No commission cuts from ANZ

Staff Reporter Friday, 2 May 2008 1 minute read

ANZ has broken its silence on broker commissions, confirming exclusively with Mortgage Business this afternoon that no cuts are planned.

While scant details were provided, a spokeswoman for ANZ said that the bank would not change broker commissions at this stage.

“ANZ closely monitors trends in the Australian market, including margins and commissions, but we have no current plans to change broker commissions in Australia,” the spokeswoman told Mortgage Business.

“The broker market remains an important and integral part of ANZ's mortgage business. We greatly value the relationships we have built with brokers over the years and look forward to continuing to work closely with them to ensure a sustainable industry.”

Warren O’Rourke, Mortgage Choice’s national manager of corporate affairs, welcomed ANZ’s announcement.

While he declined to comment on the specifics of any conversation Mortgage Choice has had with lenders regarding commissions, he said “ANZ’s decision was a positive one”.

“We made our position known after the Westpac announcement; we see St George’s approach as pragmatic. We’re very happy with ANZ’s decision,” he said.

Published: 02-05-08