cba HL simulator

[Oshawott]

hi,

to the brokers who deal with CBA. how accurate is the MS Excel based serviceability calculator?

I have been playing around with numbers and its looking good. just want to know how accurate is it. If results show as pass, are my actual chances of getting further loan good?

will still use a broker in the end but i also like to know things for myself as well.

 

[Jamie M]

It's accurate when used "correctly"

Cheers

Jamie

 

[Peter_Tersteeg]

Very easy to follow the calculator and get completely the wrong answer. It's not programmed to follow the CBAs actual policy.

Not a problem if you understand and follow the policies, but it's not a calculator that a consumer could apply accurately.

 

[Rolf Latham]

what the guys say is right

its a dangerous tool at the edges.

Your broker should be able to take you through it to ensure that input provides decent output. if thats part of your brief, its a service most will provide.

You know that cliche, rubbish in rubbish out.

ta
rolf

 

[Mick C]

It's accurate when used "correctly"

Cheers

Jamie

^ Spot on....CBA cal is not as "simple" as you think....
Different LVR and loan amount can alter the way you use the cal as well..esp with LMI involved.

 

[Peter_Tersteeg]

^ Spot on....CBA cal is not as "simple" as you think....
Different LVR and loan amount can alter the way you use the cal as well..esp with LMI involved.

It's actually quite disappointing on CBAs part. They've had a massive push on 'quality' for about 6 years now, but they can't supply a calculator that actually reflects their policy. The subtleties of the calculator are responsible for more declined applications than probably everything else put together.

Such a simple thing to fix and causes so many problems, but they haven't made any real changes in at least 10 years now.

 

[Hoffy]

It's actually quite disappointing on CBAs part. They've had a massive push on 'quality' for about 6 years now, but they can't supply a calculator that actually reflects their policy.

I think you will find that this is the intention.

They can supply a calculator that reveals their credit standards quite easily.

 

[Corey Batt]

I think you will find that this is the intention.

They can supply a calculator that reveals their credit standards quite easily.

Why do you think they wouldn't want to provide an accurate calculator?

If you know the policy you can input the fields correctly and it'll be dead on - otherwise you can be out by several hundred thousand.