We want to update you with some changes to the VOW Home Loans interest rates, the serviceability calculator as well as some form changes, which will be effective from 19 February 2018.
Changes to VOW Home Loans rates
- Reduced variable rates for investment loans with principal and interest and interest only repayments.
- Introduction of additional fixed rate tiers for owner occupied & investment principal & interest loans.
- Adjusted some of our fixed rates due to market conditions.
In the interests of keeping everyone updated on customer movements, we are sharing the communication that will be sent to all Vow brokers when a discharge request is received by Macquarie for one of your clients.
Naturally when a discharge request is received, often it is difficult to save the customer, but the Macquarie retention team will be doing their best to retain your customer.
This highlights just one of the advantages of providing a solution under your own brand. Not only are cross sale opportunities preserved for you, communication of client movements also helps you to retain your clients or at the very least give you the opportunity to re-connect to ensure you are the go to for future financing opportunities.
An example of the e-mail you may receive from Macquarie below:
Subject: Your client has submitted a discharge form
Good Morning Vow Broker,
Jenny Citizen has submitted a discharge request related to their Vow Home Loan.
We value our relationship with you and we want to keep you informed of potential changes within your portfolio.
We're here to help.
We appreciate the changing needs of our home loan customers.
Vow offers a dynamic and flexible product range that provides support across the entire home loan lifecycle. It is important that all of our customers are aware of this.
Our Customer Solutions team will reach out to Jenny shortly. A simple conversation can identify customer needs and reduce the likelihood of a Home Loan discharge.
To discuss this with one of our home loan specialists, please call us on 1800 453 428.
Whilst your customers discharge request is being processed - what do you need to do?
Now we have the completed discharge authority form, we'll let our solicitors know. You, the customer or the acting Settlement Agent will then be able to confirm the discharge date with our solicitors.
If this is a partial discharge, we'll need to arrange a valuation on the remaining property(s) before letting our solicitors know. Once the valuation is complete, we'll calculate the payout figure and advise of any loan adjustments for the properties that are not being discharged.
Four days before settlement, the loan, including redraw and/or offset accounts, will be suspended so we can calculate the right payout figure. This means the customer won't be able to use the funds in their account during this time and existing direct debits will not be processed. This also applies for a partial discharge.
Please note, this process takes approximately 21 days
Client Contact Centre
Updated serviceability calculator
In line with the quarterly release of the new Household Expenditure Measure (HEM), we've updated the serviceability calculator. The new measures are effective from 19 February 2018. Any applications submitted before this date and formally approved prior to 5 March 2018 will be assessed in accordance with the existing policy.
There new E-lodge Support and AML/VOI forms, which have been updated in Vow's system.