Macquarie Bank's variable rate reviews

Macquarie Bank is pleased to let you know they have built a new feature in the Broker Portal allowing you to easily submit a variable rate review request digitally.

From today, you can request a rate review directly through the Broker Portal - simply log in, locate your client's account, and select 'Request Rate Review'. Macquarie Bank will be in touch with an outcome within 2 business days.

They have also made changes to requesting construction loan progress payment forms. From 9 November 2022, they will no longer require the 'Progress payment form' to be returned for progress payments for construction loans. Clients simply need to sign and make a note on the builder's invoice authorising the payment to the builder.

For more information, visit their Help Centre.

Macquarie Bank's average time to assessment for fully packaged deals remains at 2 business hours.

For any questions please reach out to your BDM.

Why Choose Resi Select

Resi Select is a great option for a diverse range of Prime clients. Select is offered through Resi's White Label partnership with Advantedge Financial Services.

Niches include:

  • Fixed and Variable rates
  • Construction loans
  • Vacant land loans
  • No minimum employment length
  • Flexible on parental leave income (can use the return-to-work base)
  • Directors' PAYG income can be isolated
  • Unlimited cash out to 80%
  • Rural lifestyle securities considered (up to 100 hectares or 240 acres)
  • Digital end-to-end process

With current SLAs at 1 day this is certainly an option to keep in mind.

To access Resi Select's credit guidelines booklet, click here.

For more information, please see their website, alternatively please contact broker support or your BDM.

Moneytech has created some educational video clips

Moneytech wants to support more awareness to brokers, as to what the value their role can provide to clients through educational video clips that can be shared.

Check out their first video in their video series here.

If you have any questions, refer to your Vow Financial BDM.

Get ahead of the curve with Prospa's EOY offers

To continue supporting Australian small businesses and partners, Prospa has a range of end-of-year promotions. This time of year can add challenges and opportunities to cash flow and a no-repayment period allows them to focus on their immediate business needs, particularly with the current economic environment.

Promotional period: 24 October - 31 December 2022 (inclusive)

Customer offer

Prospa is offering no repayments for up to the first 8 weeks on their Small Business Loan & Prospa Plus Business Loans to allow businesses to focus on the here and now. This will extend their loan term and interest will accrue from the settlement date to the end of the term. Terms & conditions apply.

Partner offers

1. Boost commission

Accredited partners will earn extra commission above the usual rates for all new customers referred and settled by 31 December 2022:

  • For Prospa Small Business Loan with the disbursed amount of up to $150,000 - Earn 6% (2% increase from usual rate) commission for first-time & new referral customers.
  • For Prospa Plus Business Loan with the disbursed amount over $150,000 - Earn 5% (1% increase from usual rate) commission for first-time & new referral customers.
  • For Prospa Line of Credit - Earn 5% (2% increase from usual rate) on First Drawdown commission for the first-time & new referral customers.

2. Partner Small business Loan offer

Accredited partners can also apply for a loan to invest in their own business with Prospa's discounted rate offer. Apply for a small business loan of up to $150K, if approved and settled on, receive a maximum rate of Annual Simple Rate of 14.9% p.a. Credit assessment, fees, terms, and conditions apply.

For more information on Prospa's promotions and for terms and conditions head to their website here.

For any questions please reach out to your BDM.