Jake Yen, Author at Platform Finance

Platform Finance – Aggregator of the Year Award Winner

Platform Finance is excited to announce that our aggregator network, including COG Financial Services Limited and Consolidated Finance Group (CFG), have won the “Aggregator of the Year Award” at the 2020 CAFBA National Broker & Financier Awards.




“As the largest asset finance aggregation group in Australia, we thank our broker partners for their commitment and contribution during 2020. Our priority is to provide support, knowledge and resources that build a mutually beneficial partnership to help their business to thrive,” says Brad Crinion, Platform Finance’s CEO.

“I would also like to acknowledge the staff at Platform Finance, COG Financial Services Limited and CFG and congratulate them on winning this coveted award. The collective efforts from BDM support, processing through to the settlement team, has seen our group grow from strength to strength. We are lucky to have such an experienced and committed team.”

“We thank CAFBA for their continued support and for providing strong representation for commercial asset finance brokers throughout Australia. We are very humbled and honoured to have received this award,” says Crinion.

Platform Finance looks forward to delivering more group initiatives that will continue to add value to our broker and financier partners.


Switch to save with clean energy

Business owners are constantly looking for ways to optimise cash flow and improve their bottom line. So did you know that your business customers could receive a government benefit for installing a small scale renewable energy system? And that you, as a broker, can offer energy finance to customers to purchase sustainable solar assets?

Such systems pay for themselves in energy savings in a relatively short period of time but businesses now have the added financial incentives as part of the Renewable Energy Target. Participants who invest in, and generate, renewable energy may be eligible for financial benefits under the scheme.

Platform Finance Energy can help your customers take full advantage of this, but there are many more ways investing in clean energy can get businesses in the green.

Clean energy sources to adopt

There are a plethora of clean energy solutions available for all budgets and business sizes. Consider a combination of the below to grow a greener business:

  • Rooftop and ground-mounted solar systems
  • Solar hot water coupled with a heat pump
  • Demand management systems
  • Battery storage or energy arbitrage
  • Bioenergy and biofuels
  • Energy-from-waste

How small and medium businesses can benefit from clean energy

Anyone needing a classic example of a win-win situation need only look at using clean energy: the energy user benefits, new jobs are created, the planet breathes a little more easily, and future generations will be grateful. In fact, make that win-win-win-win.

So what’s in it for a business switching to clean energy, besides the ‘feelgood’ factor?

  • Fulfil your corporate social responsibility. Today’s consumers care about the impact they’re having on the environment and choose the companies they support accordingly.
  • Lower energy bills. Whether you’re generating electricity for use in your business, or just feeding into the grid, or both, one thing is certain – your bottom line will thank you.
  • Fast return on investment. For solar panels, it’s estimated that it only takes between three and six years to recoup your capital outlay via reduced power bills. That’s a good ROI.
  • Less service disruption. You will always have a back-up source of electricity to keep your business running despite power outages.
  • Discounted rates on your utilities. Banks often offer businesses discounted finance rates on eligible clean energy equipment.

Energy Finance Solutions

Platform Finance have access to numerous lenders that often offer businesses discounted finance rates on eligible clean energy equipment. If you’d like to offer sustainable energy solutions to your business customers, contact us today to give you the green light.


This article was originally published by OneAffiniti.com

Why should you use an Asset Finance Aggregator?

Why should you use an Asset Finance Aggregator?

In today’s climate of uncertainty, there has never been a better time for brokers to mitigate risk and turn to aggregators as a reliable and knowledgeable partner in the finance space.

Opportunities in the market are increasing, and brokers who are diversifying into asset finance are reaping the benefits. An aggregator is the best way for you to get your foot in the door.

Asset finance centres around vehicle, boat, caravan, equipment, machinery and business capital purchases and is a very specialised field when it comes to application requirements and processing. That’s why brokers look to specialised aggregators to assist them in this process.


What are the benefits of using an aggregator?

Providing brokers with access to a lender panel has traditionally served as the main purpose of aggregators in the past. Over time the role of an aggregator has expanded to offer many member benefits including:

  • Access to established relationships with a wide range of funders
  • Option to use aggregator’s existing CRM and technology
  • Knowledgeable processing staff can help fast track applications and they will liaise with the lender on your behalf
  • Opportunity to workshop scenarios and obtain free advice from experienced BDMs
  • They will navigate and advise on the complex landscape of compliance and evolving regulations
  • You can maintain your independence as a broker and your direct relationships with clients
  • Attractive commission split, for minimal effort


How do you join an Aggregator?

