Asteron stops paying trail commissions on home loans
Asteron has decided to stop paying advisers and brokers trial commissions on home loan business.
Wednesday, June 22nd 2005, 7:43AM
Instead it will just pay up front commissions on business written.
It says that most advisers preferred the upfront commissions. The few who have asked for trails will continue to be paid them.
Besides not being popular, trial commissions also proved difficult to manage for the company.
Asteron primarily sells its home loans through insurance advisers, rather than mortgage brokers.
The idea is that it will sell a lot more life insurance on the back of the home loan service. To achieve this aim it includes a one-page person statement for insurance products at the end of its mortgage application form.
The idea being that it is a natural extension for someone to complete this form after completing the home loan one.
Asteron’s home loan is a branded version of the standard home loan service run by Australian Mortgage Securities (AMS).
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