Update on ANZ Health

ANZ has recently launched a report in conjunction with Melbourne Uni and Melbourne Institute.

Click here to read the ANZ-Melbourne Institute Health Sector Report: Trends in the structure and financial health of private medical practices in Australia.

1. What's the report about?

  • The report provides an overview of trends affecting GPs and non-GP specialists (surgeons, physicians, etc.) in private practice.
  • Drawing on various sources including "administrative data" from the ABS and the ATO, this year's report revisits some familiar themes from earlier years including growth in the medical workforce and changes in the distribution of doctors across public and private settings.
  • New elements in 2022 include unique insights drawn from the administrative data looking at the growth in private group medical practices and trends in the number of private medical businesses over time, etc.

2. Key findings in the report include:

  • Consolidation amongst non-GP specialist private practices is increasing
  • The profits of GP and non-GP specialist medical businesses continue to increase over time, and medical businesses remain more profitable than other non-medical businesses
  • The COVID-19 pandemic temporarily reduced profitability, and costs continued to increase

For any questions please reach out to your BDM.

Brighten Cash Out Update

Brighten is pleased to advise that they have removed the $250,000 cash out limit for all Prime products. They now accept unlimited cash out up to 80% LVR for all Brighten home loan products.

Note: For Full Doc prime loans from 80%-90% LVR, cash out is restricted to 20% of the security value. The maximum amount of cash out for business use is $500,000. Development purposes are not accepted.

Brighten's Cash Out Policy remains as follows:

Amount

Supporting Verification

<$50,000

Applicants are to provide a detailed breakdown of the use of cash out.

>$50,000 to $500,000

Applicants are to provide a fully completed 'Purpose of Loan Funds Declaration Form' containing a detailed breakdown of the use of cash out.

>$500,000

Applicants are to provide a fully completed 'Purpose of Loan Funds Declaration Form' containing a detailed breakdown of the use of cash out PLUS documentary evidence i.e. quotes, investment prospectus etc. must be provided and where practical, controlled disbursement should be considered.


(Note: Where the Credit Assessor deems appropriate, the cash out may be required to be controlled or additional documentation may be required regardless of cash out amount. All cash out must be disbursed into an Australian bank account in all applicants' names.)

Terms and conditions apply.

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

NAB Aggregator Update

NAB has updated their Commercial Privacy Consent and Payment of Commission Form.

The NAB Commercial Broker Consent form has been refreshed and made simpler by incorporating NAB's privacy and confidentiality consent requirements, removing the need to issue two separate forms to customers.

NAB has also expanded the current commission disclosure in South Australia (SA) and Tasmania (TAS) to all states. Sharing the indicative payment ranges enables a consistent approach nationally while also providing greater transparency to all customers regardless of their location. Brokers no longer need to use a separate form if dealing with a customer in SA/TAS as the one form can be used in all states.

The new consent form is available via the NAB Broker portal under > Forms > Business Lending Forms > "Privacy Consent and Payment of Commission Form".

If brokers are issuing this form, please ensure they use the updated version from the portal.

For any questions please reach out to your BDM.

Prospa's End-of-Year Update Webinars

You are invited to Prospa's End-of-Year Update Webinars.

Join Prospa to learn more about how you can grow your business and support your small business clients by diversifying into commercial lending with Prospa.

It will also be an opportunity to hear about Prospa's end-of-year offers for you and your clients.

To register click here.

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

When Are Living Expense Statements Required with Resi

Under Essentials Resi only needs to see your client's daily transaction statements if the declared living expenses are under HEM and/ or it is an Alt Doc or Near Prime deal with an NSR under 1.25.

You can use Resi's serviceability calculator as a guide, as it will display a message if statements are required.

Some further tips:

  • If income is under-declared, the HEM benchmark is artificially reduced. Please allow for a higher living expense amount if not all of the client's income is being used in servicing
  • If your client is purchasing a property, please remember to include the additional expenses in your assessment
  • If certain categories have no figure entered, credit may ask for an explanation around this (ie. If parents have school-aged children but no school fees)
  • Any child support, rent or board expenses should be added to 'Ongoing Commitments' instead of living expenses
  • Credit can't unsee statements, so first make sure we really need them and secondly, make sure you've reviewed them thoroughly so there won't be any surprises

As always, credit may ask for additional information.

To access the Product & Policy Quick Reference Guide, click here.

For more information, please see our website, alternatively please contact broker support or your BDM.

Who do I contact for assistance?

Do you know the answers to the below questions?

  • Where are the instruction guides for Two Factor Authentication (2FA)?
  • Who can help me get set up with Equifax?
  • How do I book in further training for Ynet/Vownet?
  • Who do I call when I have a live deal I need help with?

Don't worry if you don't, we have all the contacts you need in a handy guide just for you.

The Contacts and Resources Guide has been updated recently to make sure you continue to have the right contact points for questions, enquiries and technical support.

Download your copy of the Contacts & Resources Guide today!

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

Brighten Interest Rate Update

The Reserve Bank of Australia (RBA) raised the official cash rate by 0.25% on the 4th of October 2022. In response to the cash rate decision, Brighten has made the following changes to Brighten home loan products, effective 24th October 2022.

1. Alt Doc
The following interest rates are now applicable to new Brighten Boss Prime and Brighten Boss home loan applications.

2. Full Doc
The following interest rates are now applicable to new Brighten Empower Prime and Brighten Empower home loan applications.

3. Expat (Full Doc)
The following interest rates are now applicable to new Brighten Elevate home loan applications.

4. Non-Resident
For new Brighten Evergreen home loan applications, the Risk Fees have been increased by 0.5%. Variable interest rates remain unchanged.

Please note: For pipeline applications submitted before 24th October 2022, the Risk Fees remain unchanged. Variable interest rates have been increased by 0.25% p.a.

5. Brighten Premium (188B/C Visa Holders)
The following interest rates are now applicable to new Brighten Premium home loan applications.

^Of the loan amount. #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.

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.

For any questions please reach out to your BDM.