ISCOVER
With ANZ the only big five bank yet to announce changes to broker commissions, the second tier banks have now taken centre stage.
While commissions are sure to be reduced across second tier lenders eventually, widespread reductions are not necessarily imminent.
Adelaide Bank is one lender that looks set to leave commissions as is – for now at least.
Will Rayner, Adelaide Bank’s head of investor relations, told Mortgage Business that the bank didn’t have any pending plans to restructure broker commissions.
“We haven’t made any commission changes to date and it isn’t something we have any immediate plans to do,” Mr Rayner said.
Mr Rayner however would not rule out the future review of broker commissions.
ING DIRECT on the other hand was a little more guarded about possible changes to its broker commissions.
"Should a decision be made to change commission structures, this would be done after consultation with our valued aggregator partners," said Brett Morgan, ING DIRECT’s executive director of intermediary mortgages.
AMP and Citibank were unable to provide Mortgage Business with firm details on their approach to the review of broker commissions, but it would appear that no immediate changes are on the immediate horizon.
Second tier lenders that have already moved to restructure commissions include Suncorp – which announced its new commission regime on Tuesday this week – and BankWest, which rationalised its third-party channel remuneration strucutre late last month.
Published: 12-06-08
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