The process is straightforward, in the case of Platform Finance, we follow this simple five step process:

  • Contact us
  • Meet with your local BDM
  • Complete onboarding paperwork
  • Receive logins to our CRM and Broker Central Portal
  • Start submitting loans


What does Platform Finance offer their aggregated brokers?

Choosing an aggregator partner is an important long-term decision. We offer our brokers benefits over and above just finance products. Our exclusive services will give you all the tools you need to make your asset finance business a success:

  • Specialist in Asset Finance Aggregation for 20 years
  • Australia’s largest asset finance lender panel – over 40 to choose from
  • Comprehensive mix of commercial and consumer products on offer
  • Hands-on broker support, deal vetting and processing services
  • Exclusive access to our CRM system custom-built for asset finance deals
  • Fully functional APIs for multiple lenders
  • Comprehensive Broker Portal with news and financier updates
  • Dedicated Compliance Team
  • Options for mortgage brokers who are diversifying into asset finance
  • Experienced BDM Team to assist brokerages of all sizes
  • Industry specific training and development that builds PD points
  • Access to Business and Corporate Finance products
  • Expert advice on Novated Leasing
  • Professional Car Buying Service


If you are looking for an experienced car and equipment finance aggregator, call us today.

Our partnership can help to drive your business to the next level.

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Is now the right time for updating business equipment?

Given that COVID-19 has plunged the economy into uncertainty, it might seem like an odd idea for your business customers to be updating business equipment right now. There are certainly arguments in favour of postponing decisions and playing a wait-and-see game. Successful business owners, however, know that getting the timing right is important, and delaying now could see your business customers missing out on valuable opportunities. 

Why it’s especially important now to keep equipment up-to-date 

Your business customers’ equipment plays a vital role in helping them to achieve their business goals by earning revenue while, ideally, keeping costs as low as possible. Depending on their business type, they cannot function without, for example, their vehicles, manufacturing plant, agricultural machinery, medical devices, office furniture or computers. The more up-to-date they are, the more likely they are to increase their revenue and lower their maintenance costs. 

However, it’s important not to update just for the sake of it. Work out with them how much extra revenue or cost savings their new equipment will deliver, and compare it with the finance and usage costs. They need to see a positive outcome to make it worthwhile but in these particularly challenging times, they may also want to prepare for the bounce back to normality. If the economy bounces back quickly there may be a significant demand for new equipment, which could result in shortages. They’ll be sitting pretty if you’re all tooled up and ready to go. 

Now is a favourable time for equipment purchases 

As the 19/20 financial year draws to a close, it’s a good time to review your business customers’ equipment needs. You can take advantage of end-of-financial-year sales when equipment manufacturers are ready to discount their stock in order to meet annual sales targets. Understandably, there may be even more price reductions this year than normal. 

If they have already made asset purchases in the last year or decide to purchase soon, they might qualify for tax benefits from the revised instant asset write-off scheme. This allows businesses with an annual turnover under $500 million to write-off qualifying asset purchases with an individual cost of up to $150,000 as a tax-deductible expense in the current financial year, provided that the asset is first installed and ready for use between 12 March and 31 December 2020. 

Equipment finance could help preserve working capital 

Right now, though, they probably have extra demands on their working capital. They may need to continue paying their employees and creditors, while also working to keep the doors open. 

So, if you have clients looking to purchase new equipment without using their working capital, equipment finance could be a solution. There is a wide range of options, including: 

  • Finance lease 
  • Commercial hire purchase 
  • Specific security agreement (Chattel mortgage) 
  • Rental agreement 

Contact your Platform Finance broker for advice 

In some cases, you as their finance broker will have to work with their accountant to structure their finance so that not only are the tax deductions are optimised, but the initial repayments are also lower helping them navigate this uncertain period. 

The end of the financial year is approaching quickly, so if your business customers are interested in upgrading their equipment, pick up the phone and give us a call on 1300 88 77 54 today to take advantage of Platform Finance’s asset finance aggregation services. 

