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Lender announces another commission increase

by Staff reporter4 minute read

Homeloans has added a second increase to its commissions in as many months, as well as slashing rates and fees on its fixed loans.

The lender has increased upfront commissions on its Ultra product range by 10 basis points to 0.70 per cent, matching the increase on its Optima range last month.

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At least eight commission increases have been announced by lenders since the end of 2014.

Pepper, Australian Financial and Westpac all increased their upfront commissions, while CBA and NAB delivered increases on their trail commissions. Suncorp announced increases for both its upfront and trail commissions during this period.

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Homeloans also announced that it has cut rates on all new fixed-term loans in its Ultra product range, with rates now starting at 4.09 per cent.

Furthermore, Homeloans has reviewed its establishment fees and costs for these products to bring them into line with the lender's other prime products, covering the cost of one standard valuation up to $300 at conditional approval.

Homeloans’ general manager of sales, Ray Hair, said the lender has been working hard to enhance appeal across its product suite.

“We are delivering on what brokers are telling us is important, including competitive product and remuneration, and great local sales support,” Mr Hair said.

The latest round of rate changes come after Homeloans announced reductions on its Optima, MoniPower and Classic products, along with review of the get-in fee structure, including the provision of free valuations.

[Related: Homeloans acquires Queensland lender]

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