Vow Voice 23rd August 2018

From 20 August, several revised lending policies have been amended across all brands of the bank.

The policy enhancements will include:

• Interest only Lending - revised up to a 100% of borrowings
• Existing Debt Commitments - must be verified
• Acceptable Income - Overseas income from self-employed is no longer acceptable
• National Rental expense applied for investment loan applicants who reside at home
• Acceptable Securities - minimum unit floor space for 1 & 2 Bedrooms Metro (High Density
• Metro (high density) is applied in specific postcodes for complexes of more than 10 unit. In these instances, Maximum LVR will be 70% with LMI applied above. The postcodes have been attached to this communication as well as our broker portal.

For full details please refer to the below-listed attachments. A revised calculator is also attached that reflects these changes. The calculator will also be available on our portal.

Attachments listed here:

1. Broker News - 112 - Lending Policy Changes
2. Real Property Classifications
3. Credit Assessment Principles
4. Loan Origination Servicing Calculator

Ngahihi o te ra Bidois is an International Speaker who has been described as a Modern-Day Warrior. He has many years of speaking and leadership experience in the Business, Education and Maori sectors.

He has helped many leaders develop their personal and professional leadership and has been a manager in a multinational oil company, a teacher and Head of Department in a secondary school, a lecturer, a Kura Kaupapa Maori teacher, an Academic Adviser and a senior manager in the Tertiary Education sector.

Don't miss out on an amazing session at the Vow Financial National Conference.

Click Here to register

On Thursday 9^th Aug a field of 48 golfers gathered at the Ryde Parramatta Golf Club on a picturesque blue-sky morning for the annual Gary ''Chopper'' Reid Memorial Day to remember our great friend Gary Reid who sadly passed away from melanoma.

We had a strong representation from our own Vow Social Golf Club and friends, as well as 4 of 'Choppers' close golfing buddies who were members at the club and of course some generous lenders to help support the day.

The golf club set the course difficulty to 'medium difficulty' which proved to be true with some tough pin placements on greens and a representation of the total scoring on the day.

We had both a men's and a women's competition for the first time and will certainly be looking to grow the women's comp each, and every year. Both competitions were tight finishes, however, were taken out by friends of Boggy Wards' and a husband and wife duo Stewart and Kirsty Kirkby.

• Winner Men's - Stewart Kirkby
• Winner Women's - Kirsty Kirkby

We successfully managed to raise a total of $2,300 and has been donated to the Melanoma Research Institute on behalf of all of those who played and donated.

Of course, this day couldn't have gone ahead without generous sponsorship and support from the following:

• Vow Financial
• Ryde Parramatta Golf Club
• Vero/Suncorp
• ING
• Scottish Pacific
• Valiant Finance

Special thanks must also go to the Vow Social Golf Club committee who organised the day. We will be looking to lock in the event again for next year and will hopefully grow the event.

With Credit parameters continuing to be tightened across the industry, more and more brokers are turning to Specialist funding sources to provide solutions for their customers. The Resi Renew & Restart range of loans not only provides more flexible prime solutions for those that don't quite fit the mould of the mainstream lenders, but we also provide the most competitive Near Prime and Specialist Lending solutions in market. Here is a 2-minute wrap up of what we can offer:

Near Prime

• Unique pricing proposition which minimises entry costs (no risk fees for many customers) making our solution the cheapest in market for those that need a funding solution as a stepping stone back to prime lending.
• Full Doc, Alt Doc (Declaration of financial position plus one of: Accountant Letter; 6 months Bank Statements or 6 months BAS) Construction (both Full Doc and Alt Doc) solutions are available.
• Unlimited defaults, judgements and writs up to $1,000 accepted (paid or unpaid)
• Unlimited defaults, judgements and writs > $1,000, registered > 24 months (paid or unpaid) accepted
• Discharged from bankruptcy (1 day accepted)
• Debt consolidation for an unlimited number of debts including payout of ATO debts

Our loan product is the best in the market for someone that needs a solution today and intends to refinance into prime within 2 - 4-year time.

Specialist

• Unique pricing proposition which minimises entry costs (no risk fees for many customers) making our solution the cheapest in market for those that need a funding solution as a stepping stone back to prime lending.
• Full Doc, Alt Doc (Declaration of financial position plus one of: Accountant Letter; 6 months Bank Statements or 6 months BAS)
• Unlimited defaults, judgements and writs up to $1,000 accepted (paid or unpaid)
• Unlimited defaults, judgements or writs from 1 credit event < 12 months (paid or unpaid)
• Discharged from bankruptcy (1 day accepted)
• Cash out up to 80% LVR for acceptable purposes including renovations and business use
• Debt consolidation for an unlimited number of debts including payout of ATO debt

Submission

• Submission is via Apply on-line via Resi - Renew / Restart range, but credit assessment is carried out directly by our funder fast-tracking the process for you.

Finally, gone are the days where borrowers seeking a specialist lending solution have to put up with basic loan functionality. Our solutions offer 100% offset facilities and a great online banking platform. At Resi with our Renew/Restart range, we act as caretakers for your clients until you can place them in a Prime Loan offering! Interested to find out how to secure long terms clients via specialist lending, get in touch with the team, they will step you through the process.