A Product Comparison allows you to compare the rates, repayments, fees and other details of lender products.
To Start a new Product Comparison,
Click the +Add button and select Product Comparison from the Calculations section of an Opportunity record..
You can also create Product Comparison calculations in the Research Application.
From the Product Comparison section open a new tab to create a new Product Comparison calculation.
The Select Products window will appear. The following Search criteria are available.
- Rate Types (SVR, Fixed, Line of Credit, etc...)
- Product Features (Interest only, Redraw, Construction, etc...)
- Product Types (Commercial, SMSF, Non-conforming, etc...)
- Loan Purpose (Owner Occupied, Investment, both)
- Full Doc/Low Doc
- Security Type (Residential, Rural, etc...)
- Loan Amount
- Filter by LVR (checked by default)
- No LMI (unchecked by default)
- Choose the product search variables for your Product Comparison and click Run Search.
- Select the products to compare by ticking the checkbox and click Use Products.
- The products are displayed side by side on the Products tab, allowing you to compare the rates, repayments, fees and other details.
- Update the fields in the left-hand panel to apply changes to all products, or update the fields in each product individually.
Note: The rates shown in the Product Comparison are using the listed Loan Amount and LVR listed in the left hand panel. If after you apply a Product to the Loan the rate differs. Check the Loan Amount and LVR listed in the main details of the Opportunity.
To learn how to create a Package or Product Split click here
Default Loan Costs and Comparative Savings
When you have selected your products they are displayed in order of 'Comparative Saving'. The left most product has the lowest cost over the Loan Term used.
The comparative saving amount is the difference between that product's total cost and the most expensive product on the right hand side.
When you start making changes to your selected products this will have an effect on the Total loan cost. The order of the products will automatically adjust and the product with the lowest cost will appear on the left by default.
You will then see values appear in the Comparative Savings row. In the below example the repayments have been changed to 'weekly' and there's an extra repayment of $200 each time for all products.
The Savings (relative to default) is the dollar amount saved over the loan term for that product. The 'Default Total Cost' minus the new 'Total Loan Cost' equals 'Savings (Relative to default)'.
Note: The Lenders do not provide the calculation used to determine their Comparison Rates. We don't include them for this reason.
Note: Default Total Cost always uses a 30 year loan term.