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Complimentary High Density (Risk) Postcodes and Maximum LMI LVR Website Calculator

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.

The difference between this calculator and one that is JavaScript driven (which is most of them) is that the tool is genuinely integrated, so we're able to measure interactions and usage directly via an API endpoint. Used on the mortgage broker website that we provide clients, we also record exactly who is using the calculator.

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.

Required: The BeliefMedia Core plugin is required to be installed and activated before using this tool. Activation registers your website with us and issues your website with an API Key. Please do not download if you do not wish to register. Download and review plugin documentation here.

Client Note: We're trying to establish how the LMI Calculator interaction might help us shape a website visitor's condition website and funnel journey (at the moment it only lends itself to our general escalation understanding). We find that a user will often check numerous postcodes, including those that don't reflect the area they intend to buy, so the recorded data is potentially flawed if we try and use their input to establish geographic relevance. However, we do know what page they're using the calculator on, so we're starting to gather data on how the page (or the 'interest' association assigned to a page) might be used to establish overall escalation-based intent.

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:

Array

(

[genworth] => Array

(

[postcode] => 2200

[lmi] => Array

(

[standard] => Array

(

[residential_dwelling] => 95

[vacant_land_22h] => 95

[rural_residential_50h] => 95

[hd_apartment_new] => 80

[hd_apartment_resale] => 90

[hd_apartment_graduate] => 95

[transportable_relocated_home] => 95

[house_land_package_display] => 95

)

[homebuyer_plus] => Array

(

[residential_dwelling] => 95

[vacant_land_22h] => NA

[rural_residential_50h] => NA

[hd_apartment_new] => NA

[hd_apartment_resale] => NA

[hd_apartment_graduate] => 95

[transportable_relocated_home] => 95

[house_land_package_display] => 95

)

[business_select] => Array

(

[residential_dwelling] => 80

[vacant_land_22h] => 80

[rural_residential_50h] => NA

[hd_apartment_new] => 80

[hd_apartment_resale] => 80

[hd_apartment_graduate] => NA

[transportable_relocated_home] => 80

[house_land_package_display] => 80

)

[family_pledge] => Array

(

[residential_dwelling] => 85

[vacant_land_22h] => NA

[hd_apartment_new] => NA

[hd_apartment_resale] => 80

[hd_apartment_graduate] => 85

[rural_residential_50h] => NA

[transportable_relocated_home] => 85

[house_land_package_display] => 85

)

[restricted] => Array

(

[new_apartment] => 80

[existing_apartment] => 90

[graduate_package_loan] => 95

)

Note:

=> Array

(

[general] => Array

(

[0] => Additional security may apply to various property types. These include investment/rental property used as security; builder/developes sale (new property); third party mortgage/guarantee/NRAS; private sale; split contract residential security (party of common wall); non-arm's length transation; non arm's length transaction (vacant land).

[1] => Other LMI conditions apply. Consult Genwoth Guidelines or contact us.

)

[restricted] => Array

(

[0] => Apartment/unit is high density if part of a development compromising more than 10 apartments/units.

[1] => LVR and concentrsation restrictions may apply to individual developments.

[2] => A minimum floor sizeo f 40m2 in living area, excluding balconies and car space.

[3] => Valuations are to include comparable sales outside the devlopement, and details of any resales within the development.

)

Invalid Download Record [E1].

=> Array

(

[url] => https://www.genworth.com.au/media/qgfk3oud/lmi-underwriting-standards-and-guidelines-effective-19-july-2021.pdf

[version] => 20210301

[title] => QBE Location Gudie

)

[is_restricted] => no

)

[qbe] => Array

(

[type] => Dwelling

[lmi] => Array

(

[90] => 1200000

[95] => 900000

100

)

101

102

[postcode] => 2200

103

=> Metro

104

Invalid Download Record [E1].

=> Array

105

(

106

Invalid Download Record [E1].

=> https://www.qbe.com/lmi/-/media/lenders-mortgage-insurance/files/qbe%20lmi%20guide.pdf

107

[version] => 20190701

108

[title] => LMI Guide Australia

109

)

110

111

Note:

=> Array

112

(

113

[0] => LVR excludes premium capitalisation.

114

[1] => Not all suburbs within a postcode are the same classification. Please refer to us for information on suburbs.

115

[2] => Based on QBE LMI data. Not to be relied upon as accurate.

116

)

117

118

[state] => NSW

119

)

120

121

[postcode] => Array

122

(

123

[id] => 1205

124

[postcode] => 2200

125

[locality] => BANKSTOWN

126

[state] => NSW

127

[comments] =>

128

[deliveryoffice] => LEIGHTONFIELD DF

129

[presortindicator] => 205

130

[parcelzone] => N1

131

[bspnumber] => 009

132

[bspname] => BANKSTOWN

133

=> Delivery Area

134

[latitude] => -33.9175186157

135

[longitude] => 151.0477294922

136

)

137

138

)

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 Regional or 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.

Update, 6th August 2021: Accessing with a Yabber API Key instead of a free key now returns some examples property breakdowns based on rates made available within our live bank product API. This feature is in early development so returned data shouldn't be relied upon.

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).

Note: All references to property category in Genworth's policy documents were removed in their 'summary of changes

(effective 8 October 2018)'. As such, all references to the category 1, 2, and 3 postcodes previously listed in their 'Security Location Guide' were removed (this change was likely in response to discriminatory lending as identified in the Banking Royal Commission). The LMI risk now relies more on the property type within various boundaries.

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.

Conclusion

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.

Note: The entire website or other funnel journey is one that should demonstrate your expertise and authoritativeness in order to develop the professional trust or a client. You should endeavour to set yourself apart and make your resources and service more compelling that any other... and our suite of simple website tools allow you to provide this.

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).

Download

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.

Featured Image: Commercial Bank and Bank of the New South Wales, George Street, Sydney, c1860. Looking north along George St. from the eastern side of the street. On the west side of the street, in the left foreground and standing on the corner of Barrack Lane, is the original David Jones building built in 1838. On the opposite corner of Barrack Lane stands the Palazzo-style Commercial Bank, whose façade was removed in 1923 and reconstructed on the grounds of the University of Sydney .Further north, on the corner of Wynyard Street at the bottom end of Martin Place stands the Bank of New South Wales, which was demolished in 1923. [ View Image ]

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