New tech saves brokers' time on servicing calculations

Most brokers would agree that checking a borrower’s serviceability across multiple banks is a pretty big pain point. Eric Dill (pictured) certainly does. After five years of downloading and inputting data over and over again every time he wanted to check where his clients were best placed in terms of their servicing, the former engineer and his friend joined forces to create a servicing platform that would enable brokers to check their customers’ serviceability across multiple lenders at a time.

“It’s quite a time-consuming process,” he told MPA. “Me and a mate of mine said this stuff isn’t rocket science, surely someone can rebuild these calculators onto a single platform and actually make it accurate.”

While some aggregator software enables brokers to check servicing with more than one lender at once, the results are often not perfectly accurate, he said.

“Hence this tool has been birthed,” he said. “We’ve spent the last 12 months building it and painstakingly perfecting the results to perfectly match bank calculators. The feedback that we’re getting has been overwhelmingly positive.”

The platform enables brokers to input their client’s data once in order to check their servicing power across multiple lenders, rather than the broker needing to download each lender’s spreadsheet and enter the information over and over again.

But it’s not just a convenient, quick servicing assessment across the 14 lenders that have so far signed up. The aptly named Quickli also provides policy insights that could help less experienced brokers from making a costly mistake – an example of the way the broking industry is taking tech matters into its own hands in order to improve operations.

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“The worst mistake you can make as a new broker is submit an application to a lender with a servicing calculation that passes, so you think you’re in the clear, only to find out that you didn’t fully understand their policy and they were never going to use that much income for that client,” he said. “Their calculator doesn’t make you aware of that – it’s just a very rudimentary tool that doesn’t have their policy built into it. So, we’ve tried to help with these new to industry brokers to prevent them from getting caught out.”

Dill said a big part of Quickli’s aim is not to be an aggregator, but to make life simpler for brokers while advocating for the smaller lenders out there. At the moment, the tool is free for all brokers until the start of October.