Don't expect higher commission rates

The large majority of home loans written by mortgage advisers go to the big four banks, but two chief executives have ruled ruled out increasing commissions.

ANZ, Westpac and BNZ have each released their annual results recently. TMM asked ANZ and Westpac about increased commissions (BNZ refused to do an interview).

Westpac chief executive Catherine McGraith said: “If I'm entirely honest, I haven't thought about broker commissions on a go forward basis, so can't give you any insightful observation on that.”

When asked if she would consider it, she said: “I think it's like everything, so you'd need to look at the full financial case around it.”