One of the big four banks has increased its upfront commissions by as much as 30 per cent.
The changes announced by Westpac today will take effect on March 1. The new structure will allow aggregators to earn a commission of up to 0.65 per cent, compared to the current upfront standard base commission of 0.50 per cent.
Aggregators will be offered a standard additional volume-based incentive of 10 basis points. There will also be a further conversion incentive of 5 basis points.
Both will be upfront only and will be based on monthly targets. There will be no changes to the trail commission payment, Westpac said.
“The additional volume- and conversion-based incentives form part of the standard primary commission-based structure for all accredited Westpac consumer residential mortgage brokers.”
Meanwhile, Westpac has announced a special deal on Premier Advantage Package home loans between February 3 and April 30.
The variable rate home loan offers will be available for customers who take out a new packaged loan. The offer is subject to full applications being processed and conditionally approved before April 30.
There will be a 0.70 per cent variable rate discount on loans between $150,000 and $250,000, a 0.90 per cent discount on loans between $250,000 and $750,000, and a 1.00 per cent discount on loans greater than $750,000.
“These new offers, along with the current Fixed Rate and Flexi First Option special offer, continue to position Westpac as the bank to assist your customers with their home loan and other financial needs,” Westpac said.