Vow Voice 4th October 2018

We'll be enhancing your AVM experience over time, and the first phase, as outlined below, is available from Wednesday 3 October.

Depending on the property, the below criteria will allow for the use of an AVM:

• Refinance home loan applications
• Up to a maximum LVR of 70%
• Up to a maximum property value of $1.5 million.

For our brokers there is no change in the current process, simply go to property hub and enter in the details, AVM will just become another option along with COS, Desktop & Short form valuations

Serviceability changes

Please note that we've made a number of changes to our loan serviceability.

1. Common Debt Reducer, we have made changes to the application of joint debt. When a spouse (married or defacto, known as the 'Applicant') applies for a Vow home loan solely in their name (and has another existing loan held jointly with their spouse), we will only include the Applicant's share of debt for their existing loan in our servicing assessment for their new loan. This is subject to verifying that the Applicant's spouse can afford their share of the other existing debt. Click here for more information, including an example.
2. We're changing the collection of property-related expenses. This means there'll be no double up with any investment property expenses in the final credit assessment.

3. For certain circumstances, we're introducing a minimum servicing surplus requirement of $500 p.a.,

4. In line with the quarterly release of the new Household Expenditure Measure (HEM), we've updated our serviceability calculator. A copy of this is attached for your reference here: Serviceability Calculator

Please note any applications in flight that can be formally approved prior to Monday 22 October can be assessed according to the existing policy and serviceability calculator.

We would like to let you know that Vownet has made a few important feature upgrades that might be of interest.

Contact finance profile

In Vownet, typically the latest deal contains the up-to-date information on assets, liabilities and insurance providers. A new functionality has been added where these details can be linked to the contact and kept as 'master' information for any client reviews or future loans.

Client Finance Profile is accessible via Contact View and contains real estate assets, other assets, liabilities and insurance details.

Uses of Contact Financial Profile

• Automatically update assets and liabilities when a deal is settled.
• View client's position on one screen during periodic client reviews.
• Run marketing automation from a single source of information.
• Use contact data to pre-populate a new deal (alternative to cloning the latest deal)
• Use of client portal for client's own reference

Contact notes and tasks

In addition to adding deal notes and tasks, users are now able to create notes and tasks that relate to contacts only. These notes and tasks can be used for a contacts specific issues e.g. periodic reviews or specific notes that relate to the contact only.
This functionality is very similar to that in Deal View. There are add buttons for notes and tasks, with saved information below (under separate tabs).
Additionally, updates and reminders will now go to deal team members, in the same manner as deal owner.

As a reward for bringing new home lending to Bankwest, eligible customers will receive $1,500 cashback into their account when they take out a Bankwest home loan. The offer is valid for all eligible applications submitted by Friday, 30 November 2018 and disbursed by Friday, 1 February 2019.

The application criteria

• Lending: For any new home lending to Bankwest. CBA refinances excluded.
• Purpose: Available to customers that are applying for either OOC or INV home loans.
• Policies: Normal lending policies apply.
• Products: Available on any Bankwest home loan product.
• Loan size: Minimum aggregate new lending amount $350.
• Repayment: P&I only. IO allowed on Construction Loans.
• LVR: <90% (incl. LMI)

Cashback offer eligibility

• Customer applies for a new home loan that meets the application criteria noted above, during the offer period.
• Eligible customers will receive their cashback payment between November 2018 and February 2019, depending on the date their home loans are disbursed:
  • HLs disbursed between 17 September and 31 October: Cashback deposited by 30 November 2018
  • HLs disbursed between 1 November and 30 November: Cashback deposited by 31 December 2018
  • HLs disbursed between 1 December and 31 December: Cashback deposited by 31 January 2019
  • HLs disbursed between 1 January and 1 February: Cashback deposited by 28 February 2019

The Vow Financial National Conference recently took place in Queenstown New Zealand. Delegates from across Australia met in Queenstown for two days of education and networking.
We were inspired by the stories of Ngahi Bidios and Justine Troy who spoke about leadership and not giving up in the face of adversity.

Phil O'Reilly discussed the differences between the Australian and New Zealand markets along with Peter Switzer who gave us the equipment to provide better customer outcomes.

The conference saw our brokers learning from our lending and financial services partners about providing holistic services to their customers. They also spent time learning from the best of the best in the industry about what other brokers are doing in their business.