The current borrowing Capacity Calculator is no longer close to accurate due to servicing rate changes
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Mark Roberts
As the majority of lenders servicing is now based on the actual rate plus 2.5% the accuracy of the borrowing capacity calculator is not accurate which results in brokers having to test numerous different individual lenders calculators for every potential loan which is very time consuming. Can the calculator be changed to have a minimum assessment rate and a maximum assessment rate for each lender. The system will take the lowest possible rate for the lender plus 2.5% and also the highest possible rate plus 2.5%. Then for each lender there can be a range of borrowing capacity from minimum $$ to maximum $$. At least this should be close to accurate. We would off course have to still use the actual calculator for the lender we choose.
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Sarah
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Mark Roberts
Sarah: Hi Sarah, when will the new version be released?
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Sarah
Hi Mark Roberts:
The new features have been released in to both M5 and Research app. You will notice that there are now additional fields on the Loan Details and Asset sections. Specifically:
- Loan details section now captures LVR of the loan requested and if it requires the Package Loan feature.
- Assets section captures whether the applicant is purchasing the property or if it will be used as security
- If the asset is to be purchased, fields will be hidden if they are not required
- If purpose is investment only required fields will be shown
Mark Roberts
Sarah: Hi Sarah,
Whilst these updates are great none of them address the different assessment rates used by each lender depending on the product selected. Can you read my first comments the current calculator does not address the different assessment rates used depending on the product chosen for each lender. This is why I am suggesting a minimum and maximum assessment rate for each lender. I am happy to discuss this with you in detail. My number is 0418 650 400.
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Sarah
in progress
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Sarah
Hi Mark Roberts we have been working on this making the necessary change to improve the accuracy of this calculator. We're currently testing and once confirmed we will be making a release. This is scheduled to happen early next week.
Mark Roberts
Sarah: Excellent Sarah thanks for the reply