Crafting Solutions: VMG's Case Study & Offerings

Customer: Individual

Loan Amount: $508,000

Financial Challenge: A client with seven separate loans faced recent arrears within the past six months and had a credit score of 25.

VMG's Approach:

  • Four non-conforming lenders declined the request due to (a) low credit score, (b) excessive debts for consolidation, and (c) unmet servicing requirements.
  • The broker promptly supplied VMG with the necessary financial information for assessment.
  • VMG issued an Indicative Approval on the same day, reducing the client's monthly commitment by $525.
  • This demonstrated VMG's pragmatic lending approach, devoid of risk scoring, leading to an improved financial position for the applicant.

Inquiries: For further inquiries or to explore VMG's financial solutions, please feel free to reach out to your BDM.

AIA Health - Referring & February Health Offer

Referring is so easy!

All you need to do is spot your client's need for a life or health insurance review and refer your client to AIA Financial Wellbeing using the AIA Financial Wellbeing Referral form and they'll do the rest.

Resources and further info

AIA has provided FAQs and a flyer you can share with your clients which explains their offering. These resources are also available on the learning portal.

AIA Health February offer

To support you in promoting AIA Health Insurance to your new and existing clients, AIA regularly runs campaigns. From 1 to 29 February, AIA Health are offering:

  • On eligible combined Hospital & Extras policies up to $900 cashback over the first 2 years.
  • On Hospital only policies up to $600 cashback over the first 2 years.

View full Terms & Conditions

Changes to the Intermediary Agreement with CommBank

There will be changes to the Intermediary Agreement (the Agreement) with the Commonwealth Bank of Australia, to take effect from early February 2024. These changes are to support the implementation of our new commission platform, CommRem, and fall within the scope of our contractual right to unilaterally vary the contract with respect to Commissions. Additionally, we believe these changes to be immaterial and/or favourable to you and your brokers.

Below is a summary of the impacted terms, the current state, future state and what this means for you.

Brighten Lender Update - Removal of Prime Alt Doc Risk Fees

We hope this finds you well and ready for a prosperous 2024. At Brighten, we are constantly striving to enhance our products and services to better support you and your customers. With this in mind, we are thrilled to share some updates effective from 1st January 2024.

We've listened to your feedback and are excited to announce the removal of risk fees for our Alt Doc Prime product, Brighten Boss Prime. This change is a response to the overwhelming support and positive feedback from our recent $0 Risk Fee promotion. Your self-employed customers can now enjoy competitive Alt Doc home loans with a $0 risk fee up to 80% LVR.

Alt Doc Prime - Brighten Boss Prime

  • Variable rate from 7.24% p.a.*(comparison rate 7.32% p.a.#)
  • $0 Risk Fee up to 80%LVR
  • One form of income documentation
  • Max. Loan Size $2m

100% Redraw Offset Facility available

We've also adjusted the Risk Fees for our construction loans, Brighten Easy Builder. A reduced Risk Fee of 1.25% is applicable for new loans 70% LVR, while a Risk Fee of 2% now applies to loans >70% LVR. Borrowers can still enjoy the same competitive rates, starting from 8.49% p.a.^ (comparison rate 7.19% p.a.) IO during construction. After construction, loan reverts to Brighten Empower Prime, Brighten Boss Prime, or Brighten Elevate variable rate, currently starting from 6.79% p.a., depending on loan purpose, LVR, and repayment methods.

For more information, please download the latest Rate Card and Niche List.

*Available for new Brighten Boss® Prime loans (OO P&I) 70%LVR. ^Available for new Brighten Easy Builder® loans (OO IO) 70%LVR. Fees, charges and Terms and Conditions apply. # The comparison rate is based on a secured loan of $150,000 and a term of 25 years. 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.

Funding - Welcoming 2024 with new opportunities

Happy New Year!

We hope this message finds you refreshed and ready for a prosperous 2024. As we step into this new chapter, we're excited to continue our partnership with you and offer even more opportunities to support your clients' financial goals.

What's New for Brokers in 2024?

Quick Settlements: With the real estate market moving at a brisk pace, we understand the importance of quick settlements. Our streamlined processes ensure that your clients can settle in as little as 48 hours.

Diverse Product Range: Whether your clients need bridging finance, construction loans, business loans or other financial solutions, Funding has a diverse product range to meet their unique needs.

No-Fee Commitment: Our commitment to no line fees, no monthly fees, no risk fees and no clawback remains unchanged.

Have a scenario? Get in contact today 1300 44 33 19

Banjo - There's still time for a boost

You could still pocket $10K* (if you move fast)

We really don't want you to miss out on the chance to pocket an extra $10K* in commissions as part of our Banjo Booster - and time is running out!

If you didn't get our first and 1st and 2nd emails, here's how it goes.

Here's how it works.

Send us two or more new working capital client deals from 1 November 2023, settled before 30 January 2024. We then give you an extra 0.5% commission on the second deal and 1% extra on the third, fourth, and so on. Pocket up to $10K* extra in commissions.

Consider Banjo Booster as our way of rewarding you, while looking after your customers.

As we all know, good things can't last forever - you need to make sure deals are settled before 30 January 2024 to claim your extra Banjo Booster commission.

If you have questions or want to know how to unlock success for your clients, your Banjo BDM can help.

Talk to the Banjo team today on 1300 22 65 65