Annual loan review procedure
SOP template
| SOP no. | Version | Effective date | |||
|---|---|---|---|---|---|
| Owner | Approver | Review date |
Purpose
To make sure each client’s loan still suits them, and that they aren’t paying more than they need to.
Scope
Every client with a loan the business arranged, each year after settlement.
Responsibilities
| Role | Responsibility |
|---|---|
| Broker | Runs the review, compares options and records the advice. |
| Administrator | Books the reviews and prepares each client’s current loan details. |
Procedure
Book the review
Contact the client around their settlement anniversary, or when their fixed rate is due to end.
Prepare
Get the client’s current rate, balance and loan features.
Ask what has changed
Ask about income, family, plans and how the loan is working for them.
Compare options
Compare the current rate and features with the lender’s current offers and other lenders.
Recommend
Recommend whether to stay, ask the lender for a better rate, or refinance, and explain any costs.
Caution: Refinancing has costs and new credit checks. Recommend it only when it is in the client’s interest.
Record it
Record the review, the advice and the client’s decision, and set the next review date.
Records
- The review notes and the advice given.
Related documents
- Loan settlement checklist
Revision history
| Version | Date | What changed | Approved by |
|---|---|---|---|
