St. George has unveiled an industry-first online SMSF
loan process platform which promises easier and faster SMSF loan lodgement for brokers.
The new system enhancements include a new online super fund calculator, data automation, online supporting document enhancements and tailored assessment metrics.
, General Manager of Mortgage Broking at St. George, told Australian Broker
that they have spent months working with tech company, NextGen to develop the system for brokers.
“The new platform will have huge benefits for our brokers. It integrates our policy and business rules into the application, so it means that we get more complete information about each applicant – helping us make better decisions, reduce errors and the need to rework, meaning a faster turnaround time.”
Kirkpatrick says the new system, up-and-running since yesterday, will be the most comprehensive and complete available in the market, which will make lodging loans quicker and easier for brokers.
“Our commitment to brokers is to lead the market in technology innovation and in providing great solutions to niche markets, like self-managed super borrowers. We have always led the industry with our SMSF home loan, and todays launch means we are also market leading in terms of a lodgement platform. We know this new platform really enhances our offering to brokers and their customers.”
Kirkpatrick also told Australian Broker
that St. George has replaced the burdensome Financial Advice Certificate with a simpler Trustee Certificate.
“We believe the need for the Financial Advice Certificate has become somewhat problematic, particularly since FOFA took effect. Many Financial Planners would be asked to provide advice after a trustee had made a decision to gear into property. Many planners will not ‘retrofit’ advice to satisfy a trustee’s strategy, which is right. Further, many trustees would not normally seek advice, so would find our requirement time-consuming and costly,” he said.
“We still need new borrowers to fully understand all risks and satisfy suitability when applying for this type of borrowing to invest within a super fund, and acknowledge this through the completion of this form [the Trustee Certificate]. Essentially, from 19 January we have made it more straightforward for trustees. We will require them to complete a Trustee’s Certificate and remove the need for the Financial Advice Certificate.”