30 per cent increase to its upfront payments in January.

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Commonwealth Bank confirmed in May that it would reform its commission structure later this year, while Citibank said it might change its commission structure if the quality of loan submissions improves.

[Related: NAB commission increase spurs industry debate]

Suncorp Bank increases commissions
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