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Online Courses.

What to expect...

Below is the framework for current and future courses included for Purple Pathways Academy members.

Orientation

  • Tasks to complete before handover to the Academy Mentoring Team
  • Building your data base
  • Test deal – Client engagement, Workflows, Salestrekker
  • Marketing 101
  • Sales 101
  • Handy tools
  • Managing documents
  • Compliance induction
  • Getting support from the Academy
  • File approval process
  • Handover to Academy

Customer Engagement

  • Customer enquiry skills 
  • Customer interview skills including: 
    – Loan qualification 
    – Product choice meeting needs and objectives. 
  • Note-taking and recording. 
  • Providing quality advice around options (and alternatives) with consideration to BID obligations. 

Administration & Workflow

  • Ensuring workflow, administration and loan tracking processes set in an efficient manner. 

Lending scenarios (including but not limited to)

Mandatory 

  • First home purchase (including grants and schemes) 
  • Non-first home buyer 
  • Refinance 
  • Construction 
  • Debt consolidation 
  • Loan with parental/family guarantors 
  • Investment purchase 
  • Self-employed lending. 

Desirable

  • Trusts and corporate structures 
  • Off-the-plan purchase
  • Personal loan and auto finance 
  • Bridging finance 
  • SMSF lending 
  • Reverse mortgages

Research, analysis and recommendation

  • Develop research methodology 
  • Understand lender policy and process 
  • Analyse client data and match circumstances to scenario 
  • Develop and present recommendations. 

Loan submission requirements (including but not limited to)

  • Broker declaration and lender checklist 
  • Customer identity checks (VOI) 
  • Income verification 
  • Serviceability calculator and worksheets 
  • Living expense worksheet 
  • Exit strategy (if applicable) 
  • Reason for refinance (if applicable) 
  • Contract of sale 
  • Customer loan requirements 
  • Reason for lender and product choice 
  • Reason for adverse history 
  • Responsible lending interview guide, KYC, BID and BCOP requirements 
  • Privacy consent disclosure documents

Compliance

  • Operating within the industry’s regulatory rules and framework and the MFAA’s Code of Practice 
  • Completing the loan application process in a compliant and professional manner. 

Loan submission vetting and quality assurance

  • The mentee should have all loan applications vetted (submission quality checked) by their mentor until at least 12 loan applications have been successfully settled 
  • When packaging loans for submission to the chosen lender, it is imperative that through your mentoring process you are made aware of each lender’s quality benchmarks. 

Business sustainability

  • Managing a business  – Planning and cashflow management 
  • Lead generation including working with referrers 
  • Networking skills

Self-management

  • Health and wellness 
  • Understanding your own capacity and when to add support 
  • Managing stress and anxiety 
  • Dealing with conflicts and complaints
Back the Purple Pathways Academy

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.