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TRANSCRIPT
ISSUE 8 July 2011
THE VOICEA regular publication from Vow
T: 1300 730 050 ABN 66 138 789 161
In this edition•WelcomefromCEO•VowNationalConference•BrokersShiftingFocus –MichaelOsborne•ADayOutonTheHarbour•StateofOriginII•JuneProductTrainingDays•VowXtreme•IndustryFocus(Mario Rehayem,PepperHomeloans)•UpClose(RobDiodato, TheMortgage&Finance Professionals•BookReview•Our2011PreferredPartners•TeamVow
The Ascent ProgramUpcoming EventsProduct Training Days July28–Perth August2–Tasmania August3/4–Sydney August4–Newcastle August9–Brisbane August11–Melbourne
Ponder this...“Inthebusinessworld,therearviewmirrorisalwaysclearerthanthewindshield.”-WarrenBuffett
TherearetwosuccinctmessagesforourindustrycomingoutoftheLaborGovernment’sdecisiontobanexitfees.First,itillustratesthatLabordoesn’tunderstandourindustry,becausethisbanwillhelpreducecompetition–theveryoppositeofwhattheyclaimtowant.
ButIbelievethesecondmessageismoreimportant;Laborisnotlisteningtoourindustry.Onanissueofsuchimportancetobrokers,wherethelogicofourargumentwasself-evident,Laborsimplyturnedadeafear.
ItsuggeststhatourindustryhastobecomesmarterabouthowwelobbyCanberra.Insteadofbeingreactive,literallywaitingfortheGovernmenttoenactpoorpolicybeforedoinganything,weshouldbemoreproactive,withanobviousexamplebeing
theneedfortheGovernmenttoseriouslysupportnon-banklenders.The$20billiondedicatedbytheAustralianOfficeFinanceManagementtosupportsecuritisationdoesnotequalonemonth’slendingvolumes,renderingitvirtuallyfarcical.
TheMFAAandtheindustrybeganagrassrootscampaigndirectlyinvolvingbrokersonissuescriticaltoourcommercialwell-being.Butmuchmoreneedstobedone.
AgoodstartingpointcouldbetogetLabortoreplicatetheCanadianGovernment’sHousingCorporationthatinsuresoneinthreemortgagesfundedinthatcountry,apolicythatunderpinneditsbankingindustryduringtheGFCwhilestillmaintainingahealthylevelofcompetitioninthemortgagemarket.
Whatevertheissue,nowisthetimefortheindustrytoputitscollectiveshouldertothewheeltosafeguardourincomeandsecurethelong-termfuture.
Ilookforwardtohearingyourthoughts.Welcometothe8thissueofTheVoice...
OursecondNationalConferenceisbeingheldatthestunningSofitelFijiResortandSpafrom7-9September.Therearealready100delegatesconfirmedtoattendandanamazingactivityandspeakerprogram.
Registrations will be closing soon –pleasegotowww.VowConference.com.au.FormoreinformationabouttheconferencepleasecontactyourVowBDM.
WELCOME
NATIONAL CONFERENCE 2011: 8 weeks away!
Tim BrownCEO - Vow Financial
WholesaleAggregatoroftheYear
We look forward to seeing you in Fiji with the stunning Pacific Ocean as the backdrop!
THE VOICEA regular publication from Vow
Theexitfeebanisjustanotherchangeforthemortgageindustry.Asprofessionalmortgagebrokersthereislittledoubtweneedtoworkmorecloselyandmoreproactivelyasonevoicetolobbylenders,industryintermediaries,thegovernmentandtoocolleaguesaroundus(ourfellowbroker)abouttherequiredinvestment,innovationandthedirectionneededforthisgreatindustry.
Wehavealsowrittenforalongtimetheneedfortheindividualmortgagebrokertoinvest,innovateandconsidertheirdirection
movingforward.Inthispost-regulatedenvironmentwithsomuchchange,shrinkingrevenuesandhigherrunoffsthegreatstoryisthatVow’smortgagebrokersappeartohaveshiftedonmassfromthinkingaboutdiversificationtoactualimplementationofnewproducts&services.
