Westpac decision “a bit of a tragedy” - adviser

To some advisers this is the thin edge of the wedge, particularly after an S&P Global report showing a move by the big Australian banks, which own New Zealand’s main banks, to steer borrowers away from mortgage advisers and towards their more profitable proprietary channels.

It has been reported that Westpac will lift its up-front commissions to an unspecified level from the current 0.6% and stop paying 0.2% trail commissions, but no final decisions have been made.

Mortgagesonline founder and adviser Hamish Patel wonders where Westpac’s relationship with Dosh will end up if the bank pulls its trail commissions.

The fintech offers Westpac home loans without any financial advice and a loyalty cashback reward to clients of up to 0.20% over the term of a mortgage.