Australian Broker 18.18

SEPTEMBER 2021 ISSUE 18.18

Aggregator marks 20-year milestone nMB celebrates two decades of helping brokers grow their businesses /06

Promoting women in business Female executives and brokers discuss opportunities for women /18

v Property market analysis Boss Money broker Tom Uhlich on the return of investors /26

ALSO IN THIS ISSUE…

CLINTON ARENTZ Leading financier of property-based investments Trilogy Funds is offering brokers personalised, flexible and speedy loan options for their clients /14

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Industry bodies Brokers break record for the value of new loans settled /12 Big deal 86 400’s fast loan turnaround helps broker meet a tight deadline /25 In the hot seat Mother and daughter brokers share their success story /30

13/09/2021 3:42:59 pm

NEWS

IN THIS SECTION

Lenders ANZ reduces loan turnaround times to seven days /04

Aggregators nMB reflects on 20 years of business growth /06

Market Home loan sector may be “pandemic proof” – report /10

Industry bodies Mortgage brokers break loan settlements record /12

Technology Partnership with Volt helps drive AFG’s record profit /08

www.brokernews.com.au SEPTEMBER 2021

GLOBAL WATCH What’s happening in the mortgage, broking and banking world in the United States and Canada? Here’s your snapshot of the news that matters most in North America

EDITORIAL

SALES & MARKETING

Editor Antony Field

Publisher/Sales Manager Simon Kerslake

News Editor Mike Wood

CORPORATE

Production Editor Roslyn Meredith

Chief Executive Officer Mike Shipley

ART & PRODUCTION

Chief Operating Officer George Walmsley

Designer Cess Rodriguez

U.S. PRIVATE LENDER RETURNS TO PRE-PANDEMIC LOAN LEVELS the US, private lender Temple View Capital’s loan production has risen to pre-pandemic levels thanks to a bounceback in the real estate market, according to sales director Doug Perry. The lender offers non-traditional, alternative loan products for real estate investors, as well as long-term rental property financing and bridge loans.

Significantly, the company said it had not ceased or reduced lending during the pandemic. “Production’s at pre-pandemic levels plus, primarily because the real estate markets are so high,” said Perry. “You’ve got just almost overheated markets … there’s no problem securing properties. Everything’s hot, so that’s driving a whole lot of business on that short-term side, which includes fix-and-flip and bridge loans.” Business had been so brisk that the lender now offers ground-up construction loans.

IN

BIDEN LOOKS TO IMPROVE AFFORDABILITY AS HOUSE PRICES RISE President Joe Biden wants to tackle housing affordability in light of an alarming rise in house prices over the past year. The administration’s Council of Economic Advisers noted that national home prices, as measured by the S&P CoreLogic Case-Shiller 20-city home price index, increased by 7–19% (year-over-year) every month from September 2020 to June 2021. In response, the council has outlined several proposals to “address the supply shortage and reduce price pressures in the housing market”. These include delivering 100,000 housing units over the next three years. The White House said it would authorise Fannie Mae and Freddie Mac to expand mortgages available for manufactured homes and two-to-four-unit properties. It also plans to increase financing opportunities for apartments through loans, tax credits and grants.

U.S.

Production Manager Alicia Chin Customer Success Manager Andi Zbojniewicz

Managing Director Justin Kennedy Chief Information Officer Colin Chan Human Resources Manager Julia Bookallil

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Australian Broker is part of an international family of B2B publications and websites for the mortgage industry MORTGAGE PROFESSIONAL AUSTRALIA claire.tan@keymedia.com +61 2 8437 4772

NZ ADVISER

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CANADIAN MORTGAGE PROFESSIONAL john.mackenzie@keymedia.com T +1 416 644 8740

CANADIANS MORE NEGATIVE ABOUT HOUSING, FINANCES, ECONOMY sentiments of Canadians’ regarding housing, finances and the economy have been THE on a steady downward trend, according to Bloomberg and Nanos Research. In the week ending 27 August, the Bloomberg-Nanos Canadian Confidence Index stood at 62.63, compared to 64.52 four weeks prior and a 12-month high of 66.42. “There has been negative pressure on all four elements that comprise the Bloomberg Nanos Index, including value of real estate, job security, personal finances, and perceptions on the future strength of the economy,” said Nanos Research chief data scientist Nik Nanos. The index of positive sentiments about the housing market was at 51.38, compared to 55.01 four weeks prior. More than 51% of Canadians expected house prices to grow, 11.22% said they would fall, and 34% said they wouldn’t change.

MORTGAGEBROKERNEWS.CA corey.bahadur@keymedia.com T +1 416 644 8740

MORTGAGE PROFESSIONAL AMERICA katie.wolpa@keymedia.com T +1 720 316 7423

Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor.

Contributions are invited, but copies of work should be kept, as Australian Broker magazine can accept no responsibility for loss. Australian Broker is well known within the industry as “The broker’s magazine of choice”.

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13/09/2021 9:54:22 am

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13/09/2021 9:54:31 am

NEWS

LENDERS RESIMAC MOULA JOINS NOTCHES PANELUPAT RECORD AGGREGATOR ANNUAL FAST PROFITS has announced record financial year net profits after tax of $104m, a stunning 87% rise.

It posted an 11% increase in assets under management, with total loans now at $13.8bn. “These results reflect the momentum of our business, which has been fuelled by strong growth across our prime and specialist portfolios in Australia and New Zealand,” said CEO Scott McWilliam. “The Resimac proposition continues to resonate well with both brokers and consumers.”

RESIMAC

LIBERTY ENJOYS STRONG LOAN GROWTH IN FY21 Financial Group has reported huge growth in profits in the last financial year. Net profits after tax rose 38% to $185.4m, while gross financial assets grew 5% to $12.3bn. These are the first results since Liberty’s IPO in December. The market reacted with a 7.21c rise in the group’s share price. “Liberty’s business partners and customers have shown tremendous resilience during the pandemic,” said CEO James Boyle. Liberty reported 17% growth in new loans to $4.1bn.

Mark Hand, group executive, Australia retail and commercial banking, ANZ

LIBERTY

“We didn’t predict the huge, sustained rise in application volumes in 2021, particularly in the refinance market with customers shifting to take up fixed rates” Mark Hand Group executive, Australia retail and commercial banking, ANZ

ANZ REDUCES LOAN TURNAROUND TIMES TO SEVEN DAYS Big four bank ANZ has responded to broker complaints about long turnaround times, saying it has poured resources into the problem, producing good results has explained to the broker channel what it is doing to improve loan turnaround times, with its average now down to seven days.

The bank has published a blogpost interview with group executive of Australia retail and commercial banking Mark Hand.

In it he addresses the issues ANZ has faced since the pandemic began and housing volumes rose drastically, leading to a statement from APRA that suggested the bank’s market share was falling.

“That’s a fair assessment of the last few months,” Hand said.

“I would point out, though, that APRA stats are a pretty blunt ANZ

measure of market share, and we’re not necessarily going to chase share at all costs.

“We’ve done a lot of work over the past 18 months on our processing capacity, and we saw a very strong performance in the home loan business in the second half of last year.

“What we didn’t predict, however, was the huge, sustained rise in application volumes in 2021, particularly in the refinance market with customers shifting to take up fixed rates. This means we are now handling double the applications we were two years ago, and unfortunately assessment times

moved out to a level we weren’t happy with.

“So, what have we done? We have a dedicated team of people working hard to improve assessment times. That’s been pretty successful, with time to first decision – speaking on average here – down to about seven days for apps received from brokers.”

Hand said decisions were even faster for simple PAYG applications, and applications coming through ANZ branches.

The improved response time was largely due to increased resourcing and reallocating existing resources, as well as process improvements and the simplification of policies, Hand explained.

“The next critical step we are working on is automation of manual steps and processes, and that is going well and will set us up for future volume fluctuations.”

Greg O’Neill President and CEO, La Trobe Financial

4

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02-12_AB1818_News_SUBBED.indd 4

13/09/2021 9:58:30 am

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ANZ Brokers * This LVR is for medical practitioners, specialists and dental practitioners who are existing ANZ lending customers (that have held an ANZ lending product for at least 6 months) with an owner occupier loan making principal and interest repayments. For other eligible customers, the LVR is up to 90%. Different LVRs may apply to other lending options, such as investment lending. Terms, conditions, fees, charges, and credit approvals and eligibility criteria apply to ANZ home loans. Please visit anz.com.au/promo/broker for the offer terms and conditions, including how to verify customers’ qualification/registration. © Australia and New Zealand Banking Group Limited (ANZ) 2020. ABN 11 005 357 522. Australian credit licence number 234527. Item No. 97528C 08.2021 WX248035

02-12_AB1818_News_SUBBED.indd 5

13/09/2021 9:58:50 am

NEWS

A G G R E G AT O R S MONEYQUEST BROKER REACHES $1BN MILESTONE broker Paul Wright, a franchise owner at MoneyQuest, reached $1bn in paid settlements in August, a massive milestone in his 20-year career.

Wright has secured over $100m in paid settlements annually for the last three years, with $132m in FY21 – a 28% year-on-year increase. MoneyQuest managing director Michael Russell said he had known Wright since 2002.

“He was always destined to achieve this amazing milestone, for he embodies everything our customers hope to receive – absolute professionalism and a genuine care for their wellbeing.”

