Application – Product tab

In the product menu, a user can edit the product application by choosing the ‘EDIT‘ option under the ‘Actions‘ column.

For example: After speaking with the customer, they may wish to update some of the options they previously selected. In this section of the system, users can modify nearly all of those responses within the application.

The questions and response options listed under the home loan product that can be updated by the user are:

1. Loan amount excl. lender fees
2. Why are you looking for a loan?
   1. Purchase
   2. Refinancing
3. Have you found the property?
   1. Yes
   2. No
4. Are you a first home buyer? 
   1. Yes
   2. No
5. Is the property to live in or for investment purposes? 
   1. Live in
   2. Investment
6. Property Type 
   1. Apartment/Unit
   2. Townhouse/Villa
   3. Residential Vacant land <= 1500sqm
   4. House
7. Date finance required
8. Total purchase price
9. Market estimate
10. Deposit on the property 
11. Additional funds included in loan amount? 
12. Other Cost
    1. Capitalised
    2. Deducted
    3. Waive
13. Product Name
    1. Any other suitable Home Loan product
14. Mortgage Type
    1. First
    2. Second
15. Do you wish to rate lock?
    1. Yes
    2. No
16. Repayment Type
    1. Principle & Interest
    2. Interest only
17. Rate Type
    1. Fixed
    2. Variable
18. Fixed Rate Term (1-7 years)
19. Interest Rate (Rate change type)
    1. Discount
    2. Increase
    3. Rate Change %
20. Comparison Rate
21. Annual Fees (Process)
    1. Capitalised
    2. Deducted
    3. Waive
22. Monthly Fees (Process)
    1. Include in Repayments
    2. Deducted
    3. Waive
23. Establishment Fees (Process)
    1. Capitalised
    2. Deducted
    3. Waive
24. Lenders Mortgage Insurance
25. Estimated government fees and charges**
26. Term of loan in years (1-20)
27. Payment Frequency
    1. Weekly
    2. Fortnightly
    3. Monthly

In the product menu, a user can edit the Personal Loan application by choosing the ‘EDIT‘ option under the ‘Actions‘ column.

Example:  After speaking with the customer, they may want to revise some of the options they previously selected. This part of the system allows users to update most of those responses directly within the application.

For the Personal Loan product, the following questions and response options can be edited by the user:

1. Loan amount excl. lender fees
2. Why are you looking for a loan?
   1. Purchase
   2. Refinancing
3. Purpose 
   1. Vehicle
   2. Holiday
   3. Wedding
   4. Home remodelling
   5. Home appliances
   6. Moving expenses
   7. Emergency expenses
   8. Debt consolidation
   9. Other
4. Purchase Date
5. Total purchase price
6. Additional funds included in loan amount? 
7. Other Cost
   1. Capitalised
   2. Deducted
   3. Waive
8. Product Name
   1. Any other suitable Personal Loan product
9. Repayment Type
   1. Principle & Interest
10. Rate Type
    1. Fixed
    2. Variable
11. Interest Rate (Rate change type)
    1. Discount
    2. Increase
    3. Rate Change %
12. Comparison Rate
13. Annual Fees (Process)
    1. Capitalised
    2. Deducted
    3. Waive
14. Monthly Fees (Process)
    1. Include in Repayments
    2. Deducted
    3. Waive
15. Establishment Fees (Process)
    1. Capitalised
    2. Deducted
    3. Waive
16. Term of loan in years (1-7)
17. Payment Frequency
    1. Weekly
    2. Fortnightly
    3. Monthly

In the product menu, a user can edit the Vehicle Loan application by choosing the ‘EDIT‘ option under the ‘Actions‘ column.

Example:  After speaking with the customer, they may want to revise some of the options on the application for the vehicle loan that they had previously selected. This part of the system allows users to update most of those responses directly within the application.

For the Vehicle Loan product, the following questions and response options can be edited by the user:

1. Loan amount excl. lender fees
2. Why are you looking for a loan?
   1. Purchase
   2. Refinancing
3. Purchase Date
4. Total purchase price
5. Additional funds you have to contribute to the purchase?
6. Other Cost
   1. Capitalised
   2. Deducted
   3. Waive
7. Product Name
   1. Any other suitable Personal Loan product
8. Repayment Type
   1. Principle & Interest
9. Rate Type
   1. Fixed
   2. Variable
10. Interest Rate (Rate change type)
    1. Discount
    2. Increase
    3. Rate Change %
11. Comparison Rate
12. Annual Fees (Process)
    1. Capitalised
    2. Deducted
    3. Waive
13. Monthly Fees (Process)
    1. Include in Repayments
    2. Deducted
    3. Waive
14. Establishment Fees (Process)
    1. Capitalised
    2. Deducted
    3. Waive
15. Term of loan in years (1-5)
16. Payment Frequency
    1. Monthly
17. Residual Percentage

In the Application menu, a user can edit the business loan application by choosing the ‘EDIT‘ option under the ‘Actions‘ column.

