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FAQs
Here are some frequently asked questions and their answers.
General queries
Who is Canni?
Canni is a data driven lender and insurer.
Does Canni charge fees?
We do charge fees to recover the costs of refinancing your existing loan, and to cover costs when you discharge your loan in the future. Any of the applicable fees are detailed in your loan offer and loan documentation. For insurance products, all fees and charges are detailed.
The application process asks me for my bank details. Is this safe? How does Canni ensure my banking data is protected?
Canni is an authorised representative of an accredited data recipient. An accredited data recipient is a business that has received accreditation from the Australian Competition and Consumer Commission (ACCC) to receive your data from a data holder – only after you have given your consent. The accredited data recipient then uses your data for the purpose you requested.
Where does your funding come from?
We outsource our SMSF product Treasury function to one of Australia’s largest non-bank lenders with Assets Under Management circa $12B + new business wholesale funding capacity of circa $5B from numerous facilities with Australian & Global Banks. Interestingly Non-Bank white-label financiers, like ColCap, provide over 20% of the mortgages written in Australia.
How will you verify my identity?
We use technology that helps us verify any user in the world by linking their face to their identity document. Our identity partner is OCR Labs. OCR Labs founding principle is to make user verification effortless. Security and privacy are essential to that mission. That’s why every OCR Labs product is built from the ground-up with security and privacy at the core of every design decision.
We only use best-in-class security tools and practices to keep your data safe, every step of the way. Security systems are designed to meet or exceed industry standards. To read more about OCR Labs please go to www.ocrlabs.com
What kind of documentation will I need to provide to refinance?
You will need to provide standard 100 point identification documentation or complete our digital identification process. Your latest trust deeds will be uploaded by your Accountant for review only by our appointed lawyers as part of the loan documentation processes..
How do I qualify for a Canni SMSF loan?
For our Fast Refinance program, the following base criteria applies:
- Your new loan is less than 70% of the Property’s current value.
- You purchased the property more than two years ago.
- You have met your loan commitments on your current loan for the last two years.
- All Members/Directors have a good credit rating.
- Your new loan repayments will be less than your current repayments.
Can I increase my SMSF loan when I refinance?
Only by reasonable costs incurred in the re-finance process. Legally it is not possible to increase your loan for any other reason.
Accountants’ queries
What does Canni do?
Canni uses data to assess the suitability and need for SMSFs to refinance existing LRBA arrangements. Canni then offers new loans to approved applicants. Canni can also provide a range of general insurance products designed with SMSFs in mind. We also are able to identify other opportunities to engage with your SMSF clients and we make this process simple.
How does the process work?
With your permission we connect to SMSF admin system (BGL for example) and we organise fund data and present it to you so you can get an insight at aggregated and individual fund level. From here we can identify various opportunities to assist and engage with your clients. We can for example determine whether they may be a candidate for refinancing and if the SMSF will benefit from reduced interest costs by moving away from their current lender.
We provide accountants with the option to send selected clients’ information and a link to refinance if they choose to do so. The Canni process is all digital and is designed to make it as easy as possible for a client to refinance. No more long paper forms or document hunting.
Why should I introduce Canni to my clients?
If you engage with the Canni Accountants Dashboard we can tell you “yes or no” before you even call your client. Remove the risk to your reputation by ensuring you are engaging only clients that will benefit and qualify if they choose to proceed.
Many LRBAs are paying higher rates than are currently available in the marketplace. Canni can offer your clients both lower rates and a simple process to get refinanced. Even a 0.5% improvement adds up over the life of the loan.
By delivering a better outcome for your clients you encourage their continued loyalty. It’s your decision whether you charge for your time to assist them.
Is Canni licenced?
Canni Money Pty Limited holds Corporate Authorised Representative status under an Australian Credit Licence and Australian Financial Services Licence for General Insurance.
Is Canni owned by a bank?
No. Canni is privately owned.
The application process asks my client for access to their bank details. Is this safe? How does Canni ensure my client’s banking data is protected?
Canni is an authorised representative of an accredited data recipient. An accredited data recipient is a business that has been accredited by the Australian Competition and Consumer Commission (ACCC) to receive your data from a data holder – only after you have given your consent. The accredited data recipient then uses your data for the purpose you requested.
What types of loans do you offer?
For SMSFs we offer Interest Only and Principal & Interest loans for Residential and Commercial property. Our loans can be up to 30 years and have an Offset account included as standard.
I want to refinance
How long does refinancing take?
From 2-3 days, depending on how quickly all required parties complete the identification process and digitally sign the loan documents. We can approve subject to verification requirements in seconds not days or weeks.
How much can I borrow?
You can borrow your current outstanding loan balance plus any costs associated with the refinance.
What kind of documentation will I need to provide to refinance?
You will need to provide standard 100 point identification documentation or complete our digital identification process. Your latest trust deeds will be uploaded by your Accountant.
Interest rates & fees
Are there fees if I pay out my loan early?
Only a Discharge Fee to cover the costs of completing this process. The Discharge Fee is documented in your loan agreement.
Are Canni’s interest rates impacted by the RBA cash rate?
Yes. Movements in the RBA Cash Rate impacts variable interest rates. Almost all funding for property loans in Australia are impacted by movements in the RBA’s Cash Rate.
Privacy & security
How will you verify my identity?
We use technology that helps us verify any user in the world by linking their face to their identity document. Our identity partner is OCR Labs. OCR Labs founding principle is to make user verification effortless. Security and privacy are essential to that mission. That’s why every OCR Labs product is built from the ground-up with security and privacy at the core of every design decision.
We only use best-in-class security tools and practices to keep your data safe, every step of the way. Security systems are designed to meet or exceed industry standards. To read more about OCR Labs please go to www.ocrlabs.com
The application process asks me for my bank details. Is this safe? How does Canni ensure my banking data is protected?
Canni is an authorised representative of an accredited data recipient. An accredited data recipient is a business that has received accreditation from the Australian Competition and Consumer Commission (ACCC) to receive your data from a data holder – only after you have given your consent. The accredited data recipient then uses your data for the purpose you requested.