WOLLONGONG

OAK CAPITAL JOINS LENDER PANEL AT PLAN AUSTRALIA PLAN Australia has added funds manager and non-bank lender Oak Capital to its lender panel. Oak Capital specialises in loans to SME clients secured by real estate assets, and becomes the only non-bank alternative lender on the PLAN panel, providing a completely unique offering to the aggregator’s broker network. The Melbourne-based business offers a wide range of commercial and residential loans, including second mortgages, bridging facilities, and loans for non-residents, residual stock and SMEs. AGGREGATOR

“We’re incredibly proud of the support, culture and opportunity we’ve been able to provide to brokers right across the country” Gerald Foley Managing director, nMB

Commercial Loans

Gerald Foley, managing director, National Mortgage Brokers

NMB CELEBRATES 20 YEARS OF HELPING AUSTRALIAN BROKERS THRIVE In 2001, aggregator nMB was founded by three people, and it has since grown into a major company assisting hundreds of mortgage brokers across the country is one of the biggest names in the broker channel, and its managing director, Gerald Foley, is one of the wisest voices in the industry.

It’s now 20 years since National Mortgage Brokers, founded by Foley, Kon Avramidis and Sal Cinque, hit the broker channel, and a lot has changed.

Brokers have weathered the GFC, a royal commission and COVID-19, and emerged on the other side even stronger, with greater loan volumes and a larger market share. nMB has flourished too.

The aggregator was bought NMB

by Aussie in 2012, then Liberty in 2017. It now boasts an 18-strong team that supports almost 300 broker businesses and 550 brokers across Australia.

“The brokers are the core of our business, and it’s all about helping them grow,” Foley said. “We’ve adopted, for a long time now, the philosophy of broker-to-broker business. We enjoy being part of the journey where a person will come into nMB as a broker, and they want to grow into a broker business.

“That then becomes built around working with them to develop out the 5 Ps: planning, processes, people, partners and premises.

“Premises is the interesting one:

brokers used to think that they could work in the back of an office, and that was great as a broker, but if you wanted to be seen as a broker business, you’d have to revisit it.”

COVID-19 taught brokers that they could work from home with a proper set-up, Foley said.

“You can’t be sat a dining table with background noise and expect that to be a professional way to present yourself.”

Foley said nMB had introduced a broker benchmarking program, communicating with brokers about their businesses, growth, customer acquisitions and marketing.

“We know that 86% of brokers’ business now is based on doing a good job: it’s repeat and refer business,” he said.

“As we celebrate 20 years in the industry, we’re incredibly proud of the support, culture and opportunity we’ve been able to provide to brokers right across the country.”

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13/09/2021 10:00:38 am

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13/09/2021 10:00:50 am

NEWS

TECHNOLOGY BRIGHTEN HOME LOANS PARTNERS WITH SIMPOLOGY lender Brighten Home Loans has partnered with tech provider Simpology to offer brokers a more streamlined loan processing experience. The lender will integrate Simpology’s Loanapp product into its loan origination platform to give brokers the chance to lodge their applications online in an end-to-end digital process, enabling instant submission and a faster time to yes. Loanapp also allows brokers to access communications and workflow tools that can help deepen their customer communications during the loan application process.

NON-BANK

NEW LENDING PLATFORM BOOSTS EARLYPAY GROWTH lender Earlypay has posted record growth for the 2021 financial year. The SME lender reported a profit of $8.7m and no losses. “The key to Earlypay’s success in FY21 was the implementation of our online strategy and new online lending platform,” said CEO Daniel Riley. “This was the driver of growth in client numbers, and even with the disruption of COVID, Earlypay successfully grew our loan book.” Earlypay's new proprietary lending platform has been a key driver of its success, allowing the fintech to help commercial brokers service their clients quickly.

FINTECH

“Access to technology means a faster time to decision and the tools that the broker will be able to provide their customer in the future” David Bailey CEO, AFG

David Bailey, CEO, AFG

AFG ANNOUNCES RECORD PROFITS BOOSTED BY TECH-LED GROWTH Major aggregator AFG is celebrating a milestone financial year with loan settlements up by almost a third, and says technology is playing a large part in its success is one of the key factors contributing to AFG’s success, CEO David Bailey told Australian Broker after the aggregator released its record-breaking FY21 results on 28 August.

AFG reported a net profit after tax of $51.3m, surpassing its most successful year to date.

Residential loan settlements were up 28% to $43.63bn.

The aggregator is enjoying a strong position in the mortgage market, with results showing that one in 11 residential mortgages are now written through AFG. AFG Home Loans, the company’s white label product brand, notched up $2.1bn in TECHNOLOGY

settlements, which were up 18% year-on-year.

Staying ahead of the market came down to the hard work of the people at AFG and its brokers, as well as the aggregator’s investments in technology, according to Bailey.

“As a listed organisation with access to capital and a strong balance sheet, we are capable of making those investments and ensuring that brokers are well equipped into the future to handle the challenges,” Bailey said.

“The classic example is our investment in Volt, which allows us to provide something to them in terms of home loan distribution and access to a white label product

capability – but also for us, it’s access to technology.

“It means a faster time to decision and the tools that the broker will be able to provide their customer in the future, which, as the onset of open banking takes hold in the next three to five years, we’re well placed to ensure are not disintermediated.”

AFG has acquired an 8% stake in neobank Volt. Its digital banking services and technology platform will be used within the AFG Securities business to streamline credit decisioning and position its securitised products as a leader in the marketplace.

AFG’s new platform, CRM, is built on enterprise-grade technology, and there are plans for a staged migration across the network.

“It is a big task, but we are both excited and committed in every sense to a smooth transition and a great outcome,” Bailey said.

AFG FY2021 HIGHLIGHTS Source: AFG

8

Net profit after tax of $51.3m; underlying NPAT of $49.6m

AFG Securities settlements of $1.35bn in line with FY20.

H2 FY21 settlements up 35% compared to H2 FY20.

Loan book now sits at $3.4bn – an increase of 17% on 30 June 2020

White label AFG Home Loans settlements up 18% to $2.1bn

Residential settlements of $43.63bn – an increase of 28%

Combined residential and commercial loan book of $175.7bn; growth of 8% over FY20

Final dividend of 7.4 cents per share, generating full-year yield of approx. 5% Total RMBS issuances of $1.95bn, including first non-conforming transaction

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13/09/2021 10:15:05 am

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13/09/2021 10:15:11 am

NEWS

MARKET REFINANCING HAS RISEN TO NEW PEAK, SAYS ABS value of loan refinances across Australia reached a new high of $17.2bn in July, 60% up on the previous July, according to the Australian Bureau of Statistics.

The value of loans to the first home buyer segment plummeted, falling 7.6% month-to-month and down 17.4% from its peak in January.

Fixed rate loans are also becoming increasingly popular, rising from a low of below 20% of the market to north of 40% as customers attempt to lock in a low rate ahead of the Reserve Bank’s expected raising of the cash rate ahead of schedule.

THE

FIRST HOME BUYERS LOOKING FOR HIGHER LVRS

AUSSIE HOME LOAN MARKET DEFYING PANDEMIC, STUDY SHOWS Low interest rates, high levels of household savings and a rise in refinances are all contributing to strong performance in the mortgage market, according to a new report rating agency S&P Global Ratings has released a report suggesting that Australia’s mortgage market is thriving, and declaring that it might be “pandemic proof ”.

The RMBS Performance Watch: Australia report reveals the unique situation in this country’s home loan market, with ultra-low interest rates, rising household savings, and active refinancing ensuring its high level of resilience to recession and the pandemic.

The S&P Performance Index for Australian prime mortgages, a measure of arrears, fell to 0.94% in March from 1.03% in March 2020.

Mortgage deferrals also dropped in the prime RMBS sector, averaging CREDIT

than 70% of first home buyers are purchasing homes with an LVR of over 85%, a new study shows. A survey by LMI provider Genworth found that 73% of first home buyers are ready to enter the market with a deposit of less than 20% of the value of the property, and 56% said they would go even lower, while 91% expect house prices to keep rising in 2022. Two-thirds of first-home buyers believe it is still a good time to buy, but there’s been a 7% annual increase in those looking outside the capital cities for more affordable homes.

MORE

Erin Kitson, director structured finance, S&P Global Ratings

less than 0.5% in March this year.

“What the report and the performance stats are showing, particularly on the mortgage arrears front, are that the pandemic hasn’t had a significant impact on household debt serviceability, ie people being able to repay their mortgages,” said Erin Kitson, director of structured finance at S&P Global Ratings.

“That’s been underpinned by a couple of key factors. First and foremost is the historically low interest rate market, as the Australian mortgage market has a high proportion of variable rate mortgages, and the loans underlying the RMBS transactions are more weighted to variable rates.

“There’s a transmission effect there, because with a lowering of interest rates you generally see improvements in debt serviceability. That’s a key factor.

“The other thing that is helping, which is a pandemic nuance, is that household savings have built up. There are fewer spending options, especially with no overseas travel and less interstate travel, particularly if you’re in Victoria or now New South Wales. That has contributed to a build-up in household savings.

“The RBA is hoping that people will spend and not save, but from a debt serviceability perspective, if you have household savings then you have repayment buffers to help if there’s any pressure on your income to continue to meet mortgage repayments.

“What is also helping debt serviceability is the strong refinancing conditions, which is indicative of strong, competitive lending conditions.”

