NEWS
TECHNOLOGY SOCIETYONE LAUNCHES SECURED LOAN PRODUCT has brought its first secured personal loan offering to the larger market. CEO Mark Jones said the small group of brokers involved in a pilot trial all provided “extremely positive” feedback. He said this, along with strong growth figures – including a record month of originations in December and crossing the milestone of $1bn in lending in January – meant it was the right time. “We’re able to increase accessibility and flexibility for our customers, while maintaining our high credit quality for our investors.” SocietyOne’s secured personal loans are available only through the broker channel but will soon be released to applicants seeking finance directly through the lender’s website. Borrowers can access a loan of up to $700,000 and terms of two to seven years. SOCIETYONE
LUMI SECURES SUPPORT OF NAB, AFM lender Lumi has secured a warehouse facility from NAB and Alexander Funds Management. With their support, Lumi aims to complete its $20m equity raising, which it announced late last year. Lumi CEO Yanir Yakutiel said the funding would help Lumi continue growing its loan book. “This year, Lumi has grown significantly, having launched a new line-of-credit product and by participating in the coronavirus SME Guarantee Scheme as we evolve to meet the changing demands of our customers,” Yakutiel said. “The time is right for us to scale up operations, and we have successfully raised a new warehouse facility with NAB and AFM.” ALTERNATIVE
Laurence Barlow, CEO, Credit Reboot
FINTECH DEVELOPS SOFTWARE SOLUTION TO RENEGOTIATE DEBT A Brisbane firm has created software that helps identify lending compliance breaches so borrowers can reduce their debt levels 31 March draws closer, thousands of consumers and small businesses face the end of their debt holiday. Laurence Barlow, CEO of Brisbane-based fintech Credit Reboot, which specialises in debt restructuring, said that with the end of JobKeeper and the JobSeeker supplement, many Australians could find themselves in trouble. Barlow said that at the height of the debt holiday, 900,000 consumers and small businesses had $245bn of interest frozen. “Treasurer Josh Frydenberg, just a few weeks ago, encouraged business owners and consumers to AS
get on the front foot and negotiate with creditors,” he said. Credit Reboot has developed a software application that helps consumers and SME owners write off 50–90% of debt by identifying credit providers’ responsible lending compliance breaches, allowing them to reset their debt position before 31 March. Barlow said Credit Reboot believes it’s important that people pay their debts so when negotiating with credit providers, “we’re not saying they didn’t lend the money or the consumer didn’t spend it”. “If the credit provider is holding the consumer to full compliance
of that contract, ie they must pay it all back plus interest plus fees and on a specific day, then it is fair and reasonable they are held to the same high compliance standards, and if they breach those standards, that is the basis of a negotiation.” Credit Reboot renegotiates based on compliance and reduces the debt from breaches it finds through its software, which conducts more than 180 checks on loan contracts and/or debt collection processes associated with credit facilities. Barlow said the process does not affect credit scores. The firm also offers a solution to brokers’ clients who can’t get home loans “because they have too much credit card debt”. “We wipe out that excess debt and can refocus the consumer lending habits towards more intelligent credit facilities such as real estate.”
Resimac Prime Alt Doc Up to $1.5M loan amount Up to 80% LVR
Choice of income verification options Minor defaults considered* broker.resimac.com.au *Maximum of 2 paid listings with a combined value of less than $500. Terms, conditions and eligibility criteria apply. Resimac Limited. ABN 67 002 997 935. Australian Credit Licence 247283.
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