Variations - Variable to Fixed


Where a loan is deemed as non-credit critical, there isn’t a requirement to complete all NCCP documents and collect supporting documents. 

This applies to scenarios where:

  • Customer is requesting to fix either part or whole of their current loan amount
  • There is no increase in lending
  • There is no increase in overall loan term
  • No new credit contract has been issued

Requirements:

  • You must confirm if there have been any changes to the client’s needs and objectives since you last provided credit assistance and capture notes to confirm their response. Where these have changed these should be documented and considered in providing assistance.
  • A Game Plan must be complete, detailing within the rationale section why this variation meets the client’s needs and objectives and taking the customer through the financial impact of any variation, including any risks associated with moving to a Fixed Loan product.
  • Ensure your clients are aware that you’re not recommending they stay in their current loan and to make a recommendation on this would require a full review of their situation.

Lender Specific Requirements

Lender specific requirements must still be adhered to. These will vary significantly so you should review the recommended lender prior to submission to ensure you meet their criteria. All information must still be loaded within MyCRM


If you have any questions, please contact compliance@loanmarket.com.au