personal loans are our specialty! - nzcu baywide · variable interest rates. terms and conditions...
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100% Kiwi
Not-for-profit
Customer-owned banking
NZCU Baywide awarded 5-stars for Outstanding Value personal loans
and car loans for the last four years in a row. You can reassure your customers they are in very good
(award-winning) hands.2016 2017 2018
Credit Union Baywide trading as NZCU Baywide. Terms and conditions and normal lending criteria apply. A $500 approval fee and other fees apply for home lending. A $250 approval fee and other fees apply for personal lending. All variable rates, fees and returns are subject to change without notice. The CANSTAR 5 Star Rating was awarded in December 2016, 2017, 2018 and 2019 to NZCU Baywide for Orange Personal Loans.
NZCU Baywide is proud to be a credit union and not a registered bank.
NZCU Baywide is a 100% New Zealand owned financial co-operative, owned by our customers. As the largest credit union in New Zealand we have a long history of helping Kiwis with their everyday banking and finance needs.
Personal loans are our specialty!
Personal loans up to $60k
Up to 7 year term
Great commissions
Fast turnaround
2019
Adviser’s personal loan application form and disclosure
- Including referral notes and any relevant customer background
Bank statements of ALL accounts for the last 3 months
Debt statements showing ALL transactions for the last 3 months
Proof of income (refer to page 2 of the policy guide)
Photo/colour scan of applicant’s current NZ driver licence (front and back) or passport
- For foreign passports we require a colour copy, certified by a JP. Contact your BDM for more details.
If not an NZ citizen, include proof of Permanent Residency Visa
Online applications: Email onlineloans@nzcubaywide.co.nz and cc in your BDM.
In-branch applications: Email your local NZCU Baywide branch (lower 1/2 North Island only) and cc in your BDM.
A complete and accurate application can mean a quick
approval and faster money into your customer’s account.
Speed is critical. We understand you have tight timelines to work with, so we focus on providing
the fastest loan turnaround.
Personal loans - Don’t forget!
Once approved the applicant will either visit the branch with their original ID for verification or
use the remote link included in the Letter of Offer to verify their identification online.
Low risk
9.90+1%
unsecured
Three month bank statements - for all bank accounts held.Debt statements showing ALL transactions for the last 3 months.Proof of income.
Note – Pricing current as at 6 January 2020, subject to change.
Variable interest rates. Terms and conditions and normal lending criteria apply. A $250 approval fee and other fees apply.
*As published on interest.co.nz as at 6 January 2020..
Personal loans - indicative pricing
Documentation requirements
Low risk High risk
9.90+1%
unsecured
11.90+1%
unsecured
13.90+1%
unsecured
15.90+1%
unsecured
17.90+1%
unsecured
19.90+1%
unsecured
21.90+1%
unsecured
23.90+1%
unsecured
Risk profile - price % p.a.
Some of
New Zealand’s
lowest personal
loan rates*.
NZCU Baywide will lend to:
Personal customers (i.e. not commercial entities or trusts).
Applicants aged 18 years and over, NZ Citizens and
Permanent Residents
Identification
Photo identification is required – a current NZ driver licence
or passport. For foreign passports we require a colour copy,
certified by a JP. Contact your BDM for more details.
Security
Secured and unsecured personal loans.
Security must be valued at more than 50% of the loan amount
and must be less than 10 years old.
For secured vehicle loans the applicant must hold a learner,
restricted or full licence.
We are one of only a few providers who will consider learner licence applicants for vehicle loans.
Loan purpose
NZCU Baywide will lend for most purposes, excluding
payment of unpaid fines, clearing of current defaults or IRD
arrears.
Credit check
A credit check is required for every application.
A privacy waiver covering each individual applicant and/or
guarantor must be obtained. If an applicant’s Credit Bureau
Score is below 230 it is unlikely to be approved.
Assessment
NZCU Baywide utilises CCR and a Credit Scorecard for
enhanced decisioning. See the personal loan pricing matrix
for interest rates based on risk assessment.
Will consider an applicant with less than six months
employment history. Will consider applications with paid
defaults (with satisfactory explanation).
Average interest rate of 15.9% should be used in the NSR Calculator for assessment.
Next of kin
All applications require name, address and phone
details of two relatives or close friends who reside in NZ
but are not living with the applicant.
Personal loan policy guide
Policy guide page 1 of 2
Updated 6 January 2020
Did you know that we’re one of only a few
providers offering personal loans
up to $60k?
Term 1 - 7 years P&I only
Minimum amount $2,000
Approval fee $250
Repayment frequency Weekly, fortnightly, monthly
NSR maximum 100%
Salary and wages (including bonus or overtime income)
Seasonal workers
Casual workers
Bank statements showing wages credited to account a minimum of three most recent pay periods; or recent payslip confirming annual income; or most recent IRD tax assessment/return.
A year-end payslip or two years tax statements.
12 months with the same employer and a tax summary showing 12 months history.
Government benefits (job seekers, sole parent, sickness, NZ super, ACC)
Family Assistance (working for families, disability)
Acceptable if it’s clearly a permanent source of income.
