Guarantors in Loanapp

Loanapp supports the submission of applications that include Guarantors.

In the Setup screen, you can add in a person and then set the Type to Guarantor:

When you then continue to the Applicants section, you are able to complete the details for the Guarantor/s, along with the borrowers. There are a few specific details that you need to ensure you complete.

You will note when you get to the Statement of Position section, you will need to set the Marital Status of each of the borrower/s and guarantor/s. Loanapp will then create separate Statement of Positions for each of the borrower/s and guarantor/s:

When you get to the section to complete all the personal details for your Guarantor/s, you will find that you can set the Relationship and type of Lending Guarantee they are giving for the application:

You will be able to set the relationship your Guarantor has with the Applicants:

And then select the Type of Guarantee that is being given:

Add these details and then continue completing the Personal Information for the Guarantor/s.

Note that if your Guarantor/s live in a separate household, you are able to add living expenses for their household and clearly define that they are different than the Applicant's household. You will note that the Households will be listed, and you can tick which one you want to enter detail for:

To work on the expenses of either household, you can tick the correct SOP you are working on:

And as you add expenses to either SOP, the total for that SOP will be updated:

Where the Guarantor is providing an Income Guarantee for the application, you will need to complete all the same employment, income, assets and liabilities detail as you do for the applicants.

If the Guarantor is Not Employed (eg Retired) - you will be able to complete this detail in the employment section.

Where the Guarantor is providing Security for the application, continue to the Financial Position and add in the Property details in the Assets section. You will need to then allocate the ownership to the Guarantor:

You will note also that where you have a Guarantor in the application, you are able to then set the if the Security Guarantee is of a 'limited' nature:

And where it is to be limited, you can then set the limit of the guarantee:

Where you have a guarantor in an application, Loanapp will generate a new section called Guarantor Interview, which asks and captures all the Compliance details for the Guarantor:

The Guarantor Interview will guide you through the relevant questions, with mandatory questions and detail required to be completed to be able to submit the application.

When you have completed the Guarantor Interview and continued to the Summary and Submit section, you will be able to generate the ANZ Guarantor forms, auto-completed with the detail you have added in the Interview section:

And you will find these forms will automatically be attached to the supporting documents section, so that you can easily add to include in your submission.