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Online underwriting rolled out

Liberty has rolled out an online application and underwriting system to enable fast turn around of home loan applications.

Wednesday, January 11th 2006, 12:22AM

Liberty Financial is tempting New Zealand brokers with its free LoanNet software product allowing them to quickly process customer loans to help give piece of mind in the tense home loan process.

The LoanNet product, which has already been in operation in Australia, allows brokers to put their branding on the programme and loan application forms to give a stronger impression of their commitment to their customers.

Liberty Financial general manager, technology Jason Serafino says the introduction of the Liberty-developed software product to New Zealand had been piloted with around half a dozen brokers.

The electronic form contained the scope to deal with the full range of risk grade customers. It replaced the process of paper application forms which contain details of the loan application being faxed through to the Liberty office.

Instead those details are entered on the computer screen then the application is processed online almost instantly once it reaches Liberty’s computer server.

The loan is run through Liberty’s automated underwriting engine, and in the majority of cases as long as the application fits within Liberty’s policy a conditional approval is granted, Serafino says.

“The answer the customer gets is targeted to them. In LoanNet we have the full range of risk grades from triple-A (or prime) down to B-minus, so they will get an answer customised to them,” he says.

Serafino says the results from the package had been very positive. “Their experience of being able to enter an application themselves and get basically an instant approval – it comes back in about 30 seconds.

It’s a very dramatic change ... Serafino adds the LoanNet system lists on the conditional approval the usual verification list used by Liberty including requirements for example for the company to see bank statements.

“The competitive advantage that brokers get from being able to provide that kind of service to the customers that they can give them an answer straight away rather than having to wait for paper to be faxed in and chased around is obviously very compelling.”

« Liberty combines home loansSuperbank says business as usual »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online 2.95 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 3.05 2.99 2.99
SBS Bank Special - 2.55 2.49 2.49
The Co-operative Bank - First Home Special - - - -
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 3.29
TSB Bank 5.34 3.29 3.45 3.59
TSB Special 4.54 2.49 2.65 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 ▼3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.49 2.69 2.79
Median 4.55 2.94 2.99 2.80

Last updated: 23 October 2020 5:00am

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