BNZ's back for brokers with trail commission

The bank has confirmed TMM reports that it will start selling its home loans through mortgage advisers.

However, it won’t be working with all advisers from day one. It has reached an agreement with the largest broker group, NZFSG, to offer its products through 100 selected advisers in Auckland and Christchurch from May 18.

NZFSG chief executive Brendon Smith says it’s sensible to start with a smaller group of advisers to ensure the bank’s systems and service levels are appropriate.

Under its staged roll out more NZFSG advisers, which include those under the Loan Market brand, will be added to the distribution network.