Empower Pricing Update

As the first stage in the refresh of the Vow branded Empower range, we are very pleased to announce the introduction of a new pricing approach to the Vow Empower Package.

Up until now, we have had a no annual fee structure on our package which has provided the biggest benefit for smaller loan sizes. However, we have lost out in the lucrative higher loan size market when compared to lenders that offer lower rates along with an annual fee.

So, what's changing?

For applications formally approved from Monday 5th November, your clients will benefit from an overall more competitive pricing structure. From that time, there will be an annual fee of $198 introduced, however, variable rates will be significantly lower. As part of our re-refresh special offer, for loans that are formally approved up to the end of March 2019, rates will be 0.10% lower than currently available on the Vow Empower Package.

Why the change?

Of the 2017/18 settlements funded by Macquarie, our average loan amount was $465,000 and the median loan amount was $397,000. Based on these loan sizes there is a clear financial benefit from the reduced interest rate over the annual fee.

What does the annual fee provide? The $198 annual fee, which is roughly half that charged by the competition, provides up to 2 offset accounts per variable rate split (up to a maximum of 12 offset accounts). Also, the one package fee covers up to 5 separate loans for the same borrower. Making subsequent loans a full 10 basis points cheaper and improving the chances of repeat business for you. There is also a Debit MasterCard that can be set up with each offset account along with a market leading mobile banking app (iPhone and Android).

Is there a credit card provided with the package? Rather than adding unnecessary cost by providing a credit card that many clients do not wish to take, we elected to keep the annual fee to the absolute minimum. Your clients can naturally link pre-existing cards into any of the offset accounts provided for by the package.

Retention. Feedback from the retention team indicates that customers at risk are often solely rate focused as competing brokers will often brush over the benefits of no on-going fees.

Got you interested and want to know more?

Check out the rate card here, the rates on the Empower Offset product are very sharp. Your Macquarie BDM can provide guidance on how to access and submit your Vow Home Loans application.


Rates will be updated within Vow Net from next week and vow.com.au will contain a copy of the rate sheet, product information forms along with any other documentation you may need.

Questions and Answers

Q: How does this impact on existing customers and pipeline?

A: Existing settled customers and those with applications formally approved before 5th November will have existing pricing structure honoured. Should you have an existing pipeline customer (pre-formal approval) that wants to take advantage of the new pricing approach, then the applications will need to be cloned and resubmitted. Any pre-approvals & or clone resubmits after 5th November will automatically benefit from the new pricing structure, please be sure to manage your client expectations.

Q: How is the annual fee charged?

A: The annual fee or rather half the annual fee is charged (to the offset account) every 6 months in arrears based on the loan settlement date.

Q: How much is the annual fee?

A: The annual fee is $198 per annum, half of which is charged every 6 months.

Q: Does the annual fee vary according to how many offset accounts are selected?

A: No, but it is also worth noting that currently, all offset accounts need to be established as part of the application process. We strongly recommend that at least 2 offset accounts be established at application as they cannot presently be set up as a post-settlement variation.

Our New VOW Net Video is Out!

The Learning and Development team in conjunction with your VOW BDMs are excited to release our first dedicated VOW Net Video - Marking a deal as settled and posting to commission.

The video will show you how to mark a deal as settled and take you through the steps required at settlement stage to ensure commissions are triggered.

The video can be viewed in Vow Professional and on the Vow Vimeo Channel

Don't forget to check out the CPD Library located in Lending > CPD Library. https://professional.vow.com.au/class/vow/

For more information don't hesitate to contact us on landd@ybr.com.au.

St George Banking Group Commercial Broker Webinars

The second series of St George Banking Group Commercial Broker is taking place this month!

Webinar Wednesday!

The webinar series provides you with detailed updates on specific industries, talk to the specialist bankers and learn more about how you can provide a great customer experience with your next commercial deal.

Feel free to log into the 45 min sessions showcasing industry updates, case studies and simple tips especially tailored for brokers.

Click below and register today:

SME--Lending to Small Business--Tips and Insights

7th Nov 2018


Register Now

Food and Automotive Industry Insights

14th Nov 2018


Register Now

Real Estate and Business Services Industry Insights

21st Nov 2018


Register Now

The St George Banking Group Commercial Broker webinar series is designed to bring brokers insights and knowledge from some of their best bankers to help you achieve great outcomes for your clients.

Each webinar in the series has been accredited with the MFAA, FBAA and CAFBA, members will receive 1 CPD point.

Commonwealth Bank $ 750 cashback offer

Commonwealth Bank is offering $750 cashback for eligible Home Seeker customers from Monday 29 October 2018.

To be eligible, Home Seeker applications must be submitted on or before close of business (COB) Sunday 28 October 2018 and loans funded by 11.59pm AEDT on Monday 31 December 2018.


  • The application must have the Home Seeker feature.
  • The application is created on or before COB Sunday 28 October.
  • The loan funds by COB Monday 31 December. Note: For Construction/Building Loans, the first loan draw down must occur by COB Monday 31 December.
  • There is no minimum loan amount required for funding.
  • All loan types are acceptable.


  • Limit to one payment per borrowing entity, and customers cannot use it in conjunction with any other available cashback/ rebate offer.
  • If your customer meets the eligibility criteria of more than one Cashback offer, they will automatically receive the higher cashback amount.
  • We reserve the right to terminate the offer at any time.


  • You don't need to do anything, we will automatically credit the $750 Home Seeker cashback amount for all eligible applications.
  • We will credit the $750 Home Seeker cashback amount to a CommBank Transaction Account within four weeks of the loan funding.

For more information feel free to call their Broker Support Hub on 13 25 88.

Important Suncorp Update

Please see below a summary of process and policy changes announced by Suncorp recently:

1. Credit critical information required for submission

All credit critical information will now be required prior to residential application submission, as part of the mandatory submission checklist in Apply Online.

2. Four months statements required for transaction and credit accounts

To better gather insights on customers living expenses, Suncorp now require customers to provide four months of statements for their primary transaction account, credit cards and store cards.

3. Improved access to customer information

A Broker Authority is now available and must be signed by the customer for access.

4. Keeping you informed about regulatory changes

Suncorp have put together a short video to keep you informed about how they are aligning with the recommendations made by the Combined Industry Forum designed to self-regulate our industry.

Watch here

5. Servicing guarantor

Where a non-applicant's income (spouse or partner) is required in the servicing calculation, Suncorp will now treat the non-applicant as a guarantor. This means the guarantor sections of the Apply Online application will need to be completed in full. For more information, review our Guarantor Income for Servicing guide on Business Partners Online.

Issue Identified - Living expense mapping

A note from Karen Brown, National Partnerships Manager at ANZ has been circulated. Please see the communications below:

Good morning

We are writing to advise you that we have identified and rectified an issue whereby incomplete expense fields were incorrectly mapped to the customer Statement of Position for all applications submitted via Apply Online from 26 October - 31 October.

All impacted brokers will be contacted by the ANZ Assessment team and will be advised to resubmit the signed customer Statement of Position. They may do this from Apply Online.

We apologise for any inconvenience this issue has caused for brokers and customers, and thank you for the assistance provided to resolve this issue in a timely manner.

Please do not hesitate to contact retailbrokertechnology@anz.com if you have any questions.

Kind regards