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The non-major bank has launched a new instant pricing tool on its broker portal, enabling brokers to complete ‘best discretionary’ pricing requests for new loans.
Suncorp Bank (Suncorp) has enhanced its broker portal with a new tool that enables brokers to receive a decision on a request for a discretionary interest rate for a new home loan “in a matter of seconds”.
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The Instant Pricing Tool, available for new lending only, can calculate pricing for new retail mortgages (both owner-occupied and investor loans paying principal and interest or interest only) under $3 million.
The minimum total customer exposure required is $400,000.
Suncorp said all brokers accredited with the bank can use the tool to complete “best discretionary price for applicable new lending”, then upload the pricing approvals to their applications prior to submitting in ApplyOnline.
The approved pricing discount is calculated by adding the special offer discount margin plus any approved discretionary discount. This discretionary discount is automatically calculated based on the product type, the total customer exposure and the Loan to Value Ratio (LVR).
It is valid for 14 business days prior to application date and the loan must also be documented within 60 business days.
However, the Instant Pricing Tool cannot price existing home loans, business loans, non-personal structures loans (companies, trusts etc), top ups or equity loans, nor can it be used for fee waivers.
Instead, existing loans can only be repriced through the bank’s BDM or GPS systems.
In an update to brokers, Suncorp said the Instant Pricing Tool aims to “supplement and assist in delivering faster pricing decisions to our brokers”.
The non-major lender has become the latest bank to provide brokers with pricing technology. National Australia Bank (NAB) ‘enhanced’ its own Instant Pricing Tool earlier this year to enable automated processing of interest rate changes directly into customer accounts.
This helps brokers “guiding customers” to secure the best interest rate on their existing NAB home loan. It also means they can “instantly lock in savings” for their customers following the successful roll-out of straight-through processing (STP) via the NAB Instant Pricing Tool.
Meanwhile, AMP Bank last month became the first lender to deploy the enhanced version of FASTRefi to give brokers and their clients “an easier process and faster access to funds”.
Premium Members of The Adviser can find out more about technology and new digital tools accelerating the mortgage broking process in the April edition of The Adviser magazine, out now.
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[Related: Lightning fast: The tech helping brokers deliver loans in a flash]
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