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In response to broker feedback about the value of trail in year one, St. George Bank has announced an enhancement to its own commission structure to cater for a 15 basis point trail commission in the first year - and for the rest of the loans life.
General manager for intermediary distribution, Steven Heavey, said St. George strongly values its relationships with brokers, and listens closely to their feedback.
In addition, St.George has introduced a 15 basis point upfront conversion incentive for brokers who have a conversion ratio of 80% or better.
This is in addition to the current 50bps upfront base commission on settled loans.
"We're also keen to continue to support our brokers by rewarding them for good quality applications," said Heavey.
He said that St.George would continue to invest in the broker channel.
Innovation the last stand as exit fee ban stays - Non-bank lenders and mortgage managers will come out fighting with more innovation to provide competitive products and choice for borrowers and brokers, said MFAA CEO Phil Naylor, in response to the Senate's backing of the government's ban on exit fees.
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