Brighten Product Update

Effective from 12th October 2021, the following changes have been made to the Brighten Non-Resident home loan products.

Brighten Easy Builder® Non-Res

  • Reduced interest rate from 3.88%p.a.* (comparison rate 4.55%p.a.#) up to 65%LVR and $900,000
  • Reduced interest rate from 4.28%p.a.2 (comparison rate 4.94%p.a.#) up to 70%LVR and $900,000
  • Max. LVR for loans >$1.5m (security located in NSW/VIC) increased to 60%LVR
  • Reduced Risk Fees from 0.5% for loans >$750,000
  • Reduced interest rate loading to 1%p.a. for loans >$900,000
  • Construction fees: One-off $2,000 Construction Administration Fee plus Construction Inspection Fee of $300 per progress payment

Brighten Evergreen

  • Removed interest rate loading for Inner-City High-Density apartment units
  • Removed interest rate loading for loans >$1,500,000
  • Max. LVR for loans >$1.5m (security located in NSW/VIC) increased to 65%LVR

For more information, please download the latest Product Flyer from your Brighten Broker Portal.

Log in to the broker portal

Contact your BDM for any queries.

*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.

Allianz Update

A reminder that as of the 5 October 2021, Allianz and its partners must not offer insurance products for issue or sale or request or invite a retail customer to ask or apply for or purchase a product during an unsolicited outbound telephone call, a face-to-face meeting or any other real-time contact in the nature of a discussion or conversation (eg web chat or instant messenger).

In effect, this means that Allianz and its partners can generally not cross-sell unrelated financial products during contact that may be solicited for another product.

Anti-Hawking prohibits you from unsolicited contact with customers to offer insurance.
Unsolicited contact is when you engage with your customer and they did not provide prior consent to you contacting them.

Changes to the referral process

Referrals can only be made through an online referral form instead of email. This form can be used immediately, as of 5 October any quote emails sent to Allianz will auto-reply requesting the online form be completed.

Reach out to your BDM for any questions.

ALI Update

Add-on Insurance/Deferred Sales and Anti-hawking

You are no doubt aware of the legislative and regulatory changes which will have impacted the operations of those in credit and financial services from the 5th of October.

After engaging with ASIC, Zurich and legal advisors, ALI would like to advise you of their position on Deferred Sales and Anti-Hawking.

No substantial impact

In summary, there will not be any substantial change to the My Protection Plan (MPP) offer process, given the classification of their product and its role in the protection of a lifestyle that a home or property provides.

  • Deferred Sales Process: MPP is a life and trauma insurance product so is NOT considered add-on Insurance and offers via a deferred sales process is not required. Therefore, there is NO change to the process.
  • Anti-Hawking: MPP and the discussion on personal life risks are within the reasonable scope of the consent provided for the home loan discussion. Separate consent is NOT required to have the MPP discussion.

In a recent independent survey of 300 MPP customers, 98% believed it was reasonable of the broker to discuss personal life risks and offer MPP.

What you must ensure

To further reinforce this position, you as an authorised broker must ensure that you:

  • Emphasise that offering a My Protection Plan is a service you provide to all your customers. Letting them know early on, you will have a risk discussion and offer a product during the loan process.
  • Provide relevant product information to your customers before the MPP offer is made.
  • Review your customer Fact Find/Needs Analysis for any personal life risk and MPP questions, to ensure consent has not been withdrawn.
  • Do not discuss MPP any further if your customer has withdrawn their consent.

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

Introducing eSign

Effective 26 October 2021 Teachers Mutual Bank Limited is further enhancing the home loan application process by introducing eSign, a service provided by DocuSign through ApplyOnline.

Overview of eSign

eSign allows signatures to be captured electronically and for auto-completion of forms and is available using the service DocuSign. The process is managed using the ApplyOnline Supporting Docs service for documents that are eSign-enabled, thereby giving the ability to send, track and receive electronically signed print forms.

Which documents are eSign enabled through ApplyOnline?

All of the Bank's new home loan mandatory application forms being:

  • Application for membership
  • Privacy, Consents, Declarations and Rate Lock
  • Verification of Identity face to face

Any existing home loan application form or third party owned documents such as the Australia Post Verification of Identity form and Home Buyer Declaration is not available for eSign.

Where can I find support and further information?

Teachers Mutual Bank Limited has a few individual points of guidance material to cater for your needs.

1. Broker user guide - Included with this Broker latest news broadcast is an ApplyOnline eSign user guide presentation providing a step by step guide with instructions to the eSign functionality within ApplyOnline

2. Broker video user guide - A How-to Video Tutorial which you can view at any time:

Reach out to your BDM for any questions.

Working Better Together

ANZ has extended the maximum loan term on an ANZ Business Loan of less than $3 million from 15 years to up to 30 years when secured by suitable commercial property. This could provide your clients with more choices to help run or grow their businesses.

30-year loan term potential benefits:

  • Fund business expansion
  • Invest in growth opportunities
  • Manage cash flow with lower repayments

Have a chat with your business clients

Help your clients understand the potential benefits of longer-term financing, whether it be freeing up cash flow, funding business growth or taking advantage of opportunities that were previously out of reach.

To learn more, please get in touch with your ANZ Broker Manager or Banker today or alternatively, please reach out to your BDM.

Important Information

1. Excludes Business Mortgage Loans (no longer offered), Agri Finance Loans (no longer offered) and Asset Finance loans.

2. Eligibility and credit criteria will apply, including:

  • total credit facilities with ANZ, including new loan funds as part of the application and any credit facilities held by related entities, must be less than $3 million;
  • loan purpose acceptable by ANZ: and
  • provision of security acceptable to ANZ, meeting ANZ's security requirements including minimum security coverage and suitable security location.

3. A longer loan term will usually result in:

  • a lower amount of principal being repaid in each regular repayment; and
  • the total amount of interest payable being higher than a shorter-term loan as a result of the longer loan term during which interest is paid.

All applications for credit are subject to ANZ's normal credit approval criteria. Terms and conditions, fees and charges and standard minimum loan amounts apply. ANZ recommends the applicable terms and conditions be read before acquiring the product.

RESI Essentials Spring Promotion

As part of RESI's "Spring Promotion" - we continue to enhance the products and we are pleased to announce a reduction in Investment Rates across several LVR bands for the Essentials Near Prime product.

Details are as follows.

Essentials Near Prime Full Doc INV P&I

  • Up to 60% - reduced to 3.35% (from 3.50%). Comparison Rate of 3.41%.

Essentials Near Prime Full Doc INV IO

  • 0%-60% - reduced to 3.50% (from 3.80%). Comparison Rate of 3.56%.
  • 60.01%-70% - reduced to 3.65% (from 3.80%). Comparison Rate of 3.71%.
  • 70.01%-80% - reduced to 3.75% (from 3.95%). Comparison Rate of 3.81%.

RESI Rate Card

*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.