In this episode, we sit down with Travis Hall and Melissa Christie from AMP Bank to discuss the bank's recent "reinvigoration" and significant digital transformation.

Melissa details the launch of AMP Bank's new digital platform, which focuses on providing a transformed service proposition to mortgage brokers. The platform validates and verifies key credit data upfront, aiming for greater efficiency. Despite some issues due to unexpected high volume, brokers are adopting the new system. Melissa emphased the importance of utilising digital income verification via Equifax or OCR payslip scanning for a smoother a quicker process.

The team also announced future plans, including the launch of 90-second documents for quicker settlements! 

Key Policy Niches for Brokers:

• Self-Employed Policy: A True 12-month policy (only requiring one year's tax returns) up to 90% LVR.

• Master Limit: A flexible line of credit designed for those planning for retirement and retirees.

• 10-Year Interest Only: A 10 year interest only product that does not require a further assessment at the five year mark.

Do you long to differentiate your business? Then you need to hear about AMP Bank's platform, and more importantly, their mascot: Sparky the Blue Sheep! Yes, that's right. While other banks might be handing out boring ballpoint pens, AMP is helping you stand out from the crowd with a fluffy, azure icon that represents doing things differently (and probably guarantees you the best lender merch at your next PD day).

Tune in to find out how a reinvigorated AMP Bank is achieving game-changing success with their new digital platform, and discover if the secret to your business efficiency is actually just embracing the spirit of the Blue Sheep.

Warning: Listening to this podcast may cause a spontaneous desire to try the funner Blue Bank!

Grab your finest mug and a comfy chair, because it's time for a finance chat that's anything but black and white!

Finance and Coffee sat down with Ryan Gair, CEO from Rate Money, discussing the lender's rapid growth and unique business model since its founding in 2019.

Rate Money has experienced exponential growth, escalating from approximately 15 franchises to 41 across the Eastern seaboard (Queensland, New South Wales, and Victoria). Their current goal is to reach 55 "high-performing" franchisees, with expansion planned for South Australia and other key locations. The company reports over $11 billion in total settlements since inception, with $9.7 billion settled on their own product, and $4.3 billion of funds under management.

The core of Rate Money's strategy is specialisation. They exclusively focus on AltDoc (Low Doc) and self-employed lending, differentiating themselves from competitors who offer a wider, less specialised product range. This niche focus helps streamline their marketing, messaging, and target clientele.

Rate Money operates as a mortgage manager, allowing them to offer bespoke products not available through third-party channels. Key examples include:

• Alt Doc Loans for self-employed Australians

• Construction Low Doc Product: They were one of the first to market with this highly sought-after product.

• One-Year Tax Return Product: Designed to compete with major lenders while catering specifically to the self-employed customer.

• Customer-Centric Fees: Their prime Low Doc products typically feature no application fee, no valuation fee, and no risk fee, providing a streamlined and predictable process for the customer.

Significant Growth and FocusExclusive Products and Unique Value

📢 Immediate Opportunity: Rate Money is Actively Seeking Brokers

A major takeaway from the interview is Rate Money's current recruitment drive. They are looking for experienced brokers (typically 2-5 years in the industry) who are ready to take the next step and grow their business into a high-performing franchise.

Rate Money Head Office is positioned purely to support its franchisees, offering comprehensive assistance in:

• Infrastructure: Setting up the necessary systems and processes.

• Compliance: Providing full training and support to ensure all deals are processed correctly.

• Team Building: Assistance in building out sales and credit/admin support teams.

• Business Development: Extensive sales, marketing, and local area marketing training, including access to B2C leads from an upcoming major media push.

The company views its relationship with franchisees as a true business partnership, providing the tools and products needed for brokers to stand out and build a sustainable business within the profitable AltDoc space. They even noted that several brokers who previously referred business to Rate Money have converted to become successful franchisees themselves.

In this episode we Unpack LMI, the podcast that helps you navigate the world of Lenders Mortgage Insurance and its power to help your clients enter the property market sooner with a smaller deposit.

Today, we dive into an industry-shaping campaign from Helia. For the first time on the show, you'll hear from the minds behind this innovative marketing campaign.

We'll speak with Strachan and Dimi about the evolution from "LMI Lets Me In" to "LMI Lets Me Invest”. We'll explore how they've shifted the conversation around LMI from a cost to a powerful tool for achieving home ownership and building equity.  

You'll also hear from Tram, a broker featured in the national campaign about how it's changed their client conversations, the real-world stories behind the campaign's success, and how you can use LMI to help your clients stop renting and start investing for their future.

Helia’s helpful resources:

- Home Deposit Estimator: insights into the potential deposit gap pathways available

- LMI Lets Me Invest: help your clients enter the property market sooner and get ahead

- Investor case studies: LMI success stories.

Finance Talk with Peter White (FBAA), Julian Wills (F&C Compliance Guy) and Ray Regmi from Ryker CapitalTopics:

• view from the FBAA
• view a from outside of the LMG

view from Ryker for someone setting up a business today

*US Tarrif War doing funky things to the Sharemarket and people's Super

• Will this affect RBA Rate Movements?
• Does this mean things like living expenses are going up?
• What is in someone's Super?
• Is this an opportunity to talk about SMSF Lending?

*If cost of living is going up, will people cut their Insurance?

• Disclaimers in the video
• For the new brokers out there - do you include a professional relationship in your process?

Your hosts⁠Sadish Visvalingam⁠ and⁠Beth Comino⁠

Joining them for this episode isAndrew Tan⁠ from Masters Broker Group in VIC.

