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CommBank Innovates and Enhances Support for Mortgage Brokers in Home Lending Strategy.

In an ever-evolving financial landscape, CommBank continues to prioritise and enhance its commitment to mortgage brokers, recognising them as pivotal players in their home lending strategy. CommBank’s Third Party Banking General Manager, Baber Zaka, shares some insights on the significant role brokers play, CommBank’s recent advances in broker support, and the innovative changes made to their Broker Value Proposition and servicing model.

Mortgage brokers play a crucial role in our home lending strategy. We remain committed to supporting brokers and are dedicated to enhancing and increasing broker flows by continually evolving our policies and processes. We want to ensure our brokers are equipped with the necessary tools and resources for success, and that’s why we are always asking for and listening to their feedback.  

In the last 12 months, we’ve enhanced a number of our lending policies, we’ve also upgraded our CommBroker Portal and significantly enhanced its functionality to make us better and easier to deal with. We’ve improved the way we calculate bonus income, and most recently we made changes to our servicing to make it easier for borrowers with less than one year remaining on their HELP debt. We’ve also adjusted our construction home loan policy to give customers additional time to complete the construction of their home.  

From a technology perspective, we launched Your Applications and made enhancements to the Your Loans functionality on CommBroker to deliver a more streamlined digital experience. We continue to upgrade our Home Loan Pricing Tool and have implemented a Self-Employed Deal Desk to help provide our brokers with timely advice and direction on more complex deals.

We have also recently introduced specific PEXA settlement information to the Your Applications section in CommBroker. This tracking capability will quickly allow brokers to access vital information on their customers’ settlement progress. Brokers can now quickly see at a glance their customers’ settlement date, accepted and outstanding parties, when PEXA invites are received, any workspace delays and ID’s, as well as confirmation for when settlement is completed.

A lot of the changes we’ve made have come directly off the back of feedback we had have received from our broker network. We are always listening and we’re always looking for ways to evolve and improve so we can deliver our brokers and their customers a better lending experience. 

We have introduced several key changes to our Broker Value Proposition to enhance the support and service provided to our brokers. Firstly, we have enhanced our tiered servicing model that allows brokers to receive tailored levels of support based on their performance and engagement.

This model aims to recognise and reward high-quality brokers. Additionally, we have expanded our range of digital tools and resources to enable brokers to access vital information and support more efficiently and ultimately improving their ability to assist customers. These changes reflect our commitment to fostering a collaborative and mutually beneficial relationship with our broker network.

The decision to make these changes to our Broker Value Proposition was driven by the evolving needs of our broker network and the dynamic nature of the market. By introducing a new tiered servicing model and enhancing our digital tools, we are aiming to create a more responsive and supportive environment that aligns with the current demands of the industry. These improvements are designed to recognise high-quality brokers, while also providing valuable tailored growth opportunities for all brokers.

We believe that these strategic changes will enable our brokers to better serve their clients and ultimately achieve greater success. Our commitment to innovation and collaboration ensures we remain at the forefront of the industry, continually improving our services to meet the highest standards of excellence.

The new servicing model is designed to provide a more personalised and responsive support structure. High-quality brokers will enjoy enhanced incentives and exclusive resources, designed to foster an environment where their achievements are recognised and rewarded. This tiered approach ensures that all brokers, regardless of their current tier, have access to development opportunities that can help them advance.

Yes, there are specific benefits and incentives associated with each tier of our new servicing model. For brokers in the Essential tier, inbox support is primary channel, with assistance provided by a dedicated team, as well as having access to our standard credit SLA. As brokers move up to the Elite tier, they gain access to a dedicated Relationship Manager, the Self-Employed Deal Desk, and full access to CommVal. Elite brokers also enjoy exclusive access to the Elite Broker Roadshow. Further, the CommBank 24/7 Training Hub is not only made available to them, but their support staff as well.

Platinum tier brokers receive the highest level of support and incentives. They have access to a dedicated Relationship Manager, a one business day retail credit SLA, exclusive access to the Platinum Deal Desk, and the Customer Retention Unit for both brokers and customers. Additionally, Platinum brokers benefit from the Broker Customer Connect service, exclusive CommBank events with our senior leadership team, and full access to both CommVal and the Training Hub.

Brokers who are newly accredited will automatically be allocated the Elite tier to provide them with a premium level of support and guidance to support them during the beginning of their CommBank journey.

At CommBank, we are deeply committed to ensuring all brokers, regardless of their tier, receive the support and service they need to thrive. Our tiered servicing model is designed to provide a baseline level of support across the board, while also offering additional resources and incentives to those who achieve higher levels. Our approach is guided by a strong belief in the value of collaboration and mutual growth within our broker network.

To further ensure that every broker receives adequate service, we have established clear communication channels and feedback mechanisms to continuously assess and address the needs of our broker network. By fostering an environment of growth and collaboration, we aim to empower all brokers to reach their full potential. We are constantly refining our services and resources to adapt to the evolving market demands and broker expectations.

Our goal is to create an ecosystem where brokers can effectively serve their clients and achieve long-term success, which ultimately aligns with our mission of providing exceptional service and maintaining industry leadership.
 

As Australia’s largest home lender, we have a long history and a lot of experience not only writing home loans, but helping all Australians achieve their property ownership and broader financial goals. We have a very experienced team who is on hand to support brokers and their customers.

We have broad lending policies designed to be able to help more Australians, and we’re constantly streamlining our processes to deliver our brokers and their customers a faster time to ‘yes’.  Additionally, our customers have access to CommBank Yello, our recognition program designed to give eligible customers exclusive benefits, cashbacks and discounts.