Ground-breaking Serviceability Calculator eliminates errors

by BN04 Oct 2012

After releasing an online servicing calculator St.George Bank reports a higher than expected accuracy rate in broker applications.

Proving that even online resistant brokers, when encouraged to take a leap and adopt new technology, will move with the times, St.George Bank notes that the majority of broker feedback to the new Serviceability Calculator, an upgrade to their NextGen.Net ApplyOnline services, has been positive – even from those who initially said they wanted to continue to work offline.
“We understood this was a risk when we chose to go down this path. But we felt the gamble was worth it in order to ensure accurate results,” says Clive Kirkpatrick, General Manager Mortgage Broking, St.George Bank.
“It has paid off because most brokers are now connected.”
Kirkpatrick maintains he won over offline enthusiasts by explaining that the ApplyOnline Assessment Module enables serviceability calculations to be accessed from any computer.
“One of the many benefits of this system is that if a broker doesn’t have a back-up process in place (which we’ve discovered, much to our horror, applies to more than we realised), all their work is lost if their computer crashes.
“With the ApplyOnline Serviceability Calculator they can log onto any computer and retrieve the information.”
NextGen.Net Sales Director, Tony Carn explains that “version control”, the ability to ensure that brokers use the most up-to-date version of a servicing calculator and therefore prevent outdated and incorrect assessment criteria, is a big problem with a spreadsheet format.
“Brokers no longer have a concern about version control with our online Serviceability Calculator,” says Carn. “All the information, specifically servicing rates, remains up-to-the-minute.”
The ApplyOnline Serviceability Calculator was designed with the requirements of St.George Bank in mind and its dynamic nature was an important feature.
Unlike spreadsheet format calculators, which typically only support relatively simple scenarios, the Serviceability Calculator responds to the data that is input. For example, if there are four borrowers and three investment properties in a scenario, the Serviceability Calculator will automatically grow to capture all those details, ensuring that a comprehensive and accurate assessment is made. 
Kirkpatrick says that accuracy can be assured with the Serviceability Calculator because if a broker is having problems it allows St.George Bank to access ApplyOnline and walk the broker through the issues.
“We can now log onto the system, see what they are doing, talk them through their problems and give them on-the-spot training online,” he says.
Expanding on the ease and significance of accessibility, Carn adds that when using the ApplyOnline Assessment Module brokers can accurately assess a customer’s loan serviceability.
“This means that after an assessment has been made on a loan scenario, the data can then be converted to a full application, which eradicates the need to re-key any data already provided. 
“This ability to promote a loan scenario to a loan application is a key tool because it provides an easy-to-use, accurate, and up-to-date tool for brokers,” says Carn.

If you would like to compare different loan products based on comparison rates and features, you can simply jump on to the Your Mortgage website Compare Home Loans section, or check out the Mortgage Calculator.