St George has given brokers an extra month’s grace on its electronic lodgement requirements, pushing the deadline back by one month.
Throughout June the bank will pay the additional 0.10 per cent upfront commission for all loans settled during the month regardless of application method, a St George spokesperson confirmed today.
Fom July 1, only loans that are lodged electronically will attract the additional 0.10 per cent upfront commission.
St George announced the shift to electronic lodgement changes at the end of last month as part of its overall restructure to broker partner commissions.
Full commissions will be paid to brokers based on conversions from application to settlement, meeting agreed loan book run-off rates, cross selling products during the life of the loan and electronically lodged applications.