Edition 35

7 new (and updated) documents available in MyCRM

The MyCRM team have been busy updating and creating new client documents to make broker life that little bit easier. Including three new electronically interactive documents that you and your customers can work on together like the CPA, combined Fact Find and CPA, plus the Credit Guide.

The team have also made the following updates;

  • Previous bugs fixed
  • Clients can now complete both Fact Find and CPA PDF Docs electronically
  • Loan Market branding updated
  • Style and layout is consistent across all documents for better user experience
  • Documents tested with brokers to ensure accuracy and compliance

Watch this quick 3-minute tutorial here

Want to access the 7 new and updated documents?
Just sign into MyCRM > Resources > Important documents.

Exclusive Deal: Seek.com.au

Simon Power, Loan Market’s national talent & leadership manager has secured a strategic partnership with SEEK Limited as our preferred online employment advertising partner.

This new deal will see all Loan Market offices able to access preferential rates when advertising with SEEK. This partnership also ensures our correct logo and branding are automatically applied when choosing stand-out advertisements.

To take advantage of this exclusive partnership, please follow the instructions below:

Existing SEEK Account Holders:

  • Email franchise@seek.com.au with your SEEK account number, first name and last name so we can verify your details.

New to SEEK:

  • Email franchise@seek.com.au with your business name/location, first name and last name, and request a new account setup and SEEK will do the rest.

If for any reason you have trouble accessing this preferential rate, SEEK can provide assistance with all account queries and posting issues.

Simply contact Hope Duthie from SEEK by emailing; franchise@seek.com.au.

For further information on our Talent Acquisition Service contact Simon on spower@raywhite.com or call 0412 752 937.

Where will the 2019 Conference be...?

Get your pens ready, diaries out and update your calendars. The 2019 Loan Market Group Conference will be held in …. Beautiful tassie!

Date: Monday, Tuesday, August 12-13
Venue: Hobart Convention Centre (part of Grand Chancellor Hotel)

The event will include a two-day learning and networking conference, plus our International Awards Gala.

Registrations for the event opening soon.

Get your Asset Finance commission paid faster.

Introducing you to a new tax invoice template and a 5-step process to make sure you get paid your Asset Finance commissions as fast as possible.

Download the NEW Loan Market templated tax invoice is available in Springboard

It features:

  • Revised entry fields
  • Additional instructions
  • To be used regardless of Lender requirement or not
  • Updated bank account details to ensure income is paid directly to Loan Market

Please discard any old versions that you have on file.

5 steps to lodging your asset finance deals

  1. Make sure you are using the latest version of the Loan Market tax invoice find it here
  2. Enter loan details into MyCRM or Symmetry
  3. Complete the Loan Market tax invoice and send in with settlement documents to the lender if required by the Lender
  4. Double check you’ve provided the loan reference number in the transaction information section of the invoice
  5. After settlement, send the invoice to the Commission Team commissions@loanmarket.com.au and attach copies of the broker remittance advice provided to you by the lender

If you have any questions contact: assetfinance@loanmarket.com.au

Changes to Loan Market GO commission calculations.

Loan Market GO, will change the way they calculate upfront broker commissions, clawback model, and commission payments cycle effective Monday 12 November 2018.

The changes are in line with the reforms agreed to by the Combined Industry Forum (CIF) in December 2017, and align with recommendations of The ASIC Broker Remuneration Review and Sedgwick Reports.

From November 12, 2018 the upfront commission you will receive for a Loan Market Go home loan (including both new loans and variations) will be calculated based on the drawn loan balance on the 5th calendar day after the drawdown, instead of the total facility amount.

Loan Type Current calculation New calculation, effective Monday 12 November
New loan Upfront commission is calculated based on the total loan facility.

New calculation

Net Balance at the date of drawdown + 5 calendar days * Commission %

Net Balance includes the drawdown amount, prepayments, fees, applied interest (not accrued) and transactions.

Note: Construction loans will continue to be calculated based on the settled limit.

Variations Upfront commission is calculated based on the total facility increase amount.

Upfront commission for variations involving increases approved and instructed from Monday 12 November 2018 will be calculated based on the net debt increase on the 5th calendar day after the loan is drawn down.

New calculation
Net debt increase * Commission %

The net debt increase is established by calculating the difference between:

a. Loan account balance on the day before the date of drawdown, and

b. Loan account balance on the 5th calendar day following the date of drawdown.

Subsequent drawdowns

If a customer retains funds to be used at a later date, Loan Market Go will pay upfront commission on the subsequent drawdown amount (i.e. on loan funds used after the initial drawdown), provided the initial settlement occurs after Monday 12 November 2018 and the subsequent drawdown:

a) Occurs on or after the 6th calendar day following the initial draw date; and

b) Occurs within 12 months of the initial drawdown date; and

c) Is for an amount equal to, or greater than $20,000, up to the maximum loan split limit.

The maximum commission payable for a subsequent drawdown must not exceed the commission that would have been payable if the loan account was fully drawn as at 5 calendar days after the initial settlement date.

