Media Release

ING to make change to broker commission calculation

Tuesday 27 November, 2018: ING will change the way it calculates upfront broker commissions for residential loans from 1 January 2019 to align to the Combined Industry Forum’s (CIF) package of reforms.

Under the changes, upfront commissions will be determined on total net loan balances calculated, five calendar days following settlement.

Glenn Gibson, ING’s Head of Third Party Distribution & Direct Mortgages says:

“We have two main objectives to achieve here: the first is to clearly deliver on the industry’s reform package and the second is to keep the commission structure simple. To that end we’ve taken a straightforward approach to ensure the change is easy to understand and operationalise for all parties.”

ENDS

Notes to editor For more information please contact:

Megan Landauro, 0413 317 225, megan.landauro@ing.com.au

David Breen, 0412 933 060, david.breen@ing.com.au

About ING

ING changed the way Australians bank 19 years ago by launching the country’s first high interest, fee free online savings account. Since then, we’ve brought continued value to home loans, transactional banking, superannuation, insurance, credit cards and personal loans.

ING has the highest Net Promoter Score of any Australian bank.

Australia’s most recommended bank.

Source: Nielsen Consumer & Media View Jan’18 – Jun’18 (n = 11,837) when compared by customers of 15 other banks operating in Australia.