TMM - News
Westpac scraps trail commissions on mortgages
Thursday 16th of October 2025
Key Points
- Westpac axes trail commissions
- Increases upfront commissions to 90 basis points
- Financial Advice NZ criticises move
- Westpac refuses interview on changes
The upfront commission only payment will apply to new loans settlements from June 1.
Before June, a 0.30% top-up payment will apply to new loans settled up until 31 May, bringing total upfront commission to 0.90% during the transition period.
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