Liberty Business Loans Update

Liberty's latest business loans scenario shows how Liberty has recently helped a growing Australian stationery business.

Click here for product features and where to find their updates introducer guide.

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

Brighten Lender update

Brighten Interest Rate Decision

Last week, the Reserve Bank of Australia (RBA) raised the official cash rate by 0.25%. In response to the cash rate decision, Brighten home loan variable interest rates will increase accordingly by 0.25% p.a from the 9th of May 2022.

For existing customers, the new home loan variable interest rates will take effect on the 10th of May 2022. A Notice Letter will be sent to customers via email. Customers will also be able to see their new interest rate in the Brighten Borrower Portal from this date.

Brighten encourages brokers to speak with them about how they can support you and your customers who are considering how repayments might change.

Alt Doc - Brighten Boss

Key product features of Brighten Boss Prime (Alt Doc Prime)

  • Variable rate from 3.14%p.a.*(comparison rate 3.21%p.a.#) up to 70%LVR
  • Variable rate from 3.34%p.a.2(comparison rate 3.46%p.a.#) up to 75%LVR
  • Variable rate from 3.44%p.a.3(comparison rate 3.56%p.a.#) up to 80%LVR
  • $0 Risk Fee up to 70%LVR
  • Max. Loan Size $1.5m
  • 100% Redraw Offset Facility available

Key product features of Brighten Boss (Alt Doc Near Prime)

  • Variable rate from 4.04%p.a.4(comparison rate 4.16%p.a.#) up to 70%LVR
  • Variable rate from 4.54%p.a.5(comparison rate 4.71%p.a.#) up to 80%LVR
  • Min. 1 day GST registration
  • Max. Loan Size $2m
  • 100% Redraw Offset Facility available

*Available for new Brighten Boss® Prime loans (OO P&I) 70%LVR. 2. Available for new Brighten Boss Prime loans (OO P&I) 75%LVR. 3. Available for new Brighten Boss Prime (OO P&I) loans 80%LVR. 4. Available for new Brighten Boss loans (OO P&I) 70%LVR. 5. Available for new Brighten Boss loans (OO P&I) 80%LVR. An additional 0.5% p.a. loading is applicable for loans >$1.5m. Fees, charges and Terms and Conditions apply. # The comparison rate is based on a secured loan of $150,000 and a term of 25 years. 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.

Full Doc - Brighten Empower

Key features of Brighten Empower Prime (Full Doc Prime)

  • Variable rate from 2.54%p.a.* (comparison rate 2.57%p.a.#) up to 70%LVR and $1.5m
  • Variable rate from 2.64%p.a.2 (comparison rate 2.67%p.a.#) up to 75%LVR and $1.5m
  • Max. LVR 95% (LMI applies)
  • 100% Redraw Offset Facility available

Key product features of Brighten Empower (Full Doc Near Prime)

  • Variable rate from 3.63%p.a.3(comparison rate 3.72%p.a.#) up to 70%LVR and $1.5m
  • Max. Loan Size $2m
  • Cat 1, 2 and 3 Locations accepted
  • Unlimited defaults up to $1,000 accepted (paid or unpaid)
  • Unlimited defaults > $1,000, registered > 24 months (paid more than 12 months ago) accepted
  • 100% Redraw Offset Facility available

*Available for new Brighten Empower Prime (OO P&I) loans 70%LVR. 2. Available for new Brighten Empower Prime (OO P&I) loans 75%LVR. 3. Available for new Brighten Empower (OO P&I) loans 70%LVR. An additional 0.5% p.a. loading is applicable for loans >$1.5m. Fees, charges and Terms and Conditions apply. # The comparison rate is based on a secured loan of $150,000 and a term of 25 years. 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.

Full Doc/Alt Doc Construction - Brighten Easy Builder

Key product features of Brighten Boss Builder (Full Doc/Alt Doc Construction)

  • Interest Only from 4.13%p.a.*(comparison rate 3.05%p.a.#) during construction period. After construction, reverts to Brighten Empower Prime variable rate, currently from 2.54%p.a.^(comparison rate 2.57%p.a.#)
  • Alt Doc option available with an interest rate loading from 2%p.a.
  • Max. Loan Size $1,500,000 (OO), $1,000,000 (Investment)
  • Cat 1 and Cat 2 postcodes accepted
  • A maximum of two residential dwellings on one title accepted
  • Please note: Any development component, by either industry or property use (e.g. best use/project funding) is not acceptable. Owner builders, split contracts, vacant land are not acceptable. Default Rate applies if construction does not begin within 3 months of loan settlement or complete within 12 months of loan settlement.

*Available for Brighten Easy Builder® loans 80% LVR, during the construction period only. Default Rate applies if construction does not begin within 3 months of loan settlement or complete within 12 months of loan settlement. After construction is completed, reverts to Brighten Empower Prime Variable Rate. ^Available for Brighten Empower Prime (OO P&I) loans 70%LVR. Fees, charges and Terms and Conditions apply. # The comparison rate is based on a secured loan of $150,000 and a term of 25 years. 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.

