St.George Bank today announced a simplified broker commission structure, effective from 1 October 2009.

The new simplified structure aims to provide brokers with less variability and increased certainty of income. The changes also mean that brokers will support St.George’s strategy to further lower arrears levels and increase customer retention.

Key points within the new structure include:
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Life for Gary Smith, director and founder Aussiewide Financial Services, has changed dramatically over the past 12 months.

The Geelong-based broker’s business has undergone a 35 percent cut in income and like so many other brokers who see themselves as victims of lenders’ ruthless commission slashing strategies, he is concerned about rumoured further cuts.

Cuts to brokers’ commissions has always been on the cards but Smith was convinced that if this did occur only part-time brokers would be affected.

“I thought they would have looked after brokers who put in good, solid business but I was wrong in my assumption, he says.
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