Loan Market Go will not pay upfront commission for subsequent drawdowns on construction loans, variations, or if the purpose of the subsequent drawdown is not disclosed in the loan application.

New Loan Market Go clawback model:

Effective Monday 12 November 2018 for approved new loans and variations as follows:

Current calculation New calculation

0-18 months: 50% clawback

>18 months: 0% clawback

0-12 months: 100% clawback

13-24 months: 50% clawback

>24 months: 0% clawback

Changes to the commission payments cycle

The Loan Market Go commission payments cycle will now be paid twice per month, on the 12th and 26th of each month, instead of on the day of settlement. This will commence with the first payment on Monday 26 November 2018.

We’re here to support you. So if you have any questions, please contact your Loan Market Go Business Development Manager.

Ask a peer @AskaCSM

If you’re a Customer Service Manager, it means you’re at the heart of the business you work in. You play a vital role in ensuring brokers and loan writers are hitting their targets and clients are experiencing top notch service. That’s why we’ve set up the ‘AskACSM’ email group to help CSM’s nationally with day-to-day support.

What is AskACSM?
It’s an email distribution group which includes all active Client Service Managers nationally, which currently stands at over 220!

Client Service Manager’s, with the selection of just one email address; askacsm@loanmarket.com - will be able to reach out to their Loan Market CSM Community for assistance.

What can I ask in this group?
The questions posed to the community can be as broad as; ‘What canned response do you use that gets clients to send their documents successfully?’ Or as specific as ‘how do you select the bare trust to submit an SMSF loan to St George in Apply online?’

This forum is to accommodate these everyday questions that CSM’s come up against and be answered by their community. With the use of the group, over time, the resources and library of information will start to grow and will be easy to locate via the Gmail search functionality.

How do I get involved?
Great news! You are automatically enrolled into this service if you are a CSM.
Guidelines on how this works here and etiquette here. To opt out simply email learning@loanmarket.com.au

Connect Conference initiative
This initiative was discussed with Client Service Managers that attended the Connect Conference in August and has been created with their feedback in mind.

Just the start!
This email group is the beginning of many initiatives we’re looking to grow for our community of Loan Market Client Service Managers’ now and ongoing. We hope you are as excited as we are.

Connect Club webinar: Building trust with your agent

There is no doubt about it that Josh Bartlett is a pro at building strong and lasting referral relationships with real estate agents. In this special live 15-minute webinar Josh shares the importance of educating agents on finance and how working with a broker can assist in their listing presentations. Register for the webinar here

Date: Thursday 20th September, 11am
Hosted: National Manager for Productivity & Performance, Kristy Bartlett

Don’t miss this webinar - register here

MyCRM Credit Check - don’t forget the consent form

MyCRM has now integrated Equifax’s credit check facility to save you time and money. You do not need to pay any monthly subscription fees - just pay for the credit check reports you request. You will be billed by Loan Market at the end of the following month. To subscribe simply click the Credit Check option and you will be prompted to agree to the terms and conditions and you will be good to go!

Remember that it is your responsibility to ensure you have a consent form signed before requesting a credit check. This is to comply with the Privacy Act. You can simply go to the Important Documents section in MyCRM and download the Disclosure Statement and Consent form. You will need to complete some of your own details and then ask the client to sign it.

Recently a broker from South Australia sent through the following feedback:
“Just wanted to let you know that I am getting on with MyCRM a lot better now. The functionality has certainly improved. Some of the added features such as Brokerpedia and the Credit Search and the ALI integration are awesome time saving/value adding features and the team should be applauded for including them.”

If you have any questions on how to use this feature please feel free to contact mycrmsupport@loanmarket.com.au or call 07 3231 2283.

MoneyPlace joins the Loan Market panel

Who is MoneyPlace?

MoneyPlace is an innovative, unsecured personal loans lender, designed from the ground up to give Aussie borrowers a better deal. They are a perfect fit for brokers that need a funding solution for home improvement, home furnishing, debt consolidation, used cars, motorbikes, caravans... just about any worthwhile purpose.

  • Market leading interest rates starting from 7.65%.
  • Borrow between $5,000 and $45,000.
  • 2-minute rate check which does not affect your client’s credit score.
  • A quick 10-minute online application.
  • Electronic statement upload capability.
  • 100% online application and contract acceptance.
  • Quick 1-2 day turnaround.
  • A client’s positive credit reporting data can get them a better rate.

Your accreditation is almost complete

If you are currently accredited with Liberty, you’ll be automatically accredited with MoneyPlace. Your login details will be ready in the first week of October, so be on the lookout for an email from MoneyPlace in a few weeks.

If you’re not currently accredited with Liberty, fill out this quick form and we’ll get it organised for you.

Got questions? Email broker@moneyplace.com.au

A qualified support team behind you

Last month the Manila-based Broker Support Unit obtained new qualifications - giving you even more reason to have peace of mind when our team are working for you.

In line with the teams continuous dedication in giving the best support to our Loan Market brokers, 5 Broker Support Officers worked hard to earn their in Certificate IV in Finance and Mortgage Broking (AAMC).

