Changes to Empower Range Policies
Please note there have been a few policy changes that impact on the Empower range of loans.
1. Changes to information regarding other debts/commitments
In line with our commitment to responsible lending, we're capturing some additional information in the application, including repayment type, remaining term and interest rate for existing debt.
2. HEM value updates
There have been updates to the HEM value, which are now reflected in the serviceability calculator.
3. Positive changes for people working in essential services
We can now include 100% of overtime as allowable income for those working in essential services.
4. Acceptable borrowers
The policy has been updated to clarify that for joint borrower structures, where only one party is the mortgagor, that party needs to receive a direct benefit from the loan.
5. Further clarification on age of documentation
We've provided further clarity on the age of documentation required to support a home loan application. For example:
refinance statements should be no more than six weeks old as at date of submission
when providing parental leave evidence, the letter confirming the return to work date should be no more than 60 days old as at date of submission.
These changes are effective from 14 November 2017. For more information please refer to the Lending Product Guide. Any applications submitted before this date and formally approved prior to 29 November 2017 will be assessed in accordance with the existing policy.
Naturally, if you have any questions or need to clarify anything, please don't hesitate to contact your Macquarie BDM. Updated policy documents will be uploaded to our systems over the next few days.