In the Loan and Serviceability section, a user will first enter the details of the security properties that are tied to the application, and then move on to the Product Selection section.
This section will present to the user all the product features and options that they want in a product; and as they select their options, the Preferred Product picklist will filter and refine to present only those products that suit what they have specified.
The filtering logic is tied to the configuration the lender has set in their Products engine against every product.
Product Filtering in action:
In the following example, the user has chosen Owner Occupied, Fixed 1 Yr, Interest Only - and have been presented with the matching product option:
It's important (in both configuration activities, and while using Loanapp) to understand which data fields will contribute to the filtering. Fields that are used are not just those in the Products section - fields that affect filtering can be from the rest of Loanapp, and in particular include the Attributes in the Setup screen.
The current fields that filter the products are:
Application Attributes set in the Setup Section. These are high-level Application Types/attributes like AltDoc vs FullDoc.
LVR (Loanapp will filter to the correct variation of the Lender products for the LVR band)
Loan Amount (Loanapp will filter to the correct variation of the Lender product for the Loan Amount band)
Loan Reason - primary lending purpose (eg purchase, refinance, construction)
Loan Purpose - eg owner occupied, investment
Interest Type - eg fixed, variable
Repayment Option - eg P&I, Interest Only
Fixed Term - where a Fixed rate is requested
Interest Only Period - where an Interest Only period is requested
Feature: Redraw
Feature: Offset
Feature: Debit Card
Feature: Split Loan
Borrower Type - eg Person, Company, Trust (eg Lenders may not allow particular products for Company and Trust applicants)
Final Note: Sometimes...you will not get any products in the product selection picklist. This will be because you have entered an application scenario that is not supported within the Products configuration.
eg: - you have added a Loan amount of $500,000; and a Property Value of $550,000 (90.9% LVR). If the Lender does not have any products that allow for applications >90%...you will get an empty picklist.
Where this happens, please check your application data to ensure it is correct and matches lender logic.