The Commonwealth Bank of Australia’s (CBA) financial planning banking team (FPBT) said it has not changed its approach to lending amid tougher market conditions.
“There has not been any change in the standard loan assessment timeframes [for financial planners] even though there has been an increase in the volume of lending proposals,” CBA market specialists general manager Stewart Creighton said.
He said CBA has lent and will continue to lend to creditworthy businesses and its unchanged lending criteria remains responsible, not restrictive.
Creighton’s comments follow remarks from Kenyon Prendeville director Alan Kenyon, who told InvestorDaily recently that current market conditions had changed the cash flow finance market for financial planners in many instances.
Kenyon said it has been more difficult to obtain competitive finance packages in the last 12 months, with slower approvals and less flexibility in policy interpretation. He also emphasised the importance of speaking to a lending expert.
Creighton said CBA was committed to ensuring the practice networks of its [18] accredited dealer groups had access to experienced cash flow lenders, particularly with mergers and acquisitions driving increased demand for specialist financing services.
“The FPBT has appointed an additional business development manager, Brenton Fahey, and will also employ an analyst who is likely to be announced in June,” he said.
Joining CBA from Bankwest, Fahey will service financial planning practices in Victoria, South Australia and Tasmania, and will be responsible for structuring finance for CBA-accredited dealer groups.
“We are recruiting to increase our capacity and to ensure that service levels are maintained and our clients receive exceptional customer service,” Creighton said.