Andrew has been in the mortgage game for a long time. He has been a Banker, a Broker, Co-Owner of a Sub Aggregator (which he sold), and then about 12 years ago he started Masters Broker Group with Mario Borg. Initially as a broker mentoring business that has since grown out to also be a Sub Aggregator under Connective.

This week's wrap will focus on one subject. Making the news this week, David McQueen, CEO of Loan Market spoke to the audience at the LMG top 100 summit that Broker Market Share is expected to hit 80% by the end of the year.

Source: https://www.mpamag.com/au/specialty/education/loan-market-boss-warns-on-complacency-as-broker-dominance-nears-80/523572

We speak to Andrew and asking him how does a broker make it in an environment that will see the banks clawing back their market share with more determination than ever.

We also Segway into his wisdom / experience with new brokers entering the industry, and his tips for those going into their 3rd year as business owners.

So you made it into your 3rd year running your broker business, now what? You are, in theory, exiting the "Survival Mode" and now entering the "Growth Mode" of your business.

Do you pivot? Do you get a mentor? Do you bring on more staff? What roles should the new staff members do? Does more staff equate to more revenue / profit?

We ask Justin to impart on the experience that he had, the highs and the lows of someone running a business. Whilst Lending 4 U is based in Tasmania, we are sure that the experiences are pretty common for any brokerage.

Your hosts Sadish Visvalingam and Beth Comino are back in the first Friday Wrap for 2025!

Joining them this episode is Justin Delanty from Finance 4 U in TAS. Justin also happens to be the State President for the FBAA in TAS. The final half of the podcast is where we ask Justin what advice he would give someone in their 3rd year as a business owner.

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But first up.. the news. Items in the news this week:

1:Most commonly asked Questions in 2024 - what will make the list in 2025?

Source: https://online.fliphtml5.com/wcyhl/tzit/#p=1

2:KYC - New Year means new referrals. But care needs to be taken incase you lose your accreditation

Source: https://www.facebook.com/groups/471487283058255/posts/2824819344391692

3:Interest Rates - will they or wont they

Source:

https://www.abc.net.au/.../inflation-q4.../104870480

4:DONT bag other brokers in Ads / Socials / ANYWHERE! - Dien will find you and remove you from the group. lol

Source: https://www.facebook.com/photo/?fbid=10162721052878980&set=gm.2822419381298355&idorvanity=471487283058255

Todays hosts are Sadish Visvalingam and stepping in for Beth CominoBeth Comino is the lovely Chelsea Deacon. As always we will chat about the happenings in the group and news in the wider industry that may be interesting to brokers.

In the hotseat this week we have David Browne, Mortgage broker with 16+ years experience in finance. Prior o being a broker, David worked for Westpac for almost 20 years. Manager Legal & Compliance and establishing loan processing centres! David is also Co Founder and Director of Remote Broker Solutions.

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News Topics this past week:

(1) Fair Work Australia case where a business directly employing someone outside of Australia is still subject to FWA rules and regulations.

Source: https://www.fwc.gov.au/.../decisionss.../pdf/2024fwc2669.pdf

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(2) AMP announces commission changes last Friday (after the wrap had gone to air. Will others follow?

Source:https://www.facebook.com/photo/?fbid=3899141367037120&set=gm.2773700406170253&idorvanity=471487283058255

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(3) VIC State Government implements changes to reduce investment properties? New Victorian Short Stay Tax & Vacant residential land tax. Good or Bad?Source:https://www.sro.vic.gov.au/short-stay-levyhttps://www.sro.vic.gov.au/vacant-residential-land-tax--

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(4) Australian Gov takes steps to ban under 16 from Social media.What does this mean for you? Will F&C need a new home????

Source: https://www.abc.net.au/.../how-the-age-minimum.../104571790

Today's hosts are Sadish Visvalingam, and back from her well deserved holiday, Beth Comino.

As always we will chat about the happenings in the group and news in the wider industry that may be interesting to brokers.

In the hotseat this week we have Rachael Bland. Currently streaming from the Philippines on a work trip with 2 other broker buddies.Topics this week:

(1) Recent discussion based on a FWA case regarding wrongful dismissal brought forward by an offshore worker against an Australian employer being heard at all is unprecedented and presents a potential issue regarding how those employees may be compensated according to Australian Law.

Source: https://www.facebook.com/share/p/1EmGMpEw4w/Question:

Question for Rachael: Given one of her business is about helping employers directly hire OS workers (rather than through a BPO), has the case been misunderstood?

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(2) Customer verification / KYC Dien had a recent conversation with a broker who placed (and settled) a personal loan with lender (a) and home loan with lender (b). The issue is that supporting docs provided have been found to be fraudulent. The broker is now being audited and may lose his accreditation.

Source: https://www.facebook.com/groups/financeandcoffee/?multi_permalinks=2786587634881530¬if_id=1733693811480950¬if_t=feedback_reaction_generic&ref=notif

Question: How much supporting docs do you collect? or should you collect? Do you call the employer as well?

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(3) RBA Holds .... again

Source: https://www.abc.net.au/.../rba-boss-opens-door.../104710274

Question: Previous indicators are rates wont move till mid to late next year. So why even suggest it may move in Feb? Also do you send content about RBA movements to your clients? Does it work for you?

I recently had the opportunity to sit down with Wendy Brown, Head of Broker Sales at Macquarie Bank, at their new headquarters in Sydney.

In this candid conversation, Wendy covers:

Grab a cuppa and listen to the full interview.