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Angle Finance
My FAQ's
Answers everyone’s been itching to know...
What is your minimum low doc credit score?
Your answer

550 for funds up to $150K. 600 for funds up to $250K.

Will you fund more than $250K for a client?
Your answer

Yes, on full doc only and with a minimum credit score of 650.

What is the max end of term for primary assets?
Your answer

20 years end of term.                                                                                                     

What Veda Score do you use?
Your answer

Equifax Veda 1.1 Negative reporting (which is different to the Equifax Comprehensive reporting).

Will my customer qualify for Low Doc?
Your answer

Your customer must be trading for two years & meet our minimum credit score. GST registration is not required.

Will you accept non-property backed customers on low doc?
Your answer

Yes, up to $100K. A 20% deposit is required.

What’s your maximum customer exposure?
Your answer

This depends on your customers credit score. 550 credit score qualifies for 150k. 600 credit score qualifies for 250K. 650 credit score qualifies for 250K+. 

Do you accept applications with paid defaults?
Your answer

We can accept paid telco or trade defaults up to $2,500. Any other defaults/liquidations etc., will not be accepted.

Can we have a Balloon on the contract?
Your answer

Yes: 36 & 48 Months – max 40% ; 60 Months – max 30%.

Can you accept property in de facto/spouse’s name as asset backed?
Your answer

Yes. Please note, if the spouse does not have the same surname, we will need proof of relationship via joint utility bill and/or joint bank statement.

Do you do Sale/Buyback?
Your answer

No.

When do you require bank statements?
Your answer

ABN has been trading for less than 2 years. Applicant is a boarder. Refinance of other company balloons or loans. Or above our low doc threshold. 

Can you fund multiple assets on the one contract?
Your answer

Yes, provided they are all the same asset type (e.g. primary); same supplier type (e.g. can’t do a dealer & private sale in the one contract) and are ready for delivery at the same time.

Do you accept ABN business continuity?
Your answer

Yes, if the customer meets: 

- Same business & industry. 

- Same ownership (e.g. 1 Sole Trader to 1 Shareholder).

Do you require bank statements for low doc?
Your answer

No, however applicants that do not qualify for low doc can be assessed with six months bank statements or financials. 

Attention! This is
Broker Bootcamp
Navigate the broker business like a pro.
Asset Finance
Why join asset finance?
Home loan brokers in the business
25%
Have diversified into asset finance.
Brokers that join Angle
70%
Have a home loan background.
Number of mortgage brokers also writing commercial loans
Sourced by MFAA In Industry Intelligence Service 15th Edition
3 reasons why you should diversify...
  • #01 | Fast paced industry, providing monthly income to grow your business.
  • #02 | Become a one stop shop for your customer. Don’t lose your customer to another broker.
  • #03 | A new product for lead generation. Cross-sell your customers.
The Foundation
How does it all work?
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How does a commercial chattel mortgage operate?
Security over asset not property.
Fixed loan term.
Customer has ABN
(Asset must be for business purposes)
A low doc assessment uses alternative forms of verification to assess loan suitability. Bank statements or financials are not required.
Low Doc
“That's MAD you're on your way!”
Make sure you collect from your customer:
M
Medicare Card
A
Asset & Liabilities
D
Driver’s License
Bank Statements or Business Financials can be requested for assessment.
Full Doc
Avoid a declined application & ask your customer two questions...
#1 | Do your bank statements display clean conduct?
Clean conduct is defined as no overdraws, dishonours, debt collection payments, super withdrawals or ATO payment arrangements.
#2 | Is your average bank balance over the last 3-6 months 10-20% of the lend size?
Exclude ATO refunds, sale of assets, business loans, PAYG income and directors cash injections from your bank balance.
Credit scoring

Credit scores provide the probability of the customer defaulting.

We use the Veda 1.1 negative score to provide a fast yes or no.

