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The platform, which currently compares borrowing capacity across its 28-lender panel, will now review and confirm borrower income before running the calculations, breaking down payslips into individual pay items and showing how each figure has been annualised.
It identifies items such as base pay, overtime, allowances, bonuses and commission, with brokers able to correct amounts or change classifications before confirming the income. Multiple applicants and jobs can be handled within the same case.
Once the income is confirmed, AutoCalc applies each lender’s calculation rules to return borrowing-capacity results, displaying each lender’s surplus, rate, debt-to-income ratio and living-expense benchmark side by side.
Calculator breaks down borrower income
Brokers can download each of the 28 lenders’ own Excel calculators, prefilled with information from the case.
The platform also flags items for brokers to check with clients, including a tax rate that may suggest a HECS debt, super that appears below the guarantee rate, unusual deductions and year-to-date figures that do not align with the pay period.
AutoCalc co-founder and practising Sydney mortgage broker Peter Liu said brokers needed to be able to explain the income behind a borrowing-capacity result.
“A number isn’t an explanation. A borrowing figure on its own doesn’t help when an assessor asks where the overtime came from,” Liu said.
“Every income figure shows which pay item it came from and how it was annualised, so the broker can stand behind it,” Liu said.
Liu added that AutoCalc produces an income summary with a line-by-line breakdown in about 15 seconds, including for complex payslips.
“The broker checks the income once. The system applies each lender’s rules, so nobody has to key the same payslip into every lender’s calculator.”
AI handles payslips and policy search
AutoCalc also uses AI to read payslips and power its lender policy search, which provides plain-English answers with a link to the lender’s own wording.
Technical co-founder Sam Zhang said the serviceability calculations themselves were rule-based and lender-specific.
“There’s no AI in the calculations. Every borrowing-capacity figure comes from code that mirrors each lender’s own serviceability calculator, and the broker confirms the income first,” Zhang said.
AutoCalc said it had published a check of its results against lenders’ own calculators. The company also said payslip files are not stored after they are read and the platform is hosted in Sydney.
New tech emerging
AutoCalc’s launch comes as fintechs and aggregators continue to roll out new technology for the broker channel.
Quickli recently launched a tool designed to automate the front end of the broking process, allowing clients to submit their details and documents before generating loan scenarios and submission notes.
Aggregator Finsure also added document fraud detection to its CRM through a partnership with technology provider Fortiro, while Yellow Brick Road has launched a multi-agent AI platform.
Elsewhere, private lender fintech ThinkPrivate partnered with property data company Landchecker to bring live security property information into its platform.
Cynario also launched a feature to automate the client review process, creating a pipeline for social media and branded content.
[Related: AI adoption is surging, but are lenders’ data systems ready?]
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