Making the Most of Lumi

It is an honour to have Lumi join the Vow Pilot program.

About Lumi:

Lumi is an Australian owned and operated fintech, specialising in small business lending, backed by NAB as their funding facility. Lumi is one of the fastest-growing lenders in this space, with an experienced team who are ready to show that working with Lumi will be one of the best choices you can make.

Lumi's Offer:

  • Business loans and lines of credit from $5,000 - $300,000
  • Unsecured and low doc up to $150,000
  • From 9% simple interest per annum
  • 6 - 36 month terms
  • Competitive commissions up to 6% on new loans and up to 2% on renewals

For more details on Lumi's products, please see their attached Pricing Matrix.

5 reasons to choose Lumi

  • Simple 5 min online application via their partner portal
  • Receive application outcome on the same day
  • Same day funding possible
  • Fair and transparent risk-based pricing
  • Market-leading commissions & rewards for their partners

How do you work with Lumi?

Get accredited by signing up here and gain access to their partner portal where you can easily submit, manage and follow the entire process of your deals online. Don't forget to enter your aggregator details when signing up.

Who's in your team?

As you can see in the below image, there may be some familiar faces.

All of Lumi's BDMs have industry experience and understand broker business.

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

An Update from Suncorp

Suncorp is making some additional improvements to their initiatives of leveraging Comprehensive Credit Reporting (CCR) to assess applicants' borrowing capacity and reduce the documentation brokers need to provide with a home loan application.

What does this mean for brokers?

As of 25 March 2021, no primary account or credit card statements will be required where the LVR is <=80% and DTI is <=5. Only one month's primary account and credit card statements will need to be supplied in all other instances.

This is a significant reduction in the documentation Suncorp's need to assess and verify customers' living expenses.

What about Suncorp's commitment to responsible lending laws?

Suncorp remains unwaveringly committed to responsible lending laws. They will continue to identify circumstances where a customer's declared living expenses do not meet expectations. Applicants who do not meet the qualifying criteria will be required to provide one months' worth of primary bank and credit card statements to help validate their living expenses.

Broker outcome

These new changes build on the recent introduction of Easy Refinance, Easy Add Loans and Easy Equity Loans delivering improvements across Suncorp's entire product portfolio.

Vero Insurance Update

Vero is ready to support customers affected by the recent floods which have devastated NSW and Queensland.

As the extreme weather system continues to develop in New South Wales and parts of south-east Queensland, Vero's teams are ready to support their customers affected by heavy rain and flash flooding.

Safety is everyone's priority, and customers are encouraged to take care, follow emergency services' advice, and only lodge a claim once it is safe to do so. Do not enter your home unless it is safe.

Their Customer Support Teams will be deployed to the most impacted regions when waters recede, and customers can be assured that Vero's teams are committed to their recovery.

Tips for insurance customers

If you have been able to return to your home safely:

  • Ensure electricity and gas supplies are switched off before re-entering.
  • Please do your best to dry out your home or business by keeping it as ventilated as possible.
  • Get wet contents out of the house and make a list of damaged items.

Preparing for your claim:

  • If you have damaged goods or contents, take a photo of them.
  • Feel free to throw away all spoiled food in your refrigerator - do not wait for an assessor to come to your home. Take a picture.
  • If your carpet is flood-damaged, please rip it up and take it outside, but please keep a sample for when it'll get replaced.
  • Please keep a record of model numbers or serial numbers of items you are throwing away to for when they'll get replaced.

Adelaide Bank Update

Effective as of Friday, 26 March 2021 Adelaide Bank temporarily stopped assessing preapproval applications.

This decision results from the high volume of applications that their Processing Centre has at the moment. Please refer to the bank's current processing times.

However, it is understood that there is an importance of ensuring customers who have auctions pending have access to a preapproval.

The following steps will need to be taken in this instance:

  • The broker must contact their BDM and seek email authorisation that a preapproval can be made
  • The address of the property going to auction must be provided to the BDM
  • The broker must select "Preapproval" in the "are you applying for" section of AOL and then load the security address
  • The broker must comment on the submission notes that email authorisation from BDM is held for auction preapproval
  • Once this is completed, the loan will progress to the full assessment queue
  • The above criteria will be applicable for a single security purchase or for a Bridging loan.

For any questions, please reach out to your BDM.

Macquarie Bank Update

Further to the updated conflicted remuneration regulations, which commenced on 23 March 2021, Macquarie is making some changes to commissions paid on principal increases that settle within the first year of a home loan.

For home loans that settled on and from 1 March 2021, Macquarie will pay a commission of $350 (ex GST) for all principal increases that settle on or before the first anniversary of a home loan.

Macquarie will continue to pay a commission equal to 0.65% (ex GST) of the total principal increase amount for any principal increases that settle after the first anniversary of a home loan.

The Bank will also no longer pay a minimum commission of $200 for the principal increases less than $40,000.

In the meantime, please reach out to your BDMs if you have any queries.

Vownet: Your Questions Answered

As part of our ongoing commitment to ensuring you get the best possible results from using the Vownet platform; we will be holding monthly live webinars with Dave Stewart, our National Platform Manager.

We have no pre-determined topics or agendas. Instead, we want you to tell us what you want to know about the platform.

We want you to guide us and send us your suggestions for topics to be included in the webinars. Each month we will collate all submissions from brokers to identify the most popular/highly requested topics and that becomes the focus for the next webinar.

  • Do you want to know how to complete a specific task/action within the platform?
  • Perhaps you are looking to better understand how the platform helps you meet specific compliance or regulatory obligation?; or
  • Maybe you want to enhance your client's experience by activating advanced features?

Whatever it is - please let us know!

Remember; each webinar is based on the questions and enquiries that you send through to us by completing this Vownet Online Submission Form.