Applying the BEN Score analysis will help identify your financial Key Performance Indicators
WHAT IS THE BEN SCORE?
The BEN Stress Financial Score measures the relationship between 10 leading financial numbers – ratios.
Applying the BEN Score analysis will help identify your financial Key Performance Indicators that underpins your personal financial profile. Knowing your BEN score will help you better manage your mortgage portfolio and align your financial position to acceptable financial benchmark standards.
Studies have shown that there is a direct link between personal well-being and the status of your financial stress position. Keep your general well-being by controlling your financial stress score!
Assessing your borrowing capacity is not just as simple as going on a bank’s online borrowing calculator, input a few numbers and up pops up the magic borrowing figure! It’s somewhat a little more sophisticated than that. We undertake a Preliminary Credit Assessment and provide you with a full Preliminary Credit Assessment Report.
The Preliminary Credit Assessment Report is customised to your current financial circumstances and requirements and provides advice in the area of credit and loan structuring including complex loan scenarios and borrowing capacities – it will be provided to you once you complete the relevant online data collection application.
The Preliminary Credit Assessment Report applies the BEN Financial Stability Score rating which measures your financial risk exposure.
The report is designed to meet with the new responsible banking guidelines for assessing individual’s financial capacity based on their incomes and current financial commitments against established credit
Know your numbers?
It’s all about the numbers… the BEN Score Assessment Report aims at identifying and interpreting your financial numbers in context of credit risk. All financial models are based on minimising the risk of making bad investments and maximise margins where feasible.
When banks lend out money to individuals they are investing in those borrowers with the expectation that they will pay on time every time. This business model applies to every sector in the market and not only limited to the banking system.
Banks have developed systems to assess and minimise their risk exposure to defaulting consumers. Banks look at many variables of a person’s financial profile to develop a qualifying criterion.
These variables are analysed and placed in perspective and measured to see whether they fit within an established underwriting risk assessment matrix. This is known as banking underwriting policy.
There is so much to consider when assessing a loan application. For example; lenders look at your employment history, qualifications, taxable income, Borrowing Capacity, Savings Capacity, Payment History, Value of your home and or investment property(s), Value of your other assets, How much tax you pay, Capital gains tax, Yield to achieve on your investment property, also look at your Credit Card limit(s), personal loans and car leases which also impact on your borrowing capacity.
These are just some of the factors that lenders must address before they can consider approving a loan application.
The BEN Score Credit Assessment comes very close to providing you with the numbers that you need to know in order to make an informed decision before you consider applying for a mortgage loan.
Obtaining a finance approval has a clear defined process where the outcome is a shared responsibility between the Customer, the Credit Adviser and the Lender
The BEN Financial Stress Analysis provides you with a snap-shot of your financial capacity. It tracks your financial performance based on market Lending Credit Assessment Criteria. This is a highly specialised service and the product is designed to meet with specific banking borrowing requirements.
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