ThishasbeenevidencedfromdozensofbrokersutilisingtheVowLeasingservice,genuineexpressionsofinterestinpartneringwithVowWealthManagement,over220brokers(in4weeks)seekingaccesstogeneralinsurancethroughAllianzInsuranceand$10millionofinvestment
propertiesexchangingthroughBlueWealthProperty.
Itappearstherealevolutionisstartingtotakeshapeandtheoldmortgagebrokerisgraduallycarvingoutanewuniqueservicepropositiontobecomeagenuinetrustedadviserfortheirclient(s).
Congratulationstoallyouwhohaveacted–Vowencouragesyoutocontinueonthisjourney!
WithVowLegalformallylaunchinginJulyandVowCommercialbeingfinalised,thefuturelooksbrightforthosethatjumponboard.
BROKERS SHIFTING FOCUS
www.vow.com.auT: 1300 730 050 ABN 66 138 789 161ISSUE 8 July 2011www.vow.com.au
1:MichaelNicholson(Director,VowFinancial)2:JaisonSingh(FinancialElements),VaseMarcevska(PepperHomeloans),MarioRehayem(PepperHomeloans), TonyNewcombe(VowFinancial)3:JohnMartin(AllAboutFinanceServices),MickChardon(ChardonandAbbottHomeLoans),LeightonKing(VowFinancial), GeoffAbbott(ChardonandAbbottHomeLoans),RoseRenouf(MortgageSupply),MikeGriffiths(MoneywiseFinance), JayneGibbs(JayneGibbs),RosinaTombs(VowFinancial),WilliamChen(PacificMortgageCentre),WendyHoang(Totally Mortgage),CraigForeman(TaurusFinancialServices)RobKlenner(Macquarie),TimBrown(VowFinancial),DinoPesce (Macquarie),JeffWong(D&JFinancialServices),JustinDale(VowWealth)4:TimBrown(VowFinancial),MikeGriffiths(MoneywiseFinance),GeoffAbbott(ChardonandAbbottHomeLoans)5:JaisonSingh(FinancialElements),AnilVarandani(FocalPointHomeLoans),MarioRehayem(PepperHomeloans), OmarBahemia(Greenspan),JackWei(FinancialGenius),RobertWard(Equitimax),SarahWells(RedConcierge), VaseMarcevska(PepperHomeloans),JohnMcLennan(Equitimax),TonyNewcombe(VowFinancial),KenMartin(Greenspan)6:MarioRehayem(PepperHomeloans)feedingaseagull
A DAY OUT ON THE HARBOURwithourtopBrokerPartnersinSydney.
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Michael OsborneHead of Sales & Distribution - Vow Financial
THE VOICEA regular publication from Vow
www.vow.com.au
THE VOICEA regular publication from Vow
T: 1300 730 050 ABN 66 138 789 161ISSUE 8 July 2011
STATE OF ORIGIN
1.StateofOriginGame22.MattMitchener(VowFinancial), MuziDandachli(ProlinkFinance Solutions),TaraDavoren(Vow Financial)3.TonyPearce(AlliedAccess),Michael Osborne(VowFinancial),Michael Ryce(GoDirectHomeLoans),Steve May(InsightWealthPlanning), ShayneRumbel(S&KRumbelPty Ltd),TimBrown(VowFinancial),Muzi Dandachli(ProlinkFinanceSolutions)
AnightatANZStadiumintheVowCorporateBoxforgame2oftheStateofOrigin.
VOWXTREME
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3
TeamVowXtremeiswalking100kmtoraisemoneyfortheworld’spoorestcommmunties.Sofarwehaveraisedover$8Kandarelookingtoraisemuchmore.If you would like to donate please go to:
TimBrownaddressesbrokerpartnersatProductTrainingDaysacrossAustralia
Over200brokerpartnersattendedProductTrainingDaysacrossAustraliainJune.ThiscoincidedwiththelaunchofVowWealthManagement.
JUNE PRODUCT TRAINING DAYS
THE VOICEA regular publication from Vow
www.vow.com.au
THE VOICEA regular publication from Vow
What was the last book you read? Insomeoneelse’sshoes.
