New improvements to Vownet

We would like to inform you that Salestrekker, which is the company that provides the operational services for Vownet is currently making significant changes to the platform that will lead to a better and more efficient platform for all users.

Key changes are:

  • New look and feel of the data entry fields.
  • New product database containing home loan and asset finance products, calculators etc;
  • New responsible lending questionnaire as per LIXI standard released by four major lenders;
  • Updated functionality for guarantors;
  • Asset finance tools (live deployment is expected early 2019).
  • Added some new questions that lenders are asking in AOL - we are targeting 100% data transfer to NextGen;
  • Added employment verification section in Broker Tools; and
  • Updated client portal and online fact find.

Next week they will be building and testing new tables based on the responsible lending changes and updating Client Portal/Online Fact Find. We will help in managing new table addition to your compliance documents.

Salestrekker advise that major changes will be released on Sunday, 11 November 2018.

For more information, or if you have any questions please feel to contact your State Manager or BDM.

Resi Flexi Options Loan proving to be a winner!

Whether it's owner-occupiers or investors, our flagship product has you covered.

Over the past few weeks, we have been focused on spreading the message about our Renew - Restart range which is our Pepper funded specialist lending range. Our unique pricing proposition with competitive rates along with our special low entry costs has allowed many of our network to introduce specialist lending into their potential solutions for their clients. However, we thought it was timely to remind everyone of our flagship product range, the Flexi Options loan.

Flexi Options - be it for Owner-Occupied or Investors provides some great long-term value for your customers. Recently, we have seen the resurgence of honeymoon rates, but all of our Flexi Options loans are true long-term variable rates with no nasty rate increases after 2 years.

For Owner-occupied, we offer the following rates with no on-going fees (unless an offset account is selected which comes at a cost of $10 per month).

Flexi Options

LVR < 80%

80% < LVR < 90%*

P&I variable owner-occupied

3.74%

4.06%

* LMI can be capitalised on top of the loan amount

In terms of loans to investors, this is where we really stand out from the pack, no matter your scenario, we have you covered with a very competitive offer!

Principal and Interest remains the more popular option now with sharper rates available - our rates represent good value no matter how long your client wants to stay with us.

Flexi Options

LVR < 80%

80% < LVR < 90%*

P&I variable investor

3.99%

4.26%

* LMI can be capitalised on top of the loan amount.

If cash flow is a priority for your client and Interest Only is still on the top of their list, while the rates are a little higher, these are among the best in market, again, not a honeymoon rate. Once the Interest Only period expires we also help your clients by reviewing the rate back to a P&I price point at the time. We also offer Interest Only investment right up to a 90% LVR!

Flexi Options

LVR < 80%

80% < LVR < 90%*

Interest Only variable investor

4.39%

4.79%

* 90% hard cap for Interest Only lending.

We also have some competitive rates for owner-occupied lending, so if you have an investor that needs to release equity from an Owner-Occupied property we have you covered there as well.

Rates (refer rate card attached) are also available for construction and even bridging finance (fees apply), make sure you reach out to the team to discuss your next scenario!

Jason Hulbert - Relationship Manager E: Jason.Hulbert@resi.com.au P: 0468 755 419
Tony Wakim - Relationship Manager E: Tony.Wakim@resi.com.au P: 0416 409 100
Craig Herden - Relationship Manager E: Craig.Herden@resi.com.au P: 0478 537 841
Or e-mail our scenarios team on scenarios@resi.com.au



Resi Rate Sheet Download Here

ME Bank announces important changes

ME Bank has announced it will be making changes to how mortgage broker commissions will be calculated.

These changes are based on recommendations from the ASIC Broker Remuneration Review and Sedgwick Retail Banking Remuneration Review.

As of 1 December 2018, broker commissions on new home loan applications will be based on the amount drawn instead of the total approved amount.

This amount will also be calculated minus any offset facility.

To reflect these recommendations and in accordance with clause 9.4 of your ME Retail Lending Aggregator Engagement Agreement ("Agreement"), ME has changed Schedule 1 of our Agreement.

Please see attached the new and original versions of Schedule 1, which will vary your commission payment from ME and become effective from 1 December 2018.

Moving forward, the upfront commission will now be calculated six days from the settlement date, and the commission will be calculated on the drawn amount minus any funds held in any offset account by the customer in excess of $10,000.

Everything else in the Agreement, including the commission calculation for Top up Commission and Trail Commission, remains unchanged.

ME Upfront Commission Communication

Lending Policy Update from TMBank

Teachers Mutal Bank has made changes to its lending policy, which were implemented on Thursday 1 November 2018, and are applicable across all brands of the Bank, which includes Teachers Mutual Bank, UniBank and Firefighters Mutual Bank.

What the changes involve

Effective from Thursday 1 November 2018, the Bank has reduced the LVR to 90% plus LMI for all occupations other than the following:

- Ambulance Officer or Paramedic
- Firefighter
- Nurse or Midwife
- Police Officer
- Teacher or Lecturer

For the above stated occupations, the Bank's existing Lending Policy remains unchanged.

Deals already submitted to the Bank

The change will be effective for any applications submitted on or after 1 November 2018.

Further Information

For all the latest news, please visit the TMBL Broker portal (https://broker.tmbank.com.au/) or contact your Broker Development Manager on 1300 TMBank or email broker@tmbank.com.au

BOQ - Changes to ApplyOnline

Bank of Queensland have adopted a broker industry wide standard and have made some changes to their ApplyOnline tool - Standardised living expenses for home loan applications.

Please be advised that the revised list now consists of 14 expense categories:

- Education
- Groceries
- Insurance
- Medical & health
- Investment property utilities & rates
- Recreation & Entertainment
- Telephone & Internet
- Clothing and personal care
- Utilities & Rates
- Transport
- Childcare
- Other
- Rent
- Child Maintenance

Under NCCP Responsible Lending up to date expense data must be provided.
At least 1 expense must be entered with a value > $0.

A value must be applied to all categories, if no expense for a particular category please use $0.

For more information or if you have any questions please feel free to email: BOQBroker@boq.com.au

Vow Empower Home Loans - Important update

Last week, we announced some changes to the pricing of our Vow Home Loans range funded via Macquarie. Unfortunately, following our communication, Macquarie discovered a technical issue that has delayed the change in pricing coming into effect.

While we are disappointed not to be able to bring you these new highly competitive price points as originally scheduled, we will update you when this becomes available, we anticipate this to be in the near future.

If you have any questions or would like further clarification, please do not hesitate to contact your state manager or BDM.