Macquarie Bank Update

Please see below updates from Macquarie Bank:

  • Macquarie Bank is updating their processing times as of Monday, 19 October this week for applications that include all supporting documentation (including bank statements if applicable).
    • Average time to assessment* is 4 business hours.
  • Their $1,000 cashback offer is ending on Saturday 31 October 2020. Applications must settle by this date to take advantage.

Please speak to your BDM for any further questions.

* Excludes novated leases, plant and equipment and applications greater than $150,000.

SME Govt Scheme

As the economy continues to open up, CommBank has been focused on providing new solutions and support packages to their customers.

CommBank is pleased to announce details of their offer for existing and new-to-bank customers that may be eligible for Commercial Lending support under the Government Coronavirus Small and Medium Enterprises (SME) Guarantee Loan Scheme, Phase 2.

The Scheme is designed to support SMEs and provide access to additional funding to help Australian businesses in the current Coronavirus environment. This loan can be used for business purposes, including the purchase of commercial property and will be available until June 2021.

The following eligibility criteria apply for Commercial Lending:

  • A customer must have an Australian Business Number (ABN).
  • Small to medium-sized businesses with up to $50m turnover, including self-employed
  • Individuals, community groups and not-for-profit businesses.
  • Lending to approved customers under The Scheme is capped at $1m per ABN across all financial institutions and is subject to lending criteria.
  • The loan must be used for business purposes including the purchase of a commercial property. Loans must not be used to refinance existing debt (other than Scheme Loans), inter-group lending, to purchase residential property or financial products (such as shares)
  • Loan terms can be 3, 4 or 5 years.

Please contact your BDM for more details.

Judo Bank Update

In order to support the hospitality industry and your customers, Judo is offering new trading business customers a $2,000 voucher to be spent on Judo's existing hospitality customers.

Recipients of the $2,000 voucher must meet the following eligibility criteria:

  • Offered to new to Judo trading business customers (no commercial real estate or asset finance) who settle either a Business Loan or LOC -1 voucher per customer group
  • Must settle a minimum $250k Business Loan or LOC between 1 October 2020 - 28 Feb 2021.
  • Vouchers will be made available after settlement.
  • Judo is doing it in collaboration with Liven, a rewards website in the hospitality sector.
  • Liven will allow Judo customers to spend the voucher in one or several visits and share the credit amongst the employees or family.
  • Customer must download and sign up to the LIVEN App to receive their voucher
  • The introductory email sent to eligible customers by the bankers after settlement will direct customers to the Liven support team which will handle all queries.
  • Unused credit will expire on the 31/12/2021.
  • Available to residents of VIC, NSW, QLD and WA only

Please see the attached Terms and Conditions for the over the offer.

In case of any questions, please reach out to your BDM.

BankWest Webinar

To help businesses and brokers navigate through the challenges of the current environment, Bankwest has partnered with The Small Business Lounge to provide free access to an exclusive webinar series.

Bankwest's next Small Business webinar will be held tomorrow - Friday, 23 October. Experts from their Cyber Outreach Team focusing on keeping your business safe will be joining this informative series.

Please find the details below:

  • When: Friday, 23 October 2020
  • Time: 12pm-1pm AWST
  • Registration: Click here to register
  • CPD Points: MFAA and FBAA accredited brokers can claim 1 CPD point by attending this webinar

Please feel free to extend this invitation to your brokers and colleagues.

MoneyTech Update

We are pleased to announce the inclusion of Moneytech to our pilot program for 2021!

Their recently appointed Senior BDM Franco Bombardieri is well known to our group for being the former State Manager of Prospa in Victoria/TAS.

For full details of what they can offer to your clients is attached in their marketing flyer.

Please contact your BDM for further details.