Resi - options you may not know you had!

Many Vow brokers are not aware that on joining Vow they are automatically accredited with Resi, our in-house Mortgage Manager. We are here to let you know the benefits that Resi brings to your business and how to ensure their competitive funding options display for you and your brokers.

What does Resi provide to your business? A quick snapshot is detailed below:

  • Access to 4 different funders via one lender. Prime lending solutions, Near Prime and Specialist solutions via multiple product providers.
  • Exceptional flexible Prime loan solutions. Construction options via 3 funders, construction solutions including options covering:
    • Bridging Finance scenarios
    • Alt Doc construction
    • Construction for Near Prime credit situations
  • Highly competitive Prime Investment lending options. Market leading rates available for Investment P&I and well as Interest Only up to a 90% LVR.
  • Near Prime and Specialist lending solutions which minimise entry costs - solutions designed to help you manage your customers' short-term needs (getting their loan set now) and allowing you to map out a low-cost pathway to prime lending solutions longer term.

This is just a little taste of what you are currently accredited to access. So, want to know how to view these products in Vow Net?

Once you have accessed Vow Net, navigate to "My accreditations" menu item (refer screenshot below). The next step is to look for each of the individual Resi Product ranges. Again, as per the screenshot below, make sure you mark your accreditation for:

  • RESI Agile
  • RESI Flexi
  • RESI Restart Renew
  • RESI Smart Pro

While the product ranges appear separately within Vow Net, your dealings are only with the one organisation, just make sure you have got each of the accreditations enabled to ensure our lending solutions display in Vow Net for you.

If you have any further questions, please do not hesitate to contact the Resi team for your next scenario. Any questions on your Vow Net set up, please feel free to get in contact with your Vow Relationship Manager.

Craig Herden - Relationship Manager
E: Craig.Herden@resi.com.au P: 0478 537 841

Jason Hulbert - Relationship Manager
E: Jason.Hulbert@resi.com.au P: 0468 755 419

Tony Wakim - Relationship Manager
E: Tony.Wakim@resi.com.au P: 0416 409 100

Or e-mail our scenarios team on scenarios@resi.com.au

Top 10 things for Depreciation Report

Many Australian property investors may not know that a tax depreciation report undertaken by a professional tax depreciation company following an onsite inspection of their property can identify hundreds of items in an investment property for which you can claim legitimate depreciation benefits.

As a result, the owners of investment properties throughout Australia can significantly boost their cash flow by claiming these tax deductions on a large number of various household items through depreciation benefits.

A physical inspection is required so these items are properly identified rather than a desktop assessment which may overlook claimable items for tax deprecation purposes.

That is why property investors should check first if the tax deprecation report being prepared by a tax depreciation company will actually involve a physical inspection to identify all possible tax depreciation benefits on items in their property as they can vary from property to property.

TOP TEN OVERLOOKED TAX DEPRECIATION ITEMS

  • Clothes lines
  • Solar panels
  • Security systems
  • Swimming pool filtration systems
  • Retaining walls
  • Cubby houses
  • Garden gnomes
  • Free standing spas
  • Water tanks
  • Car parking and recreational areas (apartment complexes)

Many investors in Australia totally underestimate the number of items that can be depreciated for tax purposes and this comprehensive list can even include garden gnomes, cubby houses and if they own an apartment, the common areas such as car parking and recreational facilities.

The tax benefits associated with negative gearing can be very significant with DEPPRO clients achieving tax benefits obtained through depreciation equivalent to 60% of the total purchase price of the property. In some cases these tax benefits can total $300,000 based on a purchase price of $500,000.

To qualify for these legitimate tax deductions, an investor must have a fully compliant tax depreciation company undertake an onsite inspection of the property and then compile a depreciation report based on this inspection.

Estimates of tax depreciation benefits for an investment property made from an office desk will not be accepted by the ATO and investors need to double check that their tax depreciation report is based on a physical inspection of their property.

This is a simple check but one which could ensure that their client does not have to pay substantial penalty fees imposed by the ATO because the tax deprecation report is not compliant.

Depreciation is a complex area of taxation that requires a professional company to undertake a depreciation report because of constant changes in rules.

The ATO is now taking a more aggressive approach to tax deductions made by residential investors and has asked a large number to provide more details about their claims relating to property investment.

Property investors should check that the company undertaking their tax depreciation schedule is a member of the Australian Institute of Quantity Surveyors (AIQS).

Employing a company who is a member of AIQS such as DEPPRO gives added protection to consumers that their tax depreciation report is compliant and is completed in a professional manner.

An important update from TMBank

Update - Christmas SLA

Due to the fast approaching Christmas period, to ensure we endeavour to meet expectations, the following dates to meet settlement are detailed as follows:

Unconditional approval
3 December 2018

Documents to be returned
14 December 2018

This will ensure that certification can be completed and settlement can be booked.

Any loan that does not achieve the above will be considered but not committed to.

The Bank will continue to monitor volumes across this period. Regular SLA updates will be provided through further communications.

Thank you for your continued support and understanding.

Important notes regarding timeframes:

- Approval in Principle (AIP): New lodgements and lodgements currently in the pipeline will only receive conditional approval when a property is located. Once a Contract of Sale is received, your application will be prioritised by the original lodgement date.

- Loan and Mortgage documents need to be returned correctly signed and dated by borrowers. The additional time required to reissue and recheck documents can inhibit the Bank's ability to meet a Customer's required settlement date, and in some instances result in settlement dates being missed.

Further Information

For all our latest news, please visit the TMBL Broker portal or contact your Broker Development Manager on 1300 TMBank or email broker@tmbank.com.au.

5 reasons to consider La Trobe Financial

For over 65 years La Trobe Financial has serviced clients whose financial requirements have not been adequately met by the traditional banking sector. In that time La Trobe Financial have lent in excess of $14 billion to over 130,000 borrowers. They have utilised both conventional lending channels and pursued bespoke combinations of sources and structures.

1. CHOICE
Some customers don't want to deal with banks (circa 10% of the population; estimated at $20 billion per annum)

2. CREDIT PROFILE
Loan requires manual and more intensive credit analysis.
Self-employed, complex loans, or minor impairment on the credit record (Lite Doc or Full Doc options)

3. SERVICE RESPONSIVENES
People who are "service and results sensitive".
Speak directly with decision makers

4. PRODUCT FLEXIBILITY
They provide the broadest product suite of all specialist lenders.
No Commission Clawback

5. BROKER DIRECTED
No accreditation/training/volume requirements - our focus is on helping you grow your business - not just shift the pie.

Check out the links for more information:
Broker Product Guide 2018
Broker Declaration 2018 August
La Trobe Financial - Serviceability Calculator

If you have a scenario or would like to know more information please feel free to contact Dawn Inanli on the details below:

Dawn Inanli
Senior Manager Client Partnerships
La Trobe Financial Asset Management Limited
| m +61 490 123 392