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Broking group offers 100% LVR loans for professional borrowers

Green keys in palm of hand

To keep providing its member network with innovative lending solutions, Purple Circle Financial Services has partnered with a new lender.

Frank Paratore, COO of Purple Circle Financial Services, said, “As a broking group, partnering with innovative lenders offering a diverse range of products is crucial. It’s also important that our broker members have a say in these partnerships, ensuring they are well-equipped to handle market changes.”

Paratore added, “Lending isn’t a one-size-fits-all solution. Clients have unique needs, and we’re offering our members a diverse panel of lenders to meet those needs. To improve access to the housing market, we’re excited to welcome Granite Home Loans to our panel.”

Granite Home Loans, founded by Bridget Sakr and Craig MacKenzie, aims to help those not fully served by traditional banks and support the Australian dream of home ownership.

Bridget Sakr, Director and Co-Founder of Granite Home Loans, commented, “We’re thrilled to partner with Purple Circle. Our team, with deep mortgage industry experience, has created innovative solutions to benefit consumers. We focus on market segments often overlooked by major banks.”

Sakr also noted, “With over 30 years in the industry, we understand that saving for a deposit is a major barrier to home ownership. We recognise that many creditworthy professionals, who may not have a deposit but have strong incomes and job security, can afford to repay a mortgage.”

Craig MacKenzie, Director and Co-Founder of Granite Home Loans, added, “Granite offers a unique solution that provides 100% of the property purchase price with no deposit, no parental guarantees, and no lenders mortgage insurance (LMI). Our Granite Professional suite allows for earlier home ownership by lending 90%-100% of the purchase price. We also offer other solutions like SMSF investment and expatriate loans.”

Greg Pennells, Managing Director of Purple Circle Financial Services, said, “This new lender with its expanded offerings helps our broker members strengthen their relationships with clients and referral partners.”

 

Corporate Contact:
Frank Paratore
Chief Operating Officer
Purple Circle Financial Services
1300 366 406

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.