Broker Tools - Borrowing Capacity
As a holder of an ACL licence, Premium Broker has to maintain its own capacity to service calculator.
Premium Broker Calculator
Premium Broker has therefore adopted the Servicing Capacity included within VowNet and specifically the Monthly Financial Position - Proposed Position after Foreseeable Future Changes have been calculated. This calculation is available in the Summary Page of Broker Tools and only applicable to Credit Code residential loans.
Brokers will therefore not be able to submit a loan unless this figure is positive. Exceptions to this may be obtained from the licence holder.
The borrowing capacity of the loan also needs to meet the specific lenders capacity to service and this will generally be more stringent than Premium Broker's requirements.
Maximum Borrowing Capacity
VowNet includes its own Maximum Borrowing Calculator. Brokers should acknowledge that these are a guide only and it is recommended brokers complete their own servicing calculator for the recommended lender.