Mercury Nexus comes with a powerful Servicing Engine that enables you to perform complex calculations quickly and easily. The Funding Position calculates all the loan amount, security values, LVR, LMI, stamp duty and other fees to provide a summary position.
How do I perform a funding position calculation?
You can create a Funding Position calculation directly from the opportunity. To do this:
Open the CRM app and select Opportunities from the main left-hand menu.
Highlight and open the relevant opportunity.
Select Calculations from the sub left-hand menu.
Use the +Add drop down to select Funding Position.
Give the calculation a name and check First Home Buyer or Foreign Buyer (if relevant).
Use the +Fund and +Debt drop-down menus to record
Click through to the LMI calculator to record LMI.
Add the property details on the right-hand side.
Use the + Property button to add additional properties.
Note: The Funding Summary will automatically update and workout the total position based on the data you input. The Funding Summary will display a green total for a positive Surplus and a red total where there is a deficit or shortfall.
The calculation will automatically attach to the Opportunity, saving you the hassle of completing it again in future.
Once you have completed the Funding Position calculation click the Apply to Opportunity button. This will populate or update the following fields:
Opportunity details Loan Amount
Opportunity details Security Amount
Note: If you already have a single selected lender product applied to the Products section the Apply to Opportunity button will also update the Loan Amount. If you are using a package containing more than one lender product then you will not be able to use the Apply to Opportunity option and will be presented with the following message.
Opportunity contains multiple Loan Products - you will need to apply this one manually.
How do I perform a stand alone funding position calculation?
You can also create stand alone Funding Position calculations via the Research app. To do this:
Open the Research app and select Funding Positions from the main left-hand menu.
Use the + button to open a new tab and start a calculation or the Clone button to use a previously completed calculation as a starting point.
Give the calculation a name and check First Home Buyer or Foreign Buyer (if relevant).
Use the +Fund and +Debt drop-down menus to record
Click through to the LMI calculator to record LMI.
Use the + Property button to add property details.
Note: In a stand alone Funding Position calculation the security fields will appear after you add any data the available fields
The Funding Summary will automatically update and workout the position based on the data you input. You can attach this position to an opportunity.
How are fees calculated?
Fees are calculated in Mercury Nexus based on the information we received from the State Revenue Office. These are calculated based on the contract date and cannot be overridden. Fees calculated include:
Purchase Stamp Duty.
Foreign Buyer Surcharge.
Transfer Fees.
Registration Fees.
Funding Position stamp duty calculation for First Home Buyer and Vacant Land
When creating a Funding Position for First Home Buyer purchasing Vacant Land. Ensure that Security Type is selected as To Be Built to have the correct Stamp Duty concession applied.
Funding Position LVR for First Home Buyer Guarantee Scheme applications
When creating a Funding Position for First Home Buyer Guarantee Schemes you will still use the full LVR as this is the actual borrowed amount for the applicants. The lender is providing the security guarantee which removes the requirement for LMI in the lodgment stage.
How to enter a Bridging Loan scenario in a Funding Position calculation
Add a security with a transaction type of Sale and another for the purchase with the same contract date.
Funding Position for refinance of existing land loan and new construction
For any Construction application select To be built as the Security Type. Select Refinance as the Transaction Type. Add the Construction costs as a Debt and also add into the Construction Costs of the Security.
Funding Position for a Cash Out
When displaying a Cash Out - enter figures for the Summary Position including the Cash Out amount.
