Broker quick reference guide    

Spend less time searching for the basic info you need. We’ve put the important stuff in one place, so you can check your clients’ eligibility at a glance.

As always, check with your BDM to understand our full policy details.

Income

What we’ll consider

1

Self-employed applicants

  • Sole traders – two years’ personal tax returns
  • All self-employed applicants, including partnerships, companies and trusts – two years’ NOA for each individual involved in the application, and most recent accountant prepared financial statements showing the last two consecutive years’ profit and loss statements.
     
2

Casual income

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

3

Probation policy

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

4

Allowances

  • Applicants from the health care and emergency services industry – 100% usage
  • All other industries – 80% usage.
5

Overtime, commission and bonuses

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

Loan to value ratio

Our LVR guidelines

1

Genuine savings

  • 5% genuine savings required to be held over three months where LVR is >90%
  • Max LVR 90% where no genuine savings held.
2

LMI capitalisation

  • Owner occupied purchases to 95% LVR + LMI capitalised, max 98%
  • Investors - max 90% LVR incl. LMI.
     
3

Interest only

  • Owner occupiers with interest only repayments – max 80% LVR incl. LMI capitalised
  • Investors with interest only repayments – max 90% LVR incl. LMI capitalised.
4

Cash out

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

5

Refinance

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

Security

Acceptable security types

1

Residential units  /  Off the plan

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 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.
2

High density units

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% in metropolitan locations. With LMI approval, P&I OO applications up to 90% LVR (93% with LMI capped) and 90% LVR incl. LMI for investment.
3

Off the plan

  • 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 70% for Sydney and Perth metropolitan locations. Max LVR 60% for other metropolitan locations.
4

High density off the plan

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
  • Max LVR 70% in selected Sydney and Perth locations. Max LVR 60% for other selected locations. Please contact your BDM for further information
  • Applications within six months of settlement can be assessed and progress to unconditional approval.
5

Construction

  • No loading on construction rates
  • Min level of fit out required for owner occupied and residential dwellings is completion of the driveway to the 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.

The information contained within the document is a guide only and the Bank reserves the right to request additional information. All applications are subject to credit policy rules and validation. Bankwest reserves the right to make final credit decision on all applications.

Complete Home Loan Package

Combine a Complete home loan, rewards credit card and offset account into one flexible Complete Home Loan Package. 1 Offset Transaction account not available with our Complete Equity home loan and must be held in the same name as the loan account. Maximum 40% offset is available with our Complete Fixed home loan. Other exclusions apply. Close

Some more ways we can support you

Customised Pricing Tool

Online pricing requests with real time responses.

Broker chat

Get your basic questions answered quickly online.

24 hour deal pick up

Plus, each application is assigned a single case owner.

Home lending portal

Request an AVM, and manage your loans with access to real time info.

Looking for credit support?

For help with policy guidelines and complicated loan scenarios, get in touch with Bankwest Retail Credit Decisioning.

Things you should know

1. Offset Transaction Account not available with our Complete Equity home loan and must be held in the same name as the loan account. Maximum 40% offset is available with our Complete Fixed home loan. Other exclusions apply.