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Lender lifts broker commissions

by Staff Reporter8 minute read
The Adviser

Staff Reporter

Less than one month after Macquarie Bank announced it would increase its broker commissions, another lender has declared that it will also lift the upfront it pays its broker partners.

Effective from Monday 1 October, Australian First Mortgage will increase the commission payable on its Complete Option product from 0.65 per cent to 0.70 per cent.

In addition, the non-bank lender has also announced that it will reduce the interest rate on the product. From now onwards, Professional Pack loans with an LVR less than 75 per cent will be charged an interest rate of 5.90 per cent – a 0.02 per cent reduction.

According to the lender’s national head of sales Clint Hawthorne, the Complete Option product is not only a fully featured product, but currently the highest selling Australian First Mortgage product.

“The increase in our upfront commission payment to brokers is another clear message to the broking community that we are serious about our support of the channel,” Mr Hawthorne said.

“Since launching in 2003 Australian First Mortgage has received fantastic support from mortgage professionals across the country and we remain 100 per cent committed to our valued broker partners now and for many years to come.”

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