Non-Resident - Brighten Evergreen

Key product features of Brighten Evergreen (Non-Resident)

  • Available to Non-Residents or Residents borrowers with non-Australian sourced income
  • Variable rate from 4.13%p.a.*(comparison rate 4.66%p.a.#) up to $1m and 65%LVR
  • $0 Establishment Fee
  • $0 Settlement Fee
  • $0 Risk Fee up to $1.5m and 75%LVR
  • Max. Loan Size $2m
  • Max. LVR 80%
  • 100% Redraw Offset Facility included for variable rate loans

*Available for new Brighten Evergreen (P&I) loans $1m and 65% LVR. An additional 0.3% p.a. loading is applicable for all Self-employed loans. Fees, charges and Terms and Conditions apply. # The comparison rate is based on a secured loan of $150,000 and a term of 25 years. 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.

Non-Resident Construction - Brighten Easy Builder - Non-Resident

Key product features of Brighten Easy Builder - Non-Resident (Non-Resident Construction)

  • Available to Non-Residents or Residents borrowers with non-Australian sourced income
  • Ongoing rate from 4.13%p.a.* (comparison Rate 4.90%p.a.#) up to 65%LVR
  • $0 Settlement Fee
  • Max. loan size $900,000
  • Max. LVR 70%
  • 100% Redraw Offset Facility included for variable rate loans

*Available for Brighten Easy Builder - Non Resident (P&I) loans 65% LVR. An additional 0.3% p.a. loading is applicable for all Self-employed loans. Default Rate applies if construction does not begin within 3 months of loan settlement or complete within 12 months of loan settlement. Fees, charges and Terms and Conditions apply. # The comparison rate is based on a secured loan of $150,000 and a term of 25 years. 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.

188B/C Investors - Brighten Premium

Key product features of Brighten Premium (Australian 188B/C or 888B/C visa holders)

  • Variable rate from 3.13%p.a.*(comparison rate 3.67%p.a.#) up to 70%LVR and $2m
  • Variable rate from 3.63%p.a.2(comparison rate 4.16%p.a.#) up to 80%LVR and $1.5m
  • $0 Application Fees
  • Accept Category 1 postcodes
  • Streamlined serviceability and document requirements

* Available for new Brighten Premium loans (OO P&I) 70%LVR. 2. Available for new Brighten Premium loans (OO P&I) 80%LVR. Fees, charges and Terms and Conditions apply. # The comparison rate is based on a secured loan of $150,000 and a term of 25 years. 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.

For any questions, please reach out to your BDM.

Prospa Resource and Contact Update 2022

Prospa has updated their contact list, click here for their updated list.

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

Vownet Updates

There are 2 new updates to the system after the last deployment and we would like to bring these to your attention as they may help you.

  1. Receive a notification when a lead is assigned to you

You can now select a new reminder in your personal settings: "Existing deal where ownership changed to me"

Please activate this so that you receive a notification when a lead is assigned to you (whether internally in your office or by Head Office).

Email reminders are free and unlimited, or you can use the SMS option if you stay on top of your credits (check Billing Details).

  1. New 2FA SMS Option

You now have the option to select SMS rather than use your authenticator app for a login code.

2FA via authenticator allows you to remember the device for 30 days, however the SMS option will require you to enter the code at each log in.

If you prefer this option, you will need to de-activate your current 2FA, then follow the steps to re-activate it.

If you are setting this up for the first time, please ensure that your mobile number is correct and in full, and there are no spaces before, in between or after the number.

Then follow these steps:

1. Click on My password and security

2. Click on Protect My Account

3. Click on the SMS radio button

4. You will instantly receive an SMS to your mobile

5. Enter the 6 digit code

6. Click on Activate Two-Factor Authentication

Resi loans for the self-employed

Resi's range has a variety of options to suit various self-employed clients.

ESSENTIALS FULL DOC:

  • Minimum period Self Employed - ABN registered for a minimum of 24 months

Documentation required - Most recent tax returns and financials together with one of the following:

  • Previous year's financials, or
  • Most recent 6 months of BAS to demonstrate stability of income

ESSENTIALS NEAR PRIME FULL DOC:

  • Minimum period Self Employed - At least 1 financial year trading in the current business
  • ABN must be registered for a minimum of 12 months

Documentation required

  • Most recent full year of financials and tax returns (no greater than 18 months old).

ESSENTIALS ALT DOC

  • Minimum period Self Employed - ABN registered for minimum of 24 months plus current GST registration unless legitimately exempt

Documentation required - Client Income declaration plus any one of the following:

  • Minimum of 6 months BAS or 12 months Accountant Prepared Business Trading Statements OR
  • Accountant Declaration OR
  • Minimum of 6 months business bank statements supporting stated income

More solutions offered through their Renew, Agility and Select product range.

Please reach out to Broker Support or your Resi BDM for more information.