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C.09a Compliance - Preapproval to Formal

Fact Find - POST APPROVAL CHANGES + Pre-Approval to Formal

+ Reduced Loan Amount by Credit

+ Low Valuation and reduced Loan Amount

+ Changed of Lender/Structure

SHORT TERM GOALS - Should already have a significant information about the Loan Purpose including

  • Objectives

  • Loan Purpose

  • Loan Features

  • Desired Loan Splits

  • Preferred and Non-Preferred Lenders

  • Financial Security

POST APPOVAL CHANGES If you Submit the Loan and the amount or structure of the loan changes you should not it in this section of Vownet. DO NOT Amend the original purpose relating to your original recommendation. REMEMBER if the loan amount or instalment increases - you need to send the client a new SOCA.

ADD "POST APPROVAL" NOTES Rather than edit your original notes. Add a note under the original Loan Purpose titled "POST APPROVAL" For Example A client finds a property, and it is is LESS than the pre-approved amount, your notes could look like this:


Donald and Melania are looking for a pre-approval of $1,390,800 to assist with the purchase of an owner occupied house.

The proposed security will be a $1,500,000 property located in Sydney's Inner West

They are looking for a lender who is good with a limited deposit and savings.

They want a lender who does not assess business debt and prefer a loan with offset, redraw & internet banking.

Of all these the most important requirement was a cheap rate and low LMI.

We have therefore considered the lenders we are accredited with, who would meet the clients requirements.

We have therefore recommended the following loan/s:

$1,390,800 AMP Banking 6.50% Personal Home Loan - Principal & Interest - Variable POST APPROVAL

Donald and Melania had a PRE APPROVAL of $1,390,800 with Adelaide Bank. They have agreed to purchase a property at 1/23 Presidents Ave, Earlwood NSW for $1,440,000. They would like to proceed to FORMAL APPROVAL and reduce the loan amount to $1,340,000 as follows:

$1,340,000 AMP Banking 6.50% Personal Home Loan - Principal & Interest - Variable


Compliance Topics
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