“The pandemic hasn’t had a significant impact on household debt serviceability, ie people being able to repay their mortgages” Erin Kitson Director structured finance, S&P Global Ratings

MORTGAGE DEFERRALS WRAP-UP Source: S&P Global Ratings

Prime RMBS Major banks

June 2020 8.0%

Average level of COVID-19 arrangements December 2020 March 2021 1.96% 0.15%

Non-bank originators

6.0%

3.82%

0.49%

Regional banks Other banks Non-bank financial institutions

10.9% 7.2% 4.2%

3.17% 1.55% 2.73%

0.33% 0.08% 0.09%

Non-conforming RMBS Non-bank originators

18.0%

3.83%

0.95%

* Data as of 31 March 2020. % refers to average % at a trust level. RMBS – Residential mortgage-backed securities. COVID % trust figures reported for March 2021 vary across originators, depending on their respective monthly reporting dates. Mortgage deferral arrangements formally expired at the end of March.

10

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02-12_AB1818_News_SUBBED.indd 10

13/09/2021 11:10:28 am

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23/03/2020 9:24 AM 13/09/2021 11:10:37 am

NEWS

INDUSTRY BODIES FBAA FEARS BROKER WAGES MAY BE FALLING amount mortgage brokers get paid might have dropped, said FBAA CEO Peter White. The wages of a mortgage broker in 2018 averaged $86,000. The FBAA has commissioned a report into broker wages, factoring in the post-royal commission price of compliance.

“With house prices going up and LVRs being a percentage of purchase price, brokers are earning more gross revenue. But the cost of compliance has gone up, so when you look at what brokers take home net, they’re going backwards,” White said.

THE

ABA WELCOMES GOVT’S EXTRA SUPPORT FOR SMES Australian Banking Association has welcomed the government’s expansion of support for SMEs. The changes to the SME Recovery Loan Scheme mean that businesses with a turnover of less than $250m can access loans of up to $5m for 10 years.

Eligibility requirements for SMEs to have received JobKeeper during the March quarter or to be considered flood-affected have also been removed.

“It means banks can help more small and medium businesses, and that couldn’t be more important right now,” said ABA CEO Anna Bligh.

THE

Mike Felton, CEO, MFAA

MORTGAGE BROKER LOAN SETTLEMENTS REACH NEW HIGH – MFAA

endure during the period.

“This outstanding broker market share result is made even more significant given it was achieved despite the lender turnaround issues that existed for many lenders during the quarter,” Felton said. “It does, however, also highlight the real extent of the broker volume which lenders have had to process during the quarter.

“The massive increase in volume and record market share for the quarter are further indications of the ever-increasing trust and confidence consumers have in their broker and the unrivalled best interests duty a mortgage broker provides.”

Comparator compiles quarterly broker statistics for the MFAA by calculating the value of loans settled by 18 of the leading brokers and aggregators as a percentage of ABS Housing Finance commitments.

Record-breaking settlements in the June 2021 quarter pushed mortgage brokers' market share up to the highest ever achieved in the fourth quarter of any year news just keeps getting better for mortgage brokers, with the sector breaking records for the value of new settlements and reaching almost 60% market share.

There was a 47.25% year-on-year increase in the value of new settlements for the April to June 2021 quarter, according to the latest data released by research group comparator, a CoreLogic business, and commissioned by the MFAA. The overall value of new lending facilitated by brokers in the 2021 calendar year’s second quarter reached just over $77.75bn, an increase of $24.95bn on the $52.8bn THE

“The massive increase in volume and record market share for the quarter are further indications of the ever-increasing trust and confidence consumers have in their broker” Mike Felton CEO, MFAA

settled in the June 2020 quarter.

This is both the highest June quarter value and $13.65bn above the $64.1bn previous record for any quarter since the MFAA first commissioned the dataset in 2013.

The residential loan market share held by brokers stayed steady at 59%, up two percentage points on June 2020 and the highest ever achieved in the fourth quarter of any year. The all-time peak is 61%, recorded in late 2020.

MFAA CEO Mike Felton said it was well-deserved recognition of the long hours and frustrations that brokers were required to

BROKER SETTLEMENTS BREAK RECORDS

64.1 57.5

52.8

49.0

46.0

48,773,070,614 51.9

42.3

JAS 18

40.8 AMJ 18

48.8

50.2

46.1

49.5

2019

52.2

51.8

49.5

46.0

50.2

48.6

46.4

43.4

49.9

49.5

47.2 40.6

43.7

39.3

34.1

JAS 13

36.9

32.0

AMJ 13

2020

2018

24.2

30.6

2013

41.3

2014

2017

2016

2015

62.2

2021

77.8

Source: MFAA’s quarterly market survey; comparator analysis

Value of new residential home loans settled by mortgage brokers ($bn)

JFM 13

12

ONDJ JFM 13 14

AMJ 14

JAS 14

ONDJ JFM 14 15

AMJ 15

JAS 15

ONDJ JFM 15 16

AMJ 16

JAS 16

ONDJ JFM 16 17

AMJ 17

JAS 17

ONDJ JFM 17 18

ONDJ JFM 18 19

AMJ 19

JAS 19

ONDJ JFM 19 20

AMJ 20

JAS 20

ONDJ JFM 20 21

AMJ 21

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13/09/2021 11:11:11 am

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13/09/2021 11:11:23 am

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COVER STORY

TRILOGY FUNDS TAILORS LOANS TO BROKERS’ NEEDS Brokers wanting to capitalise on the market’s desire for construction and development finance should turn to Trilogy Funds, which has the flexibility, speed and competitive rates that clients seek, says the company’s head of lending and property assets, Clinton Arentz

TRILOGY FUNDS: FAST FACTS Leading fund manager of property-based investments and non-bank financier to the construction sector Offices and portfolio managers in Brisbane, Sydney and Melbourne Offers residential, commercial and industrial loans ranging from $3m to $30m Trilogy Monthly Income Trust currently funds over 110 construction loans across Queensland, Victoria and NSW Has been providing construction development loans for more than 20 years Value proposition: • Funds readily available • Indicative offers typically provided within 48 hours • No presale requirements Timely payment of progress draws

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property market continues to soar to ever-greater heights. Owner-occupiers refinancing their homes in an era of incredibly low interest rates, and people selling their homes in the capital cities and moving to the regions are two segments of the market that grab a lot of media attention.

But there’s a lot more going on than that, with a wide array of opportunities available to developers, investors and brokers in residential, commercial and industrial property.

Trilogy Funds is one of Australia’s leading fund managers of property-based investments and non-bank financiers to the property development and construction sector.

Eighty per cent of Trilogy Funds’ lending enquiries originate from brokers.

Australian Broker caught up with Trilogy Funds head of lending and property assets Clinton Arentz and award-winning commercial finance broker George Karam, who runs brokerage BF Money, to talk about Trilogy Funds’ range of loan products and excellent value proposition to brokers.

“For over 20 years Trilogy Funds’ managed funds and private investors have enabled the successful completion of hundreds of projects along the eastern seaboard of Australia, supported by an experienced team and driven by a flexible and tailored lending approach,” says Arentz.

“As the performance of each loan funded through Trilogy Funds underpins the returns provided to THE

investors, broker and developer success is important to us.”

Arentz says loans are predominantly funded by the Trilogy Monthly Income Trust (Trust), which provides investors exposure to loans secured by first mortgages over Australian property.

“Investors in the Trust include

Range of loan products Trilogy Funds loans cover the residential, industrial and commercial property sectors.

Arentz says for residential loans, the main focus is apartment buildings, townhouses, luxury homes, housing developments and land subdivisions.

“As specialists in construction and development finance, we help brokers across Australia to cement their relationships with clients” Clinton Arentz, head of lending and property assets, Trilogy Funds individuals, self-managed super funds and wholesale investors seeking exposure to the Australian property sector.”

So, how does this benefit brokers and their clients?

Pooled mortgage funds, such as the Trilogy Monthly Income Trust, are open-ended, and investments can be made at any time the Trust is liquid. This means that funds are readily available to support developers.

“Upon receiving a loan application, the Trilogy Funds team will turn around an indication of support and proposed terms typically within 48 hours, subject to the completeness of the loan application,” Arentz says.

“Having availability of funds also ensures each drawdown is met on time throughout the life of a property development or construction process.”

“We also fund quality industrial projects, including industrial complexes, industrial subdivisions and industrial parks.”

In terms of commercial projects, Trilogy Funds loans has covered service stations, fast-food outlets, retail, childcare facilities and medical centres.

Target loan criteria include companies with a proven track record of property development and construction experience.

Loan sizes range from $3m to $30m, with a loan-to-value ratio no greater than 65% of the gross realisable value, secured by a registered first mortgage. There also has to be a clear marketing strategy for selldown or refinancing, but not necessarily presales.

“Our tailored pricing model delivers competitive rates based on the quality of the loan assessed

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In partnership with

Clinton Arentz, head of lending and property assets, Trilogy Funds

against Trilogy Funds’ loan criteria,” Arentz says.

Value proposition to brokers Arentz says he has seen fewer brokers writing loans with the big four banks. “Eighty per cent of our current loans have been brought to Trilogy Funds by brokers.”

Trilogy Funds values broker relationships, and the team strive to develop quality relationships through three key areas – personalisation, collaboration and communication.

“As specialists in construction and development finance, we help brokers across Australia to cement

their relationships with clients.

“We go beyond traditional lenders by tailoring the developer’s experience, applying our construction and development management expertise to help ensure that their projects progress smoothly.

“We are also very active in supporting brokers and their clients in the small number of instances where developments do not go to plan.”

When it comes to technology, Trilogy Funds has a specific portfolio forecasting platform designed to monitor both individual loans and the loan book as a whole,

with the ability to scenario-test a large number of possible outcomes.

“It is interactive, dynamic and multipurpose,” Arentz says.

