Whilst we continue to navigate through these unusual times, RMBL turned 60 years old on 28 September. We may have been unable to celebrate in the normal fashion but it is important to recognise this milestone in our history. We thank you for your continued support in enabling us to attain this achievement.
We are certainly proud to have been in business for 60 years throughout various periods of opportunities and challenges.
We are getting closer to living with COVID-19 at acceptable levels. The Federal government is making available significant liquidity to ensure that the Australian economy rebounds from the pandemic. Included in this, is the direction to the major banks to relax their lending guidelines and support both the SME and housing sectors.
We continue to receive substantial support from our Members in the placement of funds with us and we thank you for this vote of confidence.
The activities of the Reserve Bank and the Federal government are resulting in the easing of interest rates.
As liquidity levels are high within RMBL, along with a demand in particular for development funding, there is a temptation to lend, however in these uncertain times we are remaining cautious in approving any new facilities.
Our preference remains to fund Borrowers well known to us, and this will remain the case. As such, it will take slightly longer to place funds into new Sub Scheme loans and funds will be held in the trust account pending allocation to available Sub Scheme loans. We are processing a high volume of applications but we expect that funds will be placed in the coming weeks. We will send out confirmations when funds have been allocated to Sub Scheme loans.
Like banks, we are a permitted industry and we have ensured that the office has remained open, with the appropriate COVID-19 measures in place. This action has been reviewed by the Department of Health and Human Services and they have confirmed that we are adopting the correct precautions. We hope that over the coming weeks and months, we will see the balance of staff return to the office and we look forward to welcoming clients into our recently refurbished office space.
Thank you for your ongoing support!
Please note during this time, we have detected higher incidences of attempted fraud. Cyber criminals are becoming very sophisticated and can impersonate emails, purporting to be from RMBL. We would strongly suggest that you call our office to verify any such email instructions before acting on the same. Additionally, if you ever receive an unsolicited phone call from a person purporting to be from RMBL seeking any form of payment, you must always call our office directly before acting on any such request.