Third-party originated loans rise 28%: APRA theadviser.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theadviser.com.au Daily Mail and Mail on Sunday newspapers.
Small-business finance platform enters market By Malavika Santhebennur 12 March 2021
A new finance platform that allows small businesses to access equity, grants and loans has launched in Australia.
Swoop Finance Pty Ltd (Swoop), which first launched in the UK and Ireland in 2018, has formally opened its first international operations, with a new arm in Australia.
The digital marketplace is a matching platform that aims to assist start-ups and small-to-medium enterprises (SME) in accessing funding across equity, debt, loans and grants.
It seeks to find funding solutions for companies based on its stage of development and business sector. According to the fintech, it also helps SMEs identify savings and cut costs in areas such as banking, foreign exchange, insurance, utilities and broadband.
Steve Kane joins Loan Market theadviser.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theadviser.com.au Daily Mail and Mail on Sunday newspapers.
Trail book lender reports increase in retiring brokers
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Trail Homes has revealed that its turnover has increased 56 per cent in a year, which it attributes to an increase in trail books being sold as more brokers retire.
According to the director of the trail book lender, Nick Young, the volume of brokers retiring has risen steadily since September 2020, and spiked last month (January 2021).
Indeed, Mr Young suggested that trail book sales will continue to be high in the next quarter, as more brokers push through their retirement plans.
According to the Trail Homes director, the increase in retirement-driven trail book sales is partly due to “natural attrition” (as the broking industry reaches maturity) as well as “ongoing legislative and regulatory disruption”, which has been accelerated by the COVID-19 pandemic.
Submissions on RLO and BID extension released
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More than 100 submissions into the bill repealing responsible lending laws – which includes extending the best interests duty to more brokers – have been released as Senate begins hearings into the issue.
On Friday (19 February), the Senate economics legislation committee began its hearings for its inquiry into the National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020, which seeks to repeal responsible lending obligations (RLOs) and expand the best interests duty (BID) to more credit assistance providers (among other changes).
The inquiry and its hearings are largely centered on the impacts of removing RLOs, and more than 100 submissions from the lending and mortgage industry – as well as other stakeholders – were released in relation to the proposed laws.