Sep 15, 2010.

Mortgage brokers are keenly embracing a new rewards program being offered by the mortgage aggregator, Vow Financial.

The program allows brokers to earn points to redeem against a host of business tools and professional development programs on Vow's Menu of Services - clearly setting Vow apart from its competitors.

Ian Jordan, Director of the Sydney-based Mortgage Selector, said: "This program is a tremendous innovation from Vow. The rewards I can earn actually help me grow my business. It's not a frivolous add-on but a well-designed program that will allow brokers to add value to their businesses."

Robert Brand, Managing Director of Tassie Home Loans, said: "There are tangible benefits from this program. For my part I aim to use the program for staff development, and that's obviously going to benefit my business."

Vow launched the program to be an integral part of its business philosophy of empowering brokers.

Vow Chief Executive Officer Jeff Zulman said: "When we established Vow we made a strong commitment to our brokers that we would empower them, and this rewards program is an important part of this process.

"As competition in this market grows, we firmly believe such a program will be a defining point of difference for brokers when they decide which aggregator deserves their business."

The program, called the V Growth Club, has been devised to empower, grow and strengthen broker businesses and motivate individual brokers to reach their goals.

By accumulating points through business growth and earning bonus points through improving personal development and increasing business efficiency, brokers will be able to select from the Menu of Services that include software packages, marketing materials and legal advice.

There are five ways brokers can earn points. They are:

Diversifying into non-mortgage products;
Professional development gained by attending Vow events such as its Leading Edge Series;
Signing up for Vow business services that increase efficiency;
High performance based on past and current growth;
Three years of continuous business growth.

Marketing Manager Matt Mitchener said: "In essence, you earn points growing your business with Vow.

"Every six months we compare your business growth in newly settled loans to the same period the previous year and reward that growth with V points. The more you grow, the more V points you receive.

"Brokers need to be within our top 250 performing brokers to be eligible for the V Growth Club. Once eligible, there are four levels within the program - the higher you climb, the more rewards you receive."

Zulman said it was important to note that brokers could earn V points outside the traditional route of increased mortgage sales. "It's our belief that diversification, increased efficiency, and educational attainment, are just as important and should be recognised in this program.

"This industry is becoming more complex, and under greater regulatory scrutiny than ever before, and in this environment it's critical for brokers to continue their personal professional development and be encouraged to diversify their earnings streams."

About Vow Financial

National Brokers Group, The Mortgage Professionals and The Brokerage merged in early 2010 to create a new force in the industry, Vow Financial - a company founded on a solemn promise of empowerment, change and leadership. Vow Financial represents more than 900 brokers across Australia and has loans under management of about $16 billion as at December 2009.