ANZ Update

As we all begin to return to a 'new' normal post-COVID-19, ANZ has been working on some enhanced array of options for their customers, tailored to each individual's circumstances.

What's changing:

Regulatory changes mean that from 31 March 2021, the support provided will change as customers continue to recover from the impacts of the pandemic in 2020.

From this date, Australian regulators will no longer provide customers with credit history relief. Banks will no longer receive capital relief to offer them the same kinds of repayment deferrals available during the pandemic's peak in 2020. In line with this, along with the other big four Australian banks, ANZ will begin to support our customers in moving away from COVID-19 repayment deferrals and instead help them with sustainable solutions that better support longer-term growth and prosperity.

In line with this, ANZ will not provide any new COVID repayment deferrals after 31 January 2021, though we will continue assisting customers on existing COVID deferrals until the end of March.

Providing a COVID repayment deferral beyond 31 January 2021 for such a short period of time is unlikely to provide customers with a material form of support. As such, from 31 January anyone newly applying for ANZ's financial hardship assistance (effected by COVID-19 or otherwise) will be contacted by one of ANZ's dedicated Customer Connect team. They will have a conversation with the customer about their unique circumstances to enable a discussion about any sustainable options they may be able to offer in order to assist them.

Please Note:

  • All customers currently receiving COVID-19 assistance will continue to receive some form of assistance for the period agreed with them
  • For customers applying for hardship assistance whose application is received by ANZ up to and including 31 January 2021, the COVID assistance will still be considered as an option for them along with other potential options.
  • Applications received by ANZ after 31 January 2021 will not be eligible for the COVID deferral package but will be considered for a range of other support options.

To support your customer conversations, it is timely to update three critical areas of their continued and enhanced support offerings. These include:

  • More detail on ANZ's retail and commercial online assistance application process for home loans, personal loans, credit cards and commercial products.
  • How to assist both retail & commercial customers nearing the end of their COVID-19 assistance period.
  • For Home Loan customers the ability to move from Principal & Interest payments to Interest Only payments.

ANZ's Online assistance application process for retail Home Loan, Personal Loan, Credit Card and Commercial customers is available now

The Customer Connect teams will continue to assist customers facing financial difficulties. In order for them to have an informed conversation with customers seeking financial support, they will need to complete an online assistance application. From here, the Customer Connect team will contact them.

Action - Customers can apply online at anz.com

  • Customers seeking financial hardship assistance will need to complete an online assistance application.
  • They should allow 30-45 minutes to complete the assistance application and have their personal, account, income and expenditure details available.
  • Once the application is completed, the customer will be contacted by a member of our Customer Connect team within 5 business days to discuss any options that ANZ may be able to offer.

Click HERE for more information

How to assist both retail and commercial customers nearing the end of their COVID-19 assistance period
Customers receiving COVID-19 assistance may be unsure about what will happen when their assistance ends.

  • Customers were advised of their new payment terms and when payments would fall due again. Customers were given the opportunity to contact ANZ to discuss if any further assistance was required.
  • If your customer is experiencing ongoing hardship following a COVID deferral assistance period and requires further support, the standard hardship process will apply.
  • If you identify or suspect a customer will not be able to resume their usual payment arrangements, you can direct them here:
    • For Home Loans, personal loans and credit cards please refer them to complete an online assistance application.
    • For Business Loans, refer them to their Relationship Manager or a hardship specialist in Customer Connect on 1800 519 735 (Monday to Friday, 9am to 7pm AEDT) or via email eccc@anz.com.

Ability to move from Principal & Interest payments to Interest Only payments
*Retail Home Loan Customers
The temporary streamlined process enabling customers to move from Principal & Interest payments to Interest Only payments is still available for customers who would like either to move from Principal & Interest to Interest Only for 6 or 12 months, or to renew their current Interest Only period for up to 12 months. We will advise you of any changes to this process.

Action

  • If you identify or suspect a customer will not be able to resume their usual payment arrangements and would like additional support, please refer them to complete a new assistance application on anz.com/hardship. The Customer Connect team will contact the customer to discuss options which may be available to them.

More Information for Retail Customers

For further information, please reach out to your BDM.