“The technology platform is used for current and forecast loan assessment, loan progress and monitoring. It enables us to provide quick turnarounds, agile responses and loan updates.”

Loan growth Trilogy Funds continues to see robust growth in its lending pipeline.

“Trilogy Funds has to date provided new construction loans and timely drawdowns all throughout the COVID pandemic

and lockdowns,” says Arentz.

“We currently have over 110 active construction loans in our loan book across Queensland, New South Wales, and Victoria.”

Arentz says July 2021 marked two years of Trilogy Funds setting up an office in Melbourne, and there’s been clear growth in its Victorian portfolio.

“We also brought on board three new portfolio managers this year, one each across Queensland, New South Wales and Victoria.

“Trilogy Funds currently provides loans from Cairns all the way down to Mornington Peninsula.” www.brokernews.com.au

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Property market trends Arentz says while property prices are appreciating strongly, construction costs are at a historic high, and this presents a new landscape for property developers to navigate.

“Developers should be carefully reviewing their building contingencies as costs continue to increase.

“Valuations for end products are on the move as well, but they’re historically based. So, what I would suggest to all developers is to place more value on the input they get from the expert consultants they work with, in particular, in the areas of valuations, legal and cost-based QS reporting.

“I believe there is an opportunity for us, brokers and borrowers to benefit from the outperforming industrial and residential property sectors.”

Reacting quickly to a dynamic property market is important, Arentz says.

“It’s critical for developers and lenders to be alert to changes in the market and adjust to them swiftly.

It’s a very agile industry in that sense, and we believe Trilogy Funds is at the forefront of that with our flexible approach.”

Arentz says developers are likely to continue to take advantage of buyer demand and fast-track new projects wherever they can access land or infill sites at financially viable prices.

“We anticipate the strong sales results in our existing developments will continue in the coming months.

“We welcome all enquiries from brokers for projects, big or small. Our dedicated team are always ready to discuss lending opportunities as we continue to build quality broker relationships.”

Broker perspective George Karam is the founder and managing director of Sydney brokerage BF Money, which won the Australian Mortgage Awards 2020 award for Brokerage of the Year (6–20 Staff ). Karam was also named the national MFAA 2021 Commercial Finance Broker of the Year.

He is based in Parramatta, Sydney, and assists clients needing finance in the Sydney metropolitan area, as well as clients with some interstate projects.

Karam says he has been using Trilogy Funds as a lender for his clients for more than three years.

“My first deal [with Trilogy Funds] was a boarding house 16

George Karam, director, BF Money

“The Trilogy Funds team are both commercial and personalised in their approach and flexible with asset classes and loan amounts” George Karam, director, BF Money transaction on the NSW Central Coast, with a loan amount of around $8m. It was repaid successfully within time and to the terms,” says Karam.

He says the Trilogy Funds team had a high level of involvement in the brokerage’s first-time funding of a project.

“They’re the moments that test the values and work ethic of people and the company they represent – ours and Trilogy Funds’ values aligned.

“The Trilogy Funds team are both commercial and personalised in their approach and flexible with asset classes and loan amounts.”

Karam says an example of this was a beachfront development in Forster, NSW. “Trilogy Funds wanted to partake in the deal, but at the time the loan amount was too high, so I facilitated a joint loan with another financier.”

Karam provides another example of a successful project Trilogy Funds has funded for one of his clients.

It’s a construction project in Bankstown, Sydney, which is currently reaching completion and has been funded through the lockdown.

“During a difficult time and a challenging environment, the

developers had visited a number of brokers/financiers – Trilogy Funds could structure a deal that both parties were comfortable with.”

Karam says Trilogy Funds met every drawdown to date, and the developer achieved a level of presales during the construction phase.

“The financing should be the least dynamic part of a project, the most predictable. Trilogy Funds offered a steady hand and a predictable outcome.”

When it comes to loan turnaround times, Karam says all the lenders he chooses to work with have quality processes.

“A competitive advantage of Trilogy Funds is that very quickly, the team can identify if it’s a loan they are interested in – they’re able to verify the information the broker is needing through both initial conversations and indicative terms.

Trilogy Funds can readily identify the most appropriate credit terms for the transaction – the quality of initial conversations is crucial.” AB

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WOMEN IN BUSINESS

STRONG SUPPORT KEY TO EMPOWERING WOMEN Much has changed when it comes to female representation in finance, but it’s clear more needs to be done. Six women in broking and senior business roles share their experiences and perspectives from the careers they have built in the industry

concerted effort across the industry is needed to both attract women to broking and then ensure they remain in their new career.

The MFAA’s Opportunities for Women report shows that the number of female brokers has fallen by 11.2%, and the proportion of females to males dropped to 26.9% as of March 2020.

That’s why it’s so important to champion female brokers and senior women in finance.

Australian Broker invited Nicole Triandos, head of strategic partnerships, broker distribution A

“There are two ways to go about your career; you can either choose an industry or choose a profession, and I always knew I wanted to work in a bank,” Triandos says.

“In the early days, there were hardly any women in leadership positions. The opportunity was there for the taking, and I was ready for it.”

Triandos says she relied on her personal core values that were instilled from a young age.

“Respect, responsibility, passion and vision. In many ways my parents have been a constant source of inspiration; my father is a natural leader, and my mother

“Learning to step away from perfectionism and ask for help was a significant turning point for me” Nicole Triandos, NAB at NAB; Simone Tilley, general manager of retail broker at ANZ; and Thinktank regional sales executive NSW/ACT Cath Ryan – along with female brokers and Australian Mortgage Awards 2021 finalists Ditte Westbury, Vivian Wu and Fiona Erquiaga – to talk about their career journeys, the importance of female mentors and support networks, and how the industry can encourage more women to become brokers.

Nicole Triandos, head of strategic partnerships, broker distribution, NAB Nicole Triandos has worked in the banking and finance industry for more than 20 years.

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has always shown great strength and perseverance.

“Quite often I have been the only woman in the room, so building mutual respect has been a huge part of my career journey.”

Triandos started her banking career in marketing, working alongside “some amazing women and role models”, including Lisa Henderson, who was GM of marketing for ANZ Investments at the time.

“Going forward, we need to place more emphasis on women supporting other women. There is more than enough room for women to collaborate, share and grow together by getting excited about each other’s success,” Triandos says.

“We now also have more female role models to act as inspiration for the next generation of brokers and bankers. Through networking, education and role models, the shift in the balance will continue to build momentum.

“Learning to step away from perfectionism and ask for help was a significant turning point for me.

The broking industry is so friendly and full of supporters who are more than happy to have a coffee and share tips and tricks about the industry, starting a business or progressing your career.”

Triandos says NAB understands the importance of having an inclusive workforce and is backing women across the business to support other women at all stages of their careers.

“Banking and broking must adapt and continually lift standards and build greater flexibility into the way we work.”

Half of NAB’s workforce are female and 36% of its executive management are women. NAB was named the 2019–20 Workplace Gender Equality Agency Employer of Choice for Gender Equality and was included in the 2020 Bloomberg Gender-Equality Index.

Triandos says the bank is committed at every level to having 40–60% of either gender represented, and last year the NAB board approved new measurable objectives for achieving gender diversity by 2025.

Triandos has seen women at NAB prospering in their careers and supporting others to do the same. She points to Rachel Slade, group executive, personal banking, and chief marketing officer Suzana Ristevski as two examples.

Triandos describes Slade as

pragmatic with a personal touch, while Ristevski has been a champion for change, leading the inaugural AFL Women’s sponsorship for NAB. “Rachel is raising a family and juggling one of the biggest executive roles in the bank, but when you pop her a note, she will pick up the phone to check in and say hi.

“I respect and appreciate these women and how they are creating meaningful change for women and other minorities in banking.

“By championing women, we hope to set a clear example of how we can create gender equality across the banking and broker sector and the community.”

NAB runs dedicated Women in Finance events and offers training and education initiatives such as the NAB Digi PD Day. It also runs NAB Pride, supporting people to be who they are, no matter how they identify.

Triandos says brokers need a full range of skills to deliver the best results for their customers.

“Generally speaking, women often have better developed soft skills and are able to cater to their clients’ needs with more understanding and consideration.”

As COVID-19 has led to the introduction of virtual meetings, digital tools and flexible work hours, Triandos says it’s an opportune time to attract more women to the industry, including by supporting re-entry pathways and job sharing.

“I think the opportunity for NAB, small businesses and aggregators is to ensure they have an inclusive culture which promotes diversity and flexibility. Stepping outside of the traditional banking and broking boxes to encourage under-represented groups to take part is vital.”

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Nicole Triandos, head of strategic partnerships, broker distribution, NAB

Simone Tilley, general manager of retail broker, ANZ Simone Tilley has been in the finance industry for 25 years, with 11 of those spent at ANZ. “When I began my career in agribusiness, it was a very male-dominated domain, and in many cases I was the first female bank manager that farmers had encountered,” says Tilley.

“My mother was an entrepreneur, and I learnt a lot at an early age from her courage and determination.”

Tilley says there has been progress when it comes to women on executive committees and boards, but it’s not enough.

“If we want more than incremental gains, we need to be strategic about where we focus our efforts to create a ripple of change across the industry.”

Tilley says it is “unquestionably valuable” for females to have a network of sponsors and peers, particularly at a turning point in their business or career.

ANZ believes that being an organisation that reflects the

Simone Tilley, general manager retail broker, ANZ

gender balance in senior leadership at ASX 200 companies by 2030; and to the Diversity Council Australia’s #IStandForRespect campaign, committing to stand against gendered harassment and violence.

