Broker quick reference guide    

• Sole traders – the most recent year’s NOA and personal tax return. If the most recent accountant prepared financials are not available, two years’ personal tax returns are required
• All self employed applicants, including partnerships – the most recent year’s NOA and personal tax return for each individual, plus the most recent year’s business tax return, along with the corresponding accountant prepared financial statements (including profit and loss statement, and balance sheet) showing the two most recent years’ figures.
  
• For further additional requirements relating to Self Employed Applications you must refer to Retail Lending Policy Considerations due to COVID-19 (Coronavirus) (PDF)
  

Applicants must be employed for a minimum of six months with their current employer.

Probationary period accepted up to 80% (no LMI).

Allowances – 60% usage.

• Overtime income – 60% usage
• Bonus income – 60% usage (lower of the last two years)
• Commission income – 60% usage.

• 5% genuine savings required to be held over three months where LVR is >90%
• Max LVR 90% where no genuine savings held.

• Owner occupied purchases to 95% LVR + LMI capitalised, max 98%
  
• Investors - max 90% LVR incl. LMI.
   

• Owner occupiers with interest only repayments – max 80% LVR incl. LMI capitalised
• Investors with interest only repayments – max 90% LVR incl. LMI capitalised.

80% LVR or below and amount $1m or below, only commentary required.

• Owner occupier refinances – max 90% LVR + LMI
• Investor refinances – max 90% LVR incl. LMI.

Residential units are units or flats in a development that has ≤5 floors, or ≤50 accommodation units.

• Units must have an area ≥40sqm (based solely on the living area) and at least one separate bedroom
• Owner occupiers with P&I repayments - 80% LVR, or up to 95% LVR with LMI approval (98% max)
• Investors – 80% LVR, or up to 90% LVR incl. LMI
• Excludes units located in Restricted Postcodes or within high density developments or off the plan – different max LVRs will apply. Please refer to your BDM
  
• OFF THE PLAN - applications within six months of settlement can be assessed and progress to unconditional approval.
  

High density units are units or flats in a development that has ≥6 floors, or >50 accommodation units.

• Units must have an area ≥40sqm (based solely on the living area) and at least one separate bedroom
• Differing max LVRs apply - high density units will be considered up to a max LVR of 80%. With LMI approval, P&I OO applications up to 95% LVR (including LMI) and 90% LVR (including LMI) for investment.
  
  • Excludes units located in Restricted Postcodes or within high density developments or off the plan - different max LVRs will apply. Please refer to your BDM​
    

• Units must have an area of ≥40sqm (based solely on the living area) and at least one separate bedroom
• Differing max LVRs apply. Max LVR 80%. With LMI approval higher LVR’s may apply dependent upon loan type, and location of security.
  
  • For units located in Restricted Postcodes or within high density developments or off the plan - different max LVRs will apply. Please refer to your BDM​
    

High density units are units or flats in a development that has ≥6 floors, or >50 accommodation units.

• Units must have an area ≥40sqm (based solely on the living area) and at least one separate bedroom
• Differing max LVRs apply. Max LVR 80%. With LMI approval higher LVR’s may apply dependent upon loan type, and location of security.
  
  • For units located in Restricted Postcodes or within high density developments or off the plan - different max LVRs will apply. Please refer to your BDM​
    
• Applications within six months of settlement can be assessed and progress to unconditional approval.

• No loading on construction rates
• Min level of fit out required for residential dwellings is completion of the driveway to council crossover and boundary fencing. We’ll accept and rely on quotes.
  
• Construction of multiple (up to four) residential dwellings on one title. Max LVR 80% subject to a copy of the council approved plan of subdivision, which must be submitted with the application.