TMBL's NextGen ApplyOnline System Upgrade

From 21 August, brokers will benefit from a number of enhancements to the home loan submission process across all brands of the bank, resulting in significant efficiencies and improved turnaround times for decisions.

The system enhancements will include:

  • Improved user interface
  • Submission and approval checklists
  • Mandated documents
  • Self-verify of documents (individually or in bulk)
  • Multi-attach and bulk attach upload options

For full details please refer to the below:

Commercial Division Update

"Just a reminder to all loan writers the importance of lodging and writing via Commercial Broker channel, for protection of both upfront, trail and of course client protection. The other critical consideration is coverage via your P&I insurance in the event of any claim."

Writing Equipment & Finance products have never been made easier, with the support of our specialists nationally refer to our brochure attached. We have partnered with one of Australia's largest EF platforms to provide you access to the best possible products in the market, lowest pricing and of course approval turnaround times.

With any Commercial or Equipment Finance question, do not hesitate to contact either Khan Inanli Ph 0488 020 361 or Glenn Mitchell Ph 0424 377 572

New EDR Scheme - AFCA replaces CIO & FOS

The Australian Financial Complaints Authority or 'AFCA' is a new external dispute resolution (EDR) scheme to deal with complaints from consumers involving financial services and products. It will be operated by a not-for-profit company limited by guarantee authorised by the Minister for Revenue and Financial Services (Minister).

AFCA replaces the three existing EDR schemes of the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and Superannuation Complaints Tribunal (SCT) so that consumers have access to a single EDR scheme.

Membership of the company will be required under law or a licence condition of a financial firm. AFCA operations will be financed by contributions made by its members. The scheme will be free to consumers.

AFCA will:

  • be the single point of contact for complainants for EDR services;
  • have higher monetary limits;
  • be more accountable to users, including by having an independent assessor to deal with complaints about its handling of disputes; and
  • have rules (terms of reference) to support its dispute resolution functions and legislation in the case of superannuation disputes.

Are you currently a member of CIO?

From the 7 August 2018, AFCA will be notifying CIO members on how they can secure their EDR membership with AFCA. You will need to secure your AFCA membership by 31 August 2018.

What's involved?

Licensee holders, Aggregators and Privacy Act members at CIO will be emailed an invitation to complete an annual assessment and member declaration to become an AFCA member. Please do not apply for new membership via the application below.

Authorised Credit Representatives (ACRs) will be directed to apply for membership and provided the membership ID of their Licensee.

For additional assistance with this transition your CIO membership, please email membership@afca.org.au or call 1300 56 55 62.

For more information & Frequently Asked Questions please access the AFCA website on the link below:
https://www.afca.org.au

Empower Product Range Credit Policy Improvements

We are excited to be able to advise of 3 changes to the credit policy which we are sure will make providing the Vow Empower Product range easier. Check these out as they will make life a lot easier if you have these types of scenarios.

Direct Benefit Policy

Where both borrowers are in a spousal relationship they are considered to both get a direct benefit from the transaction. Independent financial and legal advice is not required in these circumstances.

Casual Employment

We now require only a minimum 6 months in the same employment or employed for the past 12 months in the same field/industry.

Structural Renovations/Home Improvement

Now permissible on a standard loan (Construction Loan Not required). If the LVR is 80% or below on an as is valuation basis and the loan does not exceed the land value of the security property, a standard loan may be approved. Traditionally and with many other lenders, the additional expense and effort of Progress drawdowns would be necessary, but these are no longer required, and Macquarie will not control the release of funds to the supplier.

Please note: when the security is vacant land only we still require council plans and the LVR is limited and 80%, the loan will be conditioned to provide an occupancy certificate within 12 months. For applications that meet the above home improvement and construction policy, this will allow them to originate on the new platform.

AMP HOT P&I OO rates up to 90% + full cap LMI

Did you know that at AMP our P&I, owner-occupied rates are up to 90% + Full Cap LMI?

Under our AMP Professional Package, you can obtain rates as low as 3.72%. See below for our rates. Our Pro pack also offers a 3-year fixed rate @ 3.79% P&I owner-occupied. Get in quick because it's not going to be around forever. 90% + Full cap LMI.

Owner-Occupied Pro Pack P & I

$750k +

3.72%

$500K -$750k

3.87%

$250k -$500k

4.07%


DON'T FORGET TO BUNDLE!!