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This article was originally published by OneAffiniti.com

Platform Connect CRM has revolutionised asset finance processing

October 2019 marked the launch of Platform Finance’s custom-built CRM system – Platform Connect. Since then, the system has helped many of our aggregated brokers revolutionise the way they manage and process applications.

Brett McMurrick, Principal at MMF Finance and Consulting in Melbourne, has been using Platform Connect for his asset finance deals since its launch.

“One word to explain Connect – INCREDIBLE,” said Brett. “Ever since we decided to move to over to Connect, we have been extremely happy with how it has improved the productivity of our business.”

Jordan Andrews, Head of Credit at MMF said, “Connect just makes sense. It’s very easy to operate and the support from Platform is fantastic. It logs every alteration to the application, so you can keep track of what the client changes and what we change. You can make subtle modifications quickly and easily and you are alerted when you reach certain milestones throughout the application.”

“The Lender APIs are fully functional and save us a lot of time. Being a custom-built system just for asset finance means the application is more streamlined than other systems,” said Jordan.

Platform Connect has fully functional APIs for the below major lenders and we are continuingly working towards including others:

  • Metro
  • Macquarie
  • Westpac
  • Capital
  • Bank of Melbourne
  • Latitude
  • RateSetter
  • Pepper (Consumer)


“Our former client portal came with restrictions, but the Connect portal is very user-friendly and much more efficient,” said Brett. “We can send the client a link that is the same for every loan they have with us. It gives the client access to their historical information and all their documents. We can also invite our client’s accountants to access the secure information for tax purposes if required.”

Compliance tracking and automation was at the forefront of our minds when building Connect. We wanted to give our brokers peace of mind that they were completing all the necessary documentation and complying 100% with NCCP requirements.

“The compliance functionality in Connect is excellent. All the documents are generated and populated at the click of a button,” said Brett. “It gives us great confidence that we have crossed all the T’s and dotted all the I’s for every application.”

If you would like to see how efficiencies in your brokerage can be improved via this custom-built lead management and application system, contact our Platform Connect experts today. On-boarding is simple, and you will reap the benefits immediately.

Find out more information here.

Changes to the instant asset write-off scheme for SMEs

As the world struggles to come to terms with the ongoing reality of COVID-19 , there’s going to be an inevitable impact on small business in Australia. The Federal Government, however, recognises that businesses – and small to medium businesses (SMEs) in particular – are the lifeblood of the Australian economy. The Government’s March 2020 Economic Stimulus Package, in response to challenges created by the spread of COVID-19, further extends the already very useful instant asset write-off tax concessions for businesses.

What exactly is an instant asset write-off?

Although the instant asset write-off scheme has now existed for a number of years, the changes effective as from 12 March 2020 allow businesses with an annual turnover of less than $500 million to immediately write off, as an expense for tax purposes, new or second-hand asset purchases costing up to $150,000 each.

This means that instead of depreciating an asset over a number of years, you can effectively count the asset purchase as an expense in the current financial year. This may reduce your tax bill, provided you have purchased and installed the asset, ready for use by 30 June 2021.

Extended provisions are only temporary

Businesses with a turnover of $500 million are clearly not small businesses, but SMEs, however low their revenue, can benefit from the increase to the asset value threshold. This is now $150,000, up from the previous threshold of $30,000.

The Government’s media release makes it clear that these investment-boosting measures are only temporary. Unless either the new $150,000 threshold, or the previous $30,000 threshold, is now extended to continue until 30 June 2021, the instant asset write-off threshold will revert to the long-term standard of $1,000 from 1 July 2021, along with a business turnover limit of $50 million. So now is the time to act, particularly if you have plans to purchase assets costing more than $30,000 each.

Boost your business activity and improve cash flow

There are many ways to take advantage of this generous tax concession for businesses. The Government’s media release gives examples of a concrete tank for a builder, a tractor for a farming business and a truck for a delivery business. You could also purchase office equipment or a new fit-out for your shop, or any industry related equipment.

You are able to purchase and write off multiple assets under this scheme, without any limitation on the number of items. So, if you are considering buying equipment for your business which has an individual cost of between $1,000 and $150,000, you could save a lot of tax by bringing forward the date of your purchase to meet the 30 June 2021 deadline.

This article was provided by OneAffiniti.com