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AGGREGATOR NEWS

AGGREGATOR NEWS

Boost Your Business With A Smarter Online Platform

It probably comes as no surprise – us Australians are a digitally savvy bunch. Recent research by Mozo, shows that 75% of Australians in 2020 are doing their banking via an app, smartphone or computer. Now with COVID-19 also completely transforming the way we live and work, providing a seamless online experience for clients is even more critical.

What does this mean for you and your clients?

Getting a home loan can be a stressful, frustrating and time-consuming experience. Many lenders are still heavily reliant on paperwork which can often lead to lengthy processes. As a broker, it can be difficult to keep loan approval times short and meet your clients’ service expectations. With multiple lenders in the market with different systems and capabilities, it’s also difficult to provide your clients with a consistent experience across all lenders.

Say hello to Nimo!

Nimo is an online lending platform that enables you to service your clients online. The home loan application is easy for them to complete, collects their information in minutes and leads to reduced approval times. It enables a simple translation of information from the client to the lender that is accurate the first time. When connected to an aggregator’s CRM, you don’t need to lodge the application manually, which improves credit quality, data accuracy and speed. Nimo is built to support NCCP Responsible Lending compliance obligations and uses encrypted systems offering up to bank-level security to protect customer data.

Get online overnight

It takes no time to get plugged in and up and running. The platform is white-labelled and integrates with existing infrastructure so there is no need to spend time or money on development costs to get started. There are a number of different packages available through a monthly subscription. Find out more at nimoindustries.com/FBAA

Mozo reference: https://mozo.com.au/neobanks/articles/ neobank-2020-report-digital-banking-in-a-new-decade

By Peter Jones - CEO of Nimo Industries

How good or bad is our economy?

By Peter Switzer - Switzer Financial Group

You don’t have to be Treasurer Josh Frydenberg to work out that our economic outlook has been negatively affected by the irresponsibility of the testosterone driven security guards in Melbourne’s quarantine hotels. The human life cost will be unforgettable and measurable. The economic cost is much harder to determine.

We know both consumer and business confidence were severely checked by the resultant lockdowns across Victoria and border closures. As Victoria makes up 22% of this country’s GDP, this drama will extend the recession into the September quarter — and make it more likely that unemployment ends up with a 9% plus reading, instead of 8% plus!

But it’s not all bad news. Reports indicate only 25% of WA businesses that needed JobKeeper support will retain this when the new rules apply from October. That means 75% of businesses that suffered a 30% plus fall in revenue, no longer believe they’re as badly affected. I hope these numbers prove to be right.

But let’s get more hardcore and look at the numbers, good and bad, that might give us a clue about our economic future.

So here goes for what looks positive:

• The Westpac Index of Consumer Sentiment rose 18% in September. • The weekly ANZ Consumer Confidence Rating rose by 1% to 91.1 (long-run average since 1990 is 112.7). Confidence has lifted in three of the past four weeks. • The value of home loans is up 8.9% in July, after a 6.4% rise in June (consensus: up 2%).

Biggest back-to-back increase in home loans in 18 years. First homebuyer numbers at a 10.5 year high. • Aussies took 5.41 million domestic trips in June, up 2.36 million from May. The number of nights spent interstate or intrastate totalled 18.47 million in June, up from 11.95 million in May. • Retail rose by 3.2% in July (consensus: 3.3%), after up 2.7% in June. Retail trade is up 12% over the year. • Exports to US: a record $18.65 billion in the year to July. • Building approvals for new homes rose by 12% in July (consensus: minus 2%), lifting from 8 year lows. Approvals are up 6.3% from a year ago. • National home prices fell by 0.4% in August but were still 5.8% higher over the year. • SMEs with revenue declines over 30% have reduced from 57% in July to 45% in August — best reading since the pandemic.

And now for the negatives:

• Those recession numbers, with the June quarter down 7%. The consensus was 6%, so it shows how scared we were in April and May before JobKeeper and JobSeeker kicked in, and restrictions (as well as infections) eased. • NAB business confidence improved from minus 14.2 points to minus 8 points in August (longterm average is 5 points) but it’s still negative.

The business conditions index fell from minus 0.3 points to minus 5.8 points (the long-term average is 5.2 points). • The services PMI was down from a record high of 58.2 (since records began in May 2016) in

July to 49 in August. • In August, 60,986 new vehicles were sold — the weakest August sales month in 23 years — to be down 28.8% in August 2020.

You can see the positives in these numbers and if it wasn’t for the Victorian issue, we’d have a much more positive economic outlook.

The game changer will be the arrival of a vaccine, as this will help open up borders and permit greater strides towards normalcy. This will unleash a solid economic expansion, so pray for a vaccine ASAP.

Here’s the best news I saw this past week, and it’s not economic — “Pfizer’s CEO Albert Bourla said on Sunday that a coronavirus vaccine could be distributed in the U.S. before the year-end.” (CNBC)

LISTEN NOW

STATE 2020

Christine Green

Queensland - State President

Liberty Network Services Mobile: 0434 338 584 Email: qld@fbaa.com.au

Nick Wormald

New South Wales & ACT - State President

Grow Capital Mobile: 0488 810 555 Email: nsw@fbaa.com.au

Bernard Desmond

Victoria & Tasmania - State President

Director Feedback Finance Pty Ltd Mobile: 0499 888 666 Email: vic@fbaa.com.au

Trent Carter

Western Australia - State President

Director Provident Lending & Business Solutions Mobile: 0448 773 310 Email: wa@fbaa.com.au

Joff O’shannessy

South Australia & Northern Territory - State President

Director Finance Opportunities Mobile: 0419 820 149 Email: sa@fbaa.com.au Would you like more information on an FBAA event or PD Day thats happening in your local area? Maybe you have some feedback or an issue you would like to discuss?

Finance Brokers Association of Australia

Street: Level 1, 116 Ipswich Road, Wooloongabba Qld 4102 Post: PO Box 177, Coorparoo Qld 4151 Phone: (07) 3847 8119 Email: info@fbaa.com.au Web: www.fbaa.com.au

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