Regulatory Update from Macquarie

As you may be aware, the breach reporting obligations come into effect on 1 October 2021. This will require Macquarie to report another licensee to ASIC where they will have reasonable grounds to believe that the licensee has:

  • breached a core obligation and the breach is significant,
  • committed serious fraud, or
  • while engaging in a credit activity or providing a financial service, engaged in conduct that constitutes gross negligence; and
  • the individual that has engaged in conduct that forms part of the reportable situation is a mortgage broker or personal advice provider; and
  • the reportable situation has not already been reported to ASIC (for example, by the other licensee).

Please be advised that the only change in policy will be the obligation to report breaches to ASIC where necessary.

Latest Home Loan Processing Times

As of last Monday 6 September, Macquarie's average time to assess for fully packaged deals has been updated to 3 business hours as per their application checklist.

Changes to upfront valuation hub

Please note that Macquarie is moving all valuation ordering to a new and improved PropertyHub, which gives you quick and centralised access to valuation ordering and tracking.

You'll have visibility of all work in progress and any actions required from you, all on one easy-to-use digital platform.

It is advised that you order the upfront valuation prior to submitting the application to help get a faster credit decision.

Ordering through PropertyHub will also remove the need for use of promo codes, which will make your experience more streamlined.

This change has come into effect as of Monday 6 September 2021.

If you already use PropertyHub log in using your existing PropertyHub details, select Macquarie as the lender, and order your valuation.

If you haven't used PropertyHub before, you'll be prompted to register when you visit their website.

Valuation requests submitted and not yet completed by Monday 6 September 2021 will continue as normal and you'll receive status updates and completed valuation reports via email.

Previously completed valuation history will not transfer across to the new PropertyHub, and access to the old version of PropertyHub will be disabled on Saturday 18 September 2021.

From Monday 6 September 2021 you'll be able to order valuations where the estimated property value is up to and including $5 million directly via the new PropertyHub. Some property types and location restrictions may apply.

Conversion rates of valuations ordered to applications submitted will be monitored to ensure this service is being utilised appropriately, and we reserve the right to vary or suspend access.

For any questions or concerns, please reach out to your BDM.

Client Cash Bonus

On-and-off lockdowns have burdened thousands of SMEs, Australian households, and the wider economy, leaving many in need of support.

The good news?

Business finance is still accessible to those who need it. And to help you support your clients over the coming months, Valiant will be giving customers a $200 cash bonus when they settle an eligible business loan.*

Here's how the offer works:

How does the offer work?

Customers who apply for an eligible business loan on or before September 30and settle within 3 months will receive a $200 cash bonus in addition to their funding.

Which loans are eligible?

Any loans over $10,000 except debtor finance facilities or trade finance facilities (including BNPL products).

How to leverage this offer access

Access to business finance remains crucial for Aussie SMEs struggling to get Government support and this offer reinforces Valiant's commitment = to backing Aussie business.

With the extra cash, customers have an excuse to take some time out ' ' ... ' or treat themselves to an unexpected but well-deserved gift. ' ' ..."

Keep in mind: Valiant's cash bonus incentive is available for a limited time only, and applications must be in by September 30!

Get in touch with your BDM if you have any questions.

Refer my customer

RESI Essentials Investment Rates

Resi Essentials continues to deliver on its promise of Low Prices and Great Turnaround times.

With our Essential Options Prime home loans, we offer a low variable rate and no ongoing account keeping fees, as well as a personalised approach to assessing applications.

Key Features

  • Flexible loan purposes
  • Redraw and offset available
  • No credit scoring - each application is assessed on its own merits
  • Competitive variable rates with no ongoing account keeping fees

CURRENT SLA'S

Initial Review (confirmation of mandatory supporting documents)

1 Day

Initial Credit Assessment

3 Days

Formal Approval (MIR/Conditional request Satisfied and returned to credit)

3 Days

Mortgage Documents Issued

3 Days

Essential Options Fact Sheet

*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.

Expansion of SME Scheme

Expansion of the SME Recovery Loan Scheme

The Federal Government has announced the expansion of the SME Recovery Loan Scheme to help eligible small businesses impacted by COVID-19 access low-rate finance with the option of deferring repayments if needed.

St.George welcomes the expansion and will soon share with you the proposed details and revised eligibility details of their offering under the SMERL Scheme.

The extension of the SMERL Scheme eligibility criteria will help provide ongoing support to its customers and help them access funding at this critical time.

Fixed-rate offer

Where it is appropriate our 2- or 3-year fixed-rate offer is currently available for new and existing customers, including conversion of existing loans. The offer features St. Geroge's lowest fixed rate in years with rates from 2.39% p.a.1, 2 for fully or partially secured business loans up to $3 million.

A summary of the key benefits of our fixed-rate offer is available in the handy information sheet attached.

If you have any questions or need further support, please contact your BDM.

St. George Rates

Westpac Launches New Fixed-Rate Offers

On Monday 9 August 2021 Westpac launched its new fixed-rate business lending offer across all its brands, featuring their lowest business fixed rate in years.

Eligible new and existing business customers can now access 2- and 3-year fixed-rate loans from 2.39% p.a. for partially or fully secured business loans up to $3 million. Applications must be submitted by 30 September 2021, with settlement by 30 November 2021. Standard eligibility, business credit policies, security, fees and charges apply.

Their fixed-rate offer provides certainty to customers at a time when they need it most.

To help you promote the offer with your customers a flyer is attached for each of Westpac's brands.

Fixed-Rate Flyer - Bank of Melbourne

Fixed-Rate Flyer - Bank of SA

Fixed-Rate Flyer - St. George

Fixed-Rate Flyer - Westpac

Introducing Powerpick

Looking for ways to provide additional value to your clients?

PowerPick lets your client review competitive energy plans in their area. If they find a better deal that's available they can make the switch- entirely online, in around 5 minutes. Perfect for savvy clients who like to shop around for deals but don't have time to wait on hold to retailers!

How does it work?

  1. The team at PowerPick provides you with marketing you can use to promote the service to your client base.
  2. Clients click on your unique PowerPick link and can review energy deals in their own time. They will track any switches back to your account.

Powerpick will provide referral rewards every time one of your clients switch their energy plan via them.

To view a demo of PowerPick, click here.

To find out more or register your interest, contact the PowerPick representative, Andrew Larter. You can reach him on- andrew@powerpick.com.au or 0498 777 057 or alternatively, contact your BDM.