ANZ Commercial Broker Update

ANZ is removing barriers to commercial property lending

The commercial property industry is an important one for Brokers and their clients, which is why ANZ has simplified some of the complexities of commercial property lending to make it simpler for investors wanting to borrow $1M-$3M for commercial properties.

Their most recent update includes:

  • Providing more favourable loan terms and interest-only lending terms:

The maximum loan term is five years, and an interest-only period of up to three years may be available (but Weighted Average Lease Term (WALT) criteria apply, where applicable).

  • Reduced their remaining lease-term criteria:

The minimum remaining lease term requirement for the property is now only one year, which is a key update to their policy. The servicing test for lending includes an interest cover ratio.

  • Increased their Loan to Value ratio for standard commercial property lending:

This simplified criteria is available where the loan-to-value ratio is 70% or less (as determined by ANZ), the security property type is standard commercial property (some exceptions apply, such as construction sites, medical centres and childcare centres) and the commercial property is for leasing to an unrelated third party.

Other terms, conditions, fees, charges and credit approval and eligibility criteria apply.

For more information, click here.

ANZ has also recently made changes to the way they assess applications for clients with business lending up to $3M for new and existing customers with an established repayment history.

All these changes have been made so that they can deliver a faster time to approval and a more consistent experience for Brokers and their clients.

For more information on any of their updates to commercial property lending or their simplified lending policies, click here.

For any questions please reach out to your BDM.

Latest Broker News from Teachers Mutual Bank Limited

To read the latest Broker News from Teachers Mutual Bank Limited, click here.

In summary, the bank has announced changes to its Your Way and Your Way Plus fixed interest rates effective Wednesday, 27 April 2022.

A revised serviceability calculator will be available from Wednesday, 27 April 2022 on their TMBL Broker Portal under Tools and calculators.

We advise you to update your systems and CRMs accordingly and remove any previous calculators and documentation.

This change is applicable to all their divisions being;

  • Firefighters Mutual Bank
  • Health Professionals Bank
  • Teachers Mutual Bank
  • UniBank

If you have any questions, refer to your Vow Financial BDM.

Liberty Commercial Loans Update

Liberty Commercial's Liberty Boost product offers short snappy solutions for borrowers needing to get out of a pinch.

Click here for product features and where to find their updates introducer guide.

For any questions please reach out to your BDM.

Upcoming Webinars Delivered by Head Office

We encourage our network to register for our Head Office webinars and ensure that you stay up to date on software and compliance topics.

Attending these webinars will automatically add CPD hours against your profile on the Professional Platform.

Click on the below links to register:

  1. Vownet YQA session scheduled for 09th May 2022
  2. Compliance FAQs scheduled for 19th May 2022

We hope to see you there.

Resi Essentials - Short Term ABN's Accepted

Resi recently announced a few changes to their policy, one of their favourite additions is that they can now accept ABNs from 12-24 months under their Essentials Near prime product.

The only income evidence they require is one year's company financials and personal tax returns. No additional BAS required.

Your client will need clear credit history and their ABN must be registered for at least 1 year.

Resi will also need confirmation that the client has 2 years previous industry experience to qualify for this product.

Click here for more information.

If you have any questions, please reach out to Broker Support or your Resi BDM.