For example: After speaking with the customer, they may want to revise some of the options that were previously selected. This part of the system allows users to update most of those responses directly within the application.

For the Business Loan product, the following questions and response options can be edited by the user:

1. Loan amount excl. lender fees
2. Why are you looking for a loan?
   1. Purchase
   2. Refinancing
3. Equipment Category
   1. Buying or hiring equipment
   2. Expansion, growth or marketing
   3. Purchasing inventory
   4. Pay suppliers
   5. Workplace renovation
   6. working capital
   7. Pay off non tax debt
   8. Pay off tax debt
   9. Trade Credit
   10. Other
4. Purchase Date (estimated)
5. Total purchase price
6. Additional funds included in loan amount? 
7. Other Cost
   1. Capitalised
   2. Deducted
   3. Waive
8. Product Name
   1. Any other suitable Home Loan product
9. Interest Rate (Rate change type)
   1. Discount
   2. Increase
   3. Rate Change %
10. Comparison Rate
11. Annual Fees (Process)
    1. Capitalised
    2. Deducted
    3. Waive
12. Monthly Fees (Process)
    1. Include in Repayments
    2. Deducted
    3. Waive
13. Establishment Fees (Process)
    1. Capitalised
    2. Deducted
    3. Waive
14. Lenders Mortgage Insurance
15. Estimated government fees and charges**
16. Term of loan in years (1-20)
17. Payment Frequency
    1. Weekly
    2. Fortnightly
    3. Monthly

In the Application menu, a user can edit the Construction Loan application by choosing the ‘EDIT‘ option under the ‘Actions‘ column.

For example: After speaking with the customer, they may wish to update some of the options they previously selected. In this section of the system, users can modify nearly all of those responses within the application.

The questions and response options listed under the Construction Loan product that can be updated by the user are:

1. Loan amount excl. lender fees
2. Why are you looking for a loan?
   1. New Build
   2. Structural Renovation
3. Have you found the property?
   1. Yes
   2. No
4. Are you a first home buyer? 
   1. Yes
   2. No
5. Is the property to live in or for investment purposes? 
   1. Live in
   2. Investment
6. Date finance required
7. Land Purchase Price
8. Total Build Cost
9. Deposit on the land
10. Deposit on building
11. Additional funds included in loan amount? 
12. Other Cost
    1. Capitalised
    2. Deducted
    3. Waive
13. Product Name
    1. Any other suitable Construction Loan product
14. Security
15. Repayment Type
    1. Principle & Interest
    2. Interest only
16. Rate Type
    1. Fixed
    2. Variable
17. Interest Rate (Rate change type)
    1. Discount
    2. Increase
    3. Rate Change %
18. Comparison Rate
19. Annual Fees (Process)
    1. Capitalised
    2. Deducted
    3. Waive
20. Monthly Fees (Process)
    1. Include in Repayments
    2. Deducted
    3. Waive
21. Establishment Fees (Process)
    1. Capitalised
    2. Deducted
    3. Waive
22. Estimated government fees and charges**
23. Term of loan in years (1-50)
24. Payment Frequency
    1. Weekly
    2. Fortnightly
    3. Monthly

Home Equity Release/Reverse Mortgage:

Available to homeowners, usually 60 or older, allows them to access the equity in their home without having to sell it or make regular loan repayments.

How it works:

• The homeowner borrows against the value of their home, either as a lump sum, regular income stream, line of credit, or a combination.

• The loan is typically repaid when the home is sold, the borrower moves into permanent care or passes away.

• The most common form is a reverse mortgage, but home reversion schemes and equity release agreements are also available in some markets.

Pros:

• Access to cash without selling or downsizing.

• No regular repayments required (for most products).

• Flexibility in how funds are received (lump sum, income, or both).

Cons:

• Interest compounds, meaning the debt grows over time.

• Reduces equity in the home, leaving less for heirs.

• May impact government benefits or aged pension eligibility.

• May include fees, conditions, or limits based on age or property value.

In the product menu, a user can edit the Credit Card application by choosing the ‘EDIT‘ option under the ‘Actions‘ column.

Example:  After speaking with the customer, they may need to revise some of the options they previously selected. This part of the system allows users to update most of those responses directly within the application.

For the Credit Card product, the following questions and response options can be edited by the user:

1. Credit Card Limit
2. Balance Transfer %
3. Balance Transfer Term
4. Interest Rate (Rate change type)
   1. Discount
   2. Increase
   3. Rate Change %
5. Cash Advance Rate
6. Minimum repayment at Limit
7. Are you transferring and closing from another credit card?
   1. Yes
   2. No
8. Do you want a Balance Transfer?
   1. Yes
   2. No
9. What is the purpose of the Credit Card?
   1. Credit Card for general use
   2. Household expenses
   3. Other
10. Product Name
    1. Any other suitable Credit Card
11. Annual Fees (Process)
    1. Capitalised
    2. Deducted
    3. Waive
12. Rewards
    1. Yes
    2. No
13. Interest Free Period (Days)

In the product menu, a user can edit the Deposit Account application by choosing the ‘EDIT‘ option under the ‘Actions‘ column.

