New rates on OO Loans

By now we hope that many of you are already aware of the current Special Offers available for the Vow Flexi Options Loan.

We are currently offer a special rate of 3.89% for investor P&I loans up to an LVR of 80%.

However, we are pleased to say that we have improved our P&I Owner-Occupied Pricing with the rates showing below:

LVR Rate
0-80% 3.96%
80.01%-90% 3.94%

These new rates will be automatically applied to any loans in the pipeline not yet formally approved and for any new loans lodged from 14 March.

Download the following documents for more details:

  • Vow Rate Sheet 14 March 2018
  • Vow Flexi Options Full Doc 180717
  • Vow DL Brochure Flexi Options 270917

For those of you not familiar with the Flexi Options Loan, it is a fully featured loan product with a high degree of flexibility. The current Product Information sheet has been included for your reference along with the Group Lending rate schedule. Some of the features which we would like to draw your attention to include:

  • No ongoing fees unless the optional offset account is selected (if so, the cost of $10pm per offset account)
  • Special rates are available for construction and bridging loans.
  • The offset account, if selected, remains operational during construction and even during fixed rate terms.
  • All products offered with an upfront commission of 0.66% and 0.165% trail (GST inclusive). 12 month clawback period and if required we can support discounting by reduction in trail.

Are you interested? For more information or to discuss your next scenario, please get in contact with the team below.

Craig Herden, National Relationship Manager: Ph: 0478 537 841, E:

Tony Wakim, Office Based BDM: Ph: 1800 737 448 (press option 1 for 'Scenarios'), E:

Mandatory data breach notification

We recently had one of our broker partners experience a data breach, which was caused by a simple mistake. However, under the new data breach laws, this was a notifiable breach - meaning we had to report it to the Privacy Commissioner.

Please read the information below to make sure you don't fall foul of this new regime, and are ready to act.

The Australian Government has established a Notifiable Data Breaches (NDB) scheme, to ensure that affected individuals are notified about serious data breaches. The NDB scheme will apply to all businesses, government agencies and other organisations covered by the Australian Privacy Act 1988 and will commence on 22 February 2018.

"Eligible Data Breach"
The new regime will require notification of "eligible data breaches". These are defined as data breaches, including data loss incidents, where a reasonable person would conclude that the breach would be likely to result in serious harm to any of the affected individuals. Serious harm could include physical, psychological, emotional, economic and financial harm, and harm to reputation.

In assessing harm, an organisation is required to have regard to a list of relevant matters such as the nature of the information, the sensitivity of the information, the kind of persons who may have obtained the information and whether the information has been protected.

Notifications obligations
If there are reasonable grounds to suspect that an eligible data breach has occurred, an organisation must:

  • within 30 days, carry out a "reasonable and expeditious" assessment as to whether there has been an eligible data breach; and
  • if an eligible data breach has occurred, notify affected individuals as soon as practicable, with a notification containing certain prescribed information, including:
    • the identity of the organisation;
    • the description of the breach;
    • the kind of information concerned; and
    • recommendations to the individual as to steps to take in response to the breach.

Where notification is required, the organisation must notify both the affected individuals and the Australian Privacy Commissioner.

There are several exceptions to the notification regime:

  1. Where an organisation has taken remedial action to address potential harm to individuals that may arise due to a data breach before any serious harm is caused, the breach will not be an eligible data breach and the obligation to notify will not apply.
  2. Other exceptions covering law enforcement, commonwealth secrecy requirements, data breaches impacting multiple entities and declarations by the Commissioner.

Consequences of non-compliance
The current penalty is up to $360,000 for an individual or up to $1.8 million for a body corporate. Parliament has recently proposed that this be increased up to $420,000 for an individual and up to
$2.1 million for a body corporate from 1 July 2017.

Jobs bonanza is positive news for the Australian property market

By Paul Bennion, Managing Director, DEPPRO

The latest employment figures released by the ABS for September 2017 confirms that Australia is now enjoying a jobs bonanza.

Over the past year some 335,000 net jobs have been created of which 271,000 were full time jobs.

Australia is now enjoying the strongest annual employment growth since August 2005.

Overall, the employment figures for September 2017 show that the national unemployment rate dipped to 5.5% on the back of this job creation.

In seasonally adjusted terms, 19,800 jobs were created last month which followed a very robust August when 53,000 new jobs were created.

The jobs bonanza has been especially evidenced in New South Wales which has now the lowest unemployment rate in Australia at just 4.6%. Even in weaker economies such as Western Australia, the unemployment rate has fallen to 5.7%.

Economists are predicting that if this surge in jobs creation continues then this will put an upward pressure on wages growth which will also be good news for the economy as well as the property market.

Increase wages growth will increase the borrowing capacity of property buyers while the overall increase in employment will give more people greater confidence to purchase a home.

The property market is built on confidence and employment growth plays a key role in underpinning this confidence.

This improving level of confidence stemming from this jobs bonanza is being reflected in the number of tax depreciation schedules that DEPPRO is undertaking for our clients.

During September 2017, the overall number of tax depreciation reports prepared by our offices throughout Australia was 20% higher than this time last year.

The improving economy is giving investors that additional confidence to purchase property as they know it will have a positive impact on property values as well as rental returns.

These astute property investors are taking advantage of the generous tax benefits associated with owing a property with many of our clients generating thousands of dollars in tax benefits each year by having a depreciation report completed for their investment properties. This has greatly improved their cashflow to enable them to purchase additional investment properties.

Click the link below and complete the details to ensure your client receives a higher return on their cashflow.

Vow's Better Business Winners

Congratulations to the winners of the Better Business Awards in NSW last week and WA this week.
What a great recognition of their talent and hard work.

The winners are:
WA - Tamara Virgo, TV Financial Services & Planning - Best Regional Broker
NSW - Ayers Home Loans - Best New Office
NSW - VIP Mortgage - Best Customer Service (Office)

Ayers Home Loans has expanded from 5 staffs to nearly 20 over the past 24 months, and has a small but well-structured business model enabling each individual to learn, grow and thrive in this highly competitive market. Their submission and settlement volume has increased steadily despite the challenges imposed across the board.

VIP Mortgage has grown rapidly within the last two years of operation. The group prides themselves on their stellar customer service, which involves swift response time, great after service care and great product selection. They strive to meet and exceed customer expectations and are very deserving of this prestigious award.

Tamara Virgo is based in Esperance, and despite a geographically dispersed client base, builds strong relationships. She is focused on high-quality customer service, and has a strong technical and local knowledge.