Latest Case Study from Banjo

Banjo Loans has recently helped a wholesale trade company that was seeking debt consolidation financing for general support of its strategic growth initiatives.

See the snapshot below of how they helped the business.

Industry
Wholesale Trade

Loan Amount
$430,000

Time in Business
9 years

Structure
Company

Annual Turnover
$3.5m

Total Deal Time
3 days

A bit of background

  • Trading since 2014, this company has multiple independent businesses operating under one ABN. It has strategic industry growth initiatives and debt consolidation across its subsidiary businesses was required.

How did Banjo Loans help them move forward?

  • Due to this client's good payment history with their previous lenders, Banjo had the flexibility to assist with their funding needs.
  • Banjo provided a $430,000 Working Capital loan over 36 months in as quick as 3 days.
  • This business was able to consolidate debts making its debts more manageable.

For any questions please reach out to your BDM.

ANZ Qualify & Loanapp Integration

ANZ is excited to announce that they are introducing a new capability to assist brokers when submitting a home loan application to ANZ.

ANZ is always looking to incorporate suggestions and feedback from their Brokers: in response, the new capability will improve accuracy and save Brokers time when submitting an application to ANZ by automatically transferring the serviceability data from ANZ Qualify into Loanapp.

In the coming weeks, you will hear more about how ANZ Qualify will be integrated with Loanapp, easily transferring a brokers serviceability calculation into a home loan application with ANZ.

ANZ will be running a webinar for brokers this Thursday, 28 July at 3 pm:
Click Here To View The ANZ Qualify to Loanapp Integration Session (Salestrekker) Broadcast.

Participate in the webinar to get further insight and a live demonstration of how the new capability will work for you.

As always, there will be an opportunity to provide feedback for further enhancements, as ANZ continues to progress with this exciting initiative.

For any suggestions or ideas, please feel free to send them to Paul Brick at Paul.Brick@anz.com.

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

AFCA Renewal - Final Reminder

ACR Memberships

As you would be aware, AFCA memberships expire on the 31st of July. AFCA has sent renewal invoices directly to brokers and brokers will have until the 31st of July to pay their yearly membership. Due to the volume of renewals to be processed by AFCA, we suggest you renew as soon as practicable after receipt of the invoice to ensure continuity of membership.

AFCA has advised that this price will be approximately $66.00. Please note that if you are a Corporate Credit Representative under Vow's ACL you will require a Company AFCA Membership. Directors of this company will be covered by the Company membership, however individual membership is required for non-directors.

Once you have renewed your membership, please download your Membership Certificate and email a copy to onboarding@vow.com.au

ACL Memberships

AFCA has made changes to ACL memberships and you are no longer required to complete an annual assessment. AFCA has sent renewal invoices directly to ACL Members and these members will have until the 31st of July to pay their yearly membership. Due to the volume of renewals to be processed by AFCA, we suggest you renew as soon as practicable after receipt of the invoice to ensure continuity of membership.

AFCA has advised that ACL memberships will be approximately $376.00. Once you have renewed your membership, please download your Membership Certificate and email a copy to onboarding@vow.com.au

If you have any questions regarding your membership, please contact AFCA directly on info@afca.org.au or 1800 931 678.

Resi Essentials Investment Rates

Resi Essentials continues to deliver on its promise of a great Price and Great Turnaround times.

With their Essential Options Prime home loans, they offer a low variable rate and no ongoing account keeping fees, as well as a personalised approach to assessing applications.

Key Features

  • Flexible loan purposes
  • Redraw and offset available
  • No credit scoring - each application is assessed on its own merits
  • Competitive variable rates with no ongoing account keeping fees

CURRENT SLA'S

Initial Review (confirmation of mandatory supporting documents)

2 Days

Initial Credit Assessment

3 Days

Formal Approval (MIR/Conditional request Satisfied and returned to credit)

3 Days

Mortgage Documents Issued

3 Days

*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.

To find out more reach out to your Resi BDM or email brokersupport@resi.com.au

CommBank's Accreditation Criteria Update

Commonwealth Bank has made changes to their broker accreditation criteria with the removal of their industry experience requirement, while remaining committed to ensuring they only work with qualified, accredited brokers.

This has been made possible thanks to their strong investment in the channel over the past year, with a particular focus on supporting their brokers' development with the introduction of their Training Hub and On-Boarding Relationship Managers.

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Training Hub: Their Training Hub provides in-depth online workshops and on-demand self-paced training modules for their brokers to help build their knowledge and continually improve the experience they provide customers.

Commonwealth Bank had thousands of brokers attend their workshops and over 90% of them said they would recommend the workshops to their colleagues.

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On-Boarding Relationship Managers: They have also introduced additional support for newly accredited brokers when they join CommBank, by giving them with a dedicated On-Boarding Relationship Manager to provide additional guidance during their first six months of being accredited with CommBank.


CommBank Updated Broker Accreditation Criteria

Going forward, for brokers to become accredited with CommBank, they will need to meet the following criteria:

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Hold a minimum of a Diploma of Finance and Mortgage Broking Management (or an Advanced Diploma / Associated Diploma / Bachelor's Degree / Bachelor's Degree with Honours / Graduate Certificate or Diploma / Master's Degree or a Doctoral Degree with a finance component);

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Be a current member of either the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA); and

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Be an employee, credit representative or director of a CommBank Approved to Recruit ACL.



Key Documents

Below is a list of documents brokers will be required to evidence when completing their application:

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Current Driver's Licence or Passport

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Diploma of Finance and Mortgage Broking Management (or an Advanced Diploma / Associated Diploma / Bachelor's Degree / Bachelor's Degree with Honours / Graduate Certificate or Diploma / Master's Degree or a Doctoral Degree with a finance component)

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Current membership certificate with either the Mortgage and Finance Association of Australia (MFAA) or Finance Brokers Association of Australia (FBAA)

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Evidence of Permanent Residency by way of an Australian Work Visa (if applicable)

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Copy of a National Police Check


More information on the CommBank Broker Accreditation process can be found on CommBroker.

For any questions please reach out to your BDM.