“We’re encouraging more women to become brokers and to help retain talent in the industry” Simone Tilley, ANZ community in which it operates is an important way to build strong relationships with customers, make better business decisions and earn community trust.

Tilley says ANZ is proud to be a signatory to the 40:40 Vision initiative, which seeks to achieve

ANZ also has partnerships with industry bodies to promote gender balance and improve outcomes for all genders, including Chief Executive Women, the Diversity Council of Australia, and the MFAA’s Opportunities for Women.

“Through our ANZ Doyenne

program, we’re encouraging more women to become brokers and to help retain talent in the industry.

“More broadly, it’s important to highlight the economic benefit that diversity can bring to our industry.”

Supporting men to access paid parental leave and flexible working arrangements is also critical to enabling women’s participation in business, and ANZ backs this.

The bank recognises that education and training can lead to improved diversity outcomes, and Tilley says it has consistently partnered with aggregators and brokers to support initiatives that provide the tools and encouragement for female brokers to be successful, such as the ANZ Doyenne program.

Established in 2018, the ANZ Doyenne program is run in partnership with Notable Media.

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Cath Ryan, regional sales executive NSW/ACT, Thinktank

female brokers and drive a more balanced representation of voices in the industry.

Tilley says the program connects participants with a network of like-minded women in the broking industry and provides them with a greater understanding of the media landscape, along with the skills to enhance their professional profile and the opportunity to expand their network.

“Since the program began, we have seen a real shift in how female brokers are represented in the media. We’re now starting to see greater recognition of the value female brokers add to the industry and more opportunities for them to share their insights with others.”

Barriers to women entering, participating or progressing in the industry include a lack of opportunity for development and advancement, a culture that is not inclusive of women, as well as safety 20

concerns and stereotypes, beliefs or expectations around gender roles.

ANZ has implemented initiatives to address gender balance, says Tilley. These include gender balanced recruitment practices; targets to boost women in leadership roles; conduct and

Ditte Westbury, director and mortgage broker, Viking Mortgages

Tilley says flexibility is another way ANZ builds an inclusive workplace. When the bank launched its All Roles Flex initiative in 2015, “our approach was any role, for anyone, for any reason”, she says.

In response to COVID-19, all roles or job types have now been

“One of the best things for me is seeing a new female broker write their first commercial deal” Cath Ryan, Thinktank ethics policy frameworks that set expectations around a safe and respectful working environment; and programs, such as ‘Return to Work’, that aim to remove the barriers for those trying to return to the workforce after a career break.

categorised into three forms of working: Workplace First, Remote First and Blended.

“Most of our employees will work in a blended way – two to three days in the office, and two to three days remotely.”

Cath Ryan, regional sales executive NSW/ACT, Thinktank Cath Ryan celebrates 30 years in the finance industry this year.

“Starting as an optimistic graduate at Westpac, I commenced my career in commercial banking, later working in corporate and institutional roles through to my current position as Thinktank’s regional sales executive for NSW/ACT,” Ryan says.

“Thirty years ago it was common to be the only female at a meeting, and in a whole department.

But you could see change was starting to happen. For example, in my graduate intake there was a 50-50 split of males and females. It indicated that society’s expectations were beginning to shift to create opportunities for women in finance. Although still a work in progress, each year gathers more and more momentum.”

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Like Triandos and Tilley, Ryan says her mother is a great inspiration.

“A single woman in the 1950/60s, she built a successful business from nothing, applying sheer drive and determination to go against what was expected by society at the time.

“I also credit my success in finance to all the wonderful people who have supported me – mostly forward-thinking men – that believed in me and helped build my career pre and post having children.”

Ryan says the industry networking groups for women do an incredible job of providing pathways to support women and their careers.

“Creating strong relationships with aggregators, professional networks and lender BDMs is the best way for a female broker to quickly break into the industry.”

Thinktank is known for its great culture and people-oriented approach, including developing female leaders, Ryan says.

“Currently, half of our senior management are female, including three of the five managers in my sales team being women. We also provide female-focused leadership courses to further support younger women to develop their leadership skills.”

Thinktank believes it’s important to reflect the customer base it serves.

“We also acknowledge that diversity in all its forms is simply better for business, no matter what business you are in,” Ryan says.

She explains that Thinktank’s philosophy is to help brokers grow

in business initiatives, and recently sponsored an event for an aggregator’s top female brokers.

Ryan says opening more pathways with the support of industry groups such as the MFAA, the FBAA and CAFBA will enable the sharing of resources with women brokers who want to diversify into commercial, SMSF and specialised lending.

“I know how hard it is for women to break into commercial lending.

A few years ago, I approached the MFAA with the idea to create a place for women to develop their knowledge of business lending.

From this came ‘Making Good

their businesses, offering expert guidance and education to ensure they always feel supported.

“This inclusive approach resonates strongly with female brokers who are still underrepresented in commercial lending.

“Whatever the family dynamic, we continue to see females choosing to take the primary carer’s role and leave the industry.”

Ryan says Thinktank has a key focus on flexibility and creating different pathways back to work, including scheduling workshops at 10am for primary caregivers; running webinars and recorded sessions; introducing digital

“The female brokers I know are all very supportive and encourage other women to join the industry” Ditte Westbury, Viking Mortgages Things Happen’, which offers collaboration to build knowledge and discuss ideas.”

Through this forum “where we can share, laugh and learn”, Ryan has met some incredible businesswomen and says it wouldn’t have happened without the support of the MFAA and Thinktank.

Thinktank can provide the support, education and confidence to open up the opportunities that

innovations; and supporting individual working arrangements for those needing a shorter working week.

She says expanding the flexibility and ease of access to education, and organising mentorships and networking groups, will make broking more appealing to women – the Women’s Commercial Finance Forum is a great example.

Thinktank supports women

exist within commercial broking for all brokers.

“One of the best things for me is seeing a new female broker write their first commercial deal, having used their prior knowledge and expertise to grow their business.”

Ditte Westbury, director and mortgage broker, Viking Mortgages Australian Mortgage Awards 2021 finalist for Pepper Money Broker of the Year – Specialist Lending Ditte Westbury has been a mortgage broker for more than six years, since founding Viking Mortgages in Noosa, Queensland, in 2015.

“I sort of fell into the industry because I had a telemarketing firm at the time, and our core business was to contact leads and set appointments for mortgage brokers,” says Westbury. “It made me think that I should ‘just’ become a broker myself and keep all the leads. Little did I know what that meant.”

After being offered a job in mining, Westbury got all her broker accreditations and her Diploma of Finance to start the business, and for a while she worked at both jobs.

“This was a good way to ease into the industry, because the reality is it takes a while before you start making any money. Since the beginning I have had a real passion for the industry. I love helping people, and this is a wonderful way to do this.”

DO YOU THINK WOMEN ARE UNDER-REPRESENTED IN OUR INDUSTRY? Source: MFAA Diversity and Inclusion Survey of MFAA members, Opportunities for Women 2020 report

Male respondents

Female respondents

28.32%

Yes

63.44% 48.03%

No

24.73% 23.66%

Unsure

11.85%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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Westbury says she was very inspired by her mentor, Tracie Palmer.

“She is a successful and compassionate broker, and she really helped me to set up my business properly with the right goals and systems and, more than anything, the right attitude.

“I have always been the type of woman that believes we can do anything, and it never occurred to me that it was a male industry until I went to my first conference and saw a room full of brokers in suits and a few women in between.

“The female brokers that I know are all very supportive of each other and encourage other women to join the industry.”

are the goals we set ourselves, and we can achieve great things whilst working around our families.”

Westbury says this message needs to be conveyed to women who are considering moving into the industry.

“It’s scary to leave a secure job and go out on your own, but the long-term results are really worth it after a few years of low income and hard work.”

Westbury hopes to hire a female broker next year.

“I will encourage someone that has the right attitude and a similar culture to me to join the business, and then I will mentor them for two years so they can get as good a start into the industry as I did.”

“There are initiatives that can be implemented across the industry to attract high-quality female brokers” Vivian Wu, Ayers Financial Group Westbury says it’s important for new brokers to have successful female brokers they can learn from and be inspired by.

She says broking has the image of a ‘man’s job’, and traditionally men were thought to be better with numbers, maths and finance.

“The reality is that women are very well suited to this job because it’s not about being ‘good at numbers’; it’s really about understanding people and what they need, taking the time to listen and to have empathy for our clients.

“One of the things that my clients love about me is that I remain calm throughout the process, and when they are stressed to the max I calm them down, and they can go on with their day knowing that the process is in good hands.”

Westbury says there are not many industries in which women can control their hours, spend time with their children and still have thriving careers.

“I know a lot of brokers are finding it hard with the added compliance, but if we just accept it and include it into our process so that it just become a habit, it will slowly become the norm.

“We are so lucky to work for ourselves without having KPIs and set hours and targets to achieve.

The only targets and goals we have 22

Vivian Wu, senior finance broker, Ayers Financial Group, Australian Mortgage Awards 2021 finalist for Equity-One Broker of the Year – Productivity Vivian Wu has worked at Sydney brokerage Ayers Financial Group for six years.

“To many people’s surprise, I spent my early career in the beauty and fashion industry whilst I worked for LVMH Group until 2015,” says Wu. “At the time I met a client in the banking industry. After a few rounds of interesting and inspiring discussions, I decided to make a bold move, joining a start-up brokerage firm in the capacity of mortgage support. It was a steep learning curve. A year later I managed to transition into the mortgage broker role successfully.

