Available exclusively in Queensland and in use by selected lenders since 1995, the Bromac System has been set up in consultation a major international law firm to verify the legal aspects of the System, while an Actuary has tested and approved the computer programme for mathematical accuracy.

You know that:

• The Bromac System that is maintaining your vital loan records is Uniform Credit Code compliant.
• The mathematical calculations behind the System are accurate.
• The System is regularly updated to keep abreast of any legislative changes and to introduce new services.
• The System may cost you nothing because all Bromac’s fees can be recouped from the borrowers.
• The costs that you incur in assessing and approving a loan application can be recouped from the borrowers.
• The data in the Bromac computer systems are backed up daily with a separate backup weekly. All backups are held off-site.
• Bromac is available to call at your premises to train your staff in the use of the System.
• The Bromac Procedures Manual is available when you need to check on any small details that you may have forgotten (or just call us).
• You do not need to worry about the day-to-day intricacies of posting ledgers, preparing statements, calculating payouts, preparing Duties Returns - it’s all so easy!
• The Bromac System is unique - there is nothing else anywhere that does all the same things!

The Bromac Service covers:

• Calculating:
  
  • Number and Amount of Instalments
  • Contract and Other Duties
  • Interest Charge
  • Amount of Credit
  • Total Amount Payable
  • Preparation and printing of the Loan Contacts and associated documents
    
• Loading the contract onto the Bromac computerised system
• Completion of the monthly Government returns and accounting to the appropriate Government Departments for Duties
• Registration, amendment and cancellation of the Bill of Sale
• Processing the Loan Contracts and providing copies to the Borrowers with covering letters setting out the details required by the relevant Acts
• Maintaining the ledger accounts of the borrowers
• Reconciling the repayments
• Internal Audit of processing
• Calculating the daily interest charge and charging interest accrued to the loan account monthly
• Calculating and providing the lender with reports showing:
  
  • Repayment position
  • Balance outstanding
  • Action taken
  • Providing the lender with quarterly reports showing income for the period for GST purposes
    
• Sending arrears letters when appropriate
• Sending Default Notices when appropriate
• Calculating and preparing payout statements in terms of the Uniform Consumer Credit Code.
• Issuing Statements of Account as required by the Uniform Consumer Credit Code.

Sure, you can develop your own system but think of the time and expense involved. Why not just use ours? Our clients include solicitors, private lenders and vehicle dealers.

What does the Bromac System mean for you?

It all boils down to just one thing – More Profit with Peace of Mind – but isn’t that enough?

As I am sure you will have important questions to ask, it would be extremely worthwhile for you to contact us.