Your Loans solution provides post-settlement information
The Commonwealth Bank of Australia has launched a tool giving brokers greater visibility of their home loan portfolio, helping to ensure their clients make the most of their CBA home loan.
Launched on February 20, Your Loans is a self-service tool within CommBroker. Built from broker feedback, it is designed to give brokers access to their clients’ post-settlement information all in one place.
Brokers using the tool can check their client information, such as product details, interest rates, repayment amounts and their remaining loan term, the bank said.
Using Your Loans, brokers can check that a client’s offset accounts are linked correctly, potentially helping them to save money on interest costs. Brokers can also check that the repayment amount is accurate, and that the repayment frequency is correct, the bank said.
In a rising interest rate environment, and with a large portion of customers due to roll-off onto variable rate loans this year, Your Loans provides details of CBA customers’ fixed interest rate expiry date/s, assisting brokers when talking to clients about their options.
Keeping ahead of fixed rate expiries
CBA general manager third party banking Adam Croucher (pictured above) said a core benefit of Your Loans is that it gives brokers access to the information relevant to a fixed rate maturity ahead of time.
This information is available on a broker’s full back book, he confirmed.
“One of the benefits of the new tool is that it shows a broker when any of their clients’ loans will mature – this includes loans with an interest-only term expiring,” Croucher said.
Functionality within Your Loans makes it easier for brokers to see when a client’s fixed rate or interest rate loan might be maturing, he said.
“For fixed rate loans, in addition to showing brokers when their client’s loan will expire, it also details any discounts that might be offered to the client post loan maturity, enabling brokers to come to their clients with a raft of information to help them discuss what’s next for their home loan,” Croucher said.
Information available prior to settlement date
Brokers are able to see a client’s linked loan accounts, and details such as offset and nominated direct debit as soon as they’re established (prior to settlement), which Croucher said solved a longstanding issue for brokers.
“This gives our brokers new visibility and the confidence that their client has been set up correctly and will receive a great on-boarding and settlement experience with CommBank,” Croucher said.
The new tool provides an aerial view of the loan, assisting brokers with servicing their clients.
“Your Loans helps to make it easier and quicker to access key post-settlement information, allowing brokers to quickly resolve client questions and queries as well as providing a birds eye view over each CommBank loan in their portfolio,” Croucher said.
Brokers can access Your Loans through CommBroker. After logging in, a tab labelled Your Loans is displayed. For brokers who need assistance, a quick reference guide is available on the training hub.
As part of its investment in optimising broker technology, CBA said that additional features would be added to Your Loans through the year. Its investment in enhancing brokers’ digital experience formed part of its commitment to making the bank simpler, better and easier to work with.
