Adelaide Bank Commercial Rate Update

Changes to SmartSuite Commercial Rates

Please be advised of the following changes to Adelaide Bank's SmartSuite Commercial rates, effective 17 August 2022.

Their broker website has been updated accordingly on the effective date. Click here to check the rate board.

For any questions please reach out to your BDM.

Brighten has launched a new Expat product

At Brighten, they believe in creating effective lending solutions - helping more home-buyers achieve their goal of home ownership within Australia. Brighten is pleased to introduce a new Full Doc home loan product, Brighten Elevate.

Brighten Elevate is specifically designed for:

  • Australian citizens or permanent residents with income in an acceptable foreign currency, or
  • Australian temporary residents (with an acceptable Australian Visa) with income in AUD or an acceptable foreign currency

Please note, a new Brighten Supplementary Residency Form is now required for all Brighten Elevate and Brighten Premium loans. You can download the latest Brighten Servicing Calculator, Product Guide, Broker Guide and Application Pack in your Brighten Broker Portal.

*Available for new Brighten Elevate loans (OO P&I) 65% LVR and $1m. 2. Available for new Brighten Elevate loans (OO P&I) 70% LVR and $1m. An additional 0.4% p.a. loading is applicable for loans >$1m. An additional 0.8% p.a. loading is applicable for loans >$1.5m. Fees, charges and Terms and Conditions apply. #The comparison rate is based on a secured loan of $150,000 and a term of 25 years. 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.

Sick of waiting? - 48 hours SLA Fast Turnaround Times

Brighten has an SLA of 48 hours from receipt of a fully completed and eligible application to conditional approval. Work with Brighten to provide the best experience for your customers with the expertise of their professional team by your side.

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

La Trobe Financial has updated their Broker Product Guide

To access La Trobe Financial's updated Broker Product Guide, effective 17 August 2022, click here.

This is reflective of their August rate review.

Along with the updated interest rates the following changes have been made:

  • Vacant Land is now reduced to a maximum LVR of 50%.

Interest rates listed within the new Broker Product Guide are effective immediately and are to apply to all loans yet to be formally approved.

For any questions please reach out to your BDM.

Struggling with loan purposes? Consider Resi Essentials for Cash Out and Business Purposes

Consider Resi for your cash-out needs, in their Essentials range, please see the following for more details.

Essentials cash out:

  • Can cash out on a security up to 80%
  • Any worthwhile purpose permitted
  • Description on how funds are to be used must be provided
  • Cash out for improvements to the security - ensure they are cosmetic only and will not affect the structural integrity of the main dwelling
  • They can cash out for construction, as long as the property being built, is not the one being held as security

Resi can also consider providing funds for business Purposes.

Essentials Business Purposes:

  • Permitted under the Essentials range
  • Loan must be secured by acceptable residential property
  • Any business purpose (excluding working capital) considered
  • Use of funds must be disclosed, but no documentation is required unless requested by credit
  • Product criteria as follows;

To check the rate card, click here.

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

Lumi can help your self-employed clients with their home loan funding

Each client seeking home loan funding has their own set of needs, circumstances and can have complex considerations, especially if they are self-employed with outstanding tax debt.

Lumi has recently worked with a broker that had a client that needed to pay their tax debts.

Of course, paying out ATO debt with funds from an SME lender doesn't always make sense, in particular, if the business can negotiate a favourable repayment schedule directly with the ATO. Lumi recently provided business funding to a client who did not have that luxury. By clearing the tax debt, Lumi helped the broker finalise a home loan for their client.

With their finance broker's assistance, Lumi could arrange the funding they needed.

> Industry: Real Estate

> Time in business: 10 years

> Annual Turnover: $5.6m

> Credit Score: 658

> Loan Amount: $250,000

> Requirements: Bank Feed, ATO portal and Credit Check

> Total Deal Time: Same-day funding

> Price: 19.95 APR

Get in touch with Lumi to workshop your clients' business funding needs as they help solve the complexity.

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