CBA helps brokers hit by east coast floods

Brokers accredited with CBA and directly impacted by the flooding in Victoria may be eligible to receive a portion of their upfront trail commission early.

From October 12, Victoria has been stricken by a major flood emergency, with heavy rain causing river levels to rise, sending torrents of water into homes, businesses, and townships.

The state government is putting $150m into a state-coordinated clean-up program, led by Emergency Recovery Victoria, and financial assistance is available to people personally affected by the floods.

Australia’s biggest bank has also jumped in to help, announcing a tailored emergency package for its broker partners significantly impacted by the flooding.

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Through its broker emergency assistance package, brokers can receive a pre-payment of 80% of their next four months of CBA trail commission upfront, on eligible loans, the bank said.

This would be determined by the broker’s actual September commission payment and would be capped at $5,000.

CBA general manager third party banking Adam Croucher (pictured above) said the bank’s thoughts were with those affected by the dangerous flooding in communities across the east coast.

The bank wanted to “alleviate the concerns” of its customers and brokers, through a range of support measures, including the broker emergency assistance package, he said.

“Under our broker emergency assistance package, our broker partners can access an advanced pre-payment of 80% of their next four months’ upfront trail. The amount will be determined by their September commission payment and capped at $5,000,” Croucher said.

To be eligible for the package, brokers are required to be an accredited CBA residential mortgage broker, and to be “significantly impacted” by the flood emergency in Victoria.

Impacts may be through either direct flood damage to the broker’s home and/or business premises, and/or through the broker’s direct involvement in the flood rescue, relief and response efforts.

Brokers wanting more information can talk to their CBA relationship manager, the bank said.

Read next: CBA backs incoming brokers with tools and support

Meanwhile, a monthly State of the States report, released on Monday by CommSec, the digital broking arm of CBA, showed Tasmania held the top economic ranking across Australia’s six states and two territories.

The state of Victoria came in sixth place, behind Tasmania, Queensland, Australian Capital Territory, Western Australia, and South Australia, and ahead of NSW and Northern Territory.

While Victoria had slipped to sixth position, CBA said the state still held the top ranking for retail spending, while the second place ranking for Queensland was its “best ever ranking”, the bank said.