Vow's Partnership with 86 400

Image Source: 86 400

We are pleased to announce that VOW/YBR have now partnered with 86 400. As Australia's first smartbank, 86 400 is also the first provider of digital home loans- a solution that aims at providing borrowers with a smarter alternative to traditional home loans
86 400 is focused on the broker channel as their primary means of distribution. They offer a unique digital home loan solution, which collects data instead of the normal supporting documents. 86 400 is here to help customers take control of their money. Their new suite of home loan products utilises smart technology to create solutions to address long-standing broker and customer pain points.

What makes them different?

  • Negligible paperwork.
  • Shorter approval time.
  • All 86 400 documentation are electronically signed.
  • Competitive rates and fees.

Product Details

  • Interest rates presently starting at 2.88% p.a. (2 and 3 year fixed, OO, P&I).
  • An annual fee of $250 which is waived in the first year.
  • Up to 6 fee-free offset accounts.
  • Free redraw on both fixed and variable rate loans, with no minimum amount.

Please reach out to the 86 400 BDM team if you have any questions about their products or the unique home loan process.

If you would like to complete your accreditation training, click here.

For information purposes only, not to be distributed to customers.

George Srbinovski
National Manager, Broker Distribution
0439 594 499
george.srbinovski @86400.com.au

Danielle Morrison
Business Development Manager
VIC, TAS, and SA
0437 864 000

Emir Comertpay
Business Development Manager
0439 864 000

Flexi Rate Reduction

Take advantage RESI Flexi Options' record low investment rates!

Flexi Options can do the below:

  • Bridging finance
  • Construction
  • 100% offset on FIXED rates
  • Complex financials
  • 90% LVR Investment IO

For all queries, contact your BDM or write to brokersupport@resi.com.au

*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.

Lodge With Us and Save a Tree

As you would have seen and heard over the past couple of weeks, BOQ is constantly changing. So, this week we would like to share with you 3 quick wins (so let's save a tree):-

  • All deals must be lodged through AOL - Manual Applications no longer accepted
  • Only one month's bank statements required for deals under 80% (on salary/pay credited to and regular living expense account if different)
  • Loan Documents can be sent out via e-doc to your customer on most deals

Here's what your peers are saying: -

  • "I've been pleasantly surprised with the manner this application has been handled, particularly with being kept in the loop & the support provided. The new BOQ customers will be very pleased with the news." - WA Broker
  • "Assessor called me and actually workshopped the deal with me, they are definitely trying to approve deals and make them work rather than find a reason to decline them" - QLD Broker
  • "I followed the checklist like you said and I had a Pre-approval within 48 hours. I rang to check if it was fully assessed and they confirmed all was good, still in shock but pleasantly surprised" - VIC Broker
  • "It's like a total different bank now. It's great that you have a common-sense approach to living expenses now and you everything is much more transparent, still not perfect but which bank is, definitely looking forward to working with you guys more" - NSW Broker

Please feel free to reach out to us for scenarios or additional information


Alex Cornish
Business Development Manager
BOQ Broker Third Party Distribution
BOQ | Level 49, 120 Collins St, Melbourne VIC 3000
m: 0428 224 463 | e: alex.cornish@boq.com.au

Property Hub User Guide - HERE

BOQ Rate Sheet

ANZ Slashes Home Loan Rates By Up to 86 bps

One of the big four banks has announced cuts of up to 86 bps across its fixed owner-occupied and investment home loan products for new borrowers with both principal and interest (P&I) and interest-only (IO) terms.

The changes are effective for all new loan applications submitted from Friday, 21 February.

For owner-occupiers:

  • P&I rates have been cut by up to 45 bps, and now start from 2.83 percent (two-year fixed rate); and
  • IO rates have been cut by up to 26 bps, and now start from 3.63 percent (two-year fixed rate).

For investors:

  • P&I rates have been cut by up to 66 bps, and now start from 3.03 percent (two-year fixed rate); and
  • IO rates have been cut by up to 88 bps, and now start from 3.13 percent (two-year fixed rate).

ANZ is the latest lender to slash fixed rates, with the likes of the Commonwealth Bank of Australia, its subsidiary Bankwest and big four peer Westpac cutting fixed rates by up to 125 bps.

BOQ subsidiary Virgin Money also announced variable rate reductions of up to 10 bps across its mortgage products.

According to Steve Mickenbecker, finance analyst at rate comparison site Canstar, these latest fixed-rate cuts from ANZ are reflective of the bank's push to regain lost territory in the mortgage market.
"ANZ is following hot on the heels of the Commonwealth Bank reducing fixed rates," he said.
"The market is supercharged right now as banks jockey to win back market share. ANZ's market share has lagged well behind in the post-GFC period, and the lender wants to reverse that trend."
The analyst made particular reference to steep cuts on investor offerings, stating that ANZ and its competitors are closing the gap that initially emerges in response to regulatory restrictions from the Australian Prudential Regulation Authority (APRA).
"The investment cuts are slashing the higher-margin banks applied to investment loans, both principal and interest and interest-only, reversing the trend we saw when APRA clamped down on growth in these categories," he added.
"Investment lending is now a competitive playground for big banks."

The mortgage rate could be set to fall further, with analysts continuing to expect additional cuts to the cash rate in the first half of 2020.
AMP chief economist Shane Oliver is expecting the cash rate to drop to 0.25 percent in order to help achieve the RBA's targets of sustainable growth in the economy, full employment and 2-3 percent annual inflation.

-Charbel Kadib

Source: Mortgage Business

*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.

Congratulations to All Brokers and Branches

With our 6th Commercial Conference 3 weeks away, I take this opportunity to congratulate all brokers that qualified for this event. This year will be our largest number of trade stands attending to make the conference a complete success, around the understanding of their products and offerings in today's commercial markets.

Competition between lenders with low pricing and product differences has never been better for loan writers, new lenders such as Judo Bank, Pepper Commercial & Oak Capital - all of which are very keen for new business.

I again remind brokers who are not considering writing Commercial or Equipment Finance products to your client base that we have loan referral options available to support your business needs nationally.

I would also like to extend my hearty congratulations to Jessica Peletier of SEED Financial for winning the Best Regional Office Category in WA last Thursday night at the Better Business Summit awards night.