What's a funding position, and why do you need one? This article answers both questions. By the end of this article, you will:
understand the benefits of a funding position
learn how to create a basic report
know how to explore the report and share it with your client
Contents
Prerequisites
None.
Video walkthrough
Learn about funding positions.
Why create a funding position?
There are four reasons.
Create quotes quickly. In a couple of minutes, you can have a quote showing key information like costs and repayment figures. Export the document as a PDF with your branding information.
Save time. Reuse quote information to create other BrokerEngine documents, like Loan Submission Advice and Ready to Settle Advice. A great time saver to update clients and avoid rollbacks.
Help clients. Create a funding diagram to simplify complex deals.
Fast cost data. Quickly generate accurate costs with built-in calculators (e.g. Stamp Duty and LMI premiums).
Creating a basic funding position
In this scenario, we create a simple funding position for a residential purchase.
Locate a lead or deal.
Double-click the name to open the card in full view mode.
Go to the sidebar and click the Funding tab.
Click the pencil icon.
A new funding position template displays. Some of the fields are prefilled with defaults. You can customize those fields.
Adding customizations
Lender and Package
Click the Lender and Package fields and select options.
We suggest using a system lender and package because BrokerEngine updates those products. Learn more about system lenders and packages.
Funding Position Detail
Enter values for Valuation and Purchase Price.
Click the Stamp Duty calculator. A popup displays. Fill in the fields and click Apply.
BrokerEngine auto-calculates the Mortgage Registration Fee and Transfer Fee.
If applicable, click the LMI calculator. A popup displays. At a minimum, enter the Owner Occupied Valuation and Loan Amount. BrokerEngine auto-calculates the Base LVR. Click the Search LMIs button to display a list of options. Select an option and click Apply and Confirm in the popup. BrokerEngine updates the value in the Post Cap Loan field.
Enter a cost for Solicitor Fees/Incidentals and Bank Fees. Optionally, click the Show Details links and fill in the forms to generate detailed estimates.
Totals
When complete, you can see the required funds on the left side of the screen and the funds available on the right side. Based on these values, the page displays the required client contribution. In this example, the client needs $117,186 in cash.
Adding loan splits
Scroll down to the Loan Splits section to add actual products.
Loan split
Click the Calculate Loan Splits button. Optionally, you can add one or more splits to the deal. In this example, we assume one loan split. Click Apply and Yes in the confirmation popup. BrokerEngine auto-populates some fields.
Loan amount
Click the Loan Type field and select an option. Click the Product field and then click Select Product. A popup displays. Locate a product for this client and click Use. BrokerEngine fills in the fields.
Click the trash icon to remove the product.
Click Change button to find a different product.
Click Save. You have created a funding position.
Sharing the funding position
Send the report to your client.
Go to the top of the funding position and change the report name. That's optional. In this example, we change the name to Suncorp $600k home purchase.
Exporting the report
At the top of the report, click the three-dot icon and select Download PDF. It is a short report with your branding, client information, and financial details. Share the report with your client via email or another communication channel.
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