Broker quick reference guide

Where just the PAYG wage from the client’s business is being used, with no reliance on additional business income for servicing, reduced document requirements can be considered. Refer to Serviceability & Eligible Incomes policy.

What you need to know

LVR <=80%:

• A minimum ABN/ACN registration of 18 months will be required
• Business financial statements covering the most recent financial year only.

IMPORTANT *If you provide financial statements covering 2 consecutive years and the variance is greater than or equal to +/- 20% and exceeds $10,000 we will require supporting commentary

LVR >80%:

• A minimum ABN/ACN registration of 24 months will be required
• Servicing based on the most recent financial year
• Business financial statement covering the last 2 consecutive financial years
• Supporting commentary for income variance review will only be required when the variance is greater than or equal to +/- 20% and exceeds $10,000.

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

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

• 100% usage for all applications when received for a minimum of three months.

• Overtime income – Where employed in the Health Care or Emergency Services industries 100% is to be used, otherwise 80% usage
• Bonus income – 80% usage
• Commission income – 80% usage.

• Owner occupied purchases to 98% LVR incl LMI
• Investors – max 95% LVR incl. LMI.

• Owner occupier refinances – max 90% LVR + LMI
• Investor refinances – max 90% LVR incl. LMI
• Family support guarantee available.

• 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, up to $1m with commentary only required for purpose of funds
• 80 - 90% LVR and up to $50k commentary only
• 80 - 90% LVR and $50k-100k purpose evidence required.
  

• 5% genuine savings or 6 months rental payments only required where base LVR exceeds 90%.
  

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
• Investors – 80% LVR, or up to 90% LVR incl. LMI
• Excludes units located 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 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 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 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
• Owner occupied lending up to max 95% LVR (98% inclusive of LMI)
• Prefabricated/ modular homes accepted with one upfront payment up to max 80% LVR, final payment only for over 80% LVR
• Guarantors acceptable
• Interest only repayments (3 and 5 year only) acceptable on Complete Variable
• 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.