Oak Capital Update

Below quick update on all things Oak Capital:

  • They have dropped their headline rate on lending secured by residential properties in metro locations across Melbourne, Sydney and Brisbane to 5.99% and 1.25% establishment fee up to 65% LVR
  • If the LVR remains under 40% they can now settle with no certified valuation - rates notice value will be adopted, meaning settlement can be facilitated within 48 hours of receiving a fully signed and completed application with supporting docs
  • For 70% LVR transactions, they have further reduced their rate to 6.99% with a 1.65% establishment fee
  • They have increased their loan terms from 12 months to 3 years across selected products
  • As always, Oak do not charge any upfront, non-refundable commitment fees and they never make an offer of any transaction they are not fully committed to funding
  • Capitalised interest options for full loan terms are always available - a great solution for things such as Bridging Finance, challenges with Serviceability or Residual Stock transactions
  • They are fully transparent - their rate is their rate and they don't play in the space of advertising a base rate then build in hidden monthly charges or added costs to the borrower
  • The Plus Account is going gangbusters - make sure you are across this awesome feature facility, which further complements their focus on supporting SME borrowers
  • They are a trusted brand in the market and are members of AFCA, MFAA, FBAA & CAFBA, as well as being on nine nationally operating aggregation panels (with more in the pipeline!)

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

*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.

Liberty Business Loans Update

We would like to share a friendly reminder from Liberty Business Capital regarding their Government SME Loan Scheme.

Applications for this specialised funding close on 31 May 2022 and loans must be approved and unconditional by 30 June 2022.

Click here for more information and where to find their updates introducer guide.

For any questions please reach out to your BDM.

Westpac Equipment Finance

Westpac has updated their application process (removal of BAS requirement) and they would also like to introduce their EOFY rebate offer, see below.

Westpac is pleased to announce that they have taken additional steps to revert to pre-COVID credit settings for both Standard and DriveXpress applications. They have also launched an exciting new additional rebate offer.

Enhancements to their application process - removal of BAS requirement

They greatly appreciate your support and patience over the past two years as they have worked hard to make their processes simpler and return to a pre-COVID environment.

What's changing?

For DriveXpress:

  • You will no longer need to input the customer's revenue and provide the customer's BAS returns.
  • The following fields will no longer appear in DriveOnline when lodging your application:

For Standard applications:

  • You will no longer need to supply the customer's latest BAS return.

To achieve the best possible turnaround for your customer, please ensure the minimum documentation checklist is completed and submitted with all Standard applications.

New Establishment Fee Rebate Offer

For new Equipment Finance deals which are submitted from today and settled by Friday 15 July 2022, they will provide additional establishment fee rebates (on top of the current rebates) of:

Establishment Fee Rebates (GST inclusive)

Deal Type

Current Rebate

Additonal Rebate

Xpress (includes Private Sale Cars Only)

$350

+$100 (deals $50,000 to $100,000)
+$200 (deals >$100,000 to $200,000
+$300 (deals over $200,000)

All other application types (Standard, Replacement and Medical)

$175

+$100 (deals $50,000 to $100,000)
+$200 (deals >$100,000 to $200,000)
+$350 (deals over $200,000)

Eligibility Criteria

The following conditions must be met to qualify for the additional rebate offer:

  • Only available on new Equipment Finance applications submitted via DriveOnline.
  • The loan purpose must be for business purposes.
  • Full standard establishment fees to apply (e.g., if an establishment fee discount is negotiated, no rebates apply).
  • Available only for Westpac accredited Third-Party Equipment Finance brokers e.g., not available for loans processed through Consumer Bank.
  • To qualify for the additional rebates new broker applications must settle on or before Friday 15 July 2022.
  • Excludes Insurance Premium Funding and Rollover applications.

Additional rebates will be paid at settlement of the new loan.

For any questions please reach out to your BDM.

ALI is here to help Aussies save where it counts

Affordability issues are impacting some Australians with rising house prices, the cost of living increasing and the looming rise of interest rates. When money is tight, additional expenses such as life insurance can be hard to justify. But ALI doesn't believe Australian home and property buyers should have to sacrifice their financial protection.

That's one of the key reasons ALI has increased the Extra Benefits savings available to their customers from two popular supermarkets, Coles and Woolworths, to 7.5%. That means, an available saving of $75 for every $1,000 spent at those stores.

Extra Benefits is an everyday savings program available to ALI customers. Their life insurance policy provides them peace of mind in the event an unexpected event occurs such as a serious illness or even death, and with Extra Benefits, they can save on everyday items like groceries and fuel, and other things we all love such as dining out, ordering in, going to the movies, travel, retail therapy and much, much more.

ALI's Extra Benefits is designed to help their customers save money. In fact, when you look at what the average Aussie household spends, Extra Benefits could help them save over $2,000 a year*. The amount an ALI customer might save could be the same or even more than the cost of their annual ALI insurance premium.

What's more, ALI authorised brokers also get to enjoy the savings!

They are making sure their authorised brokers have everything they need to help their clients understand how Extra Benefits may assist them, including a handy savings calculator tool, customer-facing flyer, website and more.

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

*Calculated using data from Household Expenditure Survey, Australia, 2015-16, ABS and www.savings.com.au/car-loans/ongoing/car-costs and the maximum Extra Benefits discounts per category current as of 1 March 2022. Extra Benefits Terms & Conditions apply. Discounts are subject to change.

Resi Select - Fixed rates and electronic end-to-end process

Resi Select is the newest addition to the Resi product suite and Resi thinks it deserves a lot of attention.

Here are just a few reasons why:

  • 2-day SLA's
  • Competitive fixed rates
  • They have a dedicated Sales Support Team
  • They have a dedicated Scenarios Team

So, you'll have the support of both the Resi Sales team and the Advantedge team to find more solutions for your clients.

Select also offers a completely electronic end to end process as outlined below.

As pictured:

  • You have the option of Zip ID or IDYou to ID your client.
  • DocuSign can be used for application signatures and loan documents.
  • eSettlement/ eConveyancing allows you to track the progress of a settlement
  • The Preferred Lenders System allows you to view application updates in real-time, view outstanding items and look at your clients' details post-settlement

Read more about it here.

For more information on this product please contact your Resi BDM or Broker Support.