Credit Policy Changes

Macquarie has made some changes to its credit policy, which has been in effect since March 4 2021.

For PAYG applicants in all industries, Macquarie's standard policy applies, and the following income verification is required:

  • two computer-generated payslips with the latest no more than 60 days old and the oldest payslip being no more than four months old at the date of submission.

This change means that they have removed a previous requirement to provide a bank statement showing a salary credit for applications with LVR >70% or for applicants in COVID-impacted industries.

For all self-employed applicants, its standard policy of two years financials applies.

Macquarie also no longer require one month bank statements, but in the following situations, BAS is required to be provided (from the date of the latest full financials):

  • if 2020 financials are not available
  • if 2020 available income is showing a downward trend from 2019
  • if there is evidence of poor repayment history on the applicant's comprehensive credit report (CCR)
  • if your client is seeking to rely on the income from 2020.

Please also note, as of March 1 2021, they require the December quarter BAS.

Refer to the supporting documents checklist for an updated list of required documents.

Applications in Progress

This updated policy applies to all applications irrespective of lodgement date.

Need Help?

Please reach out to your respective BDM.

Vownet: Your Questions Answered

As part of our ongoing commitment to ensuring you get the best possible results from using the Vownet platform, we will be holding monthly live webinars with Dave Stewart, our National Platform Manager.

We have no pre-determined topics or agendas. Instead, we want you to tell us what you want to know about the Vownet platform.

That's right, we want you to send us your suggestions for topics to be included in the webinars. Each month we will collate all submissions from brokers to identify the most popular/highly requested topics, and that will become the focus for the next webinar.

  • Do you want to know 'how to' complete a specific task/action within the platform?
  • Perhaps you are looking to better understand how the platform helps you meet specific compliance or regulatory obligations?; or
  • Maybe you want to enhance your client's experience by activating advance features?

Whatever it is - tell us!

Remember, each webinar is based on the questions and enquiries that you send through to us by completing this Vownet Online Submission Form.

Submit your Vownet question now!

Moula Underwriting Update

Moula has reduced its documentation requirements for loan applications between $5,000 - $150,000, which now only require banking data.

You can log in to their Partner Portal to view Moula's updated underwriting guide and start referring to experience the streamlined process.

Please find the updated underwriting guide attached to update your records.

Moula Underwriting Guide

An Update from La Trobe

La Trobe Financial can help you and your clients bridge that gap when their trading income is not consistent, i.e. current income is better than previous years, but their financials and tax returns are not available yet!

Here's how La Trobe Financial can assist you and your clients:

  • Only require 1 form of income verification. It is either:
    • An Accountant's letter to confirm "CURRENT" taxable income OR
    • 4 BAS
  • Unlimited cash-out - payout ATO debt, working capital etc
  • Use taxable income only; then company liabilities are not taken into consideration for servicing
  • For entities that are not involved in the transaction and are self-sufficient, your client's income and liabilities can be ignored
  • Existing liabilities, whether it is business, commercial or regulated loans, it is assessed based on actual repayments
  • The maximum loan is $25M and Lite Doc and Full Doc
  • The only lender for Lite Doc construction!!!
  • NO credit scoring
  • NO comprehensive credit reporting
  • NO trading statements
  • NO ATO portals
  • Refinance Private lender
  • For all products - Residential, commercial, bridging loan, SMSF, rural and Construction

For any questions or queries, please contact your BDM!