MGI Perth

Welcome to the September edition of the MGI Finance newsletter

This month the Reserve Bank kept official rates on hold at 4.5% for the third month in a row, with the comment that they are at an appropriate level “for now”. May economic commentators have the view that this means they are preparing themselves for a rate increase later in the year. There are some attractive fixed rates available from lenders at present, therefore if you have concerns about the direction of interest rates please do not hesitate to contact me.

In this edition of the finance newsletter we have an introduction to a new Low Doc Business product aimed at SME’s and we are pleased to announce that we are the proud holders of an Australian Credit Licence!

Product Update - New Low Doc Business Lending

We want to make it simple and convenient for you to take out business finance. When it comes to making commercial finance easy, MGI Finance has access to a new product that does just that.

Through one of our preferred suppliers, we can access a simplified application process that makes it easier for our clients with small business acquire business finance.

It allows small business finance of up to $500,000 (including Overdrafts and Business Loans) to be applied for with reduced documentation requirements and a customer's self-declared financial information statement.

The features and benefits of this product include:

• A turnaround time for a decision within two business days (subject to a fully completed application being provided)
• A complete review of your banking needs
• A simple application using your declared financial data, verified with reference to your most recent Business Activity Statement
• Competitive interest rates

There are only four steps to accessing this finance fast:

1. Confirming you meet the key customer criteria
2. Completing your application
3. Submitting your application
4. Receiving approval and Letter of Offer

It's easy to get more information

For more information on this new low doc business finance, simply contact David James at david.james@mgiperth.com.au or phone 08 9463 2463 today.

MGI Perth Finance one of the first to receive Australian Credit Licence

MGI Perth Finance is the proud holder of an Australian Credit Licence.

The Commonwealth Government is now responsible for the regulation of consumer credit. ASIC has now become the national regulator for consumer credit and finance broking, taking over from the states and territories. This means that home loans, credit cards, consumer leases and line of credit accounts, among other products and services, will be regulated under Commonwealth legislation and administered by ASIC.

Finance brokers and lenders must hold an Australian Credit Licence (ACL) in order to engage in credit activities. All holders must meet minimum entry standards before they can offer products and services to consumers.

The new ACL regime replaces a patchwork of inconsistent and incomplete regulatory regimes that currently exist across different states and territories. Once credit providers and advisors are licensed acrossed the whole country, they will have to meet continuing standards of conduct, higher than any that exist at the state and territory level.

Consumers will be consistently protected across Australia, as a provider who loses their license or registration will be excluded Australia-wide.

Rate Update

If you are thinking about obtaining finance, MGI Finance can assist. This month, we are able to secure you the following rates through our preferred suppliers:

MORTGAGE RATES

Variable: 6.47%

Fixed:

• 12 months       6.84%
• 2 years           6.09%
• 3 years           6.95%
• 4 years           7.69%
• 5 years           7.89%

COMMERCIAL RATES

Variable: 7.86%

Fixed:

• 12 months       6.99%
• 2 years           7.24%
• 3 years           7.45%
• 4 years           7.66%
• 5 years           7.78%

CHATTEL MORTGAGES

Vehicles: 7.01%

Other equipment: 8.25%