Team Up With Resi For Your Client's Solutions

Resi is pleased to announce special pricing for Prime, Near Prime and Alt Doc clients until the 30th August 2019.

Prime and Near Prime Clients:

  • Renew Prime Full Doc from 3.36%
  • Renew Near Prime Full Doc from 4.26%

Alt Doc Hot Special Rates:

  • Renew Prime Alt Doc starting at 3.59%
  • Renew Near Prime Alt Doc starting at 4.59%

renew prime niches

Renew Prime Alt Doc

Download Rate Card 26/07/2019*

*internal distribution only

Gala Dinner Awards Nominations

Now is the time to nominate for the National Conference 2019 Gala Dinner Awards that are taking place in Darwin. We will once again be recognising our high business writers .

To nominate the Partner BDM please complete the survey below before close of business on the 9th August..

If you have yet to register for the conference you can do so by clicking register now button below.

Register Now

Vownet: More Features We Are Working On

As we have previously advised, at Vownet we have been very busy the past few months working towards bringing you new features and updates to the Vownet platform.

Changes and new features being worked on (click on the link where present to see video preview):

  • Lender document library (expected release 31 July)
  • CashDeck integration (expected release 31 July)
  • MogoPlus integration (expected release 31 August)
  • Download documents as a PDF (expected release 31 July)
  • Asset Finance Tools (AU only, expected release mid-August)
  • New lender floor rates for max borrow (AU only, expected release mid-August)
  • Monthly surplus - buffer calculation parameters (expected release mid-August)
  • New client portal (release date is moved to mid-August to allow for more testing)
  • New marketing functionality (release date mid-September)

Notes:

  • With the new floor rates reducing, we are adjusting the buffer calculation (monthly financial position table in Broker Tools). Changes will include enterprise and organisation level settings for income, existing and new loan buffers and Melbourne institute HEM figures for expenses (higher figure of actual vs HEM).
  • We will keep you up to date of the incoming changes. Actual release dates are a guide only. An 'in app' notification for each new feature will be pushed out once live. We will try to keep you ahead of these changes with these Vownet updates in Vow Voice.

Help Your Customers Take Off With 50k Qantas Points

Customers who take out a Bankwest Complete Home Loan Package and select the Bankwest Qantas Platinum Mastercard as part of the package will be eligible to receive 50,000 Bonus Qantas Points.

Until August 31st, customers with a new Bankwest Qantas Platinum Mastercard receive:

  • 50,000 Bonus Qantas Points, when they spend at least $3,000 on eligible purchases in the first 3 months*.
  • Earn 0.75 points per $1 on their first $2,500 spent on eligible purchases per month (0.3 per $1 thereafter).
  • No foreign transaction fees on online and overseas purchases#, plus complimentary overseas travel insurance for them and their family~.


Find out more at bankwest.com.au/brokers/offers

This information is for Broker use only.

Important things you should know: Package must include an eligible home loan, credit card and the offset transaction account. Minimum loan size, other lending criteria and fees and charges apply including annual package fee of $395. Lending criteria, fees and charges, Terms and Conditions apply and are available on request. One Bankwest Qantas Mastercard per customer. *50,000 Bonus Qantas Points promotion only available to new Bankwest Qantas Platinum Mastercard customers ($3,000 minimum credit limit) who apply from 24 May 2019 until 31 Aug 2019, and meet the minimum spend requirements within three months of account opening. Bonus Qantas Points are transferred to your account within five months of account opening and are subject to change. Excludes product transfers from existing Bankwest credit cards. #Foreign transactions are transactions occurring outside of Australia whether in foreign currency or Australian dollars including if you are in Australia (for example, online) where the merchant or the financial institution or entity processing the transaction is located overseas. No foreign transaction fees apply for Platinum or World customers. Other fees and charges may apply, including when using overseas ATMs. ~Limitations, exclusions and eligibility criteria apply. See Credit Card Insurances Product Disclosure Statement and Information Booklet (PDF) for details. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit licence 234945.

Broker Breaks Down Business to Build it Further

Source: mpamagazine.com.au

Capkon Investments CEO and two-time MPA Top 100 Brokers finalist Dr. Kiran Thapa has done something relatively simple to his business which hugely demonstrates that innovation isn't really about creating something new but destroying an existing order of things and responding to challenges in a creative way.

