Submitting a home loan application for your customer

Home loan applications are submitted to us via ApplyOnline. Typically, you’ll need to start an application in your aggregator’s customer relationship management (CRM) system, as you work with your customer to choose an appropriate lender.

Once Macquarie is the chosen lender, you’ll need to progress the application from your CRM to ApplyOnline. For more assistance with this step, contact your aggregator’s help desk.

Once the application is in ApplyOnline:

1. Share our Important Application Information with your customer
2. Check the data that has been transferred from your CRM and complete any additional fields
3. Use Access Seeker to order an Equifax OneScore credit report and to verify the liabilities
4. Complete ID verification with NextGenID
5. Select the home loan products and any debit or credit cards
6. Upload supporting documents, checking that each document is current, and
7. When ready, submit the application to us.

There are no Macquarie-specific pre-submission forms to be completed by your customer. However, we do require you to:

• discuss and share our Important Application Information
• adequately assess your customer’s requirements and objectives when choosing a Macquarie product
• declare that you’ve completed all key activities outlined by Macquarie.

Our compliance requirements, including our declarations, are outlined on the Compliance tab in ApplyOnline. You can view a list of activities and information you’ll be required to declare for each application on our Help Centre.

Also read the section below, which outlines information you need to discuss and share with your customer with regards to how we hold and manage their data.

We encourage you to order a credit report via Access Seeker for each applicant, prior to submitting an application. You can use Access Seeker Credit Report in ApplyOnline to view an Equifax One Score and pre-fill liabilities information for your customer.

Viewing your customer’s credit report prior to submission, can be helpful to:

• verify their current liabilities
• understand their repayment history, and
• assess the strength of their credit profile.

Always ensure you’ve obtained a privacy consent from your customer prior to ordering an Access Seeker on any platform. See Understanding customer credit checks for more information on how to read a credit report.

Prior to starting your customer’s application for a Macquarie home loan, you’re required to explain and share key information to your customer about how we handle their information.

To complete this step, you need to:

1. Share a link to our Important Application Information with each applicant via email, including an explanation of how Macquarie handles their information and disclose to credit reporting bodies, such as Equifax (see suggested scripting below), and
2. Within ApplyOnline's Compliance tab, declare that you've shared and explained this information to each customer.

To ensure your customer has a copy, when the application is submitted, we’ll also send them an email with a link to our Important Application Information webpage. Please note, if you clone an application and resubmit, your customer will receive another email.

Waiting on a valuation to be ordered can delay the credit decision on an application. It’s recommended you order the upfront valuation through PropertyHub prior to submitting the application¹.

The PropertyHub system will select the fastest possible valuation based on the security, lending purpose and application data you enter. Please ensure you:

• use an accurate ‘estimated market value’ and ‘loan amount’, and
• only complete the ‘Do any of these apply?’ section where appropriate for purchase valuation requests.

1. Excludes long form valuations which require an application to complete

To verify your customer's identity, use our digital ID solution, NextGenID in ApplyOnline. NextGenID is a secure and efficient way to manage the ID process, typically only requiring one document to complete identification verification. See next steps for customers that can’t use NextGenID.

To prepare your customer, we’ve created a guide and video to support them through completing NextGenID for their Macquarie Broker home loan application. Once they’ve successfully completed their NextGenID, the NextGenID report is automatically uploaded to the Supporting Documents.

Data quality is one of the main reasons an application decision can be delayed and further follow-up is required. We continue to invest in intuitive technology to support you in entering current and accurate data prior to submission. This includes:

• Confirming current liabilities via Access Seeker
• Checking validations in ApplyOnline.
  

To ensure you’ve included all your customer’s liabilities - including lender, current limits and repayments - run an Access Seeker report in ApplyOnline. Once the report has run, you can:

• seamlessly pre-fill liability data into the application
• verify application data by comparing liabilities on the credit report
• ensure you’ve included all key liability information, including, financial institution, credit limit and expiry date
• note any discrepancies between the credit report and provide additional commentary or documentation (e.g. a financial institution’s letter confirming the recent closure of a credit card).

When reviewing your customer’s application in ApplyOnline, you may notice validation messages appear. It’s important to read these messages and either confirm the data entered or make changes to proceed with the application.

Examples include:

• Where a security address has been entered in as ‘TBA’ - you’ll be prompted to confirm the actual address (if it isn’t a pre-approval)
• If the loan purpose and ABS code combination isn’t valid (e.g. an investment ABS code under Owner Occupied loan purpose) - you’ll be prompted to update the data fields to a correct combination.

Taking a moment to check the data prior to submission will ensure your application is assessed as quickly as possible. Here are some common errors we see:

• Customer’s details don’t match the ID document, including full legal name and date of birth – Usually this will result in further enquiry from us and may require additional documents. Also see information on name discrepancy management.
• Customer’s mobile number or email address are incorrect – These are critical details to receive and execute loan documents. Using NextGenID will ensure your customer’s mobile number is accurate pre-submission.
• Incorrect residential and home address – Ensure the application matches the contract of sale or current title. Also take care with unit numbers and street addresses with multiple numbers (e.g. 1/10-12 Bank Street).
• Postal address is inaccessible – We use the postal address to send out debit and credit cards, usually prior to settlement. You’ll need to check this address is accessible before the loan settles.

In addition to these common data errors, it’s also important to remember to ensure:

• the correct product, features, rates and credit limit are selected
• your customer’s liabilities have been confirmed by the Access Seeker report, and
• broker notes are clear and concise and support the application.

Broker notes should be clear and concise and only include information which isn’t  already included in the application.

Include:

• Payslip deductions – identify if a payslip deduction is voluntary as we don’t automatically remove these from servicing.
• Cash out purpose – specify what the cash out is being use for e.g. if it’s for investment purposes, let us know what kind of investment – property or shares.
• Credit report history – if there is a missed loan repayment or hardship, provide additional detail on why this occurred and other key details.
• Policy exceptions – specify if you’re seeking an exception and why.

Don’t include:

• Any information already provided in the application and/or the supporting documents including the customer’s age, security address, employment details or product and rate details.

You can submit supporting documents via the ‘Supporting Documents’ tab in ApplyOnline. To help you submit, see the Supporting documents checklist.

Once all supporting documents are submitted, our team conducts a pre-credit assessment check to ensure a complete application is submitted before sending it to our Credit team to assess. Ensure all documents are still valid at the time of submission.

If all the required documents are on file, the application will be sent to the Credit team to be assessed, and you’ll receive a back channel message confirming this.

If our team request further information and documents from you after you’ve submitted the application, you’ll need to submit your comments and documents via Broker Portal.

To link multiple applications for your customer:

1. Select Yes for ‘Is this a multi-part application?’ in the Application tab of ApplyOnline, and
2. Include the linked APP/PIA numbers in the Originator Comments section of the Application tab. 

You can also re-use your customer’s NextGenID report for linked applications. Once they’ve successfully completed NextGenID on the first application, the report will be available to link to any subsequent applications if it’s still valid.

A system-assessed pre-approval is triggered when you select Yes for ‘Is this for pre-approval?’ in the Securities tab on ApplyOnline.

Based on the data you’ve entered, a system conditional approval may be generated. In this case, a pre-approval letter will be emailed to you so you can send it to your customer.

View more information on Submitting a pre-approval application.

Our digital tools make it easy for you and your team to keep updated with how the application is progressing. Ensure you and your team are set up to use Broker Portal and are registered for back channel messages in ApplyOnline. We’ll provide all updates on our Broker Portal and via your back channel message preferred method.