Funds to Complete Calculator
It is very important to ensure your client is going to have sufficient funds to complete their transaction, regardless if you are working on a refinance or purchase application. You don’t want to get to settlement date, only to find out that your client doesn’t have the funds to enable settlement.
Within Infynity, you have access to a number of different calculators that you can use. The below guide and examples are on the basic funds to complete calculator.
Where can I locate the funds to complete calculator?
Within the left menu bar, you will see a Calculator tab. Then proceed to select ‘’Funding’’
When do I complete the Funding Calculator
➢ You should complete the funding calcualtor for all your loan submissions
➢ You should complete the funding calculator with all your prospect clients who are currently working towards saving to purchase a home. This will help them understand the funds required from their end
➢ You should complete the funding calcualtor for all your First Home Buyers (FHB) to help them understand that even with a First Home Owners Grant or other (FHB) schemes, they would need to have a depostit to put towards their first purchase and cover costs
Completing the Funding Calculator
Within the funding calculator you have different transaction types that you can select from.
You can select from one or multiple properties to complete a funding position. An example of a single purchase funding calculator is as follows.
*It is important to make sure all the fields have been completed correctly as the funding calculator will generate from the information that has been entered by you.
You are looking to ensure the client will have a net funds position.
If there is NO net funds, you need to ask more questions and seek verifications of how they plan to have funds available to meet the transaction.
If net funds cannot be established, you cannot proceed with the application, as it is not in their best interest, as the client will not be able to meet settlement.
Always, record good, detailed notes within the client account regarding confirmation and verification of funding position.
How to generate a report for the clients?
You can generate a funding report for your clients, which can be printed, downloaded or saved to your client file, using the “Print’’ or ‘’Create Report’’ option.
Disclaimer: This information is current as at the time of each QRG publication. It is a general information guide only.