C.18 Compliance - Refinancing Report

Broker Tools - Refinance Analysis

If you are refinancing a loan you must provide the client with a Refinancing Report. There are a number of fields that need to be entered correctly. However if you are having trouble please make sure the following fields are entered correctly:

1. Asset/security needs to be entered correctly

2. Liability needs to be entered correctly. Make sure the REFINANCE BUTTON is ticked and the LINKED ASSET is correctly selected. This makes sure the refinance calculator works.

3. You must make sure the Loan Purpose is set to Refinance, either Personal or Investment.

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

You will know it is correct if the OTHER MORTGAGE(S) - If refinance box comes up - see below:

5. On the Funding Table make sure the Transaction Type is Refinance and the Property Status is Existing.