Beyond Bank update

Discussion in 'Loans & Mortgage Brokers' started by Richard Taylor, 5th Jul, 2017.

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  1. Richard Taylor

    Richard Taylor Well-Known Member

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    Effective immediately the following parameters will apply to all new lending:

    · Cease offering all residential and commercial property-secured Interest Only loans (including construction and bridging for both Owner Occupied and Investment purposes).

    · Maximum LVR of 90% (including capitalised LMI premium) across product range (including Owner Occupied)

    · Cease offering all investment loans (ie any loan where the purpose is investing in residential property)

    First 2 neither here nor there but number 3 is indicative of what we can expect.
     
    Richard Taylor, 5th Jul, 2017
    #1
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  2. Corey Batt

    Corey Batt Well-Known Member

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    Pretty standard operating procedure of the smaller lenders - taking in as much business as they can with what looks like cheap rates - then shut up shop suddenly/start to increase rates when their book is overflowing. Not much finesse there and catches a lot of borrowers out which look at the headline rate and not much else.
     
    Corey Batt, 5th Jul, 2017
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  3. Biz

    Biz Well-Known Member

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    Never heard of Beyond Bank. Reminds me of that show Beyond 2000. Did Beyond 2000 predict all these apra changes back in the 80's?

     
    Biz, 5th Jul, 2017
    #3
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  4. Corey Batt

    Corey Batt Well-Known Member

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    They were previously known as Community CPS - with pretty decent size exposure in South Australia. They merged a lot of smaller credit unions and rebranded if I remember correctly - then moved into working with the broker market.

    Since then they've been going gangbusters.
     
    Corey Batt, 5th Jul, 2017
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  5. D.T.

    D.T. Specialist Property Manager Business Member

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    It was an Adelaide and Canberra one that merged iirc
     
    D.T., 5th Jul, 2017
    #5
  6. Richard Taylor

    Richard Taylor Well-Known Member

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    Beyond Bank Australia is the trading name of Community CPS Australia. Prior to becoming a customer owned bank in 2013, Community CPS Australia was one of Australia’s largest credit unions. Over the years a number of likeminded organisations have joined Beyond Bank including Country First Credit Union, Alliance One, Wagga Mutual Credit Union, Companion Credit Union, United Community Credit Union,
     
    Richard Taylor, 5th Jul, 2017
    #6
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  7. Archaon

    Archaon Well-Known Member

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    I'm with Beyond Bank for my savings account, started out with Companion CU, now life member.

    They stitched up my parents back in the day wanting them to get LMI on an 80% loan including their PPOR and a proposed investment property, they certainly aren't savvy in the investment space that's for sure.
     
    Archaon, 6th Jul, 2017
    #7
  8. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Man this brings back memories! What a show.

    Now I wish I never found out about it being available on youtube - down the rabbit hole I go :-(
     
    Jamie Moore, 6th Jul, 2017
    #8
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  9. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    When you go direct to the lender, you get what's best for the lender, not what's best for the client unfortunately.
     
    Jess Peletier, 6th Jul, 2017
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  10. MC1

    MC1 Well-Known Member

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    Spot on.

    Clients that persist with these types of lenders to save 0.2 are clients I avoid.
    Have seen it multiple times over the years.
    The Big Banks are the Big Banks for a reason. Better the devil you know!
     
    MC1, 6th Jul, 2017
    #10
  11. Brady

    Brady Well-Known Member

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    Not correct. Not the best way to do business.
     
    Brady, 6th Jul, 2017
    #11
  12. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Generally. Occasionally you come across an enlightened branch staff member like yourself, but let's be real - you're a bit special and not exactly the norm. :)
     
    Jess Peletier, 6th Jul, 2017
    #12
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