RESI Credit Way Update

Mick Abboud, Travis Hall and Heather Prenter from the RESI Credit team will provide you with an end to end understanding of RESI credit policy and appetite with a key focus on Essentials program in an upcoming webinar. This will be held on the 30th of September at 1 pm, so save the date!

Click HERE to register.

In the meantime, should you have any queries, please send them an email:

Macquarie Update

Your feedback has been crucial over the past few months. You have expressed the importance of a digital home loan process is, Macquarie has actioned this.

Eligible clients can now electronically sign the National Mortgage Form via DocuSign, which means your clients will no longer need to print, sign, and return paper documents to the panel solicitors before settlement. This service is available for loan offers to individual borrowers where the securities are located in New South Wales, Victoria, or South Australia.

Additionally, now both you and your clients will be able to electronically sign the eLodge form using an electronic signature platform of your choice. Where your client is also electronically signing the form, you'll need to use an electronic signature platform that also produces an audit certificate that shows the customers' email address or mobile phone number.

Watch this video to hear from Wendy Brown, Macquarie's Head of Broker Sales, talk through these changes, plus some other updates to their home loan processes.

Commercial & EF Referral Options

Given the unusual markets we have endured over the past six months, the role of mortgage brokers has never been more critical to assist clients with correct debt advice. I remind everyone of our dedicated referral partners nationally, that can help you with a product and debt advice around Commercial & Equipment Finance lending.

Post CV19 many industries that have been severely impacted by this crisis, will need lending products that better assist them in going forward. Some might require unsecured short term products; others might need the restructuring of all existing loan facilities for them to meet monthly commitments in business.

Whatever the need, do not forget we have specialists in these areas that can assist your firm with correct product selection. They are under a legal agreement with us, to only provide debt advice for these type of products. Please contact your BDM or me directly, if we can assist and guide you through the process

Glenn Mitchell - Head Of Commercial & Leasing YBR Group

ANZ Bank Update

Please see the below changes that ANZ is making.

Changes to Living Expense Categories

Effective September 28 2020, ANZ will be updating the breakdown of living expenses to align with the industry-recognised Lixi categories.

What has changed

  • Moving to 22 expense categories (previously 14)
  • Health insurance will become its own category and move outside HEM
  • A detailed breakdown of property expenses for different property types

What you need to know

All relevant systems will update as of Monday, September 28, with the new categories, including tooltips showing the Lixi description.

Please note ApplyOnline will deploy the change to all aggregators on Monday, September 28. If you are submitting applications via one of these aggregators and the old categories display, you can still submit using the categories above. All aggregators' systems will be updated by October 1 2020.

To minimise the impact on your customers

  • The new statement of the position will be made available before the change to support applications where submission will not occur until after September 28.
  • For applications where the previous version of the statement of position has already been completed will see acceptances until Friday, October 9.
  • For applications submitted after Friday, October 9, the new version of the statement of position will be required.

*You will receive an invite to a webinar in the coming weeks to explain the changes in more detail.

Inflight Applications

  • For new applications submitted before September 28 but not yet assessed, previous expense categories will apply. Please note where an application is submitted via your CRM, ANZ will accept the earlier categories until your CRM is updated.
  • For new applications submitted on or after September 28, the original expense categories will apply.
  • For applications in AST/AIP before September 28 and the customers are satisfying outstanding conditions, previous expense categories apply.
  • For applications in AST/AIP or declined status before September 28 and the customer is seeking a Credit Critical change or resubmission after September 28:
    • A new statement of the position will not be required.
    • Confirm with the customer whether health insurance forms part of the previously declared living expenses and if so, you must document the monthly health insurance expense and provide this with your submission notes.
  • If an application has expired and is resubmitted on or after September 28, a new statement of position will be required.

In case of any questions, please contact your BDM.

Deposit Power's Initiative

Deposit Power put together these videos in Dubbo with getting some help from the local kids from a drama club and a production company.

At the time Dubbo was in the midst of the drought, and it was Deposit's small way of contributing to the local community. The drought seems like it was such a long time ago with everything else that has piled on since, but we can get through this together!

Liberty's New Solutions

If you've never written a self-managed super fund loan, you could be missing the opportunity to diversify and set your business apart.

With the major banks no longer offering this type of loan, a broker has never been more in demand by customers wanting to leverage the power of their super.

SMSF lending provides a significant opportunity to strengthen your business with a new income stream and potential referral partnerships with accountants and financial planners.

As one of the few SMSF lending specialists in Australia, Liberty can help you add this valuable offering to your services. Here's a recent example of how a broker helped customers to get financing with their SuperCredit product:

  • Loan required: Customers looking to purchase a high-yielding block of units within their SMSF.
  • Security: Specialised commercial units in North McKay, NSW.
  • Property value and LVR: $410,000 at 60%
  • Term and rate: P&I for 30 years at 5.70%
  • Liberty solution: Not all units were occupied, but we were able to assess the application based on a fully tenanted block to achieve servicing. Security is also specialised.

With benefits like new revenue streams, more customers and new referral opportunities - now is the time to get started. And, with the help of Liberty's dedicated team of BDMs, exploring SMSF lending has never been easier.

To find out more, reach out to a Liberty BDM or visit our website for details on how to get accredited.