Loanapp is the digital application for submitting mortgage applications to Bank of Sydney, with the configuration and functionality outlined in this article.
Please read through to understand the general experience for both you and your applicants.
The Bank of Sydney Loanapp is configured to capture all the data required to process and approve a loan application. It also allows you to:
select your Product
check Bank of Sydney serviceability
generate any required Application Forms
upload your supporting documents against the required checklist
How do I have access to Loanapp?
There are two ways that you can have access to Loanapp:
You will be able to launch Loanapp from your Aggregator CRM when you want to submit an application to Bank of Sydney. When you use Loanapp in this way, all your CRM data will populate across into the Loanapp record; and the Loanapp record will be forever tied to your CRM Opportunity (you can close down and re-open whenever you need to)
You may be able to use Loanapp via Direct Access. This will be granted by the Bank of Sydney team - chat to them if you would like to know more about this option.
The Loanapp interface
**Keep in mind that if you launch from your Aggregator CRM, much of the data outlined in the following section will already be completed**
The first page in Loanapp is the Setup Page - this is where you enter all the high-level detail about the application, and also add in your Applicants. On the side is a menu which allows you to click through to other sections in the application:
You can work through each of the sections of the application by clicking either on the side menu, or the navigation buttons at the top and bottom of each page. Below we will go through a high level summary of the Loanapp sections - for a full run through of completing data capture and the sections of Loanapp, please click here.
Applicants Page
After you have completed the Setup page, click through to the Applicants page - where you will complete all the Household and Personal details for your applicants, including detail like their Employment:
You will find that if you try to leave this page and there is mandatory data that is still required, it will be highlighted.
You can complete the detail; or leave and come back if you aren't ready to complete the required detail.
Financial Position Page
Financial Position page captures the current Assets, Liabilities, Income and Expenses for your applicants:
Loan & Serviceability Section
Once you have completed the Applicants and Financial Position page, you will have a 'current picture' of your applicants. Next you will want to complete the detail of the security property and loan that you are applying for.
Selecting your Product
Loanapp is powered by a Products Engine that can be updated at any time by Bank of Sydney. This means that the Products, Rates, Fees and product features will always be correct in Loanapp.
You will select your Product (or Products) in the Loan section:
Note that Loanapp has some great functionality that filters the products so that they match the data that you have entered into the application. eg if you select Interest Type: Variable and Payment Type: P&I - you will only get product variations with these features.
If you don't see the product you are after...it will most likely be because your data needs to be reviewed.
For more information on Product Filtering, please click here.
Note that Bank of Sydney also allows you to request Split Loans on the same application. To do this tick the "split loan" box, which will allow you to add product splits.
Product Fees
The fees that have been configured against each Product are also shown on-screen in this section:
Serviceability
The Bank of Sydney Loanapp is also powered by a Serviceability engine which is kept up to date with Bank of Sydney serviceability logic. When you click through to the next page, you will get a serviceability outcome for your application:
The Compliance Section
The Compliance section is a set of 'interview' questions that capture more information about your Applicant/s understanding of their application, preferences, retirement plans and other important compliance details.
Note that most of this section is mandatory and must be completed in order to submit.
The Summary Page
The Summary Page captures all of your application data on one page for quick review. If you notice anything that needs to be updated, an edit button on each section clicks you back through to the relevant area so that you can update the detail:
Documents (Print Forms)
The next section will present to you any Application or Print Forms that are available to generate for your application. Print Forms can have conditional logic set on them so that they only appear when required. When you first get to this page, the documents will be listed but not yet generated:
You are able to generate and download each of these forms by clicking the Generate Documents button, which will generate the documents and make them available to view and download.
You can then send the Print forms to your applicants for review and signature. You will need to then upload the signed version into Supporting Documents (see below)
If you find some auto-populated data incorrect on a form - please make relevant changes in Loanapp and then click "regenerate" to get a fresh set of Print Forms.
Generate Supporting Documents Checklist
The final section is the Submission section. You will note at the bottom of the page 2 action buttons: Generate document Checklist and Submit Application.
Bank of Sydney requires you to generate and finalise your supporting documents checklist before Submitting your app.
Generate Document Checklist
Click the button, "Generate Document Checklist".
This button will generate your supporting documents checklist on a new tab. The supporting documents checklist will be on the left, and you will upload your documents on the right, to then drag across to the checklist items on the left:
For a full run through of the supporting documents functionality, please click here.
The Bank of Sydney Submit/Supporting Documents workflow
You will note the Submit button in Supporting Documents will tell you that you have to submit the Loanapp data before you can submit the supporting docs.
This is the submit flow that Bank of Sydney allows:
Get to the Submit page; and click "Generate Supporting Documents Checklist"
This will generate your checklist as per the above steps
you can work on the checklist, ensuring that you have uploaded at least all the "Mandatory" Documents eg
You can then return to the Submit page and 'submit' the application data
The Bank of Sydney system will return a Lender Reference Number to your Loanapp and the submit button in supporting docs will become enabled. You should go back to supporting docs screen and press submit.
If you now click the submit button in supporting documents - they will be sent to Bank of Sydney to attach to your submission record.
Using Info Request to request supporting docs from your applicants.
You'll note a button in supporting documents called Information Request. This is some great functionality that you can use to send a secure link to your applicant/s with a request for a specific (or even all) supporting docs that are required. This is an optional feature - for a run through of how Info Request works, click here.
After you have submitted
Once you have submitted, if you open your Loanapp again you will note that you can view all of the sections but they are now not able to be edited.
Simpology Manager
As a broker partner of Bank of Sydney, you are able to log in to their "Simpology Manager" at any time to check on the status of your deal. (You will get an invite, your login will be your email, and you will need to set a password).
When you login, you will land on the Application Grid which is your doorway back into the application; and also receives the Backchannel messages from Bank of Sydney.
For your submitted application, you can see the status, and have some controls to re-open Loanapp, and check on assessment status:
You can also click through to the Supporting documents and Information Request sections, which can be useful if you want to work in these sections without opening Loanapp.
Need help? Click Live Chat
If you need help while you are working on your Loanapp, remember you are able to click Live Chat to get help at any time by clicking the button the bottom right corner:
