Broker Tools - Using Funding Worksheet

** Note that this article refers to Broker Tools, not Quick Tools Funding Sheet. ***

When initially accessing Funding worksheet tab, deal data from will automatically update Funding table.  

Purchase transactions

Security value (A) will transfer form the security tab only during the initial access of the Funding worksheet. Subsequent changes in the security tab will require manual override of the security value.

Transaction type (B) is set as purchase. 

Ownership type (C) will be initially set based on Security details tab settings, and any subsequent changes need to be manual.

Property status (D) is required to calculate correct Stamp Duty.

Purchase/Builder's contract price (E) is required to be entered as well. This price can be different to the Security value (e.g. Purchase and valuation prices are not the same. 

Date of contract (F) and First home buyer (G) fields might be required for Stamp Duty calculations.

Refinance transactions

Set the Transaction type (A) to Refinance and select ownership type (B), if not transferred from the Security details tab

Existing loan balance (C) will transfer from Liabilities/Security tab.

Ensure exit and lender fees are added as per your knowledge/estimate.

Top-up/increase transactions

These transactions assume the same lender and loan increase on top of the existing loan balance.

Set up Transaction type (A) to top-up/increase.

Ensure Existing loan balance (B) and any Other loans against the security are correct.

Proposed loan amount (C) will add to the existing loan balance for new total loan amount. LVR in case below is 80%.

Equity Release transactions

Equity release is a refinance with the additional funds on top of the refinanced amount.  The main difference to the Top-up is the mortgage registration fee.

Set up Transaction type (A) to Equity release

Ensure Existing loan balance (B) and any Other loans against the security are correct.

Proposed loan amount (C) will add to the existing loan balance for new total loan amount. LVR in case below is 80%.

Cross-collaterised transactions

Both properties need to be added to the security tab. Ensure Security values (A) are correct.

Set the correct transaction types (B) and Purchase contract price (C) if one of the transactions is a purchase.

Check Cross-colaterised checkbox (D).

Add Proposed loan amount (E).

Construction transactions

Set up Property status (A) to Land and Construction. Set up Construction type (B) and Construction property type (C).

Add Land value (D) and total loan amount (E).

Editing locked fields

Locked fields can be edited by clicking in the check box next to it (eg LMI).

Printing funding sheet

Once Funding sheet is completed, it can be printed using 'Create Documents' button and 'Save PDF' and sent to the borrower for a review/record.