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Bankwest announces commission bonus

by Staff Reporter9 minute read
The Adviser

Bankwest has announced a three-month trail bonus of up to 15 basis points and revealed the offer may be extended.

The bonus applies to full applications submitted between August 22 and November 30 for deals with a maximum LVR of 75 per cent.

Brokers will be given a first-year commission of 0.05 per cent for loans up to $350,000.

Loans between $350,000 and $500,000 will receive 0.10 per cent, while loans above $500,000 will receive 0.15 per cent.


Bankwest’s upfront commission payment of 0.70 per cent will remain unchanged.

The trail bonus will only apply to new accounts with all new-to-bank borrowing. The bonus will not be paid for existing accounts and refinances of exiting Bankwest loans.

Bankwest’s head of retail brokers, Ian Rakhit, said the temporary offer had been introduced in response to broker feedback about the value of first-year trail.

“The trial will run for three months and I'm open to continuing this for longer,” he said.

Mr Rakhit also said it was important for Bankwest to continue enhancing its relationship with brokers.

“With rates as low as 4.74 per cent per annum for a loan amount over $750,000 and less than 80 per cent LVR on our Complete Home Loan Package, Bankwest is growing its share of lower-LVR business,” he said.

[Related: Bankwest cuts fixed rates by 75 points]

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