(17 May 2008) –New Idea describes eTracka Patterns as “The Dollar Diet” in its Health ‘n’ Wealth special.  Read “The Dollar Diet”

(28 April 2008) – The general economic climate of crippling mortgage payments and rising costs is causing consumers to seek out ways to reduce spending and debt.  Whilst the market conditions are pressing consumers, the credit crunch is also causing mortgage professionals to consider new value propositions.

One solution for both consumers and industry is Interest Minimisation, which has not enjoyed the support of the popular press in recent years; but which is experiencing a remarkable renaissance.

Following intense scrutiny by consumer groups, regulators and industry associations; the mechanics of Interest Minimisation have been explained mathematically and the strategy is being presented in a fresh and balanced fashion to a more sophisticated consumer.

The restoration of credibility to Interest Minimisation was completed on 29 February 2008, when the Mortgage & Finance Association of Australia (“MFAA”) validated the market sector by introducing “Guidelines for Proper Practices for Interest Minimisation Strategies” into its Code of Practice.

In response to the MFAA Guidelines, the first transactional loan calculator to comply with the MFAA Guidelines has now been released.

“The eTracka Quick Simulator is free to all mortgage brokers, who can use the calculator to simulate the loan products of any lender”, said Geoff Brieger of Innovation SeT, the exclusive marketing agent for eTracka.

The calculator also features presets that enable brokers to more easily simulate the loan products of 3 major banks and licensees of eTracka, such as Firstmac, which also offers incentives to brokers to introduce eTracka’s post-sale management programs to their customers.

“By offering a free sales simulator, we expect to gain widespread market penetration”, said Mr Brieger.

Innovation Set plans to convert the greater awareness of eTracka into higher sales of its white-label licences and post-sale consumer products.

(22 January, 2008) – Innovation SeT, exclusive marketing agent for eTracka in Australia and New Zealand, announced today the release of its new website and retail distribution model.

The new website at www.etracka.com repositions eTracka for use by all loan customers, and even for those without loans who wish to run savings programs.

Geoff Brieger, Managing Director of Innovation Set, said “eTracka has been known as the quintessential sales and support tool for transactional loan customers.  But in the face of rising consumer debt and the need for basic financial education, eTracka has been modified for use by all.”

On top of this, mortgage brokers and financial planners can now become accredited Introducers and earn commissions by offering eTracka’s retail products to their customers.

“Unlike our white-label licensees, Introducers will not use any sales software, but will offer the retail solutions using a brochure and one-page form,” said Mr Brieger.

He explained that eTracka One is for borrowers with transactional loans (e.g. Line of credit customers) and eTracka Patterns has been designed for all other consumers.  Both products include eTracka online software and two service calls by Internet and telephone, each conducted by specialist service officers.

“As part of their duty of care, brokers and advisors may now offer eTracka Patterns to any borrower consolidating personal debt, taking out credit impaired loans, or just wanting to better understand their financial circumstances.”

“And for an interest minimisation scenario, eTracka One can be offered to any transactional loan customer that needs a cost-effective management program.”

In its June 2007 submission to the Productivity Commission on the “Review of the Consumer Protection Framework”, the Consumer Credit Legal Centre (NSW) Inc. stated: -

“Debt consolidation is an area in which clients are particularly vulnerable to poor advice.”

Whilst pointing the finger at advisers who are remunerated by commission, the submission raised a number of valid points including: -

“Overseas research has shown that borrowers who consolidate credit card and other personal debts, run a considerable risk of running up further similar debt in addition to their consolidated debt because of a failure to address the underlying difficulties which led to the accumulation of debt in the first instance.”

Mr Brieger said that intermediaries could now generate income by being part of the solution.

Brisbane, Australia (13 November, 2007) – FirstMac, a leading Australian-owned mortgage finance funder, has formed an alliance with Innovation Set to provide eTracka online simulator tools and calculators to customers of its brokers.

The alliance means that FirstMac will subsidise its accredited brokers for the cost of providing eTracka to customers taking up FirstMac home loans.

Escalating house prices and rising living costs are forcing many Australians to look at effective ways of managing their spending and reducing debt. FirstMac has responded with a wider range of loan products and strategies that enable customers to save interest by maximising loan repayments and offsetting deposits.

The eTracka tools enable a broker to visually demonstrate the potential of FirstMac’s products to the customer, and enable the customer to manage the impact of personal spending decisions on their loan strategy.

FirstMac believes the simulator tools will add value to brokers and enhance the relationships they have with their customers through responsible post-sale management.

Geoff Brieger, Managing Director of Innovation Set, the distributor of eTracka in Australia and New Zealand, said transactional loans, such as a line of credit, enable borrowers to pass all income and expenses through the loan. This strategy maximises loan repayments at the optimal frequency and further generates offset savings. However, Mr Brieger advises these loans and strategies should not be recommended unless accompanied by proper post-sale management.

“When projecting savings that may be created by using a line of credit or other transactional facility, calculations are based on expense assumptions, so simulation results can only ever be conceptional,” said Mr Brieger.

Kim Cannon, managing director and founder of FirstMac, agrees saying “Estimated and actual results can be poles apart, so a customer’s success depends on an understanding of how their actual income and expenses are impacting on the term of their loan.”

“eTracka tools enable a customer to easily monitor how successfully they are sticking to their budget and what progress they are making paying off their loan.”