Resi Renew/Restart

Until 31 January 2021, brokers can offer their clients discounted interest rates and fees across select Prime, Near Prime and Specialist home loan products, for their full doc and alt doc customers.

Discounted fees

  • No Mortgage Risk Fee (MRF) for Near Prime Alt Doc loans up to 70% LVR1
  • No Lender Protection Fee (LPF) for Prime Full Doc loans between 80-85% LVR1

Discounted rates2

  • Prime rates starting from 2.35% p.a.3 (2.38% p.a. comparison rate4)
  • Near Prime rates starting from 3.49% p.a.3 (3.68% p.a. comparison rate4)
  • Specialist rates starting from 4.59% p.a.3 (4.77% p.a. comparison rate4)

Please refer to the rate card for our full range of interest rates and fees.

Rate card can be found by vising the broker centre- at Resi.com.au

Product and Credit Policy Changes

The following recent changes apply to Resi Renew/Restart home loans

Acceptable Income

  • 100% of Interest and Dividend income from held cash deposits and share portfolios considered. 2 years consistency is required. Capital gains on sale of assets is not acceptable.

Full Doc solutions

  • Maximum LVR of 95% for Specialist Full Doc
  • Cash-out up to 85% LVR for Specialist Full Doc
  • Fee Capitalisation up to 95% LVR for Specialist Full Doc

Alt Doc solutions

  • 1 month's Business Bank Statements no longer required on all Alt Doc home loans
  • Maximum LVR of 85% for Specialist Alt Doc
  • Cash-out up to 80% LVR for Specialist Alt Doc
  • Fee Capitalisation up to 85% LVR for Specialist Alt Doc
  • 6-month ABN and GST considered for Specialist Alt Doc

Please refer to the product guide for more information on our product and credit policy.

New serviceability calculator

Recent updates have been made to our serviceability calculator. The update includes

  • Financial Year 2021 personal tax rates
  • A new feature where two Resi Renew/Restart loan amounts can be entered for serviceability, eliminating the need to have separate sheets where there are two applications.

An updated rate card, product guide and calculator can be located at the broker centre by visiting resi.com.au

If you have any questions, please do not hesitate to contact the team.

Thank you for your ongoing support!

*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.

ASIC Is Watching

The new Best Interests Duty law comes into effect on 1 January 2021

The National Consumer Credit Protection Act (National Credit Act) requires mortgage brokers to act in the best interests of consumers when providing credit assistance. It further requires, that when there is a conflict of interest, mortgage brokers must prioritise the interests of consumers.

How you do business and interact with clients will change.

  • Do you know what you need to do differently?
  • Do you have all your protocols and systems in place?
  • Will you be ready?

To help you prepare for this new law, we are rolling out a range of training initiatives including:

  • A Best Interest Duty training course available in VOW Professional
  • Vownet enhancements that align to Best Interest Duty and
  • Vownet Best Interest Duty webinars on these enhancements

Vow Best Interests Duty Training Course

Whether you are new to the broking industry or a seasoned professional, all finance and mortgage brokers in Vow Financial are required to complete our internal Best Interests Duty course.

This course provides you with an understanding of your Best Interests Duty obligations as outlined in ASIC Regulatory Guide 273. This course will also explore a range of real-world scenarios that illustrate how you must meet your Best Interest Duty.

Not only will you have all the information you need to meet your obligations, but you will also receive:

  • a Certificate of Completion
  • 4.5 CPD hours added to your CPD register in the Vow Professional Platform
  • a Vownet Getting Started Guide to ensure you set up and use the platform in a way that demonstrates your compliance with the new law
  • a Vownet Resource Library providing you access to further information, training, and instructions
  • a Broker BID Ready Guide outlining how the law will impact you and how you can get ahead of the pack

Completed the MFAA or FBAA Best Interests Duty course?
You will still need to complete the VOW Best Interests Duty course. This is in addition to any course your association has asked you to complete.