500
Customer score must be over 500 to qualify for a loan
Price Calculation
What is the breakdown?
Explore how everything is calculated below! Simply hover over the dots.
Primary Assets
Chattel Mortgage
Motor vehicle up to 4.5t
Total Finance Amount
$16,950.00
Estimated Monthly Payment
$348 - $389
Once you reach 'review & send' the final monthly repayments will be shown on the screen.
Important information for your customer
On successful approval of the application, the following fees will apply:
    Notify your customer that the establishment fee will be charged on the day of settlement. Ensure your customer has funds in their account and is aware of the payment date.
    Notify your customer an account keeping fee will be charged monthly.
  1. An Establishment Fee of $440.00 will be charged as a separate fee on the day of Settlement.
  2. An Account Keeping Fee of $4.95 will be charged as a separate fee for each Monthly payment.
Let’s start with calculating the loan
$ 20,000.00
$ 5,000.00
A 20% deposit is required if your customer’s ABN is <2 years or they are a non-property owner.
$ 900.00
0-900$ incl. GST
The origination fee is part of your brokerage. The brokerage is capitalised into the loan.
7.00%
or
1050.00$
Broker commission is not included in the interest rate. Select up to 7% brokerage, this will be capitalised into the loan.
Total: $16,950.00
New Lend
3
4
5
In Arrears
In Advance

In Arrears: 1st payment will be made 1 month after settlement.

In Advance: 1st payment will be made at settlement.

0.00%
or
$
Repayment Term36 months 48 months 60 months
Max Balloon 40%40%30%
The Angle Way
How to navigate Angle?
Your customer’s credit score is protected during our application process. No enquiry will be recorded on their credit file. To qualify for an Angle loan, the Veda 1.1 credit score must be over 500.
Your approval email will list credit and settlement conditions. Request all information from your customer to avoid settlement delays.
To make changes to your application, click ‘amend loan details’. Your deal will be automatically updated or sent back to our credit team to review.
If your supplier is not accredited with Angle, our portal will request supporting documents. Please ensure all settlement conditions are uploaded to avoid delays.
Ensure your customer’s e-mail address is unique and only accessible by them.
01
Log into MyAngle
02
Click on MyProducts to start your application
03
When you click ‘review & send’ our portal runs a soft touch on your client’s credit score.
04
You wil receive one of 4 responses:
10 second approval, Low Doc, Full Doc or Not Accepted,
05
You will receive an email advising your deal has been approved or declined
06
Click MyDeals to locate your application. Upload your credit conditions.
07
Request for contracts. Upload invoice & settlement conditions.
08
Docusign contract will be sent to your customer.
09
Notify your customer to sign their contract.
10
Contract signed
11
Remittance sent & funds disbursed next business day.
Top Mistakes
How to avoid newbie errors?
Application
Incorrect asset type
Please search MyHub for assets we finance.
Incorrect brokerage, deposit, balloon or repayment timing entered in portal.
Ensure your draft has all details entered correctly prior to submitting.
Poor quality ID
ID provided must be a high-quality photo of a physical ID card. Digital ID is not accepted.
Credit
Business use of the asset does not align to the nature of business.
Provide clear notes around how the asset will be used and what benefits it brings to the business.
Incorrect trustee information
Ensure your client provides you with details of the correct trustees and beneficial shareholders.
Unacceptable property ownership
Property must be in the name of the borrowing entity, trustee, guarantor or spouse. Spousal property ownership must be evidenced by a marriage certificate, Medicare card or joint utility bill.
Settlement
Incorrect information entered when requesting for contracts.
Ensure details entered into the portal match the details on the supplier invoice. Eg. deposit amount.
Supplier bank proof unacceptable
Supplier bank details must be verified by a legitimate bank deposit slip or bank statement on bank letterhead.
Incorrect residential address provided (Does not match DL)
If the clients residential address does not match the ID provided, it will be a condition to verify their address eg. Utility bill.
The Launch
How to maximise your network?
We show you how to maximise your network and start off strong
We’ll start you off...
Email marketing is one of the most successful tools!
Download our email template for an example on how to launch your new service, including content for you to use!
Keep your customers!
Set your customers up for success by asking the right questions. We’ve made it easy for both parties by providing key interview questions!
Click the arrow to download now!
Sales Tools
Customer Interview Questions
The content on this website does not constitute financial, legal or any other professional advice.
Win More Customers
How to grow your network
Bring on a referral partner
A referral partner will recommend your financial services to their customers in exchange for a referral fee or commission split.
Accountant
Target firms that specialise in services for SME customers.
Lawyer
Target firms that specialise in services for SME customers.
Dealer
Target dealerships with no in-house broker.
How to win a customer against a dealer...
  • #01 | Dealers quote rate only. Educate your customer on repayment amount, term of the loan & balloons.
  • #02 | Work fast & secure an approval. Take advantage of our portal to find out if your customer qualifies for our 10 second approval.
  • #03 | Focus on their long-term business needs. Do they have plans to expand their business, and will they require additional assets?
The content on this website does not constitute financial, legal or any other professional advice.
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