Broker needed with salary packaging experience

Assessors aren't infallible, neither are the systems they use. This morning I proved to an assessor at Westpac over the phone that the system they're using has a bug in it.

 

Yep, had that exact same experience with some other lenders I now avoid as a result.

Its a real bad look when you have to go back to a client and tell them it has been rejected, cause no matter what its the brokers fault, and sometimes it is not!

 

Care to share the bug @Peter_Tersteeg ?

 

For some reason it was calculating the living expenses incorrectly. It should take the higher of the stated expenses or post code expenses, then add that to the 0.19% buffer. Their system came up with something completely different and it resulted in a -$1400 difference.

Just goes to show, always ask for a copy of their servicing when they say it doesn't work.

 

I think St George and Westpac assesors use a different calc than brokers use which does not help with pinpoint accuracy.

One example was the St George online calc didnt auto convert rental income to 80% and had to be calculated manually. Only after quizzing the assesor did I know this.

Its since been corrected in thier system but I assume it hasnt just in case.

 

100% agreed. The whole income matrix is joke. How to over engineer assessing an income. Take whats given to you by the customer work out how much they are getting paid and assess the loan!

 

CBAs has a nice little bug - get to a certain point the more income you earn you jump into the next bracket and your expenses jump up. When the calculators just changes I had a customer where I used some overtime as servicing was tight, few extra thousand dollars p.a but affordablity went down :|

 

Always. That way you really get a look at their "logic" too. You get some "mistakes". I did have one where they allowed interest deductions against personal incomes on a trust loan so you win some lose some I guess..