Credify is the only loan affordability tool of its kind in Australia. Clients can see their loans, income and expenses on one easy to read timeline, illustrating the likelihood of loan sustainability in the long term.
Credify provides clients with certainty in the present and confidence for the future – ensuring both affordability today and sustainability tomorrow.
For brokers and clients alike, simplicity is key. With all current loans shown together in the one chart, Credify gives a truly holistic picture of client loans, now and in the future.
Features
Loan Sustainability Report – The core feature of Credify, which is generated as part of the loan application process for new clients, or as part of a review process for existing clients.
The creation of this report is largely automated, with any required data being pulled from existing broker platforms, and additional “what if” scenarios added as manual inputs.
The Credify Loan Sustainability report includes:
- Current income and expense analysis – presenting Credify’s unique cashflow gauge, showing exactly how the client’s expenditure is allocated.
- Loan Portfolio graphing – a chart showing all loans held by the client, how long they will take to pay off, and in what order of priority. It also shows how each loan impacts the other by way of cash flow and affordability, throughout the lifetime of each. This makes Credify truly unique.
- “What if” scenarios – we all know things change over time, sometimes quite rapidly. Credify takes into account potential scenarios such as income changes, lifestyle expenses, investments, new vehicles etc., and how these will affect future affordability. Even future loans can be added to test affordability before making a final commitment.
- Projections – including the calculated effect of offset accounts, line of credits, interest rate changes and redraws.
- Account structure – a flowchart illustrating the planned relationship between all client accounts and loans. Once adopted, this becomes the “Credify Model”.
Functions
The Credify Model – an automated update of the Loan Sustainability Report according to ongoing cashflow, loans and future changes. This unique and data driven model is produced as follows:
- Real time data feeds of all client’s bank transactions into the Credify Cashflow Gauge. The client can track their cashflow at all times via the Credify platform.
- Monthly updates to the Loan Portfolio and Account structure diagram, recalculating future projections based on current progress.
- Additional changes including new loans, redraws, lifestyle changes, income or expenses can be tested then added as circumstances change.
- Cashflow gauge, loan portfolio and account structure charts all update as the changes take place.