Our policy already allows you to meet your client via video conference instead of an in-person meeting, so you can use FaceTime, Skype and other video-conferencing platforms. However, don’t forget it is still a requirement for you to interview your client and fulfil all the requirements of being a credit assistance provider.
As of 6 May 2020 we have introduced a temporary measure to allow a video call option to assist you with client identification during the COVID-19 situation.
If you’re unable to meet with a client in person, you will now be able to conduct the VOI process via video technology (such as Skype, FaceTime, or Zoom).
In the ‘Date and location of interview’ section of the ‘Home Loans ID Form’, you’ll need to note that the interview was completed by video call and details of the call including the date and the program used for the call. For example: Interview via video call, 6 May 2020, Skype. There are circumstances where the electronic checks we currently run in parallel will require us to revert to you in order to obtain a certified copy of the client’s ID, however this is not common and the likelihood can be reduced by including driver’s licence details in ApplyOnline.
Please note this is a temporary measure during the COVID-19 period and we’ll advise you of any further changes to this process.
You can also utilise the ZipID ‘come to you’ service for client identification. This involves a ZipID representative going to the client’s home or work to meet them and sight their identification documents, to satisfy the VOI requirement. We have offered this ZipID option since August 2015. Your client can also complete the VOI requirement at an Australia Post branch. It’s also possible for brokers to complete the VOI requirement if you meet the client in person face-to-face yourself. For a refresher on how to use ZipID, including the ‘come to you’ service, please speak to your BDM or read more here.
In the event your client is unwell or self-quarantining, they should wait until their self-quarantine period is over before completing the ID verification process. ZipID have confirmed they will be requesting that clients schedule their appointment at least 14 days after potential contact if they have recently returned from overseas, are self-quarantining or have been in contact with an infected person.
We currently accept automatic and desktop valuations which don’t require an in-person physical inspection.
We have expanded our valuations policy to include valuations undertaken in accordance with the new Australian Property Institute protocol released in April 2020 to support the completion of valuations during the COVID-19 period, particularly in circumstances where a physical inspection is not possible because someone in the property has recently returned from overseas, is unwell, or in self-quarantine. The new protocol provides valuers with alternate means (such as reliance prior valuations, virtual or video feeds, photos sourced from reputable source i.e. real estate agent) to utilise at their discretion to assist with verification and completion of the valuation report in a way that respects the health and safety of all individuals involved in the valuation process. Such valuations are completed on a shortform (full valuation basis).
These valuation types do not require an in-person physical inspection and can be considered as alternative options where a physical inspection is usually required.
When a physical inspection of the client’s property is still required, the client should expect that the valuer may ask additional questions when booking the inspection appointment in order to ascertain that no one in the property has recently returned from overseas, is unwell or in self-quarantine.
Where a valuation type is switched from a physical inspection (full valuation) to a kerbside, desktop or automatic valuation as a result of occupants being quarantined or isolated, a new ValEx job number may be created. If this does occur, a message will be placed on the original ValEx job number referencing the new number.
Physical settlements will continue to take place as normal and we are not anticipating any disruption to this service. PEXA have communicated that they are experiencing no disruption to settlements. We continue to encourage the use of PEXA by your solicitor where possible.
Both you and your clients will be able to electronically sign the eLodge form using an electronic signature platform of your choice. Where your client is also electronically signing the form, you will need to use an electronic signature platform that also produces an audit certificate (such as Docusign, Hello Sign or File Invite). This is so we can use the audit certificate and form to confirm the email address and other details such as mobile number matches the client’s details provided on the submitted application.
For eligible clients, the National Mortgage Form (NMF) can now be signed electronically via DocuSign. This service is available for loan offers to individual borrowers and/or individual trustees where the securities are located in New South Wales, Victoria, or South Australia. Other entity types and security locations are still required to have the NMF wet signed and witnessed.
No. During your client’s payment pause, we’ll continue to report to the credit bureau. Where a client was either up to date on payments or one payment in arrears, we will continue to report the client as up to date throughout the payment pause period. Where a client was two or more payments in arrears, we will report a blank repayment status throughout the payment pause period. This means their credit score and repayment history data will not be negatively impacted during this period.
Please note this is the approach being adopted by Macquarie but it’s important your client checks with any other lenders they may have products with to confirm their approach.
Before the payment pause expires, we’ll be in touch with your client with more information around next steps and any impact to their loan. During the payment pause period, interest will continue to accrue on their loan.
If your client requires financial support due to COVID-19, they can get in touch with us here. Our financial assistance team will be available to discuss their specific circumstances and take them through the options we have available to support them.
For more information, please visit our coronavirus support hub.
No. There will be no impact to trail commission on loans where a client requests a payment pause.
If your client’s home loan BSB starts with 182 and they’re on a variable interest rate, redraw is available during the payment pause.
If your client’s home loan BSB starts with 032 and redraw is a feature of their product, redraw can be accessed by calling us on 1800 007 722 (+61 2 8245 4383) 8am to 7pm (Sydney time) Monday to Friday.
During the payment pause, available redraw may be adjusted down each month.
Yes. They will still be able to use their offset account as normal.
We are unlikely to proceed in this situation. If your client has just come off a payment pause, please refer to the question below.
As part of our responsible lending obligations, it’s important for us to ensure borrowers can meet new lending repayments without undue hardship. We will need to understand your client’s reasons for entering into a payment pause or other financial assistance, their current financial and employment position, and their reason for applying for new lending. This information will need to be detailed in the loan application.
As part of our responsible lending obligations, it’s important we can ensure new borrowers are able to afford their loan repayments without undue hardship. Where a client is no longer able to afford the loan repayments and will not incur a financial penalty if the loan does not proceed, we will cancel the application. Where the customer will incur a financial penalty and wishes to proceed, we will look to settle the transaction and implement a payment pause if required.
Where a client advises their broker they have lost their job between approval and settlement of a new loan, the broker can help us understand the client’s new financial circumstance and what penalties, if any may be incurred, so that we can help facilitate the most appropriate outcome for the client.
Macquarie staff are currently participating in and hosting training events digitally. Please reach out to your BDM if you would like any training, updates, or education.
As you’re likely aware, the situation for in-person meetings is different across the country. In states where face-to-face meetings are possible it’s at the BDM’s discretion. Please reach out to your BDM if you would like any training, updates, or education.
No. Commissions are processed and paid monthly and this will remain unchanged.
At this stage, our home loan processing times have not been impacted. As most of you know, we publish our processing times every Monday and distribute them to our broker network – we will update you via that email if anything changes.