Powered by MOMENTUM MEDIA
the adviser logo
Lender

Bank announces remuneration changes

by Charbel Kadib4 minute read
Macquarie Bank

A lender has announced changes to its broker remuneration model, which include changes to partial repayment clawbacks.

Macquarie Bank has announced that, as of 1 December, it will pay commissions on the loan account balance (net of any offset account balances), which will be calculated as at the last calendar day of the month the loan settles.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

Macquarie has also announced that it will remove partial repayment clawbacks for loans that are not fully utilised within the first six months after settlement.

However, the bank has noted that partial repayment clawbacks will still apply to loans settled prior to 1 December 2018.

Advertisement
Advertisement

Further, Macquarie has said that it will make a top-up payment based on the month-end loan balance 12 months after settlement, as long as it’s $50,000 or more than the amount used to calculate the original upfront payment.

The bank becomes the latest lender to change the upfront commission structure to the new model in the past few weeks, after NABAMP and Westpac announced similar changes.

The moves follow on from recommendations from the ASIC and Sedgwick reviews, which were backed by the Combined Industry Forum package of reforms.

The majority of lenders are expected to make the remuneration changes by the end of this year.

[Related: Bank announces new broker commission structure]

Bank announces remuneration changes
macquarie ta
TheAdviser logo
macquarie ta

Charbel Kadib

Charbel Kadib

AUTHOR

Charbel Kadib is the news editor on The Adviser and Mortgage Business.

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

mark pesce futurist ajxjkn

Automation is changing, not replacing, the role of finance brokers

On Thursday (4 August), the Australian Financial Review (AFR) ran a story with the headline: “Finance brokers top...

READ MORE
des hang carbar zaheer jappie carclarity ta qtvnqr

CarClarity confirms partnership with car subscription platform

Established in March 2020, CarClairty is a finance platform that connects car buyers with more than 30 different...

READ MORE
anthony albanese profile ta vtpifc

Further grants confirmed for flood survivors, $47m pledged

According to a statement released by the federal government, the Back Home grant will be made available to impacted...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more