ANZ Commercial Broker Manager Update

From 10 August 2020, the Business Mortgage Loan (BML) and Agri Finance Loan (Agri) will no longer be available to ANZ customers.

ANZ have existing products with similar features and benefits that may be suitable for your customer needs.

Adelaide Bank's Changes to Commissions

Effective for applications submitted from 1 August 2020, Adelaide Bank will be making changes to the way upfront commissions are calculated.

What are the changes?

The upfront commission is initially paid based on the net loan balance as of the last calendar day of the month the loan settled, with a minimum upfront commission payment of $400.

  • Effective 1 August 2020, the $400 minimum payment will be removed. Instead, a monthly net loan balance review for the first 12 months of the loan will be placed. This means when the net balance of a facility has increased by at least $20,000 between monthly reviews, the bank will pay any further upfront commission (referred to as variation commission).
  • Upfront commission on credit increases will also move from a flat payment of $250 to a percentage-based payment (same as upfront commission) on the net increase to the loan.

Please note; there will be no changes to the upfront commission calculation methods on Construction or Go-Between/Bridging loans. Any variation commission payment will form part of any commission clawback that becomes payable should the loan close within the clawback period.

Sleep Guide Checklist from Chelsea

Chelsea Pottenger who will be one of our speakers for your upcoming Virtual PD Day has created a Sleep Checklist for us.

We all know that these are tough times, especially for our Victorians. This continues to be a challenge across Australia. But incorporating little things into your life can help all of us get through this together.

Please click here to see the 'Sleep Guide Checklist' and do not forget to register for your Virtual Professional Development series, which is less than 4 days!

You can click on the following links to register for the series:

Are House Prices Becoming Cheaper

House prices across the country continue to drift lower in July, with Melbourne and Sydney registering the most significant declines in median values, according to CoreLogic.

National home values declined by 0.6% in July, bringing the median value to $552,912. The median value over the three-month period to July also declined by 1.6%. However, the current median is still 7.1% higher than a year ago.

Across the capital cities, only Canberra and Adelaide posted an increase in dwelling values over the month at 0.6% and 0.1%, respectively. Darwin and Perth, on the other hand, are the only capital cities to post decreases across the board.

Regional markets fared better, with values remaining steady over the month. The median value across regional areas currently sits at $395,129.

House prices remained relatively resilient amid the COVID-19 outbreak, said Tim Lawless, head of research at CoreLogic.

"Record low-interest rates, government support and loan repayment holidays for distressed borrowers have helped to insulate the housing market from a more significant downturn. Increased

demand driven by housing specific incentives from both federal and state governments, especially for first-home buyers, have become more substantial," he said.