Weekly Kaths Credit Crunch 28th October

AMP

Company and Trust Applications >$2 million aggregate lending

When applying for company and trust applications,  AMP  have now increased the minimum aggregate amount from 1 million to 2 million.

Firstmac

For the first time, Firstmac has entered to commercial property lending space. Coinciding with this announcement is a new low-fee commercial SMSF property loan, aimed at helping business owners purchase premises through their SMSF.

VMG

Announced an expansion of the postcode coverage for their Alt Doc product. They are extending their acceptable postcodes to more regional areas.

Key Updates:

• Previous Coverage: Restricted to residential metro and large regional areas (populations of 30,000+).
• New Coverage: Now expanded to regional locations with populations of 10,000+.
• Further Flexibility: We will consider regional locations with populations under 10,000 on a reduced Loan-to-Value Ratio (LVR), assessed on a case-by-case basis.

Supporting Documents Accountants Letter:

Updated the Accountant letter requirements to simplify the process for both brokers and clients. The links below for the necessary documents for your reference:

• Accountant Declaration
• Borrower Declaration

Liberty Financial

Changes to their alternative verification options for the Commercial Super Credit  - product. Effective last week 22^nd Oct

Events:

Prospa – Broadcasting the launch of Prospa IQ, Partner led originations, Product updates, a Partner portal refresh, new pricing and promotional offers.

Registration: https://www.prospa.com/webinar/unstoppable?utm_source=MPA

Industry News

Big savings for Victorian off-the-plan purchases

Under the new rules, stamp duty will only be applied to the land value of off-the-plan developments purchased before construction begins, rather than the total property price.

Previously limited to first-home buyers and owner-occupiers, the concessions are now open to all buyers, including investors, with price caps removed.

Buyers could save up to 75%, with an example purchase of a $620,000 apartment cutting stamp duty costs by approximately $28,000.

The concessions will apply for one year starting 21 October 2024 but are limited to strata-titled properties, such as apartments and townhouses. House-and-land packages remain ineligible.

Last week

Lenders Corner

Last week we hosted our final 'Lenders' Corner' event for 2024 at Bizcap Australia & New Zealand's offices in Toorak. The brokers enjoyed a stellar panel with 'speed networking' style presentations from:

ANZ - Represented by Chris Bendouli & Stjepan Gal to discuss full doc and streamlined commercial offering.
Bizcap Australia & New Zealand - Mendy Ash, Nathan Evans talked through their unsecured cashflow and business term products.
The Brokers' Bible - Katherine Persoglia presented on the latest in broker support and staying on top of the numerous lender policy changes in the industry.
Firstmac represented by everyone's favourite BDM Judah Eang to discuss full doc resi product and asset finance lends.
Asset Based Lending - Steve Heavey & Brendan Kacev showcased their unique offering of funding against ANY asset.
Msquared Capital - John Eid reviewed the latest offerings in the private credit space
A huge thank you to the brokers who have attended our events this year and for their support. A big thanks to the lenders and their BDM's for their efforts in putting together these events.
You can stay informed about our 2025 events by following this page. If you're a lender or BDM and would like to join the panel of presenters, please reach out to:
[email protected]
[email protected] Madeleine de Guingand

Update on Dad💝

Thank you to everyone who reached out. It has been a very hard week as dad was stuck in a hospital that did not have the facilities to care for him and couldn’t be transferred due to a shortage of ambulances and hospital beds (even though my mum and dad have the best private health care cover). My dad is now stable, he is finally in a hospital that can care for him and awaiting more test results to confirm the type of surgery he requires on his heart. 

Until next week my finance friends🫸

We have an extremely busy 2 months leading up to Christmas and I cannot wait to share our expansion plans with you!!