Q1: I have a single home loan application with multiple splits – how many SOCAs?

One Statement of Credit Assistance.

Q2: I have a refinance plus cash out equity release and a new investment home purchase – how many SOCAs?

One Statement of Credit Assistance.

Q3: When would there be more than one SOCA for the same client?

There would be two SOCAs when the same client is engaging with 2 or more separate transactions that involve different parties to the loan:

  • Customer 1 - customer 1 is refinancing their existing loan to cash out to buy a boat
  • Customer 1 & 2 – customers 1 is purchasing a new investment property with their spouse

Q4: I have different Lender as part of the recommendation to the client based on their financial objectives and goals - how many SOCAs?

One Statement of Credit Assistance. One strategy can have multiple loans with different lenders and products.

Q5: Do I need to change the SOCA if the loan amount decreases because of the valuation?

No. If the security valuation comes in lower which means the loan amount decreases, a new SOCA is not required.

Q6: If my client changes their mind and wants to swap from variable to fixed before I submit the application to the lender for assessment - do I need to complete a new SOCA?

Yes, a new SOCA is required as the Loan Requirements have changed.

Q7: Where do we list a Brokerage amount when charged?

The Credit Quote will still be available for you to issue to the client and have signed and returned. The amount will also be detailed in the SOCA.

Q8: Does the SOCA document replace the Preliminary Assessment & Credit Proposal Compliance documents?

Yes. Note a Credit Quote is still required where a brokerage fee is charged.

Q9: What happens if lender interest rate or campaign (i.e., cashback) changes after we provide a SOCA to a client, prior to application being submitted? SOCA says the assessment is valid for 90 days from the date of this assessment?

If a product changes you must provide a new SOCA [i.e., if the cashback is removed you need a new SOCA] If any fundamental components such as rates, fees etc change from the time you have the customer interview before you submit the application – the SOCA needs to be updated accordingly.

Q10: Are digital signatures from the clients accepted on the SOCA?


Q11: If I conduct my customer interview on the 28th December 2020, but submit my application for assessment to the lender until the 7th January 2021 – do I have to complete the SOCA?

Yes. You must complete the SOCA for all applications submitted from 1st January 2021 onwards.