At this stage, you would have received back the Fact Find from your client and are now ready to prepare your advice 👍

The first page we will look into to get your Mortgage Application ready for a lender is the "Funding Details" page inside a Mortgage Advice Opportunity!

It’s crucial you double-check the information the client has submitted before proceeding with the application. There may be questions you’ll need to clarify with them, either by phone or in a meeting.

Learn more about reviewing a client's fact find here.

This is a crucial step in making sure the information you submit to the lender matches the client’s supporting documentation. If there are any substantial and meaningful changes to the client’s disclosed position, double-check these details with the client and confirm before you proceed.

You may read more about reviewing client documents here.

When preparing the funding details section of the client’s application, you’ll be able to model any of the following scenarios.

Here you will need to select the necessary information to proceed and have the downloaded application contain this information:

The rest of the details are optional for you to select (Preapproval, Urgency, Finance and Settlement Dates).

A quick note: the Settlement Date is related to a notification Trail can send you.

Select each loan to be refinanced and property to be purchased. If there's nothing to select, it means nothing has been added to either the properties or mortgages section of the Fact Find, and you'll have to go back and change this. You'll need to add any topups here, if topup has been selected as an application type.

The numbers on the right are pulled from the assets section of the fact find, so you can either press the blue arrow to use the whole amount as a deposit, or add in a different amount.

If the Other application type is selected, you'll be able to add in other assets (eg. cars) as security as well.

The software will automatically calculate the LVR at the new bank for you. It will also tell you the maximum LVR based on the target bank.

Max LVR Guide = (Primary Residence * 80%) + (Investment Properties * 60%)

At this stage of an application, you haven't negotiated rates with the bank yet, so you can't write exactly what the servicing structure is going to be for the client. However, the servicing structure in Trail is important, as it is used for to:

The servicing structure section will automatically include existing loans the client has and will be keeping at other banks. However, you will need to allocate all of their new lending into a new loan structure. You can do this by clicking Add Servicing Structure.

When filling in the Loan Structure & Servicing section of the funding details page, recognise that this is meant to be an overview of the client’s future position. It should include all loans they will hold at the time of settlement, but doesn't need to include specific terms of the new loan.

Lenders are interested in what proportion is likely to be fixed/floating or personal vs LTC borrowing so they can properly price applications. This information is also used in the servicing calculations so it's important to get right.

Once you have allocated all of the lending, double-check the Estimated Monthly Surplus is positive. Please note that this amount is only an indication, and does not account for the weighting different banks place on different expenses. You should always check the servicing calculator for the exact monthly surplus.