We have a guide designed to help you get the fastest formal approval.
To get a fast formal approval, the following steps are important:
Once accredited, you’ll be able to order upfront valuations via the PropertyHub. Ordering through PropertyHub will help speed up the time to approval. We don’t charge a fee to you or your clients for this service. However, it should be noted that our valuations service on PropertyHub is designed to be used only for applications that you intend place with us and we expect this service to be used with accurate data and in good faith.
The PropertyHub system will select the fastest possible valuation based on the security, lending purpose and application data you enter. This includes using an accurate ‘estimated market value’ and ‘loan amount’, and only completing the ‘Do any of these apply?’ section where appropriate. By providing inaccurate information, your valuation will be slowed down.
Back channel messages (BCMs) are our way of keeping you up to date on the status of your client’s loan. You’ll receive BCMs from the submission stage right through to formal approval. All requests for additional information will be sent via a BCM, so it’s critical you keep an eye out for these. The sooner you send us the additional information requested, the sooner we can finalise our decision for you and your clients.
There are two types of BCMs:
The best way to stay up to date on the status of your client’s loan application is either through your aggregator software, or via the Broker Portal. You can also configure your back channel messages (BCMs) to receive updates via email or SMS.
Here’s how you can keep updated via the Broker Portal and via BCMs:
Identification can be done easily once you start an application using NextGenID within ApplyOnline, this is great for both face-to-face and remote interviews.
This video highlights the steps and the experience from your client’s perspective.
Simply:
To help you get a fast approval, it’s important that you:
If errors are found in the submission at the:
A reminder that entering the incorrect information can delay an approval.
Incorrect information and data are the number one reason why an application is delayed.
| What happens if? | What's the impact? | What can I do? |
|---|---|---|
Client’s details entered incorrectly When the client’s name and/or date of birth doesn’t match the identity documents submitted: Examples:
| An incorrect name and date of birth may delay the approval process You can edit and resubmit the application prior to formal approval. Post formal approval, you’ll need to clone and resubmit the application. | Double check your client’s details, including name and their date of birth Review the Conditional Approval Record (CAR) once you have submitted an application. |
Client’s mobile and email incorrect Client’s mobile number and email address are entered incorrectly. Examples: Enter the client’s mobile number as 0400000000 not +610400000000 | Delayed loan documents and settlement The client won’t receive their electronic loan documents, delaying the issue of loan documents and settlement. The mobile number and email are required so that your client can access their loan contract. | Enter your client’s mobile and email address correctly As clients will receive their documents electronically, it’s important to enter your client’s mobile number and email correctly. Review the Conditional Approval Record (CAR) once you have submitted an application. |
Incorrect address details From time to time, incorrect address details are entered in the following fields:
| Application resubmission and poor client experience Incorrect address information will require you to edit and resubmit to correct the address prior to formal approval. Post formal approval you will be required to clone and resubmit the application, which starts the application process again. | Ensure the address entered on the application matches contract of sale or current title and loan docs Ensure you enter the new purchase address format exactly as what’s on contract of sale or current title. Please be aware of unit numbers and multiple street address numbers such as 44-46. |
Disclaimer
Unless stated otherwise, this information has been prepared by Macquarie Bank Limited AFSL and Australian Credit Licence 237502 for the use of licensed and accredited brokers and financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products. Apple Pay, the Apple logo & iPhone are trademarks of Apple Inc, registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Android Pay, the Android Logo and Google Play are trademarks of Google Inc.
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