2015 RRSP Loan Program. Agenda RRSP Loan Program details Investment options Before you begin ...
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Transcript of 2015 RRSP Loan Program. Agenda RRSP Loan Program details Investment options Before you begin ...
2015 RRSP Loan Program
Agenda
RRSP Loan Program details
Investment options
Before you begin
Selecting a sales process
BankLink Launching BankLink
Your BankLink dashboard
Completing the loan application
Tracking your loans
Application tips
Support
RRSP Loan Program details
*As at January 30, 2015, Manulife Bank’s Prime Rate is 2.85% and the Annual Percentage Rate (APR) for RRSP Loans is 3.35%. The APR is based on a one-year term with 12 regular monthly payments. Rates are variable and subject to change.
Item DetailsInterest rate Manulife Bank Prime Rate + 0.50%*
Loan term Loan terms of 12 to 24 months
No penalty for early repayment
Minimum loan $1,000
Maximum loan $24,270
Application Fees None
Underwriting Credit review. In certain cases, Manulife Bank may require additional information and may contact your client directly.
Payment options Regular option: Equal payments made over 12 to 24 consecutive months
90-day deferred payment option: Equal payments made over 9 consecutive months Interest begins to accrue when loan is advanced Not available for terms greater than 12 months
Investment options
Manulife Bank products: Registered Advantage Account
1 to 5-year GICs
Manulife Investments products: Manulife Mutual Funds
Manulife Segregated Funds
Manulife PensionBuilder®
Manulife Investments GICs
Manulife Securities Nominee Name Accounts
Before you begin
Manulife Bank RRSP Loan applications must be submitted online using BankLink
Ensure you have a current Repsource ID and password at manulife.ca/repsource
You must you have version 7 or higher of the Acrobat® Reader® software
Ensure your computer is connected to a printer
Acrobat and Reader are registered trademarks of Adobe Systems Incorporated in the United States and/or other countries.
Selecting a sales process
Sale made in your office (recommended) Complete the online application with your client
Have them sign the loan documents all in one meeting
It should take you about 10 minutes to complete the online application
Sale made away from office after prior discussion with client Confirm with your client over the phone that they would like to proceed with
an application
Start the online application and bring system-generated forms to your client meeting for signatures
Upon your return to the office, complete the online application
Sale made away from office without prior discussion with client Complete the Client Authorization Form (AB0404E) during client meeting
Upon return to the office, complete the online application
BankLink
BankLink is the online application and client information tool Easier than ever to provide your clients with an RRSP Loan
Guides you step-by-step through the application process
Pre-populates client’s information
Request a pre-approval
Save and close the application and return to complete it later
Provides a customized instruction sheet and loan documents
Track the status of your loans on the BankLink homepage
Launching BankLink
Login to Repsource at manulife.ca/repsource
Click here if you don’t have a
Repsource ID
Login to Repsource here
Select “BankLink” from the right-hand ‘Tools & Illustrations’ menu bar.
Launching BankLink
Click on “BankLink”
Your BankLink dashboard
The Homepage displays the status of all your loan applications
To start a new application, select “Apply for a product” from the “My Options” menu
Completing the loan application
Click here to begin an application
Completing the loan application
Search to see if information about your client is already on file
Select your advisor code
Search by client name or
SIN
Completing the loan application
Choose a new or existing client and select a product
Begin an application for an existing client
Begin an application for a new client
Completing the loan application
Complete the applicant information (for new clients)
Completing the loan application
Summary of your progress through the
application
Complete the disclosure information
Click here to request
pre-approval
Pre-approval status appears in the information bar
Completing the loan application
Request a pre-approval (optional)
Completing the loan application
Complete the income information
Click here to exit an
application
Click here to save an
application
Completing the loan application
Complete the investment information
Enter the investment account number or select “new
investment”
Completing the loan application
View the sample cheque if you’re not sure which
numbers go where
Complete the payment information
Completing the loan application
Select “submit” to complete the loan application
You must click “Submit”, even if you’ve already
requested pre-approval
Status of the loan application
Completing the loan application
Print the loan documents, obtain client signature and fax to Manulife Bank.
Click here to open a window with the loan
documents
Tracking your loans
You can track the status of your loans on the dashboard
View the status of your
loans
Application tips
You must select the “submit” button to complete the application process, even if you’ve previously requested a pre-approval
RRSP loan documents should be faxed to Manulife Bank No need to forward originals
Do not fax and mail the documents (this may result in two loans being funded)
For your own personal loan application Have another advisor or licensed marketing assistant sign the
Representative assertions section
Support
Click here for support
If you require assistance with the application, click on “Help”
Important Notes
Borrowing to invest in an RRSP may not be appropriate for everyone. Your clients will need the financial means to meet their loan obligations. In addition, investments held in an RRSP may fluctuate in value. Your clients should be aware that, regardless of their RRSP’s performance or value of any investments held in their RRSP, they will be required to meet their loan obligations in full. Please ensure clients read the terms of their loan agreement and the investment details for important information. Manulife Bank of Canada solely acts in the capacity of lender and loan administrator and does not provide investment advice of any nature to individuals or advisors. The dealer and advisor are responsible for determining the appropriateness of investments for their clients and informing them of the risks associated with borrowing to invest.
RRSP Loans are offered through Manulife Bank of Canada.
Manulife, Manulife Bank, the Block Design, the Four Cubes Design, and Strong Reliable Trustworthy Forward-thinking and Manulife PensionBuilder are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
Thank you