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National Boutique Aggregator reports record loan settlements

Following on from a recent record in settlements volume to finish the last financial year, Purple Circle’s stellar growth has continued.

“In actual fact our last 6 months settlements have increased by 121.34%. 6 ‘record’ consecutive settlement months culminating with our highest volume of settlements achieved last month in August” said company Director, Frank Paratore.

According to Frank, “It hasn’t hurt our profile winning awards and being acknowledged by our industry peers over the years, but seriously, this is a fantastic result, and we are clearly bucking the trend considering the season of reported lower numbers across other aggregators and market backdrop we are in. Making it even more impressive is the fact that it has all been organic growth!”

The boutique national aggregator attributes the continued growth to the recruitment of quality brokers on the back of media campaigns and strong word-of-mouth referrals from existing brokers.

“Our unique share-based, co-op style offering is proving to be very attractive to brokers looking for more from their aggregator.”

“Our Broker Members have a strong say in the strategic direction of the company which allows us to not only provide Brokers with what they need, but also what they want for their businesses to succeed. This is clearly reflected in the company’s performance to date.”

Mr Paratore added the aggregator’s performance and growth has lifted Purple Circle’s profile into an emerging leader in the mortgage and finance broking space.

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.