Weekly Kath's Credit Crunch 25th Nov & New Product Launch🥳

ORDE FINANCIAL has made to our SMSF product, which will make it even easier for you to offer a competitive solution to your customers! 

What’s changed? 

• Now considering SMSF Residential loans up to $1.75m at 80% LVR 

• Liquidity requirements removed 

• Deeming rate for SMSF investment returns set at 4% or actual as verified, whichever is higher

Suncorp

• Owner Occupier Strata fees and Body Corporate fees will now be declared and assessed within a customer's declared living expenses, instead of outside HEM.
• These will be captured under the "Primary Residence Costs" expenses type in the "Financials" tab. 
• Owner Occupier Principle Place of Residence Land Tax will now be captured under the "Other Regular and Recurring Expenses, including Land Tax where applicable" expense type in the "Financials" tab.

ING - Streamlined HEM Changes
As of 19 November 2024, living expense calculations are now more streamlined.

What’s changing:
HEM now excludes ‘double counted’ costs like body corporate and strata fees, giving a clearer and more accurate calculation of living expenses. 
What does this mean for your customers?
Your customers’ borrowing capacity could be maximised, and they may see improvements in their overall loan serviceability. 

New ING Green Upgrade  Loan - Did any brokers receive an email from ING last week? Existing ING customers can borrow between $5,000 - $50,000  to upgrade to energy efficient appliances. They can get a 5 year fixed rate loan at 3.74% plus a 2k cashback. Waiting list – only 75 places  offered. Broker/ customer must register and first in best dressed – speak to your BDM.

Bank of Melbourne and  Westpac

REMINDER ONLY - Relocation/Bridging Loans - You can now submit a single AOL application with two loan splits: 

• One split for the Relocation Loan component, with the relocation feature added (this split must be added first).
• A second split for the future end debt.
• Ensure the first split is relocation loan and second is the end debt.

Now deemed unacceptable:

• Refinance of an external mortgage(s) where there is an existing Westpac Group mortgage on the title, and
• New second mortgages where there is an existing external mortgage, except for Family Security Guarantees where the second mortgage is against the Guarantor property.

Upcoming Events

Tomorrow – Coffee and Credit with ME – talking all things LMI waivers for so many different industries!!  Free to join – you must register here:

https://www.thebrokersbible.com.au/offers/bcpFGzha

New Product Launch

I’m so happy to finally share the Lunch and Learn Downloadable Pack with you. What started as a simple template pack turned into something much bigger—over 100 templates/ designs for you to choose  from, ready to rebrand your own.  This template pack focuses on helping your clients invest in property and  includes  a number of  LMI waiver programs, to deliver into the workplace and educate your target market.  

I know this took a little longer than expected (sorry to those who’ve been waiting since September!). I just kept coming up with new ideas to make it better, and after spending over 100 hours on it, I’m really proud of the final product.

The best part? It’s super affordable at just $97 + GST. You can download it instantly, rebrand it, and start using it straight away. Everything is done for you!

Running events like this was something I did when I was broking with Property Before Prada. It helped me:

• Build real connections with other businesses.
• Be seen as the expert mortgage broker in my community.
• Meet potential clients by speaking to groups instead of one-on-one.

Focusing on a specific niche or industry made a huge difference for me, and I’ve built that same strategy into this pack. It’s a great way to grow your reputation and generate leads, and it’s something you can easily add to your plan for 2025.

I know this works and I know this will help elevate your 2025 business year and help you achieve your goals!

Download HERE

 See you next week my finanace friends!!!

Kath!