Westpac Home Loan Broker Statuses - Work with a Westpac Platinum Broker
Does Westpac have different statuses for mortgage brokers?
Westpac is one of the few lenders who provide different levels of service between mortgage brokers that work with them. Prior to the Hayne Banking Royal Commission, they would even offer different commission rates to brokers of different statues. This has now been banned. However there are still different statuses offered to brokers based on the quantity and quality of applications. The current tiers are:
- Accredited (Self-Employed)
The Platinum tier is Westpac’s highest status that they can award to mortgage brokers.
Reservoir Finance is a Westpac Platinum Broker
Working with Reservoir Finance for your next home loan with Westpac means fast loan approval and less back and forth between you an Westpac due to information requests.
We know Westpac’s processes and policies very well and we have priority when it comes to applications and enquiries.
On top of that, Reservoir Finance does not charge any fees to 99% of our clients.
What is a Westpac Platinum Broker?
In the “good old days”, brokers who can send a decent volume of loan applications to Westpac will be granted a status of Platinum. And for those who have this prestigious status, they will also receive a higher commission compared to other brokers.
However, time has passed this stage. In the current system, how many loans a mortgage broker writes to Westpac is no longer a key factor, but the quality of each loan matters more. Westpac is now only granting Platinum Broker status to those who can achieve both quantity and quality requirements. By having this status, there is no more financial benefits for a mortgage broker, instead, more services will be provided.
What are the benefits of working with a mortgage broker who has Westpac Platinum status?
Mortgage brokers, like Reservoir Finance, who is a Westpac Platinum Status broker, are able to offer their clients improved processing times for applications submitted through that broker. For a Westpac Platinum Broker, this should typically be 1 business day (when there isn’t any sudden surge in applications or enquiries.)
Recently, due to the coronavirus, in May 2020, we saw that a non-Platinum status Westpac broker would need to wait over 35 business days for a loan assessor to even start looking at their applications! For Reservoir Finance, it took less than 5 business days. Imagine you were waiting on finance to close a property deal!
Mortgage brokers with Westpac Platinum status also have a specific email address inbox to send questions, enquiries, special requirements to (think priority queue), which serves Westpac Platinum brokers exclusively.
Lastly, the Platinum status also tells everyday consumers that the broker is very familiar with the ins and outs of Westpac’s policy and is able to complete the application in such a way that it will satisfy the lender and minimises further requests for information. In short, if you are thinking of applying for a Westpac loan, you want to be going with a Westpac Platinum Broker to ensure your application and home loan approvals are completed in a timely manner.
Should I get a Westpac home loan?
Reservoir Finance is a Westpac Platinum Broker and we would love to help you out with any applications for a home loan, business loan or car loan. We are a values based mortgage broker based in Sydney and always aim to put our customer first. With no fees for standard loans or commission clawbacks, we aim to be valuable partners for Australians looking to achieve their financial goals. Contact us using the form below or call us on (02) 9261 8994 for an obligation free assessment today.