The Mortgage & Finance Association of Australia (MFAA) has brought in an improved suite of loan calculators which feature more aesthetic designs and mobile-friendly interfaces.
Including 24 calculators, the suite now comes with four additional options for both residential and commercial sectors. These include a Year-to-Date (Income Annualisation) calculator, Rent vs Buy calculator, Mortgage Switch (Refinancing) calculator and Income Gross-Up calculator.
“According to a recent industry presentation by Google, 60% of all Google searches [in the home loan space] are for mortgage calculators,” said Stephen Hale, head of marketing and communications at the MFAA. “More than half these users are accessing them to work out their repayments, which makes it crucial for our brokers to use digital tools to drive the online and offline loan application experience.”
Hale said the Association was working with brokers, using feedback to increase the value of its services. He hoped this would offer tangible gains to broker businesses via cost-saving measures and improved business practices.
Dylan Salotti, managing director of Divitis Finance & Mortgage Broking, said he found the MFAA’s Stamp Duty calculator the most useful as it allows him to instantly calculate the cost of stamp duty while workshopping options for clients.
“The most popular calculator on my website is the Borrowing Power calculator for clients. Everyone is always curious to know how much they can borrow from the banks,” he said.
“These tools can increase the likelihood of your clients and prospects revisiting your website to engage with you for your services. You want to be giving your clients useful tools as it is another opportunity to separate yourself from the other businesses in the industry.”
Hundreds of members are already using these calculators, according to the MFAA, with all digital tools designed for both desktop and mobile use. Once purchased, the calculators can be embedded directly on a broker’s website.
“The full suite of 24 loan calculators are crucial online tools that can help you address complex mortgage and investment related scenarios during the initial consultation and post settlement process,” said Hale.
The calculators are available for $99 a year with the MFAA saying this represents a considerable saving from the typical $400 to $1,000+ per year that members may now be paying for similar online tools.
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Mortgage & Finance Association of Australia announces new loan calculators for members