Lenders assess mortgage applications differently based on the location of the property being offered as security. A lender, or the Lenders Mortgage Insurance provider, will apply more rigid lending policies in high-risk locations to limit their exposure. This risk mitigation assessment often means that your maximum permissible LVR will be lower, and the maximum loan amount that you’re able to borrow will also be lower.
The purpose of the BeliefMedia Postcode LMI calculator is to provide your clients with a tool that they can engage with to assess if a postcode is considered risky by an LMI provider.
The calculator is one that will draw organic traffic to your website and contribute towards your authoritativeness and expertise in the crowded mortgage space. We're providing the feature since we've only see it on custom high-end and higher-priced websites... and this shouldn't be the case.
For the purpose of our website calculator results we rely on Genworth and QBE policies because they're the most popular LMI providers in Australia.
The result of the calculator is simple, and we're only after one specific result from both Genworth and QBE: is the postcode impacted in any way by their risk policy? We return a short statement for each provider in the result.
■ ■ ■
The result is simple and only seeks to identify an 'at-risk' postal code. Keep in mind that not all suburbs within a postcode are affected, so the calculator functions merely as a guide. As brokers are well aware, restrictions may and will apply to specific high-density developments, display homes, those made available under the NRAS, the NDIS's SDA scheme, and so on.
We'll add features and options with future updates as they're required, and we may return example borrowing scenarios based on real-time product rate and geographically-relevant recent sales (although it might be a stretch to include this into the free plugin version).
Accessing the API
You may access the API directly via the key that is created by activating and registering the BeliefMedia Core plugin. The API returns a large amount of relevant data (we now using the information in order to craft a more relevant Venus Report).
Accessing the endpoint directly returns JSON that'll unfold into something resembling the following:
The basic complimentary plugin looks for the
is_restricted value in the Genworth data, and anything other than the
Metro value in the QBE data (will otherwise return
National, with the latter category most affected). Based on the LVR values returned you can see that it's very easy to apply the LVR restrictions to various examples.
The data returns postcode data but the API shouldn't be used for general postcode queries; instead, you should use the BeliefMedia Postcodes plugin as it returns finance-based geographic relevance in the response (you can also read more about the Postcode Search Engine introducing its purpose). Clients should be aware that we've optimised the postcode structure to more closely align with the Saturn program (at the time of writing we believe that Saturn is clearly the highest-yield lead-generation program made available to the industry).
As with all our API tools a restriction applies to web or marketing agencies - you aren't permitted to use any of our tools unless you're registered in our partner program.
Your website experience should be a dynamic and immersive experience, and these inline calculators add a 'type' of gamification to your funnel journey ('inline' meaning that the calculators can be used anywhere, including within post content). The resources keep your audiences coming back to your website for an experience rather than elsewhere.
Belief is a very data-driven group in every respect, so the integrated tools - rather than the iframe based features - is one that allows us to track, identify, and measure various types of interactions on every page the tool is used, and this information is returned back to clients (including those using the free plugin) by way of the API. If we're not collecting data from an interaction, or not using it to shape our conditional experience, the information garnished from the interaction makes its way into a useless void.
We include this calculator tools in three primary locations: the at-risk postcode FAQ, the LMI FAQ, and the standard calculator archive (the FAQs are a way in which we create universally accessible content, and they are an important and default component of our mortgage broker website).
At the time of writing the plugin is available to those on our mailing lists. It'll be sent to the broker collective at some point soon (we've sent a few over the last few weeks so we'll wait a while to avoid bombarding them).
When available, the download is available from the plugin's documentation page.