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Following the introduction of its new mandatory accreditation requirements, Westpac has entered into discussions to set a broker "re-accreditation fee".
Under its new accreditation system, which came into effect on 1 May, brokers who wish to retain their accreditation with Westpac are required to settle at least one loan with the bank every six months.
New brokers are also now required to submit one loan in the first three months from the issuance of their ID number.
Communique sent by the bank informed brokers that if they do not meet the mandatory deal lodgement criteria, they will have their accreditation cancelled. It also stated that brokers who wish to recommence writing business for Westpac will need to complete a re-accreditation session which incurs an associated fee.
However, the amount that brokers will be charged for the privilege of re-accreditation has not yet been set.
A Westpac spokesperson told Brokernews that the bank was currently holding discussions to come to a decision.
"We are still in the process of consulting with our key business partners and other stakeholders to determine the appropriate fee," she said.
"And, in due course, when we've finalised this we'll be communicating it to these partners."