Now the rest is history.”

Wu says she has noticed more young female brokers emerging, although the number remains soft compared to male brokers.

“It’s a very competitive and fast-paced industry; to succeed female brokers are required to stay resilient, mentally strong, as well as being adaptable, often juggling between family commitments and the pursuit of their career – hence the art of finding balance is the key.

“Fortunately, I’m operating in an

Vivian Wu, senior finance broker, Ayers Financial Group

environment that encourages high achievers, with tremendous support provided on both professional and personal fronts. It’s been an amazing experience working with a team that constantly pushes me against all odds to succeed.”

When it comes to inspiration, Wu says she has been reading lots of books, including Lean In: Women, Work, and the Will to Lead by Facebook COO Sheryl Sandberg.

She says many young women prefer a stable, predictable and less stressful career path when it comes to raising children, and they avoid the role of risk-taker.

“Consequently, there are missed opportunities for young women to dream big.”

It’s very beneficial for female brokers to form strong support networks with other women so “we can learn from each other”, says Wu. “Everyone will benefit from the experience of those who

have gone before. Collective and peer learning are better ways of expanding perspectives and forming meaningful connections.”

Wu says traditionally women have taken on supportive roles in business instead of being decision-makers and leaders.

“The trend has been overturning in the past decade, although at a slow pace. There are initiatives that can be implemented across the industry to attract high-quality female brokers.”

Well-established brokerage firms can provide structured guidance and support, Wu says, while designated career progression, such as moving from mortgage support or loan writer to mortgage broker – allowing time for deep industry learning and expanding personal networks – is also important.

Another initiative, she says, is remuneration reform.

“As the industry continues

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to evolve, more brokerage firms can consider adopting the PAYG model to offer a sense of financial security to new entrants, either male or female, with appropriate training, support and business leads to nurture promising young professionals.”

The broking industry offers ample flexibility and financial security for women who manage to make it through the first two or three years of hard work, Wu says, including the ability to meet family commitments during business hours.

“The challenge then shifts from lead generation to enhancing workflow efficiency to serve more consumers without sacrificing personal touch and service excellence.

“For successful operators this is a very rewarding industry, especially the profound satisfaction derived from helping clients to secure their most significant asset in life.”

Female brokers also have unique personality traits, such as empathy, resiliency, the ability to listen, and calmness, without lacking competitiveness and drive.

Wu says Ayers Financial Group has a close-knit team of high-performing brokers, and operating in a group environment is beneficial given the complicated and constantly changing lending landscape.

“Group management understands female staff ’s needs and often promotes female brokers by recognising their outstanding achievements. It creates healthy competition within the team to drive overall business performance and to explore one’s full potential.”

Fiona Erquiaga, finance specialist, Smooth Sailing Finance Consulting Australian Mortgage Awards 2021 finalist for Broker of the Year – Regional Fiona Erquiaga runs her own brokerage, Smooth Sailing Finance Consulting, in Coffs Harbour, NSW. “I have worked in the finance industry since 2002, for a number of banks in agribusiness and in commercial banking roles,” Erquiaga says. “I became a broker in late 2017 and established my own independent brokerage in early 2020.”

Erquiaga says when she worked for banks, women were

mostly in support roles, and there weren’t many opportunities for advancement.

“However, I have found the broking industry to be significantly different, with many women in leadership roles within the industry – from lenders’ and aggregators’ business development managers to other brokerages that have been established and managed by women.

“Of the five state managers at my aggregator [Connective], three are females, and roughly 50% of the BDMs are women.

“I feel that the broking industry doesn’t have significant gender inequality issues as others do, and I have always felt that I’ve been treated equally and respected as a female broker.”

Erquiaga says that, given the low number of women in broking and the fact that she lives in a regional area, she didn’t know any female brokers before joining the industry.

“I did have a lot of businesspeople in my network who demonstrated that being female wasn’t a barrier to growing a successful business,” she adds.

“Having a strong support network is critical for any business, even more so for solo business start-ups such as mine, where it’s not possible to cover every aspect of the business yourself.”

Realising that it was best for her business that she concentrate on finance, Erquiaga engaged other experts to look after IT, marketing,

Fiona Erquiaga, finance specialist, Smooth Sailing Finance Consulting

“Broking is one industry in which there is no gender pay gap, since brokers are paid on commission” Fiona Erquiaga, Smooth Sailing Finance Consulting accounting and legal matters.

“I developed a good network of these types of businesses and services locally through LinkedIn Local, an initiative started by Anna McAfee, who lives locally, and which has grown into a global movement … through this I have also developed a number of referral partners which have generated further business for me.”

Erquiaga says one of the biggest barriers to becoming a broker is the time it takes to get accredited, generate leads and get applications approved and settled, while facing

months of low or no income.

“Perhaps this is an area in which aggregators or even lenders might consider investigating potential cash flow support for start-up businesses that could be repaid over time.”

However, broking is a great fit as a career for women, Erquiaga says, particularly those juggling family responsibilities or personal goals and requiring a flexible work-life balance.

“One of the most attractive features of being a broker is having flexibility of working hours that you

don’t get when working in a bank.

“Broking is also one industry in which there is no gender pay gap, since brokers are paid on a commission basis, which is uniform across the industry.”

Women bring certain qualities to broking, Erquiaga says, such as a focus on finding solutions to problems, and the ability to multitask as well as build relationships with people.

“I believe this is the key to long-term success – I have many clients who I’ve had relationships with for over 15 years, and they keep returning to me with their next project and referring their friends, family or colleagues to me.”

Erquiaga says in FY21 over 40% of her business was repeat business from clients wanting to upgrade or buy their next investment property, and 45% was from referrals by existing clients. AB www.brokernews.com.au

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13/09/2021 12:27:00 pm

FE AT URES

OPINION

A STRATEGY FOR MANAGING EXTERNAL WORKFORCES The finance industry must invest long term to reap the benefits of external workers, according to Chris Willcocks, vice president and head of intelligent spend management at SAP ANZ, a market leader in enterprise application software and partnering with workforce vendors on identifying and procuring the right talent can conserve money, time, risk and effort.

Talent must be available to meet projected demand whenever and wherever it arises.

businesses have long acknowledged the importance of their external workforces, the COVID-19 pandemic has put the spotlight on contingent workers’ remarkable capacity to offer flexibility in a time of profound disruption.

External workers – often referred to as freelancers or contractors – make up a growing proportion of the remote workforce of mortgage and finance brokerages, banks and non-bank lenders.

The recent shift to remote working opened the door to talent beyond a company’s actual physical location.

Research shows that while on-demand talent comprise 5% of the current financial services industry workforce, in the next five years this is expected to rise to 20%.

Investment in intelligent automation can help institutions define debt collection models, manage non-performing assets, reduce losses, complete foreclosure audit reviews and resolutions, monitor internal communications, and create personalised offers and financial advice. The outcome is efficiency and an improved experience for both employees and their customers.

Research shows that 42% of a company’s workforce spend is on external talent. Yet many executives lack visibility into this large cost line and do not manage it effectively. Attaining cost-efficiency is imperative to both the procurement and human resources functions in any organisation.

Here are four approaches to ensuring a business’s financial investment in its external workforce is cost-effective – not only saving money but generating value for the company in the long run.

WHILE

1. Planning ahead The costs of a wrong hire can be steep.

Determining which jobs and tasks require which skills and talent in advance allows a business to speed up the hiring process.

When workforce planning takes a back seat, businesses end up scrambling for talent, sometimes sacrificing quality and skills in favour of speed. Strategic planning 24

2. Upskilling vs cost-cutting Cost-cutting is one of the tactics businesses adopt in difficult economic times. However, it’s often only a short-term solution to a persistent business problem.

The financial investment made in external workers should be long-term rather than a short-term cost-cutting measure. External workers should receive training and development, access to

for example, to compliance, risk and productivity – without the long-term costs of hiring the wrong candidate.

For example, COVID resulted in Australian banks with overseas processing facilities experiencing a significant backlog of mortgage applications, which impacted their turnaround times. Yet banks with onshore loan processing facilities, such as Commonwealth Bank, were able to keep their turnaround times down. CBA also added more than 400 staff to cope with the significant increase in applications.

Several large Australian banks had to move quickly to hire external people to help deal with demand. Tech tools and

With greater visibility into their contingent workforce, a business leader can make quick decisions even in disruptive times tools and technology, and feedback on performance. Upskilling the workforce produces better results, precluding the need to continuously seek out new talent and bear the costs associated with that.

3. Leveraging managed service providers Managing routine activities – such as day-to-day responsibilities, maintenance and IT support – can be time-consuming and not cost-effective. A managed service provider can offer the expertise and industry knowledge needed to handle these standardised tasks, rather having them managed in-house. Managed service providers are typically compliant with regulations and industry standards and can drastically reduce overhead costs.

Chris Willcocks VP and head of intelligent spend management, SAP ANZ

4. Gaining visibility into the external workforce With greater visibility into their contingent workforce, a business leader can make quick decisions even in disruptive times, eliminating some hidden costs related,

remote training allowed remote workers to integrate seamlessly and ease the backlog.

In another example, the Australian Tax Office at one point experienced limited visibility into its contingent workforce supplier performance, market rates and costs. This prompted it to improve an expensive and resource-intensive process for engaging contingent labour. To facilitate a single point of reference for users, such as hiring managers, suppliers, workers and panel management teams, the ATO streamlined and automated its services procurement processes.

Adapting to the future Managing an external workforce can be a challenge. But streamlining processes allows a business to get the most out of its contingent workforce and ensure it is costeffective. Investment in digital tools, such as cloud-based platforms, helps decrease the time spent on administrative tasks, provides deeper insights, and supports business leaders to make impactful decisions that improve productivity and value. AB

www.brokernews.com.au

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PEOPLE

Have an interesting deal?

Have a particularly difficult or interesting deal? Why not share it with us? Email:

antony.field@keymedia.com

BIG DEAL Aaron Bell runs boutique mortgage brokerage Home Loan Village.

With a complicated loan to settle, time lost due to a bad lender experience, and the end of the client’s cooling-off period looming, Bell was up against the clock and in need of a smart solution THE FACTS

Client Couple, aged 43 and 41

Loan size and term $1.78m, 35-year term

Goal To refinance existing property to release equity and purchase a new home

Location Cherrybrook, NSW

Aggregator Connective

With time running out, the first thing we did was secure an extension to the cooling-off period, managing to increase it from 10 to 15 days. Then, with a little more breathing space, we set about working with the customer and major lender to try to fast-track the loan approval.

THE SCENARIO

At Home Loan Village, we recently helped a couple from Cherrybrook in the Hills District of Sydney who were looking to relocate to the Central Coast but wished to retain ownership of their current home in Cherrybrook as an investment property. To help realise their dreams, they needed to first refinance the loan on their existing three-bedroom house, releasing sufficient equity to purchase the owner-occupier house in Ettalong on the Central Coast.

Towards the end of January, we made an application to a major lender that the clients already banked with and which was their preferred lender of choice.

While everything appeared to be running smoothly at first, delays at the assessment stage soon threatened to leave the whole deal in limbo. The major lender was making a big play for customers at the time, and we suspect that problems assessing the increased volume of applications were causing delays to creep in. This was something we noticed was occurring across the board with lenders during that period.

Understandably, as the days went by, the customers were getting increasingly stressed and frustrated about the upcoming cooling-off period on the purchased property, a $730,000 house in Ettalong. It came to a head when the customers went into the major lender’s branch asking for assistance, only to receive conflicting information about their application. At that point, Home Loan Village was in desperate need of another solution.

Lender 86 400

process to provide an approval more quickly than a major lender.

While we were a little unsure about the new application process at first, we worked with 86 400’s business development manager Hien Nguyen to workshop the deal on the customer’s behalf, and the bank’s head of credit, Adrian Watkin, to ensure that there were no more unexpected surprises for the client.

Thanks to the helpful nature of the team and the speed of the 86 400 process, the application was completed on Friday, 5 February, with the customers’ ID, income and expenses all verified electronically.

86 400’s digital processes, fast turnaround times and extremely helpful support staff made a huge difference in streamlining the loan process to meet a tight deadline.

In the end, the entire loan was approved in just three business days – and with just one day to spare before the cooling-off period was due to expire.

If it wasn’t for 86 400, our clients would have missed out on buying the house of their dreams.

We turned to smartbank 86 400, which used a digital application process to provide an approval more quickly than a major lender It quickly became clear that any advantages we had gained in extending the cooling-off period would be lost if we continued down the same path. Despite our best efforts, the loan assessor at the major lender appeared to be hung up on several sections of the application, claiming information was incomplete, and was asking for extra levels of detail on top of what we had already provided.

THE SOLUTION

Aaron Bell Mortgage broker and director, Home Loan Village

With the end of the cooling-off period fast approaching on 11 February, we sought out a different lender that would be able to help the customer out – and quickly.

Given that there were only days – not weeks – to spare, we realised that a traditional lender probably wasn’t the answer. Instead, we turned to smartbank 86 400, which used a digital application

THE TAKEAWAYS

My key takeaway from the deal – and something I’d encourage other brokers to think about – is to not be fearful of newer lenders with an unfamiliar process. While I was initially hesitant about using a new lender, it turned out to be exactly what we and the customers needed to close the deal in the short time left.

The bank’s smart technology helped us save precious time on the application, and the 86 400 team were super responsive, fast and easy to talk to about the deal, helping us get the result we needed exactly when we needed it. I’ve worked with 86 400 on many occasions since and have always been extremely happy with its speed and service.

The strong technology platform and knowledgeable staff at 86 400 are second to none. AB www.brokernews.com.au

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DATA

PROPERT Y MARKET ANALYSIS

INVESTORS FLOOD BACK INTO HOUSING MARKET A mortgage broker for more than 17 years with a wealth of experience in the property market, Boss Money’s Tom Uhlich looks at the buying trends over the last year and what’s driving the big return of investors Australian property market was headed for tough times following the first COVID-19 lockdowns in 2020.

By all reports it faced decimation.

Now we know that the health of the market is determined by two main groups, and they often move together – investors and first home buyers. Their exit or entry into the market drives market trends.

THE

The big exit Investors exited the market in droves in mid-2020, anticipating that it would plummet. They were positioning to strike when the market bottomed out, eagle-eyed for some never-to-be-seen-again property bargains. The market dipped in September 2020, but not for long.

First home buyers showed a fickler but slightly upward trend, with a few fits and starts.

But, far from the predicted doom and gloom, the property market has shown growth akin to the early noughties boom.

What’s been driving it? Is it really first home buyers? No. It’s a third group that we very rarely hear about – owner-occupiers.

SHARE OF AUSTRALIAN HOUSING FINANCE COMMITMENTS BY BUYER SEGMENT (EXCL. REFINANCES) Source: ABS, AMP Capital

60% 50% Owner-occupiers (ex-FHBs)

40% Investors

30% 20%

First home buyers

10% 0% 2003

2005

26

2009

2011

2013

2015

2017

Investors – the big return This is where a surprising and large disconnect becomes evident. Investors jumped back into the market in early 2021 with vigour. The most recent ABS data shows that investors are active, spurred on by spectacular capital growth and the potential for a rental recovery. In contrast to first home buyers, investors significantly increased their market share for the third consecutive month in June 2021. Investor activity has risen by 116%.

At Brisbane-based Boss Money, 68% of loans in the last three months have been to investors; 88% of these have fixed their loans. This tells us two things – one, investors are definitely back, and it’s a market-wide resurge; and two, investors anticipate the market will continue to be hot and will need to be cooled by a lift in interest rates. They are trying to strike while the iron is hot.

Owner-occupiers Forced to work from home during the pandemic, owner-occupiers are cashed up due to lower living costs, and need space.

A recipe for a new, larger home. And they are chasing it with everything they have.

The graph above shows this perfectly.

What impact has this had on other buyer groups?

First home buyers – the drifters First home buyers have drifted in and out of the market. Often they have been priced out, and the data backs this up. June 2021 was the fifth consecutive month that first home buyer loans fell.

However, the number of first home buyer loans was 47% higher than the previous June. So there were an adventurous few with the intestinal fortitude to brave this market and make money.

2007

Tom Uhlich Director and senior mortgage broker, Boss Money

Commentary That’s a stark difference between the two groups who normally work together.

2019

2021

Have investors missed the boat? The dip in the market in September 2020 was their big opportunity. According to the ABS, first home buyers were in, and investors were out. They only flooded back in in early 2021.

The market is definitely hot, but the wildcard owner-occupiers are cooling off and seem to be exiting it. However, with investors active and pricing out first home buyers, are they actually buying at the top of the market? Are investors creating their own perfect storm?

Regulators are keeping an eye on an overheating market and are ready to pull their level-of-lending standard review. Potential caps on investors have been flagged for 2022. Until then, the expectation is that property prices will become unaffordable for the other two groups, particularly first home buyers.

Will house prices continue their rampage driven by investors, or will investors price everyone but themselves out of the market, causing it to crash? Only time will tell.

Contact Boss Money on 0476 111 000 or tom@bossmoney.com.au.

www.brokernews.com.au

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ADELAIDE

BRISBANE

Total auctions

148

Cleared

78

Uncleared

CANBERRA Total auctions

73

Cleared

35

Uncleared

26

25

Clearance rate

75.7%

Total auctions

157

Cleared

93

Uncleared

25

Clearance rate

Clearance rate

78.8%

57.4%

PERTH Total auctions

16

Cleared

5

Uncleared

5

Clearance rate

MELBOURNE

50%

Total auctions

531

Cleared

165

Uncleared

206

Clearance rate

44.5%

TASMANIA SYDNEY

Total auctions

1

Cleared

0

Total auctions

609

Uncleared

1

Cleared

436

Clearance rate

n.a.

Uncleared

83

Clearance rate

Note: A minimum sample size of 10 results is required to report a clearance rate.

84% Source: CoreLogic

CAPITAL CITY AUCTION CLEARANCE RATES WEEK ENDING 5 SEPTEMBER 2021 There were 1,535 homes taken to auction across the capital cities in the week to 5 September, down from the 1,567 originally scheduled. A total of 1,960 auctions were held across the combined capitals over the previous week, and 866 over the same week last year. Of the 1,183 results collected, 67.3% were successful. There was a preliminary clearance rate of 55.4% in the previous week, which was revised up to 58% at final figures.

In Melbourne, 531 homes went to auction, compared to 928 over the previous

week and just 28 in the same week last year. Of the 371 results collected, 53.6% were withdrawn, with a preliminary clearance rate of 44.5%. There were 609 auctions in Sydney, compared to 592 in the previous week and 608 in the same week last year. Of the 519 results collected, 84% were successful – the highest preliminary clearance rate since mid-April. Brisbane was the best performing of the other cities, with a preliminary auction clearance rate of 78.8%, followed by Adelaide (75.7%), Canberra (57.4%) and Perth (50%).

