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Welcome to the September issue of Lendcorp News. In this Issue
In Other News "Call for tighter credit checks" read on
We Finance: New Cars
LENDCORP FINANCE Esanda Finance
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WELCOME to September 2007 edition of 'Lendcorp News'. In this months issue we provide information on a new " LOW DOC Package for the Self Employed". The new credit card technology, what next? Harnessing generation Y's passion and an update on the economy. We hope you find the articles covered interesting and if you would like any other issues covered, drop us a line at sales@lendcorpfinance.com.au.
Kind regards
LOW DOC Package For Self Employed To enable us to provide a fast, efficient service, we are now able to offer a new LOW DOC product. This package offers a short form approval process where self employed applicants won't be required to submit Profit and Loss statements to qualify for a motor vehicle loan. Qualified commercial customers who meet the criteria are able to borrow up to $50,000. To find out more send us an email sales@lendcorpfinance.com.au or contact us on 1300 880 089. Economy To Stay Strong Into 2008 The Australian economy is expected to remain strong heading into 2008, driven by high company productivity, profits and healthy balance sheets. Westpac Economists have stated growth in the leading index has been significantly above its long term trend of 4.5 per cent. Productivity profits, and liquidity continue to be the major driving components behind the strength of the leading index. The index indicated that the current strong economic growth would be sustained into 2008, with gross domestic product (GDP) likely to reach four to 4.5 per cent in both 2007 and 2008. Household incomes, employment and retail spending continue to be the major source of growth of current economic conditions. The strong economy will continue to put upward pressure on interest rates, the timing of a rate rise will depend on development in global capital markets and associated implications of global growth. "The pros and cons of hiring Generation Y workers" Generation 'Y' those born between 1978 and 1994, currently make up a fifth of the Australian workforce and will double in the next five years as the younger members of this generation leave school and university. Some bosses think members of this generation are irresponsible, unrealistic, arrogant and distracted. Others believe they bring a much-needed infusion of passion and new ideas to a business. Gen 'Y' tend to be more outcome, than process orientated. They want to get the job done but in their own way. "If the job is getting done, does it matter when it is getting done or from where"? A recent survey on SME (small to medium enterprises in Australia) workers revealed that 44 per cent of SME workers surveyed would like a new job where they can spend at least half the working day out of the office and would like to have the appropriate mobile devices and support from management to fulfil this need. Recent researches confirm that Generation Y will have up to five roles by the time they are 30. The great plus is that they are unencumbered by baggage about positions or protocol. They will ask questions. It is vital to provide boundaries and clear instructions. At the heart of any successful business is a clear sense of mission and communicating this mission is crucial. Once they know this vision "they have that driving force, a solid reason for putting energy into their work". The UK moved a step closer to becoming a cashless society with the launch of a system that enables people to buy things by simply touching their credit card against a reader. It is estimated that five million contactless payment cards will be issued by banks to replace existing credit and debit cards by the end of next year, and these will be accepted by 100,000 retailers. In Australia next year, a similar system is to be trialled where customers can pay with the wave of a mobile phone with a built-in credit card. About 250 Telstra and NAB customers will be supplied with a mobile phone embedded with contactless technology, with a Visa application loaded on to the SIM card. They will be able to make a payment by simply waving their mobile over a merchants contactless reader. It is predicted that within the next five to ten years it is possible that about 10 per cent of transactions would be performed on a mobile phone. Nokia and Visa believe that an NFC (Near Field Communication) payment system would be more secure than using a credit card to pay for items because it allows users to authorise transactions using a password. In the near future, NFC technology could also be used to replace paper business cards and loyalty cards, facilitate person to person transactions, authorise admittance into restricted areas and pay for public transport. Businesses plan to hire more staff in the last three months of the year. Surveys indicate the employment outlook is encouraging. There is a general increase in hiring confidence with employers expecting to take on more staff over the next three months. It is believed that businesses need to balance the increase in demand for workers against a tight labour market, with the skill shortage continuing to create structural changes to the workforce. The latest official figures show total employment rose 31,900 to 10.513 million in August, with the unemployment rate steady at a low 4.3 per cent. Companies must now be rethinking their strategies to ensure they can attract and keep the right talent. That's all for this month's edition. In closing, we hope you have enjoyed this newsletter and look forward to some feedback
Lendcorp Finance
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