Congratulations to:

  • Mary Jane Sioson
  • Jefferson Tojong
  • Gela Rogador
  • Rosally Abad
  • Katherin Taneo

The Broker Support Unit help over a third of Loan Market brokers and can assist you with a number of areas of your business, including:

  • Turning around files in as little as two hours
  • Data entry into your CRM
  • Loan lodgement and tracking
  • Submission of supporting documents
  • Ordering valuations
  • Raising pricing requests
  • Generating compliance documents
  • Coordinating settlement

If you would like to know more about the Broker Support Unit or sign up for the program contact Jenny or Carla at brokersupport@loanmarket.com.au

12 ways a Wealth Market financial adviser can support your clients.

As Aussies, we're likely to live a long life (over 82 years to be exact) and enjoy a long retirement - so there's lots to plan for. Here are 12 ways a Wealth Market adviser can help your clients:

  1. Personal protection insurances
  2. Budgeting cash flow and savings
  3. Debt management
  4. Superannuation
  5. Self Managed Super Funds (SMSF)
  6. Investing
  7. Retirement planning
  8. Downsizing
  9. Aged Care
  10. Estate planning
  11. Business risk protection
  12. Business succession planning

For more information about Wealth Market financial advice services download the new advice service flyers available now in Print UI under the Wealth Market tab.

Password security; and why it matters.

It's Monday morning. You've had a great weekend, feel refreshed and ready to start the day. You get to work and try to login to your computer and then it happens. You're asked to change your password. Not again!

While you may feel frustrated with the constant changing of passwords you're not alone, and with good reason. Current best practices do recognise some of the failings of past approaches and have recommended changes to limit your frustration while still maintaining good password security.

While it may take a little time for websites and cloud applications to start following these new guidelines, there are some things you can do to help ensure your passwords are doing their job, keeping your data and systems safe and secure.

Help keep yourself safe with the following password tips:

  • Use passphrases. Passphrases are passwords that are easier to remember  made up from a series of random words or a sentence. A longer passphrase is better than a shorter more random password. Adding capitalisation, numbers or special characters will provide extra security. E.g. Have-Some-Coffee-at-4:43
  • Do not share your passwords with anyone.
  • Change your password if you think it is no longer secret.
  • Do not use the same password at multiple web sites.
  • Never use your email account password for any online site. If the online site is hacked there's a good chance your email account will soon be too.
  • Use two-factor authentication. Just like Google's 2 Step Verification most sites support using a second sign in code. This helps stop your account from being compromised.
  • Use a password manager. Password managers help you create and store unique passwords for all your sites so you don't have to remember them. There are several options available and some of them are even free!

Congratulations to our 19 Australian Mortgage Awards finalists.

Loan Market and its network brokers have been named finalists in 12 categories of the 2018 Australian Mortgage Awards (AMAs), including the prestigious Aggregator of the Year title.

In total, Loan Market has 19 finalists across 12 awards categories, its largest representation in the AMAs over the last five years.

Loan Market Executive Chairman Sam White said: “I’d like to congratulate our network members whose commitment to excellence and best practice has culminated in our largest ever contingent of AMA finalists”.

Finalists include:

  • Bluestone Brokerage of the Year (Diversification) – Loan Market Geelong
  • ANZ Brokerage of the Year (1-5 staff) – Loan Market Bayside
  • Brokerage of the Year (6-20) – Loan Market New Farm
  • NextGen.Net New Brokerage of the Year – Loan Market Wyndham; Bernard Desmond
  • Best Customer Service from an Individual Office - Bernard Desmond
  • Australian Broker Most Effective Online Presence - Broker - Bernard Desmond
  • ANZ Broker of the Year - Commercial - Daniel Green
  • ALI Group Broker of the Year: Insurance (Mortgage Protection and Life) – Sarah Thomson, Loan Market Geelong
  • Pepper Money Broker of the Year: Specialist Lending – Aaron Greffenius and Jason Miller, Loan Market Picton
  • Equity-One Broker of the Year (Productivity) – Josh Bartlett, Loan Market Bayside; Balpreet Bal, Loan Market Welshpool; Bernard Desmond; Josh Gilbert
  • MFAA Young Gun of the Year (Franchise) – Mick O’Shea; Bernard Desmond; Michael Vasilaras
  • Bankwest Best Aggregator BDM – Suzi Trajonovski, Loan Market
  • Aggregator of the Year (more than 500 brokers) - Loan Market

The announcement of AMAs finalists follows on from Loan Market being named the Major Brokerage of the Year – Franchise, at the Australian Broker Awards in June.

Making you famous!

The marketing team have a lot of fully branded tools and resources available to help you stand out in your community and now you can find it all in one place. The marketing starter kit - a comprehensive look at the great resources available to you - is available to you. It will show you how to take your personal brand from zero to hero and includes instructions on how to:

  1. Kick start your personal brand
  2. What marketing platforms are available to you
  3. How to amplify your brand
  4. Campaigns to launch yourself into the community and much more!

Download your marketing starter kit here>