Capturing needs and objectives

We’ve created conversation points to help you capture your clients’ needs and objectives in ApplyOnline.  

Go to NextGen’s ‘Compliance Tab’ in ApplyOnline. Before submitting a home loan application, all information in this tab must be completed for each applicant.  

The compliance tab for all Macquarie home loan applications will require you to capture and declare each of the following.  

You’ll be prompted to include further details in the compliance tab. Here you’ll need to confirm if the client foresees any changes in income or expenses that will affect their ability to service the loan. If yes, please make sure you capture the type of change, estimated start and end date, the period of impact and any mitigants. 

You’ll need to confirm the applicant(s) plans to retire and if the applicant(s) will reach their retirement age during the term of the loan.  

There is system validation to determine if planned retirement will occur based on D.O.B, age of planned retirement and loan term. If the applicant(s) plan to retire, you’ll be required to outline how the applicant(s) plan to repay the loan post-retirement. For Macquarie if you select ‘Repayment of loan prior to retirement’ this means you’ll need to reduce the loan term. 

Where the application is a refinance, the reasons will still appear for you to select on the ‘Loan Details’ tab. You’ll not be asked to complete it again in the compliance tab; however, it is expected that all relevant information supporting a refinance reason is still included in submission notes in the product selection section of the ‘compliance’ tab.  

However, you are still required to declare in the ‘compliance tab’ that you have read through and explained the risks to the applicant(s) and that they understand these by selecting the tick box. You will also need to declare if as part of the refinance application, if any existing credit card limits will be reduced or cancelled and declare you have discussed the associated risks.  

The rate type selected in the ‘Loan Details’ tab will be highlighted along with a description and reasons why that rate type is important to the applicant(s). You are required to declare that you have read through and explained the risks to the applicant(s) and that they understand these by selecting the tick box.  

There is system validation to determine the rate type aligns to the details in the ‘Loans’ tab. If the selection does not align, a validation message will advise you to revisit the ‘Loans' tab.

The repayment type selected in the ‘Loan Details’ tab will display (e.g. principal and interest). You’ll need to confirm the repayment type description with the applicant(s), confirm with the applicants that the repayment type is still important and when prompted the reason(s) why the selected rate type is important.   

There is system validation in place to ensure the selections in the ‘Loan’ tab are valid. If not, you’ll be advised to revisit the ‘Loan Details’ tab. 

If the repayment type is interest only, the reasons will still appear for you to select on the ‘Loan Details’ tab. You will not be asked to complete it again in the compliance tab, however, it is expected that supporting information is provided in submission notes to show why the applicant(s) require interest only, and that the requested time period aligns to that reason. This commentary should be included in the product selection section of the ‘compliance’ tab. 

The product feature(s) related to the home loan product selected in the ‘Loan Details’ tab will be displayed. You’ll need to complete the importance of the feature to the applicant(s) along with the reasons why it’s important and associated risks.

You are required to declare that you have read through and explained the risks to the applicant(s) and that they understand these by selecting the tick box.

Note: The offset account will only appear if you have selected the offset home loan in the ‘Loan Details’ tab. 

When you select a variable basic or offset home loan, you’ll be required to complete the details for redraw. 

You’ll need to state if there are any other requirements and objectives not already stated and if ‘Yes’, provide the details. 

You’ll need to provide a concise narrative summary of the applicant(s) requirements and objectives and how the chosen loan product meets their needs.