When a loan application ticks all the boxes, it’s often a straightforward process from pre-approval through to settlement. But we all know that life can be complicated. As a broker, those life complications can translate to complex loan applications coming across your desk.
When life happens during a home loan application, it’s important that the lenders you’re working with are equipped to be dynamic and responsive to different types of situations.
Adelaide Bank Partner Assist team of Business Development Managers are well placed to help brokers with complex applications and navigate bumps in the road.
In 2021, Mortgage Choice Loans Consultant Ashley Bieser was assisting her clients Marty and Penny* in buying their first home. At the time, their borrowing capacity and deposit weren’t quite where they needed to be. She advised them to return in a couple of months.
But when they did, another obstacle presented itself.
“When they did [come back], both of them were in the process of changing jobs,” Ashley explained. “In Marty’s case, it was with a new employer, while Mary was returning from parental leave to a different role.”
The couple’s financial situation was stronger than before. But, any broker will know that lenders generally want to see evidence of ongoing employment before they’ll approve a loan.
On top of their new job dilemmas, the couple wanted to buy a house and land package. This can often require two separate loans which added to the case’s complexity.
Support for complex applications
Ashley collected all the usual documentation and shortlisted a few suitable lenders. She then came to Adelaide Bank’s Business Development Manager (BDM) Sandy Kwoh to tackle the loan application.
“We’ve worked together closely for more than two years. I know I can call her [Sandy] and she’ll get back to me within the day,” she said.
And Sandy did.
When Sandy came to respond to Ashley’s request, she came prepared with solutions. “I requested a few more details from the applicants, and raised the possibility of getting a discounted interest rate to help them with cash flow during the construction period,” Sandy explained.
Sandy then took the case to the Bank’s credit team.
“They’re always happy to take a look and see if they can identify any obvious concerns or issues prior to the submission of a formal approval application,” she adds.
This step adds tremendous value to brokers and their clients. It helps them get clearer visibility over what’s required to get the application over the line.
“It reduces the likelihood of a deal being declined for not fitting the usual parameters,” Sandy adds.
Case-by-case assessments that lead to value-adds
This crucial stage of an application is where the broker-BDM relationship shines. By taking the time to look at applications on a case-by-case basis, brokers reach better outcomes for clients. They’re not getting tripped up by red tape or technicalities that risk harming an applicant’s credit file.
In Marty and Penny’s case, the Credit team saw that both applicants had stable, long term employment histories prior to their job changes. The Bank was happy to consider their changes of employment based on employment contracts and the provision of first payslips.
Fast turnarounds when it matters most
“I sent the scenario to Credit on the Friday, and we heard back the following Tuesday,” Sandy explains. “Ashley was then able to complete the rest of the application in the background, and as soon as they sent her the required evidence, I could hit the submit button.”
“When you’re working with a customer whose circumstances fall outside the norm, dealing with a bank like Adelaide Bank that values the efforts of its broker network can make all the difference,” Ashley concluded.
At Adelaide Bank we value our broker relationships. We continually find ways to help brokers achieve better outcomes for their clients. Our aim is to not only get deals done, but offer value-adds that respond to client needs.
Connect with our partner assist team for round-the-clock support from experienced BDMs, on even the most complicated applications.
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With more than 20 years experience in the industry, Stephane has worked across all areas of the lending process.
