Overview
ANZ Qualify is linked directly to ANZ’s internal decision platform, allowing for more consistent results across pre-qualification and final assessment. When a section is complete, a green tick is shown.
· When a section is incomplete, a red cross is shown.
Bridging Loans with ANZ Qualify
For a bridging loan you will need to complete two separate UMI calculations.
1. One of these will need to be for the peak debt, new (purchasing) loan as well as including the bridging loan linked to the existing property that the client intends to sell. It is acceptable to have a negative UMI for this calculation.
2. The second calculation will be a UMI for the post sale loan state (remaining loan that the client has after the proposed purchase). You need to enter the proposed term loan for their new property that they intend to buy. To proceed you will need to show a positive UMI for this calculation.
Entering the new Term Loan into ANZ Qualify
Under the property assets you need to have at least two property assets, one for the new property being purchased and one for the existing property (to be sold). For the new property being purchased ensure that you have selected the transaction as “Purchasing”.
Entering a Bridging Loan into ANZ Qualify
To add a Bridging loan, you will need to enter this Under New Loans.
Under New Loans select Loan Type “Bridging Finance”, the Product will default to “Standard Variable”. Next under Product Details select the Loan Purpose from the drop down.
You will then need to Select the Loan Purpose Code from the dropdown. Both the Payment Type and Interest Type will pre-fill. Next complete the Tax Deductible field.
The Loan Terms will pre-fill. Enter information into each mandatory field (fields with a red underline) for the Rates and Amounts and the Discounts.
As you enter data in the side bar, you will notice it also appear in the main Record screen
1. Once a side bar's requirements are satisfied, a green tick will be shown next to the heading of the side bar and in the main Record screen
If there is a red cross next to the side bar heading, it indicates missing mandatory information. You can click on it for more information regarding the error.
You can close the side bar by clicking on the Close button at the top right.
Calculate UMI
To calculate UMI, all Sections must be complete.
1. When all Sections are complete a green tick will be visible next to the Calculate UMI button
2. Click on the Calculate UMI button to run the calculation
After clicking Calculate UMI, an ANZ loading screen will appear while the calculator runs.
Once the calculator is complete, a screen with the UMI result will be shown.
If you need to make changes to the information you have entered after calculating UMI, click the Edit Data button.
If you need to download UMI results for your records click Download PDF.
Note - for a bridging loan you will need to complete two UMI records, one with the bridging loan (peak debt) and the second with the clients remaining loan for the new purchase (residual debt).
You may have a negative UMI calculation for the bridging scenario. For the remaining loan scenario (new purchase loan) you must have a positive UMI to proceed.