Mortgages

ANZ changes commission payments

ANZ Bank is changing the structure of its commission payments to mortgage brokers from October 1.

Wednesday, August 10th 2005

From then, ANZ will stop paying the 0.25% trail commission currently paid on new loans.

“The move is in light of pressure on home loan margins right across the board in the last year or two,” ANZ spokesman Craig Howie says.

Instead, the bank will increase the up-front commission it pays from 0.625% to 0.7% and it will pay an at risk component of up to 0.2%, subject to various performance criteria.

ANZ had been consulting extensively with mortgage brokers in recent months, Howie says.

“We think the new structure meets both the bank’s objectives of providing customers with competitive mortgage products and at the same time acknowledges the broker feedback we got about bringing a quality and volume component into the commissions,” he says.

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SBS FirstHome Combo 6.74
Heartland Bank - Online 6.89
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.55
SBS Bank Special 6.69
TSB Special 6.75
Westpac Special 6.75
China Construction Bank 6.75
ICBC 6.75
AIA - Go Home Loans 6.75
ASB Bank 6.75
Unity 6.79
Co-operative Bank - Owner Occ 6.79
SBS Bank Special 6.19
ASB Bank 6.39
Westpac Special 6.39
AIA - Go Home Loans 6.39
China Construction Bank 6.40
ICBC 6.49
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
TSB Special 6.59
SBS Bank 6.79
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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