Acceptable for children of any age.
Rental income - scaled at 75%
Boarder income - scaled at 50%
Evidence of regular payments to account.
Evidence of regular payment to account (not cash). Boarder must not be a family member. Maximum of one boarder.
Self-employed/business income Last two years financial accounts prepared by an accountant. For non true trading entities (e.g. IT contractor), IRD returns are acceptable for the past two years.
Acceptable income and verification
Policy guide page 2 of 2
Updated 6 January 2020
Unacceptable income
Student allowance
Child support
Irregular income
Income received in cash
Non-permanent benefits
- e.g. temporary accommodation supplement
Shared expenses
Where an applicant is in a de-facto relationship or married,
the application is to include all joint liabilities (ie no halving of
loans or repayments, the full liability is required).
Supporting documentation
Bank statements of all transactional accounts
- the last 3 months
Debt statements showing ALL transactions
- the last 3 months
Income verification
- in line with the table above
Other requirements
For vehicle loans, the applicant can hold a NZ learner,
restricted or full driver licence.
Full insurance, with the interest of NZCU Baywide noted on
the policy, is required when an asset will secure the loan.
This is a summarised version of NZCU Baywide lending policy. NZCU Baywide reserves the right to amend or introduce new
policy requirements. Terms and conditions and normal lending criteria apply. A $250 approval fee and other fees apply.
Income source Verification requirements
What is an NSR?
The Net Servicing Ratio is a measurement used to calculate
the cash available to customers after all expenses and
debt is serviced. NZCU Baywide’s calculator is configured
so the lower the number the better their NSR score. For
example, an NSR of 70% means the customer would need
70% of their income to meet all of their obligations including
servicing the new proposed debt. The NSR score is a good
guide for you on the likelihood of approval and interest
rate. It is not required to be submitted with NZCU Baywide
applications.
What is debt consolidation?
Often customers take on multiple, small debts such as
HPs, credit cards and personal loans usually for consumer
purchases, holidays or just to help them get by. When the
debt stacks up and interest free periods expire, customers
find it difficult to dig their way out.
A debt consolidation loan is a personal loan for the purpose
of repaying all of the smaller, usually higher interest, debts.
The debts are added together into one personal loan so
they only have one easy to manage and more affordable
monthly loan repayment. This helps increase their monthly
cashflow to provide a bit of breathing room for everyday
living expenses.
How are debt statements different to bank statements?
Debt statements are sourced from the finance provider, e.g.
GEM Finance, and display the credit limit, repayment history
and transactions.
What other information should I provide alongside the
application?
As an adviser you are advocating for your customer and by
submitting the application you are providing your support
for the deal. The application itself only includes facts and
figures. Sometimes it’s good to get more of an explanation
of their strengths, weaknesses and background - what you
see and why you think we should approve it.
Provide diary notes with your application that include more
qualitative details such as: employment details, dependent/
custody information, liability information and account
conduct.
What is comprehensive reporting?
CCR is a standard credit reporting tool, also known as
‘positive reporting’. Companies contribute the repayment
history of their customers to the credit bureaus. This
provides are clearer view of the applicant’s finances as it
includes their full repayment history rather then just the
negative information, ie defaults.
Some of the information now available through CCR:
• Type of credit applied for
• Amount of credit applied for
• Date credit accounts were opened and closed
• Maximum credit amount available for each account
• Repayment conditions
• Monthly repayments for the last two years
• Details of default agreements
This information provides our lenders with more decisioning
power, particularly for ‘marginal’ deals.
All banks and most telcos contribute to and consume
comprehensive reporting. There is a current shift in the
market with tier 2 credit providers moving over to CCR.
What is a credit scorecard?
A scorecard is a predictive model that incorporates key
credit risk characteristics of a defined population, to quantify
the likelihood of an individual applicant defaulting on their
loan.
This enables more accurate decisioning, which provides
NZCU Baywide with speed, control and consistency over its
credit decisioning process at a portfolio level.
Why CCR and Scorecard decisioning?
By taking a portfolio approach we can objectively and
consistently understand the risk of each customer and price
more accurately, while delivering a faster service.
There has been a significant change in customers
expectations and in a generation where instant gratification
is the norm - they expect more, with less effort.
These decisioning enhancements will allow us to deliver on
these expectations.
FAQs
Where to look for debt consolidation
When you see any of these names pop up on your customer’s bank statements it’s a prime indication that there is an
opportunity to pick up that debt and wrap it into one easy personal loan with NZCU Baywide.
OPPORTUNITIES
We can consolidate:
• Credit cards
• Personal loans
• Vehicle finance
• Hire purchases
• Store cards
• Student loans
• Medical/dental bills
• and more...
Jane RileyBusiness Development Managerm: 027 266 6681e: janer@nzcubaywide.co.nz
Andrew WebsterBusiness Development Managerm: 027 589 6331e: andrew.webster@nzcubaywide.co.nz
Your local branchvisit nzcubaywide.co.nz for more details
Your online teamServicing personal loans onlinee: onlineloans@nzcubaywide.co.nzph: 0800 229 943
Your BDMS - here to help!
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