Gary Smith’s story, in which he expressed his frustration and disenchantment with lenders, generated a record number of comments and heated exchanges. (Click here to view the article and all comments).

Smith’s main gripe was with Westpac so Lending Central requested an interview with Westpac’s General Manager Third Party Distribution, Melos Sulicich in order to solicit his response.

Mr Sulicich declined Lending Central’s interview request but with regard to broker commissions gave the following quote.
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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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