Product News

Basiq Affordability … with a makeover!

The Basiq Affordability report has undergone a makeover! Our upgraded report makes it even easier for assessors to gain a full view of an applicant’s financial position at a glance.

Not just a new look – it’s a complete overhaul of our Affordability report!

Our upgraded report makes it even easier for assessors to gain a full view of an applicant’s financial position at a glance.

For those not familiar with the Basiq Affordability report, it’s a key offering of our platform that provides a 360 view of customer finances at a glance, including their assets, liabilities, income and expenses.

We are proud to announce we’ve made significant improvements to this report so it’s now possible to:

  • build an applicant profile, across financial institutions, in under two minutes;
  • identify red flags which will require further investigation and subsequently;
  • drill down further to gain a more in-depth understanding of customers.

As always, the Affordability report can save assessors hours by providing an all-in-one alternative to manual credit decisioning. With these improvements credit decisioning will be more efficient than ever.

Adding a summary page to easily review an applicants net position

How have we done this? One key addition is the Summary page, which provides a high level overview of a customer’s financial position. Within the Summary page assessors can visualise an applicant’s Debt to Cash Ratio to identify if they are a first time home buyer or re-financing.

For example, an applicant named Sam applies for a credit card. By looking at the Debt to Cash Ratio, assessors can quickly see Sam’s cash savings and liabilities to identify whether or not there is potential to help guide Sam into home ownership.

In light of the Royal Commission findings, we know assessors need to review actual expenses as part of their lending decisions. Basiq’s response to this is the Expense Summary, which allows assessors to easily identify an applicant’s ability to service a loan based on whether they live beyond their means – is their income higher than their expenses on a monthly basis?

In cases where an applicant’s spending requires verification, the Expense Summary also acts as a verification tool. As an example, maybe Sam has estimated that 20% of her monthly spend is on ‘Food and Non-alcoholic beverages’ when in fact it’s 33.51%. With the Affordability report, assessors go beyond taking an applicant at their word.

Lastly, the Income Chart categorises fixed and variable income to help assess the reliability and regularity of an applicant’s earnings. This long-term view not only benefits assessors who need to accurately verify income but also applicants who may find it difficult to prove their long-term affordability.

For more on how you can start using the upgraded Affordability report today, contact:

Check out our API docs for the Affordability endpoints: