Comment: ANZ's discussion document proposing to cut upfront commissions paid to mortgage brokers won't be the last.
Most of the banks will move to cut commissions to improve their margins. Word has it that National Bank will do something, maybe as early as next week, and Westpac isn't far away suggesting a similar move, but perhaps a bigger cut. The unknown is what ASB Bank is thinking.
Added to this it seems the aggression in the BNZ Unbeatable campaign has been removed and replaced by TotalMoney.
Likewise it would be no surprise to see BNZ re-enter the broker market. Again word has it that such a move maybe a little closer than many expect.
A view expressed previously is that with a change in leadership at the bank there will also be a change in strategy.
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