NICK YOUNG: TRAIL BOOK SALE EXPERT Smart succession planning starts early Maximise the sale of your trail book and business as a whole 03 8508 6666 | 0417 392 132 | nyoung@trailhomes.com.au | trailhomes.com.au www.brokernews.com.au

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DATA

AUSTRALIAN CAPITAL TERRITORY Area

TAS SPOTLIGHT

Gross rental yield

Median price

Quarterly growth

12-month growth

Weekly median rent

Metro (H)

$830,000

3.0%

10.5%

$600

4.1%

Metro (U)

$499,000

3.3%

8.0%

$490

5.4%

Quarterly growth

12-month growth

Weekly median rent

Gross rental yield

SOUTH AUSTRALIA Area

PRICES, RENTS HIT NEW HEIGHTS Although mainland buyer participation in the Tasmania market has increased to 17.4% of total property sales, it has not risen to the lofty levels forecast by many. Local buyers still account for 82.3% of sales in this market.

The state’s median house, unit and land prices have set new benchmarks, at $510,000, $425,000 and $186,250 respectively. Rental demand saw rents go up by $10 to $25 per week, with vacancy rates down to a historical low of under 2%.

buyer and rental demand has pushed Tasmanian house prices and rents to record highs, according to the Real Estate Institute of Tasmania.

Its June quarterly report revealed another record cumulative sales value quarter, with the prospects of the state government gaining almost $100m in additional stamp duty from an estimated $1.5bn dollar gain over 2020. Sales are up 25.3%, while the cumulative sales value has jumped by $952m, or 48.6% up on last year.

SOARING

Metro (H)

$530,000

3.0%

6.9%

$400

4.1%

Metro (U)

$367,000

-0.5%

6.4%

$350

4.8%

Country (H)

$300,000

1.8%

3.6%

$280

5.0%

Country (U)

$235,000

6.9%

4.8%

$220

5.2%

Median price

Quarterly growth

12-month growth

Weekly median rent

Gross rental yield

Metro (H)

$840,500

3.3%

7.5%

$430

2.8%

Metro (U)

$620,000

0.7%

3.4%

$400

3.5%

Country (H)

$475,000

4.7%

17.1%

$370

4.3%

Country (U)

$349,725

4.0%

12.7%

$300

4.6%

Quarterly growth

12-month growth

Weekly median rent

Gross rental yield

VICTORIA Area

NEW SOUTH WALES

HOBART HOUSING MARKET INDICATORS Source: CoreLogic

Property stats for the week ending 5 September 2021

New listings:

Median price

264

Total listings:

608

Area

Median price

Metro (H)

$1,160,000

3.6%

8.6%

$560

2.9%

Metro (U)

$749,000

0.4%

2.5%

$490

3.5%

Country (H)

$568,000

3.9%

10.8%

$425

4.1%

Country (U)

$485,000

2.8%

8.8%

$365

4.1%

Quarterly growth

12-month growth

Weekly median rent

Gross rental yield

Houses

140

$675,300

20

Monthly sales volume

Median price

Median days on market

WESTERN AUSTRALIA Area

Units

35

$573,000

Monthly sales volume

Median price

17

Median days on market

Median price

Metro (H)

$530,000

3.0%

7.4%

$400

4.1%

Metro (U)

$410,000

4.0%

4.0%

$370

4.9%

Country (H)

$390,000

4.1%

15.2%

$380

5.2%

Country (U)

$235,000

4.5%

15.0%

$330

7.5%

Quarterly growth

12-month growth

Weekly median rent

Gross rental yield

SUBURB TO WATCH: CLAREMONT Median price (houses) $440,000

Median price (units)

12-month growth

3-year growth

Average annual growth

Gross rental yield

15%

39%

6%

5%

12-month growth

Average annual growth

Weekly advertised rent

Gross rental yield

7%

5.5%

$358

5%

$342,500

HIGHEST-YIELD SUBURBS IN TASMANIA Suburb

Property type

Gross rental yield

Median price

Quarterly growth

12-month growth

Average annual growth

TULLAH

H

9%

$120,000

0%

-2%

10.4%

QUEENSTOWN

H

8%

$127,000

18%

49%

6.5%

ZEEHAN

H

8%

$128,000

2%

2%

8.7%

NORTHERN TERRITORY Area

Metro (H)

$575,000

5.1%

10.6%

$500

5.0%

Metro (U)

$348,500

5.0%

5.0%

$373

6.1%

Country (H)

$448,500

2.4%

4.4%

$500

6.0%

Country (U)

$324,000

0.8%

6.3%

$380

6.2%

Median price

Quarterly growth

12-month growth

Weekly median rent

Gross rental yield

Metro (H)

$610,000

2.7%

6.5%

$430

3.9%

Metro (U)

$415,000

1.8%

3.8%

$390

5.0%

Country (H)

$482,000

2.2%

4.5%

$420

4.7%

Country (U)

$420,000

2.5%

7.3%

$360

4.7%

QUEENSLAND Area

CLARENDON VALE

H

7%

$299,000

5%

8%

10.8%

GAGEBROOK

H

7%

$265,000

0%

10%

11.2%

Median price

Source: CoreLogic, July 2021

28

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13/09/2021 10:14:03 am

OPENING DOORS TOGETHER We’re working with you to open doors for more Aussies. westpac.com.au/brokers

Things you should know: © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.

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21175/0921

13/09/2021 10:14:08 am

PEOPLE

Aggregator PLAN Australia

IN THE HOT SEAT

Mother and daughter Phoebe and Elodie Blamey work together at Melbourne brokerage Clover Financial Solutions, which Phoebe set up 12 years ago. Elodie became a broker last December and is a finalist for Young Gun of the Year – Independent at the Australian Mortgage Awards 2021 Elodie, you have worked for your mum for eight years. What motivated you to become a broker last year?

Elodie: I have always just loved it. For the past A eight years I’ve been jumping in and out of Clover Financial, working, travelling and exploring other opportunities. Last year, Phoebe started working on Phoebe Blamey, director, Clover Financial Solutions, with her daughter Elodie Blamey, who works for her mum as a mortgage broker other projects, which opened an opportunity for another broker in the office. I had decided then to just make decisions, and this is where it ended up. I was lucky I could jump into it with the confidence that I was going to succeed. assessor. Combining this with her kindness has meant excellent outcomes for our clients. She also spends a lot of time learning from each lender, which means her credit knowledge is great.

What’s the secret to a successful mother-daughter Q working relationship? can the industry encourage more women to become A Elodie: It can be a challenge at times, but it’s all about trust.

Q How I call mum ‘Phoebe’ at work to separate it in my brain. I’m a total mortgage brokers? workaholic, so it means when we hang out on the weekends I’m often All we can do is keep everything fair and spread knowledge on A Elodie: talking to her about my latest challenge and what we’re going to do about the gender stereotypes of this industry. I think it looks like such a a tough situation. I think the only secret to working together is to align male-dominated industry from the outside, but I see and speak with so many your goals for the business and never let work get in the way of family. women in the industry every day. There is such a prominent network of Phoebe: There’s no secret, but what we’ve learnt is that we must women in this industry. I attend a lady’s lunch that’s full of these ridiculously draw a line between work and personal, and the other thing is that we amazing women from PLAN Australia who just have the utmost respect for consciously ensure our staff are feeling valued, productive and included. themselves and everyone else. I mean, this isn’t the ’50s any more; we have We just dance it out! the right to be successful if we work for it. I would say this is one of the most protected and suitable careers for women. I wish we were told about a flexible, exciting, challenging career choice at school.

What have you learnt Q from each other?

Phoebe: Women are everywhere in this industry. I don’t think there’s any barrier to entry. I would like to see, and I’m more focused on, getting young Elodie: So much – most of my lending knowledge has come from my A mum, but the biggest thing is never giving up and to just trust myself. people to join the industry.

Phoebe: The most important thing I’ve learnt from Elodie is that it’s easy to get stuck in your ways, so having someone that’s new in the business are your future plans for the brokerage? Will Elodie take Q What just shines a light that there’s more than one way to do things. over one day?

That’s my aim and what I’m working towards. Phoebe is A Elodie: currently working on courses and her book, The Happy Money Journey, Phoebe, what has impressed you most about Elodie’s progress Q leaving me in control of most loans. so far as a broker?

Phoebe: We’re heading that way – she’s already put in some great initiatives, Phoebe: She has an absolute attention to detail that means most of A her loans have been approved the first time they were looked at by an and I really feel she’s destined to take over.

Q

30

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Better together.

Continually improving the experience to make our partnership stronger.

Our simpler Home Loan Pricing Tool An improved pricing tool, with more functionality - so you can get the best outcome for your customer, faster.

A better digital experience Our DigiDocs deliver an easier and more convenient customer experience, meaning faster settlements.

Solution-focused lending We consider the circumstances of individuals and provide alternative servicing arrangements for customers with non-standard income or liabilities.

Complimentary Home Loan Compassionate Care protection We’ll support eligible Owner Occupied home loan customers by paying their home loan repayments for around 12 months, if the customer, their spouse or dependant passes away or is medically certified with a terminal illness.*

commbroker.com.au Things you should know: *Loan and age eligibility requirements and other limitations and exclusions may apply.

Applications are subject to credit approval. Terms, conditions, fees and charges apply. Commonwealth Bank of Australia ABN 48 123 123 124 Australian credit licence 234945.

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