Moneytech has created some educational video clips

Moneytech wants to support more awareness to brokers, as to what the value their role can provide to clients through educational video clips that can be shared.

Check out the second video in their video series here.

For any questions please reach out to your BDM.

Check out Ubank's cashback offer

Ubank is increasing their cashback offer to up to $6k on purchases and refinances.

Available for purchase and refinance on eligible "Neat & Own" home loans.

Ts&Cs apply, click here to read more about them.

If you have any questions, refer to your Vow Financial BDM.

Heartland Reverse Mortgage Interest Rate Change

On 11 November 2022, Heartland Finance's Standard Reverse Mortgage Variable Rate increased to 8.15% p.a. (comparison 8.17% p.a.*) from 7.85% p.a. (comparison 7.87% p.a.*).

*WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Heartland Finance's new fee schedule can be found here. Please ensure to update your documentation, systems, and processes with this material.

For any questions please reach out to your BDM.

Going places with Banjo Loans

Banjo Loans has recently helped a company that was seeking capital for growth expansion across Australia.

See snapshot below of how they helped the business.

Industry
Wholesale Trade - Other Goods

Loan Amount
$500,000

Time in Business
38 years

Structure
Company

Annual Turnover
$6.75m

Total Deal Time
3 days

A bit of background

  • This business imports, distributes and manufactures various grocery items from Southeast Asian countries.
  • They supply to Coles and Woolworths, as well as having exclusive distribution rights to sell a variety of products.

How did Banjo Loans help them move forward?

  • Banjo Loans assisted the client's plans to expand by opening new warehouses in other states around Australia. This would allow the business to save on significant transport costs involved in getting their goods to their established markets interstate.
  • $500,000 over a 24-month period was provided within 3 days.

If you have any questions, refer to your Vow Financial BDM.

CommBroker is getting refreshed!

CBA is currently doing a refresh of parts of CommBroker, especially toward the broker accreditation section.

They are creating a new landing page for non-accredited brokers, streamlining the current information and making usability a lot cleaner.

For more information and to read more about why you should get accredited with CBA, click here.

For any questions please reach out to your BDM.

Liberty Commercial Loans Update

At Liberty, they are excited to be trialling a new green credential lending initiative.

For more information and to access the link to the Introducer Guide, click here.

If you have any questions, refer to your Vow Financial BDM.

Select Reduces Rental Shading

Rental income is a key contributor to total income in many applications. Resi wants to ensure their credit approach is in line with changing market conditions while continuing to lend responsibly.

That's why, effective immediately, Resi has reduced the shading applied to rental income from 20% to 10% for new and existing rental properties.

This change will support customers looking to refinance to get a better interest rate or increase their lending capacity to achieve their investment goals.

Note: Expenses related to rental properties must continue to be captured as part of the living expenses conversation.

What you need to do
You don't need to do anything differently. All systems and tools, including Advantedge serviceability calculators, have been updated on 12 November 2022.

Please keep this updated policy front of mind when having discussions with your customers about how Resi Select may be a great option to suit their needs.

To access the rate card, click here.

For more information, please see Resi's website, alternatively please contact broker support or your BDM.