Do you have a client who's finding it hard to decide between a variable or fixed loan? Why not split their loan!
If a customer would like the flexibility of a variable rate home loan but also needs certainty of loan repayments which come with a fixed rate home loan, you could provide them with the best of both worlds by splitting their requested loan amount into two or more.
How do you input that into Loanapp? Follow these easy steps:
Step 1:
On the Overview page of the Precursor tab, make sure to select 'Yes' for Combination Loan from the drop-down list. The system will then register that this loan application will be comprised of two or more loan accounts with different products.
Step 2:
Input the rest of the application data as per normal. When you get to the New Loans tab under New Requirements, you can then add your first loan split by clicking on Add Loan Account, as per below.
You should now have a new window appear with a selection of products for you to choose from. Select your desired product and click Add Loan Account.
Once your product is added, the page will take you to Loan Details where you will need to provide further details like the settlement date, amount requested, loan purpose etc.
Step 3:
Once your first split is created, you can click on the + icon next to Loan Details to add more splits.
Or alternatively, you can click on Loan Accounts on the left hand side. This will take you a step back and show you a list of the splits you've entered thus far. You then click on Add Loan Account to add another split.
On completion, you will have a list of multiple loan splits comprising of different products, proposed loan amounts or repayment preference in terms of variable or fixed.