Self-Employed Resi Has You Covered

Let's talk about self-employment. Resi have you covered! Resi has all your self-employed products.

  • Rates starting from 4.61% Lo Doc.
  • Rates starting from 3.74% Full Doc
  • Quick and easy assessment process
  • Residential Self-Employed Lo-Doc Loans to 85% LVR*
  • Minimum Self-Employed period starting from 6 months*
  • Personal, Company and Trust borrowers
  • Non-Conforming Lo-Doc*
  • Off-Set Accounts available on selected products*
  • Provide only ONE of the following to support income: Accountant's Declaration OR 2 recent BAS OR Trading Statements*
  • Loan amounts up to $2 million*
  • All legal purposes considered *
  • Payout of Tax Debts, Private Mortgage & Business*
  • Refinance Commercial & Business Debts using Residential Security
  • Unlimited cash out to 80%
  • Residential Owner Occupied, Investment, Vacant Land*(65% LVR)
  • NO Credit Scoring up to 85%
  • Risk Fee waived up to 85% LVR on selected product*
  • Minimal Upfront fees on selected Products*

Download Rate Sheet SME LoDoc Lending

Sales Team 1800 737 448 option 1 or brokersupport@resi.com.au

Craig Herden National Sales Manager 0478 537 841 craig.herden@resi.com.au
Tony Wakim BDM NSW 0416 409 100 tony.wakim@resi.com.au
Jason Hulbert BDM VIC 0468 755 419 jason.hulbert@resi.com.au
Rimi Begum Office BDM 1800 737 448 rimi.begum@resi.com.au

*Terms & Conditions apply.

*For broker use only. Not all features available on all loan types. Please contact Resi BDM for specifics 1800 737 448

Pepper Resolve for Vow Financial Webinar Series

Discussed during the recent Vow Financial Roadshow, Pepper Money is proud to make available to its Vow Financial partners, innovative tools designed to help you to convert more of your business.

Pepper Resolve for Vow is an automated conversion tool designed to provide Vow brokers with an alternative loan solution to offer your customers, where the customers' needs cannot be met by their first choice lender.

Vownet has been integrated with Pepper Resolve, to provide best fit alternative loan options for your deals which are unlikely to proceed with the first choice lender. Within seconds of a decline or broker withdrawn notification, you will receive a decision in the form of an email with an Indicative Offer attached.

This Indicative Offer is a tailored loan solution for you to present to your customer, should you choose to do so. It is intended as an option for you to utilise.

Pepper Resolve for Vow is to be made available to all Vow brokers. Come along to this informative session to learn exactly how Resolve operates and how it may benefit your business.

Option 1: Thursday 18 Apr 19 11-11:45 (AEST) - Registration Link

Option 2: Thursday 18 Apr 19 3-3:45 (AEST) - Registration Link

Bankwest Valuation and Policy Tool

Spend less time searching for our LVR limits and instantly know whether we can service your customer's needs, with the Valuation and Policy Tool.

  • We'll instantly let you know the LVR limits you need for the majority of postcodes in Australia, according to each property and security type.
  • No need for you to cross reference multiple sources of information to find our LVR policies for a certain suburb. We'll provide them upfront, instantly.
  • Providing you and your customer the confidence that we'll lend in certain locations before you submit a deal.

We're also now considering up to 90% LVR on High Density Off the Plan Purchases.

As more of your customers are looking to purchase property in high density areas, we've changed our existing high density, off the plan LVR policies to reflect this.

We're dedicated to supporting you and your customers in reaching their financial goals.

State

Current Policy

New Policy

Restricted Postcodes

NSW

70% LVR

90% LVR

85% LVR

VIC

60% LVR

90% LVR

85% LVR

QLD

60% LVR

90% LVR

85% LVR

WA

70% LVR

90% LVR

85% LVR

Test out the valuation and policy tool on the Broker Website to see these LVR limits for specific postcodes.

If you have any questions speak to your Bankwest BDM, or use our online Broker Chat.

Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit licence 234945.

"Lending criteria, T&Cs apply"

How Will You Rate Your Aggregator's Performance?

MPA's annual Brokers on Aggregators survey is back. We're asking brokers nationwide to rate their aggregator's performance against a range of criteria to help us determine the best aggregator in Australia.

We want to hear from you: how well is your aggregator doing in terms of BDM support, communication with brokers and lead generation?

The aggregators with the top score based on broker feedback will be recognised as Aggregator of the Year.

Complete our survey here - it will only take a few minutes and just by taking part you'll automatically be entered into a prize draw to win one of three bottles of Penfolds Bin 389.

The Brokers on Aggregators report will be published in issue 19.07 of MPA magazine, out in July.

Take the Survey

Parliament swiftly passes $30k asset write-off

Source: MyBusiness.com.au

Federal budget changes to the instant asset write-off have been passed by both houses of parliament less than 48 hours after being announced, effectively creating three tiers of thresholds and start dates in the 2019 income year.

The Treasury Laws Amendment (Increasing the Instant Asset Write-Off for Small Business Entities) Bill 2019 was passed by the Senate and the House of Representatives this morning, with 18 government amendments which give effect to this week's federal budget announcement to increase the threshold to $30,000 and expand the eligibility to medium-sized businesses with a turnover of less than $50 million.