What CD is currently in your car stereo? It’sembarrassingbutheregoes;acompilationofPrince&MichaelJackson’sgreatesthits.
If you weren’t working in the mortgage and finance industry what would you like to be doing? IhavealwaysbeeninterestedinLaw,especiallybeingabarrister,you’reunderpressure24/7,andthethrillofwalkingintoacourtroomandownitwouldbeeuphoric.
What are the big issues facing the mortgage broking industry in the next two years? Weneedtobeverymindfulonwhattheindustryisdoingtoattractnewblood.Newbloodiscrucialforthisindustry’slongevity.
What was the first job you ever had?Itwassales&marketing;attheageof16Istartedalocalcalendarrunwhichhadlocalbusinessespurchaseadvertisingspaceonthecalendar.Soldthebusinesstothelocalnewspaper2yrslater,andmanagedtowinalocalbusinessawardintheprocess.
What drives you?Besidesmywifeandkids...innovation&success.Thereisnobetterfeelinginwatchingsomethingevolvethewayyouplanned.
What do you drive?2010BMW323MSpecasmydaytoday.IalsohaveaNissanGTRVSpecR33foralittlefunonthetrackwhenIgetthechance.
How do you unwind? AbottleofHighlandPark40Yroldscotch,anassortmentofmum’sspecialrecipepicklesandafewmates...heavendownunder.Nowbacktoreality...takingthekidstoalocalfishingspotorkidsplayhouseontheweekendistheusualtimeoffforme.
Where is your next holiday destination? Lebanon&Parisherewecome!
Industry outlook:Mortgagebrokingasaservicehasbeeninexistencearound17years.Overtheyearsalothaschangedandwillcontinuetodoso.Gonearethedayswhereamortgagebrokerisusedjustformortgagesorforrateshopping.Today’sbrokersarenowlicensed&areabletofillthegapinthemarketthathasbeenmissinginthepast.Brokersnowserviceconsumersinthemarketthat
arelookingtopurchaserealestate,vehicles,businessequipment,insuranceandthelistgoeson.Theonethingthathasn’tchangedinthisindustryistheconsistentcryingoutforoptions,andthoseoptionsneedtocomefromAggregatorsandlendersintheformofinnovation.
VowFinancialhasbeenextremelyproactivewithitsinnovativeoptionssuchasVowWealth,VowLegal,VowLeasing,theVowiPhoneApp&thelatestSNAPprintingofferingtoitsmembers…ThisisverymuchlikePepper.
LikeVow,atPepperweareconstantlyworkingbehindthescenestoensurethatourproductofferingsareinnovativeandmarketleading.PepperledthewaywiththeremovalofDEF’swithoutaffectingbrokersbywayoftighteningclawbackpolicies.Werecentlyreleasedour90%Fulldocproductthatallowscreditimpairment,nogenuinesavingsandnoLMI,thisisauniqueofferingfromPeppertothebrokermarket,wehavealsotweakedourcreditpolicytoallowarrearsonFulldocloans,andimpairmentonLowDocLoans.Pepperdeliversallthisandisstillabletoensureitsserviceofferingsaresecondtonone.WeofferdirectcreditaccesstoALLourbrokersandcommittoa48hrturnaround.
Asmentionedpreviouslythemortgagebrokersareheretofillthegapinthemarket.Thisincludesthegapcreatedbymajorbanksandmortgageinsurersrestrictedcreditappetite.ThegapcaneasilybeservicedbybrokersbeingconsciousofwhatspecialistlenderslikePepperhavetooffertheindustry.Pepperoffersolutionsforcustomersthatfalljustoutsidethenormalcreditcriteriaofthebanks.Brokersshouldembraceeveryopportunitytoservicetheircustomers’needstodayandinthefuture.Sothenexttimeyourloangetsdeclined...ThinkPepper.
UP CLOSE
T: 1300 730 050 ABN 66 138 789 161ISSUE 8 July 2011
INDUSTRY FOCUS
Mario RehayemDirector, Sales and DistributionPepper Homeloans
This issue we asked Mario Rehayem at Pepper Homeloans a few personal questions and to give Vow his thoughts on the industry and partnering with Vow.
