Here are the most common reasons why your results might not match between CBA and Quickli 👇🏻
LMI is Built and Forced In
The CBA calc:
Recognises your LVR from the property value (and loan amount)
Auto calculates LMI
Then forces the LMI to be capitalised on top of your inputted (base) loan amount.
If you don't notice this your CBA calc will be based on a different loan amount to the one you input in Quickli.
Quickli is not calculating for you and assumes the loan amount and LVR have already been included LMI.
💡 You can read more about how the Funds Calc can help you calculate LMI here
Discounts, not final rates
CBA requires discounts to be inputted, not final rates. Quickli uses the product rates with discretionary pricing already built in.
💡 You can read more about which lenders have discretionary discounts built-in here
Make sure that the same product rate is being used for CBA and Quickli
Go into the CBA results section (in the actual CBA calc) and check to see what final rate they're using for your proposed loans based on the discount you enter.
Ensure this final rate matches the Quickli rate.
Use the Quickli 'Override Rate' field in the proposed loan section to use your own product rate.
Quickli tip: In the CBA online calculator, for Interest Only loans, input the same discount rate used as P&I.
Business Liabilities
CBA requires you to enter the total loan repayment amount for liabilities held in the company name
If the customer's name appears as a co-borrower on the business commitment, the liability must be included in their personal balance sheet and NOT included in the Company Loan Repayments field.
Quickli has a specific section under Self-Employed Income where you can input commitments related to the business.
Existing Properties
If Asset type is Existing Property and is related to an existing mortgage, don't forget to select Link Charge to correctly calculate negative gearing if applicable.
Reach out to our team in the bottom right hand corner of your screen if you have questions about your CBA results 🤓