Broker quick reference guide    

What you need to know

LVR <=80% and DTI <=6:

• 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% or DTI >6:

• 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 applications not subject to LMI.
• 100% usage for Health Care and Emergency Services Workers.
• Where LMI is involved and the employee is not a Health Care or Emergency Services Worker, an employment contract or letter from the employer outlining the amount and frequency of the allowance must be provided for 100% to be used, otherwise 80% usage.
  

• Overtime income – 80% usage​
• Bonus income – 80% usage (lower of the last two years)​
• Commission income – 80% 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, 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
• 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
• 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.