"We have broken down our business into four teams: marketing, para-broking, credit management and settlement, and ongoing customer care," Dr. Thapa told MPA. "It has increased our efficiency and improved our productivity significantly. As a result, my involvement in my broking business reduced significantly from 18 hours per day, six days a week to just three hours per day, four days a week!"

The marketing team handles lead generation and nurturing. Dr Thapa, as part of the sales team, conducts in-person meetings. Once documents have been collected from clients, the para-broking team takes over the application's assessment and submission and liaisons with assessors until the pre-approval stage.

"The whole idea of lead nurturing is to encourage existing contacts on our database to call us or book an appointment for face-to-face marketing," Dr. Thapa said.

The credit management team handles contracts for pre-approved clients, which Dr. Thapa assists in property research, negotiation and even inspection when needed. The settlement team then arranges documents and handles coordination work for approved files. They also serve as the ongoing customer care team, taking directions from Capkon's CRM task list.

Number one game
From a business perspective, Dr. Thapa views mortgage broking to be "the number one game". And like any other game, it has a target and hurdles to overcome.

"I set up an annual target, quarterly target and monthly target for formal finance approval volumes," Dr. Thapa said. "I then track them every week and work with the team to make sure that we are tracking well with the targets."

According to Dr. Thapa, from a regulatory viewpoint, the "lucrative business" of mortgage broking is hampered by the complexity of credit assessment; but from a business perspective, he finds scalability to be the industry's biggest hurdle.

"Mortgage brokers are known to provide independent strategic and product advice on home loan. This value proposition needs to be bolstered by adapting fast-changing technologies to accommodate changing customer behaviour," he said.

"My immediate goal is to scale up my business operation through automation, recruitment and investments in technology platforms."

Finding a problem to solve
Aware that what they're offering can also be obtained from other brokerages and the market inundates consumers with information and options, Dr. Thapa, every time he meets a potential client, asks himself "What is the problem I am solving here?".

"The problem I am solving here is educating clients about the importance of responsible borrowing so that their lifestyle, future goals and career aspirations will not be compromised even after they become a mortgage holder," Dr. Thapa said.

He added that as a broker, he plays a huge role in teaching people not only responsible borrowing but also on how they can attain long-term financial health.

IMG Reduces Commercial Fixed Rates

IMB advises that they have again reduced their Commercial Fixed Rates and have a great competitive offer:

  • For residentially secured commercial loans they have a 3 Year Fixed rate @ 3.99%
  • For commercially secured commercial loans they have 1, 2 or 3 Year Fixed rates @ 4.19%

These rates (see below) coupled with:

  • Locally based BDMs in Victoria and NSW to assist your brokers put a commercial deal together
  • LVRs up to 75%
  • Terms up to 20 years
  • Access to their credit team once the loan is lodged
  • 50% Discount off application fees for loans over $500,000.

Makes IMB a real alternative.

IMB Commercial Fixed Rate Changes

residential security

commercial security

Current rate

Proposed rate

Current rate

Proposed rate

1 year fixed

4.69%

-0.30%

4.39%

4.79%

-0.60%

4.19%

2 year fixed

4.39%

-0.30%

4.09%

4.49%

-0.30%

4.19%

3 year fixed

4.29%

-0.30%

3.99%

4.39%

-0.20%

4.19%

4 year fixed

4.69%

Nil

4.69%

4.79%

Nil

4.79%

5 year fixed

4.89%

Nil

4.89%

4.99%

Nil

4.99%

For internal distribution only

Vow Transaction Account: Updates to Your Interest Rates

This announcement is to let you know effective 26 July 2019, there will be a decrease in Transaction account interest rates.

You can find the updated interest rates online at interest rates, fees, limits and lodgement times.

The new rates for the Transaction Accounts and Platinum Transaction Accounts are set out in the table below.

Transaction account rates effective from 26 July 2019

Balance

Variable Interest Rate

Up to $4,999.99

0.00% p.a.

$5,000 - $24,999.99

0.60% p.a. (-0.50%)

$25,000 - $99,999.99

0.60% p.a. (-0.50%)

$100,000 - $249,999.99

0.60% p.a. (-0.50%)

$250,000 - $999,999.99

0.60% p.a. (-0.50%)

$1,000,000 and above

0.60% p.a. (-0.50%)

This information is provided by Macquarie Bank Limited ABN 46 008 583 542 AFSL 237502

For internal distribution only