BOQ Commercial Broker

Please be advised that BOQ are still open for SMSF lending scenarios. Our target market remains transactions > $500,000.

Recent transaction:

Commercial (industrial) asset acquisition in Melbourne metro. Single tenant. Non-recourse

Debt : $7,000,000

Gearing : 60%

Rate : BBSY + 2.40%

Term : 3 years

Debt reduction : 5% over 3 years

Give me a call to discuss your current lending opportunities.

Thanks,

Darragh O'Riordan

National Business Development Manager

BOQ Business

M 0409 945 247

A Message from the MFAA CEO

Today, the Mortgage Broking Industry Group* (MBIG) has launched The Value of Mortgage Broking, a report by Deloitte Access Economics.


This report demonstrates the value that our industry brings to consumers, lenders and the Australian economy, by driving competition and delivering greater choice and valuable services to the Australians who need them most.


The Value of Mortgage Broking report was commissioned by MBIG to help all Australians - from financial regulators to everyday home buyers - better understand the role and value that mortgage brokers bring to the Australian market. Given the ongoing scrutiny on the industry during 2018, it is critical that we have a credible and independent report that clearly outlines the importance of the broker channel.

we have a credible and independent report that clearly outlines the importance of the broker channel.

You can click here to view the report, however, the key findings of the report comprise:

  • Mortgage brokers strengthen the entire Australian mortgage lending industry by fostering competition and therefore supporting all Australian home buyers and investors.
  • The mortgage broker channel has contributed to a fall in lenders' net interest margins of more than three percentage points over the past 30 years.
  • More than 90 per cent of customers are happy with their mortgage broker's performance.
  • Mortgage brokers arrange more than half of all home loans each year, and this number continues to grow.
  • Mortgage brokers, on average, have 13.8 years of industry experience.
  • Mortgage brokers drive competition by improving access to lenders that are not major banks or their affiliates. The share for these lenders increased from 21.4 per cent in 2013 to 27.9 per cent in just four years.
  • The average mortgage broker has access to 34 lenders and uses an average of 10 lenders on their panel, bringing more choice to Australian home buyers.
  • Three in ten mortgages arranged by mortgage brokers are for customers in rural or regional areas, improving access to home lending for rural and regional Australians.
  • The mortgage broking industry contributes $2.9 billion to the Australian economy each year, supporting more than 27,100 (full-time equivalent) jobs.
  • Brokers that are sole traders earn an average income after costs and before tax of $86,417.
  • Brokers depend on strong relationships - more than 70 per cent of mortgage brokers' business is referred from existing customers.

These findings clearly demonstrate the value and service you are delivering to your customers - a testament to the hard work and dedication of the broking industry across the country.

To make it easy for you to digest and share the key findings from this report with your customers, you can click here to download (available to MFAA members only):

  • Report highlights
  • Customer fact sheet
  • Infographics highlighting key data points, which you're invited to share on social media
  • Member outreach fact sheet with accompanying cover letter

The MBIG group members are also working with the media, government and industry stakeholders to share the findings of this report far and wide, and we will continue to leverage this report as we advocate on your behalf over the coming months and years.

Mike Felton

Chief Executive Officer
Mortgage & Finance Association of Australia (MFAA)

*The Mortgage Broking Industry Group (MBIG) comprises AFG, Astute Financial, Aussie, Choice Aggregation, Connective, FAST, Finance Brokers Association of Australia, Loan Market, Mortgage & Finance Association of Australia, Mortgage Choice, National Mortgage Brokers, PLAN Australia and Smartline.

Liberty Residential SMSF Update

An update from your Liberty BDMs:

The max LVR on our SuperCredit product is 80%.

Residential SuperCredit interest rates- subject to change

LVR Band

Base Rate

Up to 80%

5.79% P/I and 6.29% I/0

Please Note:

  • For established houses & townhouses we still consider up to 80% LVR (subject to servicing and postcode) & for established apartments the max LVR is 70%. If the security property is less than 2 years old or If the property is off the plan. Then regardless if it's a house or unit, then the LVR drops to the max LVR of 60%. (this is a guide only)
  • There is a 20% (liquidity requirement) for RESI SMSF. where at least 20% of the fund balance must be retained post property settlement (please note this is not required, where the SMSF already holds property or if it's a refinance).

EXAMPLE: If the fund has $100K in it, $20K must be retained in other assets and up to $80K can be used to settle the property. If fund balance is $200K then $40K must be kept in other assets and $160K can be used towards property settlement and so on.

  • If the any of the clients are over 60yrs old on a SMSF product, then we need to see 40% liquidity and a copy of a S.O.A
  • The assessment rate is 2% above the advertised interest rate.
  • There is no fix option or off sets on our SMSF products
  • Yes, We can do SMSF refinances
  • By calling 13 11 33. Our customer service team, can work out the servicing for or you can email scenarios@liberty.com.au to the complete the servicing

FEES

  • Set-up fee- $495 to cover cost of review of existing SMSF arrangements (if SMSF is already in place)
  • Set-up fee- $695 to meet third party associated with the establishment of a new SMSF structure (if a SMSF is not already in place)
  • AAA processing fee- $495 payable upon settlement covering one standard property valuation and basic searches
  • Service fee-$10 (monthly fee)
  • Discharge fee- $395 (plus legal fees)

Residential SuperCredit Checklist:

  • 2 Years Full Financials or 2 latest Payslips- We do not need documentation for Assets (Rates Notice) or Liabilities (bank statements).
  • Balance of Super
  • Last 2 years Contributions
  • Contract of Sale
  • Copy of Trust Deed
  • If the SMSF Trust has been operating longer than 2 years we will need the last 2 years of lodged Tax returns, otherwise if it is less than 2 years we will only need whatever they can provide (for example. It's been operating for 1.5 years- 1 years lodged return is suffice).

How our assessment of income is derived:

  1. Rental income (80%).
  2. Super contributions (lower of the last two years, 85% of the lower amount).
  3. 3% of the remaining assets in the superfund.
  4. SMSF's are required to have at least 20% of their assets invested outside of the SMSF property. The formula used to calculate this is as follows - Funds to complete/Super Balance needs to be <.80% for us to proceed.
  5. Applicants will need to service the loan on their personal income as well. If not, an increase of 50 bps will applied to the indicative interest rate.

Lodgement:

Applications must be lodged electronically, however I have attached checklist to assist collecting all required documentation.

Loan pre-approvals are available and all pre-approvals are fully assessed.

if you have any residential scenarios, you can email the residential scenario team on scenarios@liberty.com.au & please see CC me into the email. if you have any more general enquires or questions please call 13 11 33.

Super Credit Application Checklist

Vow National Conference 2018

The annual Vow National Conference is taking place from the 16th - 18th September 2018 at the Hilton Hotel in Queenstown New Zealand. There are still tickets available, so don't miss out and register here.

Click Here to View the Itinerary