Vow Voice 19th July 2018

With interest rates pressures starting to filter through to home loan rates the Resi business is keen to keep you constantly updated with regard the changes filtering through to our product ranges.

Flexi Options

Unfortunately the sustained cost of funds increases have had to be passed through to these clients. Rates for our current special offers and existing clients will increase by 0.15% from the 26^th July.

Existing clients will receive a letter detailing their new rates and repayments.

Our pricing remains highly competitive with the O/O pricing now starting at 3.84% and Investor P&I loans starting at 4.04%, all with no on-going fees.

As always, the most up to date rate cards can be accessed from Vow Net or Symmetry.

Naturally, if you have any scenarios you would like to discuss with the team, please feel free to reach out. They will be able to advise of the best solution we can offer for your client's personal situation from our 4 highly competitive funding sources.

We have prepared a 'Deposit Assure Referral Guide' that covers all the pertinent information you need to know about referring deposit bonds to Deposit Assure.

We will be adding some video content to this over the coming weeks as well as additional marketing resources as they are developed.

Included in the guide, are links to the 2 webinars we will be running throughout the year and the first half of next year. You can register directly from the guide.

Deposit Assure Referral Guide

St.George Banking Group 3rd Party Commercial Introducers - Removal of Self-Managed Super Fund Loans

What's changed?

St.George continually reviews its products to ensure we meet the expectations and requirements of our customers. To streamline our product offering, effective Tuesday 31 July 2018 applications for new Consumer or Business Lending will no longer be accepted for Self-Managed Super Funds (SMSFs). This means:

• The St.George Super Fund Home Loan will be removed from sale, and
• St.George Business Lending to a SMSF for buying residential investment or commercial properties will no longer be permitted.

Existing SMSF lending

• We will continue to service customers with existing SMSF loans as allowable under our Credit policy, including:
  • splitting loans,
  • switching loan products, and
  • extending loan term.
• Effective Tuesday, 31 July 2018, we will no longer permit:
  • switching from principal & interest repayments to interest only, or
  • extending existing interest only terms - loans will need to revert to Principal and Interest

In-flight SMSF Deals:

• There is no impact on applications for new SMSF lending approved by St.George Credit prior to Tuesday 31 July 2018.
• In-flight applications for new SMSF lending will need to be received by a banker/BDM on or before close of business (5pm) on 31 July 2018 in order to be accepted. For an application to be considered as being received all of the following is required:
  • Completed and signed customer application form including the completed Minimum Document Checklist and all required supporting documents. Incomplete applications where supporting documents are not received will not be accepted
  • Customer conversations must have been recorded by our Relationship Manager no later than 31 July 2018.
• In-flight SMSF applications accepted will need to have obtained a formal Credit Approval by 30 October 2018. No further loan approvals will be granted after 30 October 2018. Any in-flight applications approved by 30 October 2018 cannot be re-approved or extended.

What do I need to do?

Please ensure you and your teams are across the policy changes and your in-flight deals are submitted prior to Tuesday 31 July 2018.

More information...

If you have any further enquiries about this change, please speak to your BDM or your local St.George Group Business Banker.

SMSF Loans Application Details and Checklist

CHANGES TO RETAIL LENDING PRACTICES

Effective Saturday the 14th July ANZ will be introducing changes to our requirements for living expenses.

What is Changing?
ANZ is expanding the living expenses field and other expenses field on Asset Finance applications.

There will be additional fields included in the ANZ Asset Finance Portal under the "living expenses" and "other expenses" section. This will allow you to better capture the financial position of borrowers when submitting an Asset Finance application.
These additional fields include detailed descriptions of what expenses should be included in each field - "Living" and "Other" expenses.

For offline brokers application forms have previously been uploaded on the ANZ Commercial Broker Hub.

Reminder***
Applications submitted via the old form will not be accepted. If submitted via the old form the application will be referred back to the broker and require resubmission via the new form.

A maximum of 10 living expenses and 4 other expenses can be included in the application.
*This will be for individual sole/trader applications only.

Why ANZ is Changing?
Making inquiries into a customer's financial situation is an integral part of responsible lending obligations for both brokers and lenders. This change will assist in providing a more accurate record of living expenses for individuals.

A briefing pack has been attached which will assist you with understanding the changes that have been made.
We thank you for your continued support and if you have any queries please do not hesitate to contact your ANZ Broker Account Manager.