When you approve Sherlok to reprice, a pop-up will appear, presenting the options that Sherlok can take to collect the data.
Option 1 - Client Portal
Sherlok will send your clients an SMS and email asking them to provide updated loan information via the ‘ Broker branded Client Portal’. They have two options.
1 (Recommended): Consent to the lender sharing their loan information automatically via Open Banking. This will allow Sherlok to review their interest rate now and monitor it for 12 months so we can proactively request a rate reduction if it becomes too high. Please note that this option will not be displayed if the lender is not linked to open banking or their open banking connection is down.
2: Manually input their loan information which they can find in online banking. This will allow Sherlok to review the interest rate now but will not allow ongoing rate tracking over the next 12 months.
The client portal is branded as you using your profile picture and logo from your Sherlok profile. You can change this by using your profile at the top right of the screen. You can also customise the emails that are being sent to your clients using our email template editor in your control panel [link to editing emails in KB}
Your clients will be sent three SMS and email reminders to update their loan information before the reprice request is cancelled in Sherlok and sent back to you.
Once your clients have updated their loan information, Sherlok will automatically review their interest rate and assess it against competitors in the market and also any recent reprice/rate reductions that have been successful via Sherlok with their current lender. Sherlok will then present your clients with 4 options:
- We’re repricing your rate as we might be able to lower it.
- Your rate is competitive, but we’ll keep an eye on it and request a rate reduction if it’s too high in the future. We prompt them to contact you if they want further advice, increase borrowing or purchase another property.
- Your loans are fixed, and we’ve noted to reprice this closer to the fixed rate expiry date of xx/xx/xxx. We also prompt them to contact you if they want further advice, increase borrowing or purchase another property.
- If the open banking connection times out, we will let them know that we’ll be back in touch in 48 hours and will email them one of the above.
Option 2 - Enter Data Manually
Users can enter the loan data necessary for repricing themselves. The below information is required for all Sherlok reprices.
Please ensure that this information is as correct and up-to-date as possible, as some lenders may decline a reprice due to incorrect information.
Option 3 - Sherlok to Collect
Users can prompt a team member to call the lender on the brokers behalf. This option is a paid service, the nominated credit card attached to the account will be charged 4$ immediately when you click submit.
$4 charge will take place irrespective of the reprice outcome