Vownet: Your Questions Answered

As part of our ongoing commitment to ensuring you get the best possible results from using the Vownet platform; we will be holding monthly live webinars with Dave Stewart, our National Platform Manager.

We have no pre-determined topics or agendas. Instead, we want you to tell us what you want to know about the Vownet platform.

That's right, we want you to send us your suggestions for topics to be included in the webinars. Each month we will collate all submissions from brokers to identify the most popular/highly requested topics and that becomes the focus for the next webinar.

  • Do you want to know how to complete a specific task/action within the platform?
  • Perhaps you are looking to better understand how the platform helps you meet specific compliance or regulatory obligation?; or
  • Maybe you want to enhance your client's experience by activating advanced features?

Whatever it is - tell us!

Remember; each webinar is based on the questions and enquiries that you send through to us by completing this Vownet Online Submission Form. Whatever it is tell us right now!

Submit Your Vownet Question

Prospa EOFY21 Updates

With a new Prospa marketing campaign that launched on 3 May, below are the customer and partner offer you should know to make the most of these season-relevant offers.

Customer offer

From 3 May until the end of June 2021, Prospa is offering business loans with no repayments for the first eight weeks. This offer will allow your customer to extend their repayment term (interest will accrue from the settlement date to the end of the term).

For Prospa partners, the campaign also offers additional commission and personal access to a tailored Small Business Loan offer.

The following sections provide greater detail on each of these focus areas.

Partner offers

Boost commission During the end of financial year period (3 May 2021 to 30 June 2021), accredited partners will also earn an extra +2% commission above the usual rates for all new customers referred and settled (and for Line of Credit, a first drawdown made) by 30 June 2021 on:

  • Small Business Loan (Express) up to $150,000 of the disbursed amount - Earn 6% commission for first time & new referral customers.
  • Line of Credit - Earn 5% First Drawdown commission for the first time & new referral customers.

Accredited partners will also earn an extra +1% commission above the usual rates for all new customers referred and settled by 30 June 2021 on:

  • Small Business Loan (Plus) greater than $150,000 of the disbursed amount - Earn 5% commission for the first time & new referral customers.

*Terms and conditions apply - see attached.

Partner Small business Loan Eligible partners can apply for a loan to invest in their own business. Loan options of $15,000, $10,000 or $5,000 available over a 52-week term with a fixed Annual Simple Rate of 14.9% and 2.5% Origination Fee. If approved and between 3 May 2021 and 30 June 2021 (inclusive), the weekly repayments will equate to:

  • $339.72 for a $15,000 loan
  • $226.48 for a $10,000 loan
  • $113.24 for a $5,000 loan

*Credit assessment, fees, terms, and conditions apply - see attached.

Resources: Prospa will provide you with a toolkit of insights and resources to help them support small businesses throughout the campaign.

Please feel free to reach out to your BDM if you have any questions or would like more information on the above.

*WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Launch of Secured Loans

MoneyPlace is thrilled to announce that they are now offering secured loans!

There was a positive response from the broker network around the $80k max loan amounts.

Lowest rates

They are now offering secured loans of up to $80,000 with interest rates as low as 4.84%. The process will continue to be a quick and simple online process with our speedy turnaround time of 3-4 hours.

  • Secured and unsecured loans up between $5,000-$80,000. (We can lend up to $160k per household depending on client profiles)
  • Secured rates start at 4.84%; unsecured rates start at 6.45%
  • Comprehensive credit scores start at 300
  • Up to 150% LVR, 130% for 13 End of term
  • No loadings on large LVR's or 7-year loan terms
  • Mix purposes are ok (car and debt consolidation)
  • No exit penalties, no break costs and no monthly fees

Any loan purpose

A secured loan can be used for new purchases or existing vehicles. It can also be used for the same purposes as our unsecured loans, and by adding security, your customer can get an even lower rate.

*WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

New Broker Product Guide

Please see the below Product Changes from La Trobe:

  • The commercial Loan term is now 30 years. This means borrowing capacity will be better and also lower repayment for your customer
  • Residual Stock - No income verification required, can consider up to 70% LVR

Valuation Updates:

  • A residential valuation can be ordered through Corelogic Property Hub up to $5M. The previous limit was $3M
  • A commercial valuation can now be ordered via Valocity - Register here

Attached is the latest version of La Trobe's Interactive Broker Product Guide. This means that if you click on the product icon, a fact sheet of the product will pop up with additional information to assist you with your assessment and the list of documents required.

Don't forget; you can track your application status, order residential valuation and obtain updated forms and calculators from our Broker Portal. If you haven't already, please register as this can take up to 1 week to receive your login details.

The latest Manual Application form and Easy lodge Application (to be used when you submit via your aggregator software or AOL) has also been attached for your convenience.

Product and Package Changes

Teachers Mutual Bank Limited is revising its existing product lines and packaging, which includes additional features and benefits outlined in the matrix and product sheets that have resulted in the grandfathering of residual products. These changes have been made to ensure an improved competitive offering for brokers and their clients.

The proposed change will take effect from the 25th May 2021, with respective changes being implemented in the late May NextGen release to assist with your internal system alignment and associated product profile amendments.

Customer Needs Matrix

Risk Fee Promotion Extended

The Zero risk fee promotion on our Essential Options Alt Doc and Near Prime range has been extended until the end of May 2021.

The promotion is applicable for applications received up to the end of May 2021, Resi will waive the risk fee on the Essentials Alt Doc (up to 60% LVR) and Near Prime (up to 70% LVR) home loans. Minimum loan size of $250,000 is required. The loan must settle on or before 31 July 2021.

In addition to some fantastic rates, excellent SLA's and in-house service and product features, this waiver will result in a substantial saving. On an average loan size of $500,000, an applicant would save a whopping $3750!

This is, therefore a not to be missed opportunity for your clients.

Current Promotions