Where an application has a liability that is to be refinanced, the application needs to reflect this appropriately so that 1) the existing debt will be handled properly in serviceability; and 2) the security section will be auto-populated with the existing security detail.
How to set an existing liability 'to be cleared' (or refinanced)
In each liability section in the Financial Position, there is a field called Clearing from this loan:
If Clearing from this loan = No - this means that the liability is not to be refinanced, and will continue to exist into the future (after your application settles), and will taken into account in serviceability as a continuing liability.
If Clearing this liability = Yes, this will mean that the liability is to be paid out as a part of your application. This will trigger some other fields to appear such as:
Refinance amount - ie the total amount to be paid out
Refinance Cost - any known discharge costs to the original lender
When you have configured a liability record to be refinanced, you will see that the record in the liabilities section will state that the liability record is 'current' at time of completing the Financial Position, but is to be cleared:
