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Macquarie’s Updated Lending Guidelines
Effective Monday, 31st March, Macquarie updated their lending guidelines. Most notably, the new maximum LVR is now 95% including capitalised LMI. For SVR products there is also a 0.10% p.a. added for home loans greater than 90% LVR.
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ASB Rate Change and ANZ Assessment Update
Due to recent increases in the cost of funds, ASB increased its fixed housing rates by up to 0.25% p.a. effective Friday, 28th March.
Check out the new rates in iLend™.
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ASB New Living Costs
To remain relevant to the changing home lending market ASB updated the Monthly Living Costs used to calculate a borrower’s UMI.
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Westpac Rate Changes
Effective Wednesday, 26th March, Westpac (NZ) increased their fixed and capped rates by up to 0.50% p.a. and at the same time they removed their 18 month special.
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Resimac Rate Increase
Effective Monday, 24th march, Resimac increased its fixed rates across all Prime products by up to 0.50% p.a.
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Rate Reductions and New LVR Tiers
Effective Friday, 21st March, ING, Homeloans and Nationalcorp reduced some of their fixed rates by up to 0.15% p.a.
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Westpac Rate Increases
In response to the change in the OCR, Westpac are making the following rate changes effective from Friday, 21st March:
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Adelaide Bank and Homeloans Rate Change
Effective Thursday, 20th March, Adelaide Bank and Homeloans reduced its 3 and 4 year fixed rates by up to 0.20% p.a.
Check out the new rates in iLend™.
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SBS Rate Increase
Effective Tuesday, 18th March, SBS increased its fixed rates by up to 0.25% p.a.
Check out the new rates in iLend™.
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Privacy Act Amendments - Now Enforceable
On the 26th February, John Denovan of Gadens Lawyers spoke with Australian Broker TV about the impact of the Privacy Amendments on brokers. Specifically John identified the two (2) key areas that affect brokers and how they can prepare. You can watch the interview here. The Privacy Act Amendments are now enforceable.
A key requirement for brokers, is to display a copy of their Privacy Policy on their website, as well as use a Privacy Consent Form within your business.
To learn how Finware can assist with managing your website, contact sales today.
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Macquarie’s New Tier and Discount
Effective Monday, 17th March, Macquarie introduced a new LVR tier and discount across its MBMS and Flyer product range.
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iCalc - Buy 1, get 6 for FREE!
Finware clients are continually looking for ways to be more efficient. We also know that most brokers spend a significant amount of time gathering client information and inputting data into their CRM for analysis and lodgement.
Finware is pleased then to deliver our first range of consumer calculators, designed to capture client information online, directly into your CRM. Our new iCalc release can be used on any mobile device and is beginning to create a bit of buzz with our initial clients.
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iWeb™ - Buy Now, Pay Nothing until 2015!
Over 80% of Mortgage transactions start on the web. No surprises then that ‘Mortgages’ is one of the most expensive Google Ad words to buy. The issue is not about how many loans are transacted over the web, but what consumers use to start their transaction.
As the first point of contact for your clients, a company website increases your visibility. It can even provide a “trigger” for enquiry by providing web calculator tools, news or general enquiry forms. Having a web presence is even more critical now, as every client counts!
So what is stopping you? Cost or time must be the hurdles…
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iLend™ CSS/Online iLend™ Development Update
The Beta testing of iLend™ CSS has begun in earnest. Six brokers from around the country are using the individual iLend™ tools either on their website or from within their iLend™ desktop application. The first two completed modules being tested are the ‘My Budget’ (a.k.a. income and expenses) module and the ‘My Net Wealth’ (a.k.a. assets and liabilities) module. Initial feedback has been overwhelmingly positive. These two modules account for approximately 30%-40% of the client information – depending on the borrower situation.
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ANZ Turn Key Policy and Rate Increase, and the Co-operative Bank Rate Increase
Effective 17th March, ANZ increased its variable rate by 25 bps to 5.99% p.a.
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Sovereign and ASB Increases Rates
Effective 14th March, ASB increased its Housing variable rate by 0.25% p.a. and increased its 12 month fixed rate by 0.20% p.a. The new variable rate is effective for existing home loans from 21st March, 2014.
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ME Bank and Suncorp Reduce Rates
Effective Wednesday, 12th March, ME Bank reduced its 3 year fixed rate by 0.10%, and Suncorp reduced its 2 year fixed rate by 0.05%.
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New Portfolio Variable Rate Loans for Investors
Effective Tuesday, 11th March, St George, Bank of Melbourne and BankSA introduced a special rate of 4.99% p.a. for Advantage Package Portfolio Variable Rate Home Loans for investment purposes only.
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Homeside and NAB 3 Year Fixed Rate
Effective Monday, 10th March, Homeside and NAB reduced their 3 year fixed rates by 0.01% p.a. Check out the new rates in iLend™.
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ANZ Reduces Fixed Rates
Effective Friday, 7th March, ANZ reduced its 2 and 3 year fixed rates by up to 0.08% p.a. Check out the new rates in iLend™.
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New Macquarie Products
Macquarie released two new products focussed on retirees – Reverse Mortgage and Accommodation Bond Loans.
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Homeloans and St George group reduces rates
Effective Wednesday, 5th March, Homeloans reduced its Ultra full doc variable rates by 0.05% p.a. For variable rate home loans greater than or equal to $500,000, a 0.10% p.a. reduction will apply.
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Westpac Reduces 2 Year Capped Rate
Effective Monday, 3rd March, Westpac (NZ) reduces its 2 year capped rate to 6.29% p.a. for new and existing home loans with less than 80% LVR or LVR exempt.
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NAB Reduced Fixed Rates
Following Homeside Lending’s rate changes on Friday, 28th February, NAB also reduced their 2, 3 and 5 year fixed rates by up to 0.10% p.a. Check out the new rates in iLend™.
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Jason Hayden
Phone: 1300 762 444
Fax: (02) 9225 9775
Suite 117, Jones Bay Wharf,
26-32 Pirrama Road
PYRMONT NSW 2009
email us
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> Firstmac now available in iLodge™ |
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Firstmac Applications can now be submitted via iLodge™.
iLodge™ allows you to submit Lender Applications directly from iLend™, reducing double handling of client information. Remember to add your Firstmac Broker ID into your iLend™ Personal Profile, in the System Tab to ensure your applications are submitted successfully.
Don't have iLodge™? Contact our friendly sales team to find out more.
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