Edition #16

Power Up Conference

We are counting down to the Power Up conference on the Gold Coast, which is set to be our biggest yet with over 500 people already registered to join us over the two days.

The Power Up Conference App is now available to download from the iTunes store onto your mobile or tablet device, just search the App store for 'Loan Market Conference'. 

The full agenda is now also available on the Power Up conference website, just click here.


Asset Finance

ANZ have announced effective 1st September 2017 changes to pricing and commission plans for Consumer Asset Finance products across all motor vehicle and other goods categories.

See below Consumer Plan Commission Changes:

  • ANZ will move from a base rate Consumer writing plan to a customer rate Consumer writing plan
  • The customer rate will be set monthly for the various LTV/Customer profile bands (i.e. Property Owner New / Non Property Owner Used)
  • Commission will be fixed at the customer rate - $1500 + GST for New Goods (2016 or 2017) & $1000 + GST for Used Goods (2015 or older)
  • An additional $500 + GST will be paid where the amount financed is > $50K (New & Used)
  • Where the amount financed is <$25K for new goods and <$10K for used goods the commission will reduce by $500
  • The broker can discount the customer rate by up to 200bp – commission will reduce in line with the reduction. “example reduce the customer rate by 100bp and the commission will reduce by 50%”
  • The rate can be discounted by any increment and commission will be reduced pro rata
  • Terms under 37 months will attract a 2.00% premium to the customer rate
  • Terms greater than 60 months will attract a 2.00% premium to the customer rate
  • BOF (Origination Fee) will increase to a maximum of $990 Inc. GST



Compliance

ASIC have just released Report 536, which outlines their enforcement results achieved from 1 January to 30 June 2017.  This report also covers their enforcement priorities moving forward, including their areas of focus, how they aim to support ASIC’s Corporate Plan 2016–17 to 2019–20: Focus 2016–17, and their priorities for the next six months. 

Of the Key Risks identified for the 2016-17 period, the priorities for the ASIC Enforcement teams in terms of the Financial Services and Credit industries were Gatekeeper Culture and Conduct, where the culture and incentives that result in poor financial advice, irresponsible lending and mis-selling to retail investors and consumers was focused on. 

Over the next six months, ASIC will continue their focus on enforcing higher standards in the financial services industry, paying particular attention to:
(a) responsible lending practices in the consumer credit industry, including: 

(i) what is expected of lenders in assessing loans (e.g. fraudulent loans) submitted by mortgage brokers; and 

(ii) what is required to meet the obligations for assessing and verifying the borrower’s financial circumstances. 

This ties in with our guidance on living expenses and the necessity to substantiate and confirm all relevant information relating to verification of the borrowing capacity of existing and prospective clients.



Wealth Market

Brokers are finding many clients are ready to review their protection needs. Have they got the right cover? At the right price? Structured effectively? Clients could be over insured, under insured or there could be a more affordable strategy. 

Wealth Market advisers will meet clients and review any protection that’s already in place. It’s not a sales meeting - they’re there to genuinely help clients understand more about protection and understand the right level of cover for their personal situation.

The first session with a Wealth Market adviser is complimentary and obligation free so use Connect to send your leads to your Wealth team today. Your clients will thank you. Contact Andrew Ash if you need more details or talk to your local Wealth Market adviser.

Listen to more about introducing clients to your Wealth Team through a new podcast on Springboard called Wealth of Knowledge. Talking about how Wealth Market is providing more financial advice to more Australians. Click here.



Springboard

If you're new to Springboard, check out this short tutorial that gives a basic overview of navigating your platform. Click here

See below for the full list of new training content. 


Sales & Business Channel 

Superstar CSM, Tanya Crawley (Podcast) 

Broker Support Podcast: Jordan Papadopoulos (Podcast) 

ANZ Webinar: Tips for New Residential Broker Success (Video) 


Tech Tips Channel 

Email Hacks Efficient Frameworks (Video) 

Springboard: Basic Overview (Video) 


Wealth Market Channel 

Wealth of Knowledge Podcast Series: Ep. 1 Jonathan Scholes (Podcast) 


If you have any Springboard related inquiries, please reach out at any time and email learning@loanmarket.com.au