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Worried about being passed around like an unwanted birthday present?

Red birthday gift

Time and time again, history has shown us that when the going gets tough, an institution will always deflect blame and think nothing of removing itself from the ‘problem’. We saw it play out in the financial planning arena, and now the exact same thing is being repeated in Finance Broking.

By virtue of the Royal Commission’s highlighting of banks’ shortfalls, and despite the MFAA providing indisputable proof to the contrary, the blame game has been aimed squarely at mortgage brokers.

Now that a convenient ‘fall guy’ has been identified, the ‘problem’ is being dealt with in a ‘Clean and timely’ manner.

For the mortgage broker who has entrusted their business to an institutional owned broking group, one thing is certain about your future; uncertainty.

As a result of this uncertainty, an ever-increasing band of brokers have gathered together and shouted ‘ENOUGH IS ENOUGH’. They are now collectively taking control of their future.

If the polar opposite of being owned by an institution is being owned by it’s members, then a mutually-owned broking group is the solution.

Boasting an unrivalled sense of camaraderie and belonging, Purple Circle Financial Services operates on an ethos of mutuality;

  • No institutional ownership
  • Members are owners and shareholders
  • Brokers are empowered to achieve their goals
  • With shared values, members are part of a society in which everybody contributes
  • A Broker Steering Committee represents all broker members at Board level
  • The Leadership team is made up of industry legends and high-achievers
  • Profits are allocated to shareholder members

The company’s mission statement includes the following;

  • Decisions are based on what is best for the members
  • The benefit for members shapes all decisions
  • Long term focus on security and safety for members

Mutuality is insurance in it’s highest form

John Bainbridge English author and activist

Small and Medium Enterprises (SME) Guarantee Scheme


The Scheme will enhance lenders’ willingness and ability to provide credit and will be available for new loans made by participating lenders until 30 September 2020.

The Government will provide eligible lenders with a guarantee of 50% per cent of new loans. Some generic terms are:

  • Businesses with a turnover of up to $50 million.

  • Maximum total size of loans of $250,000 per borrower.

  • Loans will be up to three years, with an initial six month repayment holiday.

  • Unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.

Reduced Interest Rates


Consider your current banking arrangements. The Reserve Bank has recently reduce the cash rate and lenders have passed this on to various loans they have.

Instant Asset Write Off


An increase in the instant asset write-off threshold from $30,000 to $150,000 30 June 2020.

Deferment of Loan Repayments for up to 6 Months


The banks are developing their own approach as to how to deal with requests from their clients for repayment holidays. Some are automatically granting the request, others are assessing the requests individually.