Resi Select – Product Updates August 2023

22nd Aug, 2023 | Broker News, Select Product

HEM & manual serviceability calculators

We’re making some important changes to ensure we continue to lend responsibly and meet our regulatory obligations.

Effective Friday 25 August 2023, we’ll be updating our Household Expenditure Measure (HEM). We’ll also be updating our Decision Tool, lodgement systems and Advantedge Serviceability Calculator to reflect these changes.

The new version of the Advantedge Serviceability Calculator, v48, will be available to use from 25 August 2023. It will also be updated on the Aggregator sites prior to this date.

 

Pipeline treatment

For any new lending requests submitted after 12:00am on Friday 25 August 2023, please use v48 of the Serviceability Calculator.

To understand when to use the latest version of the Serviceability Calculator, please refer to our pipeline treatment information.

 

Further support

If you have any questions, please speak to your Resi Select Business Development Manager.

 

ApplyOnline and LoanApp updates to keep customers safe

Advantedge is committed to protecting our customers from increasingly frequent and sophisticated financial fraud and cybercrime attacks. ​

One of the ways we can do this, is by ensuring the information we hold is correct, up to date and in line with the latest Anti-Money Laundering (AML) legislation. ​So, over the coming months, we’ll be making a number of system enhancements.

From Monday 28 August 2023, you’ll notice the following changes in ApplyOnline and LoanApp to capture information regarding the source of customers’ funds. This is inclusive of assets, investments, income etc. 

In ApplyOnline, under the ‘Applicants’ tab, we’re adding:

  • Source of Wealth – from which sources does your customer’s wealth originate?
  • Source of Wealth – Country – from which country or countries does your customer’s wealth come from?

You will be required to select one or multiple responses from a drop-down menu to accurately reflect the Source of Wealth for each customer.

In LoanApp, under the ‘Current situation’ tab, we’re adding:

  • Source of Wealth
  • Source of Wealth – Country​​​​​​

Please note: Completion of the new fields will be compulsory for all home loan applications submitted after changes goes live in aggregator systems. For applications in the pipeline, you’ll be prompted by the lodgement system to complete the new fields. 

We’re also updating the following Broker Declaration in the ‘Compliance’ tab in ApplyOnline and LoanApp for all applications to include the following:

I agree to appointment as a limited agent of Advantedge, for the purpose of carrying out customer identification procedures of all relevant parties to the loan and mortgage, in accordance with Advantedge’s customer identification instructions and procedures to satisfy regulatory obligations (including those under Anti-Money Laundering / Counter Terrorism Financing laws and verification of identity requirements in each state and territory.

Further Support

​​​​​​​Please speak to your Resi Select Business Development Manager if you have any questions.

 

Scheduled system maintenance

There will be a scheduled system outage on Sunday 20 August from 12:00am to 1:00pm.

What this means for you

During the outage you’ll still be able to submit applications via ApplyOnline, however you won’t receive a credit decision or reference number until systems are restored. You can continue using LoanApp during this time to capture data, but will be unable to submit loan applications until systems are restored. 

What this means for your customers

During the outage period customers will be unable to access StarNet to check their account information or transfer funds.

There will be a banner on StarNet notifying customers of the outage.