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MFAA National Excellence Awards Announcement

We’re thrilled to share that Purple Circle has been chosen as a finalist in three out of seven categories at the 2024 MFAA National Excellence Awards. These prestigious awards, held annually, are regarded as the premier event in the Australian mortgage industry, celebrating exceptional accomplishments across seven key areas. Purple Circle is proud to be considered for the following National Group Awards: Aggregator Award, Professional Development Award and Mentor Program Award.

This acknowledgment shows our leading position in the mortgage industry and our commitment to improvement and growth. We’re very proud of the impact our amazing staff and Mortgage Brokers are making. Their dedication to excellence is the key to our success. While we face formidable competition, we’re filled with optimism and enthusiasm about our chances of winning in the categories we’re nominated for.

The 2024 MFAA National Excellence Awards ceremony will take place on Thursday, July 25 at Crown Melbourne. Stay tuned to witness how Purple Circle performs at the event!

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.