1. What you will discuss.
Understanding your customer’s financial goals and needs. Provide the client with the credit guide and credit quote (if charging fees for services to your customers). Explain your service proposition and the loan process.
2. Discuss your customers’ loan repayment ability now and in the future.
Ask your customers to complete the needs analysis questionnaire and review answers with your customers. Question any anomalies or variations that do not align with the needs and requirements initially stated by your customer. Use the responses to guide your conversation.
Complete the following calculations:
- Funding position.
- Borrowing capacity.
- Product comparison.
- Calculate and verify Income (salary/wages).
- Determine customers’ expenses (fixed/discretionary).
- Ascertain any costs or expenses that will exist after the loan is funded. For example, your customer is applying for an investment loan. When calculating living expenses, have we allowed for landlord insurance, building insurance, end of honeymoon period, Mortgage Protection Insurance etc?
3. Product comparisons
Discuss your customer’s preferred loan features and preferences to build your product comparison list that form part of the Preliminary Assessment.
- Offset facility.
- Repayments preferences.
- Interest only terms.
- Loan type- fixed or variable.
4. Next steps- what happens next?
- Lender assessment outcome- Loan approval or decline.
- Loan documentation.
- Contact and meet with parties associated with the application, i.e. real estate agent, conveyancer, solicitor etc.
- Settlement date/loan draw down booked.
- Invite your customer to an annual financial health check review.