THE VOICEA regular publication from Vow
www.vow.com.au
THE VOICEA regular publication from Vow
How did you get into mortgage broking? Ihavealwaysbeeninbanking.SeemedlikeanaturalprogressionforwhereIwasheadedinmycareer.Wantedtoconcentrateonclientrelationshipmanagementmoreandthebankswerenotsoinfavourofthatideaandkepttransferringmearound,sodecidedtostartmyownbrokingbusinessin2001.
What’s the key to success in the broking industry?Ithinkthatagoodknowledgeofthebankspoliciesandafocusoncustomerservicearethetwomainkeystosuccess.Clientswanttoknowsoundinformationandthatyougetwhattheywantinatimelymanner.
Describe your approach to business in five words.Serviceiseverything.(onlythreeIknow).
What changes have you seen in the industry since you became a broker?ProductisthemainchangeIhavenoticed.Theevolutionoflowdoc,thenthereturntofulldocandbackagain.MorerecentlythroughtheGFC,reducedlendingmarginshasbeenthebiggestissue.
What are the big issues facing the mortgage broking industry in the next two years? Ithinktheclawbackissueandthepaymentstousasbrokerswillbecomesomethingwewillneedtocontendwith.Theimpactoncashflowandthevalueofourbooksisamajorissue.
What’s great about working with Vow Financial? Thepeople.
How do you unwind?Igosurfing.
What are you watching?Footy(AFL)andsonsofanarchy.NotmuchintoTV.
What are you listening to?TheFooFightersnewalbum.
What makes you happy? Timespentwithfamilyandfriends.
What’s your ultimate goal? Workwise:haveabusinessthatrunswithoutmeinit.Personal:traveltoplacesthataren’ttouristy.
If you could have any two people in the world to dinner, who would they be?Alive:JenniferHawkinsandtheDalaiLama.Peoplethataredead:JesusandMary.Somequestionsneedanswering.
Have you had a life changing moment?Yeah,acouple.BiggestonewasthebirthofmydaughterDemi.
Finish this sentence. ‘Success is…beinghappywithwhatyouhave.
Where is your next holiday destination? Fiji,fortheVowConferenceinSeptember.
How did you earn your first dollar? Apartfrompocketmoney,Ipackagedupclayintocubesforaguythatmadepotsandvasesetc.$15aweekwhilstIwasatschool.
UP CLOSE Rob DiodatoThe Mortgage & Finance Professionals
Rob Diodato,Director, The Mortgage & Finance Professionals (WA)
ROB’S STORY…
T: 1300 730 050 ABN 66 138 789 161ISSUE 8 July 2011
Bornin1967andraisedinLeedervilleandBedford.Robjoined
Westpacin1982andleftin1996.Robhadavarietyofroleswith
otherlenderstogetsomeexperienceinallformsoflendingand
hestartedbrokingin2001.HefinishedhisFinance/Economics
degreein2002.Hehasa14yearolddaughter,yikes!Helikesto
surfwhenhecanandfollowstheWestCoastEaglesintheAFL
andrecentlystartedplayingAFLmasters.Soundedlikeagood
ideaatthetime!
THE VOICEA regular publication from Vow
www.vow.com.au
THE VOICEA regular publication from Vow
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OUR 2011 PREFERRED PARTNERS
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T: 1300 730 050 ABN 66 138 789 161
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ISSUE 8 July 2011
MAKE EVERY SECOND COUNTTime Management Tips and
Techniques for More Success
With Less Stress
By: Robert Bly
MakeEverySecondCountgoesbeyondtheusualtime-managementbookstobringyouabroadrangeofstrategiesandtacticsdozensofprovenmethodstogetmoredoneinlesstime.
You’lldiscoverhowtomaximizeyourtimebysettingpriorities,createusefulschedules,andovercome
procrastination,howtoboostyourenergylevelandproductivitywithproperdiet,exercise,andsleep.You’llalsolearnhowusingthelatesttechnologycanenableyoutomanageinformationandcommunicatemoreeffectivelyandefficiently.
MakeEverySecondCountalsocontainstime-testedadviceongoalsetting,businesstravel,socialnetworking,mobiletechnology,planningsystems,andtimemanagementinthehome.