Security Details
Add new or existing security
Securities can be added as new (purchase) or existing (refinance, equity release or top-up).
To add one simply click on the "Add security" button located in the upper right corner and then pick the type of security (new or existing).
If no property is added in Assets, only "add new" security button is visible.
Editing existing securities is not allowed under the Security details tab. To modify the information for this property, please return to the Assets section.
This also applies to any mortgages currently associated with the property.
Scenarios
To add multiple scenarios, click on the "Add scenario" button. You can easily switch between scenarios by clicking on the tab with the scenario name.
Once you have chosen the scenario you want to proceed with, simply click on the "Select" button to choose the desired one.
If you would like to remove a scenario, you can do so by clicking the "Delete" button.
Please note that each scenario deletion will require confirmation through a separate popup window.
Pre-approval address
In case you are preparing a pre-approval application, the security address will be added as "new" and the address edited to a "Non-standard" one.
To modify the address type, select the "pen" icon and choose "non-standard" from the slide-out editor. Fill in the known address details in the form and enter "TBA" for any unknown parts.
Click "Save" button to confirm.
Funding Worksheet
As you move to the Funding Worksheet page, all the Security information you previously entered will be automatically transferred, along with any associated scenarios.
On this page, you also have the option to remove any scenarios that you no longer want. (follow the same steps as explained for the Security Details page)
To update the values, you will need to click on the "Save and calculate" button located at the bottom of the page. This will trigger a recalculation of the Stamp duty, fees, LMI, and total funds based on your new entries.
For further information on the various types of transaction and their structuring, please refer to our article on Structuring Home Loan Deals. (****link it)
Product Search
If there are multiple scenarios added, first start by selecting the scenario for which you are searching products. Then set the product search criteria and confirm with the "Search" button.
All products matching your search criteria will be listed.
To add a products for comparison, click the "+" icon.
To expand product details, click the arrow icon.
Navigate through the product list pages by using the arrows located below the results table.
Maximum 4 products can be selected under each scenario for comparison.
To remove a product from comparison, simply click the "X" icon located next to the chosen product at the top of the page.
If you are unable to find any products in your search results, please adjust your search criteria and try again.
Compare Products
On this page you can review your selected products details, edit rates and fees, add/remove splits, change the new loan ownership, download lender serviceability calculator and choose the recommended product.
Add/Edit Splits
To add additional splits, click on the three dots icon at the top of each product column and choose "Add split" option.
From the same menu you can delete a split or download the selected lender's serviceability calculator.
You can edit the following split details:
Loan amount
Edit and/or capitalise the LMI
Product rates
Offset values
Cashback values
Product fees
Loan ownership
In the Summary section you can review the:
Monthly costs values
Servicing values
Total short term (3y) and full term costs values
Comparative savings total
Commissions payable values
Repayments values
Choose recommended product
To select a product you wish to proceed the application with, simply click the "Recommended" button at the top of the product details column.
