In the latest update to the real-time balances project, we are pleased to introduce real-time refinance. What is real-time refinance you ask? Real time refinance allows customers to use the refinance button to either refinance individual loans (clone refinance) or refinance multiple loans from the same Facility into one loan (merge refinance).
How does it work?
To utilise real-time refinance customers use the Refinance button and select whether they will be cloning (either a single or multiple loans) or merging (multiple loans into one). From here, customers simply select the loans to be refinanced, add in some details for the merge, and click Let’s Go.
At this time several internal processes take place:
New loan/ loans are created
A final repayment will generate and immediately quote (thanks to real time quoting) on the loans being refinanced
All active/ secured collateral will be transferred to new loan
Once this is done customers can finalise the loan details and begin the approval process on the newly created loans. Upon approval the following will occur:
The loan will change to a status of Approved
A Manual Transaction will create to pay out the original loan/s
The new loan will be drawn down and balances and expiry dates will populate – the loan will begin
Realtime Refinance offers customers the ability to create loans, real-time quote (the payout figure), pay out the loan/s (via manual transaction) and drawdown the new loan/s (also via manual transaction) easily and in real time with all balances and dates updating instantaneously.
As always, if you are new to our real-time roll out program, we recommend you view the Product Updates page on the website and review all the exciting improvements that have been released previously, or click here to be directed there immediately.
Release Summary
Feedback
As we continue to introduce new features, customer communication and feedback is paramount. If you experience any difficulties with any of the real-time repayments processes outlined above or in previous correspondence, if you receive an error that you should not be experiencing, or if it simply doesn’t function as it should per the description in the release notes, we request customers to raise a support ticket immediately. It is only with actual real-time use of the system that we are going to be able to iron out any of the creases. Please rest assured that we have also enabled additional background monitoring to catch issues as they may arise.
We look forward to your feedback, and will be moving forward with continued releases over the coming weeks/ months.