In today's highly competitive lending landscape, the multitude of options available can be overwhelming for clients seeking financial solutions. However, with home loan splits, clients can enjoy the best of both worlds. Mercury Nexus simplifies the process of determining product splits, making it a breeze for both clients and professionals alike.
Follow the below instructions to add and apply multiple products from the same lender to the opportunity record.
How to create a Product Split or Package
To create a Product Split or Package (adding two or more products together):
Open the CRM and select Opportunities from the main left-hand menu.
Highlight and open the relevant opportunity.
Select Calculations from the sub left-hand menu.
Click the +Add button and select Product Comparison from the drop-down menu. You can also open the Research app and select Product Comparisons from the main-left hand menu. Use the + button to open a new calculation.
Click Run Search to display suitable loan options.
Select two or more products from the same lender you would like to use in your split and click Create a Package.
Enter the split amounts, name your split, and click Create Package.
To use the same product for both splits, select a single product and click Create a Package then in the following window, click the Clone button. You'll see two line items where you can adjust the individual loan amounts.
Edit the loan details in the left-hand panel, or make further changes to the splits by clicking the edit icon to open the Package Details window.
Add to add another lender to compare against repeat the above steps.
Note: Where there is a dual purpose for the split loan, please be aware that the Max. LVR reflected will be based on the Owner-Occupied product. Please check with your lender BDM or lender policy for the investment portion.
Note: You can still create standard Product Comparisons to compare individual portions of the package (Fixed, SVR etc). You will need to create a main comparison with all package products included which you will apply to the opportunity once finalised.
How to return all lender products in the same search
You may need to create a package with a combination of products across Owner Occupied, Investment, Interest Only, P&I and Construction.
To have all lender products returned in the same search:
Select all Investment & Owner Occupied
Select all applicable product features
Select Include Any Selected
Select P&I and IO
How to view and edit your lender package
To view or edit your generated lender package, click the edit icon on the product comparison line item.
Changes can be made to individual products within your lender package.
Note: The Loan Term and Projection Term fields are measured in Years. You cannot use Month values.
How to apply your lender package to the Opportunity
When your comparison changes are finalized you can apply your package to the Opportunity using the Apply Product to Opportunity button.
Select your lender package.
Click the Apply Product to Opportunity button.
All package products will be added to the Products section.
Note: Always confirm rates are correct once applied to the Opportunity as the Details section and Product Comparison may have a different listed LVR
How fees are calculated in a lender package
Not all lenders charge fees the same way when using product splits or packages. Nexus will display fees on all individual product splits but only add one set of fees for the package.
A package with two products which have a $10 monthly fee will display only $10 as the monthly fee on the package.
It is the broker's responsibility to confirm how the lender treats fees for that particular product combination.