BOQ's Continuous Support

As the economy recalibrates in response to COVID-19, times remain challenging for many Australians. In this environment, as always, BOQ Group remains focused on supporting its customers and partners.

Customers currently accessing COVID-19 relief

BOQ's initial Banking Relief Package provided eligible customers with a deferment of their loan repayments for up to six months, with a three-month check-in. With many customers now approaching the end of their six month repayment deferral period, BOQ is in the process of contacting them to understand whether they're in a position to start making their loan repayments.

Customers who are not in a position to start making their loan repayments can apply to extend their Banking Relief Package by up to a further four months, subject to an assessment of their financial circumstances. Alternatively, they may apply for their financial hardship assistance, which could be the right option for customers who require a more tailored solution to help them get back on track.

Customers seeking COVID-19 relief

Customers who are just starting to feel the financial strain of the pandemic can still apply for BOQ's Banking Relief Package. These applications will be assessed based on the customer's financial circumstances.

Customers who successfully apply for this relief and whose repayment deferral period commences between Thursday, 1 October and Saturday, 31 October 2020 can defer their loan repayments for up to six months, with a three-month check-in. Customers whose repayment deferral period commences between Sunday, 1 November and Thursday, 31 December 2020 can defer their loan repayments for a maximum period of three months.

Alternatively, customers with a variable rate home loan who are currently making Principal and Interest repayments can apply to switch to a one year Interest Only period or extend an expiring Interest Only term for an additional year.

Please see the detailed FAQs attached HERE.

For further information, please contact your respective BDM.

Introducing Docusign

Effective 26 October 2020, Teachers Mutual Bank is introducing a digital method for members to sign their home loan offer packs. This is being introduced in conjunction with Dentons, Teachers Mutual Bank Limited's mortgage service provider.

What is DocuSign?

  • DocuSign is an electronic signature service which lets borrowers securely sign and send documents in digital form.
  • It is easy and secure and can be used from any device - desktop computer, laptop, iPad or iPhone.
  • It's the most widely used eSignature and digital transaction management platform in the world, with over 50 million users that is safe, secure, fast and convenient.

How does DocuSign work?

  • An email is sent to each borrower with a link to their loan offer pack.
  • To open these documents, an SMS with a secret access code is sent to each of the borrowers.
  • The documents are tagged where details or signatures are required.
  • The documents will not be submitted to Dentons until each borrower has read all attachments and completed their separate forms.

Where will DocuSign be used?

  • At this stage, only loan contracts and mortgage documents issued by Dentons will use DocuSign.
  • There are plans to implement the solution for all our in-house prepared loan documents in 2021 as well as on forms required for the loan application process.

What are the criteria for DocuSign to be offered?

A loan qualifies for DocuSign signatures if the following is met:

  • All borrowers have consented to electronic documents.
  • Each borrower has their mobile number and preferably, their email address. The same email address can be used for married or de-facto couples.
  • There are no more than two borrowers on the loan.
  • For purchases and refinances only.

Are there any circumstances where DocuSign can't be used?

  • Loans with a guarantor are excluded at this stage, both for borrowers and guarantors.
  • For ACT, Qld, NT, WA and TAS, the mortgage document must be printed, completed and returned via mail, therefore, cannot use DocuSign for this document. DocuSign can be used for loan contracts only in these states.

How do borrowers get a copy of the completed documents?

When all borrowers have completed and signed the documents, an email is sent to the first borrower to confirm completion. The email provides further instructions on how to download and print the documents and are available for download for 30 days from receipt of the email.

How are instructions provided to borrowers?

As per the current process, Dentons provide a covering letter with exact steps on how to sign and return documents.

How do members obtain legal advice on the loan offer pack?

There are many ways borrowers can review their documents with their solicitors:

  • Conduct a Zoom meeting and view the documents by sharing screens
  • Download the documents and send a PDF version by email or print
  • View the documents on their device at the Solicitor's office
  • Discuss the content of the documents during a phone conversation with their Solicitor.

Alternatively, borrowers can opt-out of electronic delivery of the documents and request paper documents to be mailed.

Is there a change to our current electronic document consent process?

  • From 26 October, brokers will need to notify borrowers that by providing consent to receive their Loan Offer pack by email in our Privacy, Consents, Declarations and Rate Lock form, will opt them in to DocuSign
  • If clients prefer to receive their home loan documents via mail, please advise them to leave consent box unticked.

For any questions or queries, please contact your BDM.

SME Scheme & Liberty

Liberty is excited to share a positive update despite all the challenges which have been posed over the last couple of months.

Liberty has again been appointed as a participating lender in the updated Australian Government SME Guarantee Scheme for business loans.

The revised Scheme expands support for Australian small businesses. The Scheme, we will continue to offer Business Care with a variable rate from 4.95% and increase the loan limit to $1 million. Loan terms will be extended for up to 5 years with options of prepayment and redraw. The Scheme will accept applications until 30 June 2021.

Please let your customers know that Liberty will continue to treat every application with priority so that funding to small businesses can be provided as quickly as possible. Liberty will also continue to pay an upfront commission of 0.45% for each settled Business Care loan.

They will also continue to provide other innovative business finance solutions for SMEs who may not be eligible for Business Care.

Guide to Business Loans

Please contact your BDM for more information.

*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.

Platform Finance Update

Please see the below testimonial from Sean Preece on working with Platform Finance.

"I thought I would share a recent experience which may be of assistance to those in the network potentially considering the use of the Platform group.

Like most dads, I was helping my daughter go through the process of buying a car. We did the normal thing attended multiple car yards and found the vehicle that she was happy with. We were quickly referred to the finance team at the dealership so I let them take her through the process because I wanted to see how this would play out and I also through it would be a good experience from my somewhat naive daughter. They gave her a quote on the finance they offered (with some help on the haggling from dad) and we had the best possible finance deal. I then told my daughter that I would contact people that I know (Platform Finance) and we will see what they can do for you.

I left all the work to my daughter (Again a learning experience for both of us, she learnt what's needed to get finance, I wanted t see how Platform operated). In my daughter's words,

  • '......the service was excellent, Natalie was brilliant, so nice and explained everything so I could understand.............'
  • '......I got a better deal with lower repayments every month and unlike the dealer, I didn't have to pay any break costs when I pay it off early.......'
  • '......They followed up the dealer for me multiple times, saved me all the hassle......'
  • '......Dad, if she works for you, you need to give her a pay rise........'

I suggest if you have clients that need vehicle finance, give the platform finance team a go. If our experience is anything to go by, you will have some happy clients."