Firstly, work out if the application is refinance, equity release or a top-up. For differences between these see this article.
Refinance applications will need the following:
An asset that will be refinanced from one lender to another
Associated liability with this asset (even if loan balance is $0)
Needs & Objective tab should reflect refinance loan
Existing asset added as a security
Refinance option set in the Funding worksheet
Optional Refinance analysis worksheet to present benefits to the client
Add Asset to be refinanced
In Client profile, under Assets tab add a real estate asset that will be refinanced. Click on Add Asset button (A) and select Owner Occupied or Investment real estate. Search address in address bar (B), unless asset has a special address - then add address manually.
Add security value (C). Note if using Pricefinder or CoreLogic, price will automatically appear, so modify if required. Set property type (D) and zoning (E).
Change asset ownership if required by clicking on Change ownership button (F)
Add linked Liability
Go to Liability tab in client profile and click on Add liability button (A). Add current loan details (B) and link with the asset (C).
Check the refinance box (D) and change ownership if required (E).
Set up of Needs & Objectives tab
In Needs and Objectives tab kindly check the box next to Refinance (A) and enter the amount which your client will need for refinance (B).
Note: Amount entered in Needs & Objective tab should be the same as proposed loan amount in Funding worksheet.
Set up existing asset as a Security
Go to Broker tools, Security details tab and click on Add existing security button (A). Security details (B) and loan details (E) will pre-populate and cannot be edited here. To edit these go to Assets and Liabilities tabs.
Add contact for valuation and title details (D).
Note: If Pricefinder or CoreLogic are integrated, title details might pre-populate automatically.
Complete Funding worksheet tab
Form a dropdown menu select 'Refinance' option (A).
Note: Sometimes when extra funds are required on top of the refinanced balance, Equity release might be appropriate option in this dropdown; best to clarify with lender directly.
Add loan amount (B) and complete all other required fields See this article for more details.
Note for refinances: Break and discharge costs need to be enquired with the client/outgoing lender or estimated to present correct funding position
Optionally complete Refinance analysis tab
Optionally, complete refinance analysis to present client with the benefits of refinance. For more details see this article.
All other steps are as per any other application.