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C.12 Compliance - Funding Worksheet

Broker Tools - Funding Worksheet

It is recommended that you fill out VowNet from start to end. If you do the Funding Worksheet should work correctly. However if your are having some problems make sure:

1. Asset/security needs are entered correctly

2. Liability needs to be entered correctly. Make sure the LINKED ASSET is correctly selected and if applicable the Refinance Button This makes sure the refinance calculator works.

3. You must make sure the Loan Purpose is set correctly to Purchase/Refinance/Other Personal or Investment.

4. You need to select ADD EXISTING SECURITY or ADD NEW SECURITY . NOTE if the security is already listed it may have been done before the liability was properly linked. So you may need to delete the security and add it again.

If the loan is a refinance you will know it is correct if the OTHER MORTGAGE(S) - If refinance box comes up.

HINT - Make sure the Security Address is correct. The calculator will look for the STATE in the security to calculate the correct Stamp Duty and Rego fees.

5. On the Funding Worksheet make sure the Transaction Type is correct (ie Purchase / Refinance / Construction etc).

MAKE SURE you add the Property Status -this is left blank by default and if you do enter a field the calculation does not work.

HINT- Different states have different rules for calculating Stamp Duty. ie Foreign residents, First Home Buyers etc. So please consider these if the calculation does not look correct.

HINT - If you are not presented with a Property Status choices - check you have the Property Type is selected in the Asset section of this property

6. Once the Proposed Loan Amount is correct everything should work.

Note LMI is a generic amount and this differs for different lenders. This can therefore be edited to be more accurate.


Compliance Topics
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