Skip to content

Purple Circle celebrates 100 broker shareholders

Purple Circle Financial Services reaches 100 broker shareholders and $6.5 billion in loan settlements

Boutique mortgage aggregator Purple Circle Financial Services has officially welcomed its 100th broker shareholder, marking a major milestone in the company’s broker-owned journey.

Founded in 2016 by a group of experienced brokers, Purple Circle Financial Services was established as a broker-owned mortgage aggregator with a clear mission — to redefine what it means to be an aggregator. The company has focused on building a collaborative, close-knit network of high-performing brokers who are personally invested in the success of the business.

Earlier this month, the aggregator surpassed the 100-shareholder milestone and also exceeded $6.5 billion in total loan settlements, a reflection of its growing footprint in the mortgage broking industry.

“Reaching $6.5 billion in settlements is a testament to the quality of our broker network, the strength of our support systems, and the collaborative culture we’ve built,” said executive director Greg Pennells. “But it’s the 100-broker-shareholders milestone that makes us most proud. It shows that brokers believe in our vision enough to become owners in the business they help shape every day.”

Last month, the group became the latest to access Salestrekker’s new integrated lending, origination and customer relationship management (CRM) platform Salestrekker 2.0.

Powered by Salestrekker 2.0 (which has been in development for over two and a half years), the new platform includes customised client portals, policy search tools, and in-built property reports and calculators and utilises open banking, digital compliance, and integrations into lender and fintech systems.

You can find out more about the origins of Purple Circle in the Mortgage & Finance Leader podcast with Greg Pennells, here.

 

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.