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AU2021101317A4 - Provider borrowers with an interest rate that is in line with their risk profile based on their credit score. - Google Patents

Provider borrowers with an interest rate that is in line with their risk profile based on their credit score. Download PDF

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Publication number
AU2021101317A4
AU2021101317A4 AU2021101317A AU2021101317A AU2021101317A4 AU 2021101317 A4 AU2021101317 A4 AU 2021101317A4 AU 2021101317 A AU2021101317 A AU 2021101317A AU 2021101317 A AU2021101317 A AU 2021101317A AU 2021101317 A4 AU2021101317 A4 AU 2021101317A4
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Australia
Prior art keywords
borrowers
provider
credit
risk profile
line
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Ceased
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AU2021101317A
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Binod Prasad Mainali
Chandra Nepal
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Individual
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Individual
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Priority to AU2021101317A priority Critical patent/AU2021101317A4/en
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Publication of AU2021101317A4 publication Critical patent/AU2021101317A4/en
Ceased legal-status Critical Current
Anticipated expiration legal-status Critical

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    • GPHYSICS
    • G06COMPUTING OR CALCULATING; COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/03Credit; Loans; Processing thereof

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  • Business, Economics & Management (AREA)
  • Accounting & Taxation (AREA)
  • Finance (AREA)
  • Engineering & Computer Science (AREA)
  • Development Economics (AREA)
  • Economics (AREA)
  • Marketing (AREA)
  • Strategic Management (AREA)
  • Technology Law (AREA)
  • Physics & Mathematics (AREA)
  • General Business, Economics & Management (AREA)
  • General Physics & Mathematics (AREA)
  • Theoretical Computer Science (AREA)
  • Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)

Abstract

A two pricing model for interest rates provided on a home loan, whereby borrowers with a strong credit record (low risk profile) are offered more competitive rates.

Description

EDITORIAL NOTE
2021101317
THERE ARE TWO PAGES OF DESCRIPTION ONLY
Innovative Patent of - Juno Services Pty Ltd T/As Juno Home Loans
This concept has been created due to the current Australian mortgage credit providers applying blanket interest rates to home loan borrowers, particularly in fixed rate home loans. It has been noted that the variable rates are discretionary and are often not published on the marketing pages. Juno home loans is aware that some credit providers are currently providing a LVR based pricing mode however this again does not seem to consider the independent/joint borrowers risk based on credit scores that is potentially impacting the credit providers and the borrowers themselves. Therefore, Juno Home Loans proposes the below 2 pricing models to be a registered patent of Juno Home loans so that we are able to assist borrowers to benefit from a lower rate in the event that their risk profile is low. This initiative is gradually expected to impact the dynamics and positively influence to assist the consumers with strong credit scores in Australia.
1) A Provision to provide 0.50% discount on advertised fixed rates home loans from *approved credit providers to borrowers with a strong credit score which constitutes of Average Equifax credit score of borrowers being 840-1200. This will only apply to borrowers who are both on PAYG income (not self-employed. Income needs to be derived from employers that are not related parties/related companies based on credit providers policy). LVR < 80% and all other policies will need to meet individual credit provider's lending policy. Variable rates remain at the discretion of the credit provider.
2) A provision to provide 0.35% discount on advertised fixed rate home loans of approved credit providers to borrowers with a good credit score which constitutes of average Equifax credit score of borrowers being 756-840. This will only apply to borrowers who are on PAYG income (not self-employed. Income needs to be derived from employers that are not related parties/related companies based on credit providers policy). LVR <80% and all other policies will need to meet individual credit provider's lending policy. The variable rates remain at the discretion of the credit provider.
Juno Services 8 Pty Ltd T/As Juno Home loans reserves the right to this patent and endeavours to make it available to mortgage brokers and the credit providers that are willing to participate in this scheme for a suitable commission/fee structure depending upon the credit provider or mortgage broker's individual request. We kindly request the commissioner to review and provide us with an authority to proceed to ensure that the borrowers with sound credit ratings are rewarded in their borrowing journey in Australia.
AU2021101317A 2021-03-13 2021-03-13 Provider borrowers with an interest rate that is in line with their risk profile based on their credit score. Ceased AU2021101317A4 (en)

Priority Applications (1)

Application Number Priority Date Filing Date Title
AU2021101317A AU2021101317A4 (en) 2021-03-13 2021-03-13 Provider borrowers with an interest rate that is in line with their risk profile based on their credit score.

Applications Claiming Priority (1)

Application Number Priority Date Filing Date Title
AU2021101317A AU2021101317A4 (en) 2021-03-13 2021-03-13 Provider borrowers with an interest rate that is in line with their risk profile based on their credit score.

Publications (1)

Publication Number Publication Date
AU2021101317A4 true AU2021101317A4 (en) 2021-05-06

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AU2021101317A Ceased AU2021101317A4 (en) 2021-03-13 2021-03-13 Provider borrowers with an interest rate that is in line with their risk profile based on their credit score.

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AU (1) AU2021101317A4 (en)

Cited By (5)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
CN113643125A (en) * 2021-08-30 2021-11-12 天元大数据信用管理有限公司 Credit line measuring and calculating method, equipment and medium
US11799869B1 (en) 2023-04-10 2023-10-24 Simur, Inc. Systems and methods to store and manage entity verification information to reduce redundant entity information and redundant submission of requests
US11816682B1 (en) 2023-03-29 2023-11-14 Simur, Inc. Systems and methods to facilitate synchronized sharing of centralized authentication information to facilitate entity verification and risk assessment
US11949777B1 (en) 2023-07-31 2024-04-02 Simur, Inc. Systems and methods to encrypt centralized information associated with users of a customer due diligence platform based on a modified key expansion schedule
US12265936B1 (en) * 2023-05-23 2025-04-01 Simur, Inc. Systems and methods to assess entities based on custom risk profiles defined through a user interface

Cited By (7)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
CN113643125A (en) * 2021-08-30 2021-11-12 天元大数据信用管理有限公司 Credit line measuring and calculating method, equipment and medium
US11816682B1 (en) 2023-03-29 2023-11-14 Simur, Inc. Systems and methods to facilitate synchronized sharing of centralized authentication information to facilitate entity verification and risk assessment
US12243062B2 (en) 2023-03-29 2025-03-04 Simur, Inc. Systems and methods to facilitate synchronized sharing of centralized authentication information to facilitate entity verification and risk assessment
US11799869B1 (en) 2023-04-10 2023-10-24 Simur, Inc. Systems and methods to store and manage entity verification information to reduce redundant entity information and redundant submission of requests
US12113799B1 (en) 2023-04-10 2024-10-08 Simur, Inc. Systems and methods to store and manage entity verification information to reduce redundant entity information and redundant submission of requests
US12265936B1 (en) * 2023-05-23 2025-04-01 Simur, Inc. Systems and methods to assess entities based on custom risk profiles defined through a user interface
US11949777B1 (en) 2023-07-31 2024-04-02 Simur, Inc. Systems and methods to encrypt centralized information associated with users of a customer due diligence platform based on a modified key expansion schedule

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Legal Events

Date Code Title Description
FGI Letters patent sealed or granted (innovation patent)
MK21 Patent ceased section 101c(b)/section 143a(c)/reg. 9a.4 - examination under section 101b had not been carried out within the period prescribed