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 also 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. Learn more here.
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 position based on the data you input.
The calculation will automatically attach to the Opportunity, saving you the hassle of completing it again in future.
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. Learn more here.
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.
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.