Bundle your customer's owner-occupied, business and/or investment lending to receive the interest rate based on your total aggregate lending. Applications can be submitted individually or cross secured to achieve the aggregate lending rate. Resi security only.

Eg: Mr and Mrs Smith looking to refinance their owner-occupied purchase an investment and refi their 400K Business loan.

Due to Aggregate lending, the following rates will apply in this eg:-

  • $550,000 owner occupied loan P&I =3.72%
  • $300,000 investment loan P&I = 4.11%
  • $400,000 refi business loan = Invest P+I = 4.11%


Current Special - Pro Pack Owner-Occupied - Fixed for 3 years 3.79% P+I
Min Loan Amount 100K - 90% LVR + Full Cap LMI. SRG (Rate Lock) is .15% of the Loan amount and valid for 90 days.

  • Unlimited cash out up to 80% LVR. Pricing depends on the predominant purpose. Over $100k evidence will be required.
  • Aggregate Lending rates apply - conditions apply
  • Refinance of business/commercial debts up to $500k max using acceptable residential security @ Investment rates
  • A portion of debt acceptable, i.e. if joint debtor 50% of income and 50% of expenses are used for assessment purposes
  • When there is an individual borrower who has a partner, and that partner is not a party to the loan, for calculating serviceability you can service as a single where we have evidence, via the most recent payslip (PAYG) or tax return (self-employed) that the partner (who is not an applicant to the loan) is earning an independent income of minimum $1,000 per month. The 'applicant type' will still be married/defacto. Dependants will need to be included in servicing.
  • Annual Bonus: up to 80% for first $50k, up to 50% for the amounts over and above $50k
  • Visa holder married to an Australian Citizen, both living and working in Aust = Standard policy
  • A credit assessor will assess every deal
  • 100% of Shift Allowances For applicants employed in 'essential services' (classified as Police, Doctors/Nurses, Paramedic/Ambulance, Firefighters, Public Transport Operations (train/bus/ferry) and Power/Energy Technicians (for example: linesman but excluding electricians evidenced by current 2 consecutive payslips plus prior year group certificate to evidence consistency.
  • Pre-Approvals are fully Assessed
  • Display Homes are acceptable, Market rental to apply
  • Free upfront valuations for an accredited broker (valuations must be ordered by brokers)
  • Multiple offsets available - Up to 10 per variable split

VISIT OUR PASSWORD FREE BROKER PORTAL - www.amp.com.au/distributor

Professional Pack
Owner-occupied P+I LVR - 90% + FULL CAP LMI ($350 fee if capped)

  • $349 per annum
  • Minimum loan size of $100k
  • Solicitors fee $295
  • Up to 10 splits
  • Multiple Offset Deposit Account available (10 per variable split)
  • Company and Trust borrowers are acceptable
  • Master limit available
  • No Construction

Owner-Occupied P & I I/O
$250,000 - $499,999 4.07%

Max 80% LVR

Please refer our Rate sheet.

$500,000 - $749,999 3.87%

$750K Plus

3.72%

Investment P & I I/O
$250,000 - $499,999 4.31%

Max 80% LVR

Please refer to our rate sheet

$500,000 - $749,999 4.21%

$750K Plus

4.11%

AMP SuperEdge Loan

  • Min loan size $100k
  • Max LVR 70%
  • A minimum net asset position of $200,000 is required at the time of application
  • Offset Deposit Account is available
  • P&I or Interest Only (for up to 5 Years)
  • Maximum loan term of 30 years.
  • Property can be newly constructed, not Purchase off the Plan
  • Establishment fee $350 and settlement fee of $250 waived for a limited time
  • Solicitor fee $1,925

Super Edge Loan

P & I

I/O

6.44% N/A

For more information contact: Robyn Lindemann 0423820303 | robyn_lindemann@ampbanking.com.au | amp.com.au/distributor

Functionality Enhancement in Vownet

How (and when) to disable users?

In some instances, organisation owners might need to disable user access. This action will maintain user information in Salestrekker, cease user's ability to access the system and remove that user from billing. Ability to view deals and data from past users is useful for audit and compliance purpose.

This action is an alternative to deleting users. Once users are deleted, their data is assigned to another organisation member, chosen at the time of deletion.

The process is simple: organisation system admins can go to Settings/Users and simply switch the user Disable option to off.

User data will remain in Salestrekker, however, the user will not be able to log in again. This user also will be removed from the billing.

Users can be activated again, and their access to the system will be reinstated.