Completing the SOCA - OwnHome Deposit Boost Submission

All Consumer Regulated loans under Best Interest Duty (BID) need to have a completed SOCA within Infynity. Completing the SOCA helps you meet Responsible Lending Obligations, NCCP (National Consumer Credit Protection), BID (Best Interest Duty), Conflict of Interest and demonstrates that you understand your clients’ requirements and objectives and that you are acting in their best interests.

The SOCA includes your preliminary assessment, credit proposal, product comparisons and your recommendations. It is valid for 90 days and must be signed by all applicants before submitting the loan application with the lenders.

The SOCA is created within the Loans & Products tab in Infynity, as the Best Interest Duty Application.

The OwnHome Deposit Boost can be applied for solely or split with an OwnHome Loan.

In this example below, when creating a 95% Lend on a home purchase with OwnHome using the OwnHome Deposit Boost Loan, you only need to complete one (1) loan submission to show the two loan splits.

• Select your main loan objective within the SOCA as purchase owner occupied dwelling.

Good, detailed commentary as part of the SOCA is essential to demonstrate you have educated the clients on the Deposit Boost Loan option, compared to a traditional home loan application and they meet the Deposit Boost Loan criteria.

Complete the SOCA fully, outlining the client’s needs and objectives and that you are acting in the client’s best interest.

• Both loans are required for the one main purpose – to purchase an owner occupied home, and with the one Lender - OwnHome. Within the SOCA, create the two loan splits within the loans, securities & commentary tab.

(1) Create the loan splits by using the button

(2) Complete the loan purpose and loan split amounts

(3) Add in the purchasing property security

The SOCA should clearly show what the total funding LVR against the purchase property is, (in this example 95% funding).

• You need to complete a split loan comparison and import them into the SOCA as normal.

Maximum loan term for the OwnHome Deposit Boost Loan is 15 years (adjust the loan term within the comparison prior to importing into Infynity).

Calculate the Deposit Boost Upfront Starter Fee as per Lender’s fee structure and use the ‘override values’ tab to enter and save the fee within the comparison and funding calculator.

• Under the recommendation tab select OwnHome as the recommended Lender.

• Based on your completed split loan requirements, the SOCA will produce one (1) mortgage finance submission to OwnHome. Loan Split (1) for the Deposit Boost loan and loan split (2) for the balance of loan requirements up to 80%.

Submit the application directly with OwnHome. Make commentary within the application that loan application has two loan splits. The Boost Loan and the balance of funds loan.

The OwnHome Deposit Boost Loans are available with a growing panel of trusted Banks and non-bank Lenders. Check with your selected Lender.

In this example below, when creating a 95% Lend on a home purchase across the two different Lenders, you will need to complete two (2) separate loan submissions.

You can however complete the one (1) SOCA but create two (2) loan submissions.

• Select your main loan objective within the SOCA as purchase owner occupied dwelling.

Good, detailed commentary as part of the SOCA is essential to demonstrate you have educated the clients on the Deposit Boost Loan option, compared to a traditional home loan application and they meet the Deposit Boost Loan criteria.

Complete the SOCA fully to outlining the client’s needs and objectives and that you are acting in the client’s best interest.

• Both loans are required for the one main purpose – to purchase an owner occupied home. Within the SOCA, create the second loan application within the loans, securities & commentary tab.

(4) Create the 2nd loan requirement by using the +Add option

(5) Complete the loan purpose and loan amount for the first loan (up to 20% LVR Boost Loan with OwnHome)

(6) Add in the purchasing property security

(7) Complete the loan purpose and loan amount for the second loan (80% LVR home loan with other Lender)

(8) Add in the purchasing property security

The SOCA should clearly show what the total funding LVR against the purchase property is, split between the two lenders (in this example 95% funding).

Complete the Loan Comparisons

• You need to complete two (2) separate loan comparisons and import them into the SOCA as normal against each loan.

Maximum loan term for the OwnHome Deposit Boost Loan is 15 years (adjust the loan term within the comparison prior to importing into Infynity).

Calculate the Deposit Boost Upfront Starter Fee as per Lender’s fee structure and use the ‘override values’ tab to enter and save the fee within the comparison and funding calculator.

• Under the recommendation tab select your Lender and Loan as normal, for each recommendation.

• Based on your completed multiple loan requirements, the SOCA will produce two mortgage finance submissions, One application to OwnHome for the Deposit Boost and the 2nd application to Other Lender at 80% LVR home loan.

1. For the OwnHome Boost Loan, you will need to submit the application 1st directly with OwnHome. Make commentary within the application that the Boost Loan is in combination with an Other Lender home loan application.

2. For the Other Lender application, pass the data through to NextGen ApplyOnline as normal. Make commentary within the application and provide confirmation of the deposit funds approval from the OwnHome Deposit Boost Loan.

Upload funding calculator and all compliance and supporting documents to the Documents tab within Infynity against the relevant loan applications.

Disclaimer: This information is current as at the time of each QRG publication. It is a general information guide only