Weekly Kaths Credit Crunch 21st October

As an FYI - 'my dad is currently in a stable condition'.🙏

Bridgit

• We have increased our maximum loan amount from $4M to $8M, meaning you can support even more clients to unlock their property equity with bridging.
• Extended our max loan term to 12 months
• Increased broker commission to 0.35% - with no clawbacks

ME Bank and Bankwest

ME and Bankwest are both updating their Household Expenditure Measure (HEM) values for the quarter. Updates will be reflected in our servicing calculations from today - Monday 21 October 2024.

Go Beyond by Think Tank

Think Tank have increased the maximum LVRs on commercial and commercial SMSF loans.
Commercial Max Full Doc and Commercial Max SMSF 

Commercial Max Mid Doc 
 

AND a reminder of Think Tanks new Private Lending program.  Offering short term Private Lending solutions (up to 3 years and $7M) offer flexible servicing parameters including a no minimum ICR requirement and no LMI or title insurance.

Orde Financial

Increased Residential Prime Loan Size Limit  for Residential Prime, Near Prime and Near Prime+ products from $2,000,000 to $2,500,000.  The changes will be applicable from Tuesday, 15 October 2024. 

Granite

NDIS Changes effective Monday 21 October 2024 

• The maximum 80% LVR for all established and NDIS construction loans -inclusive of all fees and charges. 

• Maximum 10% concentration limit for any development by new estate/sub-divisions postcodes and the like. 

• One property under construction at any time. The first property must have at least one tenant prior to starting a second. Maximum of 2 completed NDIS properties per household. Accepted NDIS income - 70% of gross income. 

• Personal liquidity test will apply where 5% liquid assets will need to be evidence. Liquid assets can include cash (held for min. 3 months), shares, redraw, term deposits. 
• Customer SDA due diligence will apply where a SDA letter, or due diligence report, AND Independent Financial Advice (Accountant/Financial Adviser) will need to be supplied as part of loan application.

Note: The above restrictions do not apply to Owner Occupied NDIS participants or participant-family members personally associated with an SDA eligible participant, seeking a NDIS loan.

Construction Loans:

Granite have made the decision to amend their credit criteria and pause funding of new construction loans in certain postcodes until the end of March 2025. From 14 October, new construction loans will not be accepted across any product or LVR in the postcodes listed below. Any application in the system that are not formally approved may also be affected by these changes.

• Victoria3024, 3029, 3217, 3338, 3753,3978 
• South Australia5113  
• Western Australia6112, 6171 

 The postcode matrix on the broker portal has been updated to reflect this.

Education

Westpac

Please join us in our weekly webinar for a policy refresh and calculator demonstration. There will be three topics each week presented by the Westpac Broker team (Vic/Tas) on different dates, so that you can attend a session which better aligns with your schedule.

ANZ Self Employed Income Session

Business Income -24^th October 2024 - 12pm AEST

CLICK HERE to register for this event

TOMORROW I am presenting at the Lenders Corner Morning Featuring: ANZ, FirstMac, Asset-Based Lending, The Broker Bible, Msquared, Bizcap.

Lending Insights & Solutions: Gain tailored advice from industry experts to better serve your SME clients.

One-on-One Time with Lenders: Enjoy quality, personal time with each lender to explore their unique solutions.

CPD Points: Earn valuable CPD points while enhancing your skills and knowledge.

Industry Discussions: Participate in discussions on key themes that impact lending today.

Networking Opportunities: Connect with fellow brokers and lenders to expand your professional network.

Morning Tea & Coffee: Start your day with refreshments as you engage and learn.

REGISTER HERE https://www.eventbrite.com/e/lenders-corner-tickets-1022224580237?utm-campaign=social&utm-content=attendeeshare&utm-medium=discovery&utm-term=listing&utm-source=cp&aff=ebdsshcopyurl

Other News!

🌟 What a fantastic kickoff to our BDM Besties Lunch in Sydney – the very first stop on our Roadshow! 🎉 A big shoutout to all the incredible BDMs who came along, I loved connecting and sharing ideas on how we can better support our brokers together. 🤝✨

Can’t wait to see our Sunshine Coast BDMs in just two weeks for more laughs, learning, and collaboration! Let’s keep the momentum going! 🚀 QLD BDM’s register below for your ticket:

Last Thursday, I had the privilege of hosting our Re.Build Program with Lander and  Rogers, Money Mode and Shannah Kennedy - an initiative dedicated to supporting women as they rebuild their lives after the challenges of separation, divorce, or loss. This community-driven program, which I am deeply passionate about, provides not only practical guidance but also a supportive network for women to regain their confidence and navigate their new path forward. It’s more than just an event—it’s a space for empowerment, healing, and hope, where every participant is encouraged to take bold steps toward rebuilding their future with strength and resilience.

Have a great week ahead my finance friends, see you next Monday! 🫸

Kath, your broking BFF🌟