Vow Voice 3rd September 2020

Thank you to everyone who has completed their Banking Code of Practice (BCOP) Training, as well as those who sent through their certificates of completion to the Learning and Development Team.

For those who have not yet completed the BCOP training - Time is running out so if you have not already completed your Banking Code of Practice (BCOP) training please make some time before the due date.

Important BCOP Information

• BCOP Training is a mandatory industry requirement for brokers and is also a requirement of most lenders that subscribe to the BCOP.
• The BCOP course is free
• FBAA members complete this training through AAMC Training.
• MFAA members complete this training through the MFAA website You will need your MFAA member login details.
• You must complete this course by 30 September 2020.
• Already completed this course last year? Simply lodge a CPD Claim in the Professional Platform with 'Banking Code of Practice' in the name/title field and upload your certificate as evidence. Don't forget to add 1.0 CPD hours to your CPD Plan
• Already lodged a CPD Claim last year? There is no need to lodge again. Simply send an email to LandD@ybr.com.au provide the Claim Reference number or approximately when you lodged it (e.g. November 2019) and we will obtain the information from your CPD History.

Mick Abboud, Travis Hall and Heather Prenter from the RESI Credit team will provide you with an end to end understanding of RESI credit policy and appetite with a key focus on Essentials program. Watch this space as an upcoming video will be provided to you shortly!

In the meantime, should you have any queries, please send them an email:

• Mick Abboud
• Travis Hall
• Heather Prenter

You may have seen MoneyPlace's big announcement about increasing their Personal Loan offering to $60k through the broker market. So effectively this means that they can lend up to $120k per household as long as their applications are individual and each individual borrower can service in their own right.

This is big news as it will help brokers convert more residential loans by being able to provide renovations/home improvement loans in lieu of obtaining top ups due to turnaround, servicing and shortfall in valuations within 24 hours

As MoneyPlace do not have exit fees and 7 year loan terms, the strategy would be to then consolidate their loan once the renovations/improvements are completed and the client then proceeds with refinance/top up.

In case fof any questions, please contact your BDM.

A new version of the Essential Options serviceability calculator is now available on Y-net as well as the Resi website.

You can access them by clicking on the links below:

• Vownet
• Resi website

You can use the current 9.7 version for loan submissions up to the end of the month.

However, for applications submitted from 1 September, version 9.8 will need to be used.

Please reach out to your State Managers, BDMs or the Resi team for any further clarification.

Macquarie is currently in the process of updating their payment procedure. If your clients require financial support due to COVID-19, they can get in touch with Macquarie here. Alternatively, you can discuss their specific circumstances and take them through the options that the bank has available to support them.

They will also be updating their coronavirus support hub which can be found here. Please ensure that you are referring your customers to this page rather than the online form.

In addition, they will also be updating their FAQ page, which can be found here.

In regards to the change with Westpac no longer accepting cash deposits, there's a small group of customers who have accessed this in the last 6 months and the wording that is being sent to them is given below:

"We're getting in touch to let you know that from 16 October 2020, you'll no longer be able to deposit cash or cheques into your account at a Westpac branch.

What you need to know

Our records indicate you've visited a Westpac branch to deposit cash or cheques into your account and we wanted to make sure you're aware of the changes taking place soon.

Electronic transfer is the quickest and easiest way to transfer money into your account.

You will still be able to deposit cash or cheques at Australia Post with a Deposit Card."

In case of any questions, please contact your BDM.