While the amendments have passed, the bill does not become law until it receives royal assent.

The amendments mean that there will be three tiers for businesses and their accountants to consider within the 2019 financial year.

The first tier will be the $20,000 threshold for depreciable assets that are acquired before 29 January 2019; the second being the $25,000 threshold for assets first used or installed between 29 January 2019 and 2 April 2019; and the third tier being the $30,000 threshold for assets first used and installed after the 2 April budget announcement and before 1 July 2020.

TaxBanter senior tax trainer Robyn Jacobson said the new changes meant that accountants and taxpayers would need to pay special attention to the start dates and threshold values to determine eligibility for the instant asset write-off.

"From 1 July 2020, the threshold reverts to $1,000 for small business entities only. Medium-sized business will need to work out their asset's decline in value under the ordinary depreciation provisions after 30 June 2020," Ms Jacobson said.

'Unnecessarily complicated'

"The lifting of the threshold and extending the availability of the concession to many more businesses is most certainly a positive step," said the Tax Institute's senior tax counsel, Professor Robert Deutsch.

"However, it does leave businesses in a situation where they will have to wrangle with three different thresholds in the 2019 income year if they want to actually claim the offset.

"You really have to read the fine print. Such a simple concession so favourable to small business is unnecessarily complicated for the 2019 income year. If you don't get the timing or the amount right, you could miss out."

Likewise, RSM senior manager Tracey Dunn believes the changes will mean that clients will need to rely heavily on their accountants to work through each tier and determine eligibility.

"Sadly, it may mean more compliance costs as they will no doubt need the assistance of their tax adviser to determine which depreciation method is most appropriate for their business and whether they are even eligible for the instant asset write-off," Ms Dunn said.

"With a three-tiered asset threshold and staggered commencement dates throughout the 2019 financial year, small business taxpayers will need to review their records carefully in order to determine which assets are eligible for the instant asset write-off and which are not.

"Given the complexities around accessing the instant asset write-off, determining what is an eligible asset along with determining the appropriate threshold and commencement date, small business taxpayers are strongly advised to seek advice from their tax advisers before purchasing assets."

Why We Should Say "NO" to Labor's Property Tax Changes

By Paul Bennion, Managing Director, DEPPRO

The announcement that the Federal Labor Party if elected in the forthcoming Federal election will axe negative gearing and reduce capital gains benefits for new property investors from 1 January 2020, has been rightly been condemned by the property industry.

These regressive changes will have a detrimental impact on the property market and those who are employed in it.

From 1 January 2020, an elected Labor Government would implement the following policy changes:

Negative gearing:

  • Only new properties will be able to be negative geared;
  • All investments made before 1 January 2020 will not be affected by the changes to negative gearing and will be fully grandfathered;
  • Losses from investments will continue to be able to be offset against investment gains in the same financial year, regardless of asset class;
  • Within year losses can still be carried forward and offset against future capital gains on the investment.

Capital gains tax discount:

  • CGT will be halved for assets purchased after 1 January 2020, reducing CGT for assets purchased after 1 January 2020 from 50 per cent to 25 per cent;
  • All investments made before 1 January 2020 will not be affected by the changes to CGT and will be fully grandfathered;
  • The existing CGT discount that applies to superannuation funds will not be affected; and
  • The 50 per cent active asset reduction concession that applies to small businesses will not be affected.

These changes will disrupt and distort the property market during a time when it needs stability.

Firstly, it will lead to a rush by investors to purchase properties before 1 January 2020 so they can quality for both the negative gearing and CGT benefits.

This will be followed by a huge lull in property investor activity especially in the established market as negative gearing benefits will no longer apply to established homes.

Recent history has shown that when Governments make changes to property taxes for investors it can create uncertainty and confusion leading to a major slowdown in investor activity.

This last occurred following changes in the 2017 Federal Budget to depreciation benefits for property investors. If a property investor acquired a second-hand residential property after May 10, 2017 and these properties contained "previously used" depreciating assets like ovens, dishwashers blinds etc, they would no longer be able to claim depreciation on those assets.

These changes caused enormous confusion amongst property investors and resulted in a large drop in property investor activity throughout Australia.

These changes to negative gearing and capital gains outlined by the Labor will have a similar effect on property investors and result in even further decline people buying investment properties.

The end result will be rents will rise and property prices will fall. For example, research undertaken by SQM Research recently revealed that Labor's negative gearing policy, rents could rise by up to 15 per cent while property prices could collapse by a further 12 per cent by 2022.

SQM Research also believes market rents could accelerate rise between 7% to 12% over the period 2020 to 2022, assuming there is an interest rate cut. Brisbane and Perth are likely to record the largest rises in rents.

Modelling by the Master Builders Australia has also indicated that the number of new homes would drop by up to 42,000, creating an $11.8 billion hit to the economy.

Labor's propose changes to property taxes should be strongly opposed by everyone employed in the property sector at the forthcoming Federal election as they are an attack on our industry and the livelihood of everyone employed in it.

Vow/YBR National Conference Launching Soon

The Vow/YBR National Conference will be taking place in Darwin from the 16th - 18th September.

Please keep an eye on your inbox next week as the conference website launches to ensure you register before the early bird special runs out.