Liberty Update

Liberty can help your customers refinance and consolidate debt so that your customers increase their savings.

With a range of free-thinking home loan solutions and flexible features, Liberty has more ways to help customers refinance, with:

  • LVRs up to 95%
  • Loan amounts of up to $3 million
  • Unlimited debt consolidation
  • Full-doc or low-doc options
  • Fast turn-around times

Visit Liberty IQ to download their Introducer Guides for more information on their products and for any other questions, please contact your BDM.

Business Fuel Update

The team at Business Fuel are ready to assist your clients with fast, flexible, business loans of between $10,000 and $200,000.

To qualify your client only needs to be trading for a minimum of 12 months, be GST registered and have a minimum monthly turnover of $10,000.

Being a cashflow lender, they can say yes more often where most traditional business lenders would say no.

Broker advantages:

  • High conversion rate.
  • Minimal documentation required.
  • Competitive commission structure paid within days of settlement.
  • Deal directly with the decision-makers.
  • Transparent reporting available.
  • Accreditation is open to both residential and commercial brokers.

Client advantages:

  • Fast and straightforward process.
  • Funds within 48hrs or less.
  • One-off flat fee (tax-deductible).
  • No establishment fee or hidden charges.
  • No tax returns required.
  • In most cases, security is not required.

For any questions, please reach out to your BDM.

NAB Update

Please see the below updates from NAB.

New applications, for purchases in individual borrower names, are currently being assessed inside three business days.

1. NAB's Service Levels are also updated daily on the Broker Portal and are currently as below.

Milestone

Current SLA

Purchases (Individuals - Including FHLDS)

Company / Trust Loans

AIP (with Auction)

Refinance

All other applications

3 business days

7 business days

6 business days

6 business days

7 business days


2. Open for Business for Investors:

NAB's recent policy changes have simplified their application process. Some of these include:

  • Increased LVR up to 90% for Investment Interest Only lending with LMI waivers permitted.
  • LMI waivers of up to 90% LVR available for even more customer segments (targeted professional services partners + Medicos).
  • Uncertain income shading (including rental income) has reduced from 30% to 20%.
  • PAYG income verification that is received less than monthly must be no older than 45 days (up from 21 days).
  • The home lending minimum affordability rate for servicing has reduced from 5.50% to 4.95%.


Click HERE find out more details.

3. Strong Price and Offers:

NAB continues to offer $2,000 Cashback, available until April 30, 2021, for refinances. For all current offers please view their Offers Page.

For all their current Interest Rates please view the Rates Page and don't forget to use NAB's Instant Pricing Tool for 'on the spot' pricing discretion for all new and existing NAB customers.

Places are still available on the First Home Loan Deposit Scheme for eligible first home buyers to build a new home or purchase a newly built home. For all the details visit the Broker Portal.

4. Digital Enhancements:

  • eSign: Powered by DocuSign - eSign is the fastest and easiest way to complete customers' loan documents - it reduces errors, rework and improves turnaround times.
  • Supporting Documents: upfront documents have been mandated to ensure that applications are ready to assess the first time and digitised the Broker Declaration and Broker Interview Guide into ApplyOnline. NAB recently started accepting electronic signatures on supporting documents such as letters, forms and agreements. The full list of documents that can be signed electronically is on the Home Lending Page of the Broker Portal.
  • Simple Loan Mods: Finally loan splits via one form have been introduced and enabled fixing and refixing of home loan interest rates instantly via the NAB mobile banking app.

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

*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.

Resi Simple Update

Our broker centre located at Resi.com.au is a one-stop-shop where you can find all the information you need to know about the great lending solutions Resi has to offer.

Our product range through, Essentials, Agility, Renew and Flexi offers solutions for all clients whether they are Self Employed, PAYG or Credit Impaired.

Here you will find:

  • Product Fact Sheets
  • Fees and charges information
  • Reference guides
  • LMI Calculators
  • Serviceability calculators
  • Rate Cards
  • Information on Niches
  • Scenario Lodgement
  • Marketing material to use with clients
  • Client Portal

To gain your access to the site contact brokersupport@resi.com.au or contact your state representative.