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Service Levels

Service Turnaround Times (Retail and SME <$1m)

To help you set and manage expectations with your customers, we have outlined our current turnaround times below.  These are updated daily and we encourage you to check this page prior to contacting our Sales Support team or your Business Development Manager.

Remember, if you need to check the progress of your submitted application, you can check this online. This should be your first point of call for any queries.

If you can't remember your log in details, please go to the log in page and select 'forgot my password'. Your password will be reset and emailed to you. 

 

  Service Level

Small Business <$1m

BROKER SEGMENT Gold Accredited All brokers

Credit assessment

Only applies where all mandatory* information is supplied with application submission

(Please note: this replaces previous definitions of pre-assessment and initial assessment. When your application is assessed by a lender, they will contact you via phone to discuss your submission)

days

(3 days for self-employed assessments)

7 days

(9 days for self-employed assessments)

 

3 days

Higher Credit referral

(Please note: When your application is assessed by a lender, they will contact you via phone to discuss your submission)

1 day 3 days 3 days

Credit assessment rework

(when mandatory information was not supplied at application submission and the information is subsequently received)

5 days 5 days 5 days
In-flight assessment (Re-work) 3 days 4 days 5 days
Documents Issued/ Dispatched  2 days 2 days 3 days
Settlement  1 day  1 day 1 day

 

Term Definition

Service Level

Based on information received – our agreed service level to initially assess your submitted application.

All turnaround times are published in business days and based on credit critical information being supplied with the application and application checklist requirements being met upon submission.

Mandatory Information

A check will be completed within 48 hours to confirm that required mandatory information has been supplied with application submission. Please refer to our ADR for mandatory information requirements. 

Mandatory information includes:

  • Signed application form
  • Signed Broker Authority
  • Three months bank account and credit card statements,
  • Payslips or Financial Statements for each applicant

If mandatory information has not been supplied with the application submission, the application will be deferred for 5 business days.

Credit assessment when mandatory information was not supplied at application submission and the information is subsequently received

Credit assessment is the first full assessment completed by the lender when all credit critical information has been supplied.

When this information is received the application will be placed in the queue for assessment.

Within the assessment step the application can be deferred for further information if needed to support the application.

Higher credit referral 

An application can be referred to “higher credit”  when the lender requires a further review of the application prior to providing a decision on the application.

Note:  If the lender has the appropriate approval (DCA) to make a decision on the application, the higher credit referral step will be by-passed.

In flight assessments (Re works) 

Reworks require an additional step in our process and applies where the application is to be reviewed and reassessed by the lender.

Rework examples include:

  • If the application is deferred for further information to enable assessment
  • Conversion of pre-approval to formal approval
  • Any change to the application (i.e. product, security or borrower change)
  • Valuation has been returned and is lower than expected 

Documents issued/ dispatched 

Loan documents being created and issued to the customer.

Please allow 2-3 business days for the documents to be received by the customer (or broker by email).

Settlement

Verification of Suncorp loan documents and supporting information received by our Settlement Agent once executed and returned by the customer to enable settlement.

Note: Please allow 48 hours for booking once verification has been completed