St George Bank has announced changes to the structure of commissions paid to brokers that introduces a range with goals that must be met to earn the top rate. The bank will offer up-front commissions between 0.5 and 0.7 per cent while trailing commissions will be between 0.15 and 0.25 per cent. To achieve the highest rates brokers will have to cross-sell other St George products, refer only low risk customers and lodge loan applications electronically. Previously all commissions were paid at the top of these ranges. Brokers have welcomed the move, saying that it made more sense than Westpac's changes which simply cut commission rates.