Example:  After speaking with the customer, they may need to revise some of the options they previously selected. This part of the system allows users to update most of those responses directly within the application.

For the Deposit Account product, the following questions and response options can be edited by the user:

1. Product Name
   1. Any other suitable account
2. Do you require a Debit Card for this account
   1. Yes
   2. No
3. Would you like to transfer your salary to be received by this account as well?
   1. Yes
   2. No
4. What kind of account do you need?
   1. Joint
   2. individual

In the product menu, a user can edit the Term Deposit application by choosing the ‘EDIT‘ option under the ‘Actions‘ column.

 Example:  After speaking with the customer, they may need to revise some of the options they previously selected. This part of the system allows users to update most of those responses directly within the application.

For the Term Deposit product, the following questions and response options can be edited by the user:

1. Product Name
   1. Any other suitable Term Deposit
2. Deposit Account Type
   1. Single
   2. Joint
3. Payment Account Name
4. Payment BSB
5. Payment Account Number

Product Suitability tab  – This is a standard tab that appears across all product types. The specific questions within the tab will vary depending on the product type.

The “Product Suitability “sub tab below refers to the Responsible lending (RG 209) question set.

The responsible lending obligations involve:

• making reasonable inquiries about a consumer’s financial situation, and their requirements and objectives,
• taking reasonable steps to verify a consumer’s financial situation, and
• making a preliminary assessment (if you are providing credit assistance) or final assessment (if you are the credit provider) about whether the credit contract is ‘not unsuitable’ for the consumer.

Users are able to manually update when a requirement has been met or uncheck/check whether a question should be mandatory (required).  Users can also edit the options available in the drop down menu as we can see here from the below image. After selecting the new item, simply save and it will be updated.

Product Tab

The product tab displays the application loan and product details including the ability to change the product, discount interest rates and waive fees. 

You can edit the application form by clicking on ‘Edit’. This will open a pop-up window showing the details that the customer entered during the application process, enabling you to amend the selected options.

Loan Amount (purchase)

The loan amount, excluding lender fees for purchase, is automatically calculated using the following funds position formula:

(Total purchase price + Estimated government fees and charges) – (Deposit on the property + Additional funds included in the loan amount)

For example: $1,800,000.00 + $102,731.00 – $750,000.00 + $30,000.00 = $1,122,731.00

Loan amount, including fees = $1,122,731.00 + All fees

Note: When the purchase price is amended, the government costs (e.g., stamp duty) are updated accordingly.

Note: The loan amount can also be amended manually, though this is not recommended.

Product Selection.

After the application has been submitted, the product type can be amended under the Product Name field. To do this, click the Edit button, which opens a dropdown displaying all products available within the product category.

When a product is changed to a new product type, the interest rate, comparison rate, and fees will be updated accordingly.

Rates and fees can be updated to reflect waivers or discounts. (A change log will be recorded if this occurs.)

Based on the Rate Type and Repayment Type selected, further fields will be displayed for confirmation, including Fixed Terms and Interest-Only Periods.

Note: You will only be able to select products that match the product criteria or parameters (e.g., LVR, loan amount, etc.; please refer to your product matrix).

Purchase, Refianace, Settlement Dates

Entering a date in the date field is essential for reporting and is also vital if the merchant is using Ultracs for their core banking, as this date is mandatory for calculating loan repayments based on Ultracs’ unique repayment formula.

This section displays the applicant’s responses to the loan application form, specifically in relation to the loan product. The user can edit each individual question on the form, and you can also choose between making the question ‘required’ or ‘optional’ for the customer to answer.

• Required – shows whether a question is mandatory. If this field is checked, then the ‘Provided‘ field must be completed, otherwsie it will spawn a blue bubble indicating something is still required. If the required box is unticked, it is optional for this to be provided.
• Provided – shows whether the applicant has answered the question.
• Colour Indicators –
  • If both fields are green, it means all mandatory questions have been answered.
  • If either field is red, it indicates that required details are still missing.
  • If the user wants to update any information, they can do so by clicking the edit icon under the Actions column.

! IMPORTANT: If the user wants to update any information, they can do so by clicking the edit icon under the Actions column.

The Fees and Charges section enables the organisation to add fees related to the loan application process. These fees can be capitalised, deducted, or waived based on the preferences of the applicant and the business.

All changes made by the user will be recorded in the change log for tracking and audit purposes.  The details recorded in the change log are as follows:

1. The User that made the change
2. The Date & Time of the change
3. The Attribute that was changed
4. The previous value before the change, the Old Value (appears in red)
5. The new value after the change, the New Value (appears in green)
6. The Reason for the change if it’s been provided