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St.George will give brokers an extra month before enforcing the electronic lodgement provision of its new commission scheme.
"We're pleased to advise that we'll pay the additional 0.10% upfront commission on all loans settled in June 2008 regardless of application method," St.George spokesperson Lara Daniels said.
"From 1 July 2008, only settlements of loans electronically lodged will attract the additional 0.10% upfront commission."
So for the month of July brokers will earn at least 0.60% upfront commission, which could increase to 0.70% with the sale of the bank's own mortgage insurance. From August onwards, brokers will have to sell insurance and lodge the applications electronically to retain the full upfront commission.
St.George will pay a trail of 0.15%, down from 0.25%, from 1 June onwards.
What percentage of your loans do you lodge electronically? Have your say on our online forum.
