Loan Comparison System (LCS)

To the prospective borrower, obtaining finance for a home, an investment property or a business venture can be a confusing and frustrating exercise when it comes to comparing the maze of loan products available. They can expect a bewildering number of different initial, short period interest rates, longer term fixed interest rates, variable rates, and payment period options. Then there are the various fees i.e. up front, ongoing, and early termination fees.

As a company which deals in matching people to finance options which meet their needs, your service depends on being able to make valid, quantitative comparisons between those finance options. The positive perception of your company by your clients and maintaining their confidence and patronage depends on it.

The Loan Comparison System (LCS) is a software package which assists in the selection of a home or business\investment loan.

It does this by calculating and comparing Loan Comparison Rates.

Loan comparison rates combine the effects of all fees and charges, initial short period interest rates, and payment period options, resulting in a single effective annual rate which can be used to compare loans. They are specified in the recently released Consumer Credit Code as the means by which mortgage loans should be compared.

Comparison rates are applicable to all types of loans, and this software caters for Principal and Interest loans, Interest Only loans, and loans which convert from Interest Only to Principal and Interest. Payments can be specified to be in Advance or Arrears.

Loan Comparison System is an easy to use software package which calculates and compares Loan Comparison Rates.

LCS also calculates periodic payments, totals fees, total interest and the overall cost of the loan. Early termination and associated exit fees are also accounted for. Exit fees are calculated for you, based on calculation methods currently in use.

Outputs include amortisation and comparison tables and charts, well formatted printouts and clipboard facilities.

Utility calculators for Property Purchase Initial Costs, Stamp Duty and Mortgage Insurance are included.

As well as product and option comparison for new loans, LCS can also assist in deciding whether to re-finance.

File management facilities allow for the manipulation of both large data service files and smaller client specific files which can be tagged with a client name. The Loan Comparison System is easy to use, with a Front Desk utility which combines all the commonly used options on to a single screen.

LCS is presentable. You can sit a client down in front of this program and impress with a clear and informative display of how the loan you are recommending competes favourably with the clients other options.

For Mortgage loans , the mortgage profiler allows the selection of fixed, capped or variable loans, you specify the initial fixed or capped period. Also select loan features such as redraw, offset account, lump sum repays and split loan. Data Service providers Cannex and Horan Wall & Walker provide an LCS compatible data file containing information on approx. 1000 mortgage loans.

Features Table