Your association's course focuses mainly on 'what' Best Interests Duty is and 'why' it is important. Both MFAA and FBAA have indicated that they cannot go into great detail of 'how' you personally meet your best interest duty obligations because of the various and multiple CRMs that their members use.

Our internal course is mandatory and specific to our internal systems, processes and platforms. It demonstrates in detail 'how' you can meet your obligations within the Vow context (especially in relation to technology - Vownet).

You must complete the VOW Best Interests Duty course by 18 December 2020.

Our course is mandatory and available now in the VOW Professional Platform. Click here to complete your course today!

ING Update

With the recent launch of ING's new broker portal, the old ING introducer site will be decommissioned from 25 November 2020.

Their new broker portal at https://broker.ing.com.au can be used to find information about ING's interest rates, products, forms and contact details. An application tracking feature is now also available through the secure site, allowing you to track your customer applications in real-time.

Where you have not registered for access to the secure site of the new broker portal, please contact their Sales Support Unit on 1300 656 226, Monday to Friday between 8:30 am and 6:00 pm (AEST)

When you log into the secure site, you'll be able to:

  • Track all your new business applications
  • View current application turnaround times
  • View an enhanced version of your ING customer portfolio
  • Access calculators and credit policies
  • Access ApplyOnline
  • Use the links provided to Dentons and Valocity websites
  • Find contact details of our Relationship Managers, Business Development Managers and Sales Support unit
  • Easily reset your password

Arrangement of funds for settlement

Please note - where your customer has insufficient funds in their Orange Everyday account 48 hours before settlement, they will need to arrange for the funds to be sent directly to the Gadens / Dentons trust account. Failure to do so will result in the delay of their settlement.

For any questions or queries, please reach out to your BDM.

Liberty Update

Please see the below customer stories from Liberty.

Customer Story 1

The owner of a well-established electrical business was seeking funds to repay a $14,000 tax debt and raise working capital to fund two large upcoming contracts.

Liberty Solution 1

Servicing incorporated the projected earning potential from the new contracts. With Liberty Business Care, the customer was able to borrow $90,000 over three years secured by personal guarantee.

Customer Story 2

A recently separated customer going through a divorce was seeking finance to maintain the family home. The customer was self-employed and had recently re-entered the workforce.

Liberty Solution 2

Servicing included one year of consistent business income, private child support and the addition of single parenting and family tax benefit payments. This enabled the customer to keep their much-loved family home.

To discuss a scenario or for the assistance of lodging an application, contact your BDM.

Pepper Update

Effective until the 24th of December Pepper Money Commercial will waive the application fee for customers who apply for a Commercial loan which is predominantly or wholly secured by a commercial investment property(ies).

This is available across their full range of Pepper Commercial Prime and Near Prime product offerings.

What you need to know:

  • Offer available for applications submitted between 11 November 2020 until 24 December 2020
  • Qualifying applications need to settle on or before 26 February 2021
  • Loans must be secured predominantly or wholly by commercial investment property(ies)
  • Offer does not apply where the loan security is wholly or predominantly used for owner-occupied purposes.
  • Residential and Commercial Investment properties accepted

Submit a scenario

Product and Credit Policy Changes

The following changes apply to Pepper Money home loans, effective 16 November 2020.

Acceptable Income

  • 100% of Interest and Dividend income from held cash deposits and share portfolios considered. 2 years consistency is required. Capital gains on sale of assets is not acceptable.

Alt Doc solutions

  • 1 month's Business Bank Statements no longer required on all Alt Doc commercial loans
  • Maximum LVR of up to 70% for Alt Doc
  • Cash-out up to 70% LVR for Alt Doc

New Serviceability Calculator

Some adjustments have been made to Pepper's serviceability calculator, effective 16 November 2020. This update includes

  • Financial Year 2021 personal tax rates
  • A new feature for dual applications where two Pepper Money residential loan amounts can be entered for serviceability, eliminating the need to have separate sheets where there are two applications.

For any queries, please reach out to your BDM.

*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.