Recently we alerted you to some recent changes in credit policy for the Empower Range of loans, if you missed it, the link can be found here.
Today we thought we would highlight the service levels for our Vow branded range and provide you with some tips and hints on how to have your deals processed in the shortest possible time.
While the current service levels are published regularly and are displayed below, to provide you with the confidence to follow the recommended process, we have provided a table below which details the service levels that have been delivered over the past 12 months. Noting that service levels have improved over that time, you can see that the processing arm of Macquarie provides us with some of the best turnaround times in the industry.
50th percentile (median)
Time to indicative
Time to formal
As you can see from the table above as well as the published results below, turnaround times are fastest when all supporting documentation is provided upfront.
Here are some tips to help your deal speed through the system:
- Submit a completed valuation report with your loan application
- When providing bank statements to support the application, check that your clients' monthly expenditure is in line with their declared living expenses, if not, please provide some commentary as to why.
- Also ensure expenses are appropriately allocated into the categories in ApplyOnline and they are consistent with those used in the servicing calculator.
- Enter your client's name and DOB exactly as they appear on their ID.
- Ensure payslips are consecutive and no more than 60 days old.
- Include the application reference number in the subject of your supporting documents email.
- Send your supporting documents to email@example.com
- If you haven't already done so, activate back-channel messages in ApplyOnline to get application status updates.
With some lenders, gaining the queue is necessary, that being getting the deal in before all information is to hand. Given Macquarie's processing times, this is not necessary and actually counter-productive and slows your application down, get all the information together, submit with care and the results will flow.
Current Processing times (effective 27 August)