EXPAT Residential Lending

We are thrilled to announce Resi can assist Expats - Australian or New Zealand citizens or permanent residents who reside are employed in another country.

Here are the policy parameters:

Non-Residents:

  • A Non-Resident is deemed to be an Australian or New Zealand citizen, or permanent resident of Australia or New Zealand, who resides and is employed in another country - i.e. ex-pats. Refer Appendix for Acceptable Counties for Non-Resident Lending.
  • New Zealand citizens living and working in New Zealand or permanent residents of New Zealand are considered residents of Australia and are not treated as non-residents.
  • Must be a High Net Worth Borrower i.e. Borrowers with net surplus assets of greater than $500,000 -When calculating the net asset position, the inclusion of international assets such as stated real estate and/or investments is permitted.
  • Non-Resident self-employed, company or business borrowers are excluded.


Minimum/ Maximum Loan Amount / LVR / Locations

  • Minimum loan amount is $50,000.
  • Maximum loan amount is $750,000.
  • Maximum LVR's: $0 - $750k 70% (Category A Locations Only)


Loan Purpose

  • Purchase or refinance of investment property only.
  • No cash out allowed.

Product availability

  • Full Doc

Employment

  • PAYG only

Non-Resident self-employed, company or business borrowers are not acceptable.

For more information contact your relevant State Relationship Manager.

RESI Agility Product and Policy Guide

Better Business Awards 2021

(source: The Adviser)

Are you a mortgage broker who has smashed all the goals this year?

The Adviser is on the lookout for Australia's best brokers who are leading the charge -- those with the most effective businesses, teams, marketing strategies and integrated offerings -- but also the lenders and aggregator BDMs that are best servicing brokers' evolving needs.

Nominate yourself or a colleague for the chance to be recognised at Australia's premier mortgage industry awards today. Nominations close on the 21st of January!

Nominate now!

Heartland Seniors Finance Update

Please be advised of the staff changes to the Heartland broker team:

Brody Summer

Brody Summer, Heartland's Sales Support Executive has been appointed to be the new Business Development Manager. Brody brings a wealth of knowledge to the role and combined with his solutions focus, commitment to continuous improvement and user experience, credit knowledge, and passion for assisting brokers makes him a fantastic fit for the role.

Nathan Munro

Nathan Munro from the credit team will be filling the new position of Broker Support Analyst. As one of our top reverse mortgage credit assessors, and with previous roles in rural and asset finance, Nathan is highly skilled in problem-solving, the credit assessment, and customer service, and will be an asset to the Intermediaries team in assisting you with your scenarios, workshopping deals, and technical advice regarding their Broker Portal.

Commonwealth Bank Update

Please see the below update from Commonwealth Bank.

The schedule of Eligible Products which forms part of the Commercial Connect Agreement with the bank has been amended.

The changes relate to the withdrawal of the following product types:

  • Home Loan, and
  • Deposits

Referrals for the above products will not be accepted, which has been in effect as of 1 January 2021.

A revised Schedule of Eligible Products can be viewed HERE.

These changes do not affect any agreements except for the Commercial Connect Agreement with CBA.

If you have any questions, please don't hesitate to contact your BDM.

Macquarie Update

As you're aware, there remains a few uncertainties around some aspects of the BID/CPR implementation from 1 Jan 2021. Two such areas of uncertainty raised have been

  • the option for brokers to reduce their trailing commission to provide a lower rate to the customer,
  • and whether the BID/CPR regulations could require this option to be applied to all customers. This option is used on ~ 2% of applications received by Macquarie. It appears anecdotally to be most frequently used where brokers deal with larger loans and/or where the client has other business with the broker.

To avoid the fear of being in breach of BID/CPR, Macquarie is temporarily suspending this option until the legal and regulatory position is clarified.

The suspension will apply to loan applications submitted from 1 January 2021.

Macquarie's Sales teams are briefed, and able to speak with brokers should the topic arise, and measures are being implemented to block the option at an operational level.

This approach will have provided some clarity for the BID/CPR implementation date, which was on 1 Jan 2021. Further updates will be communicated to you in due course, as the regulatory landscape becomes more apparent.

In the meantime, if you have any queries, please contact your BDM.

Digital Deposit Bond

Deposit Assurance has just launched Australia's first-ever Digital Deposit Bond!

What does this mean for you and your clients?

The most important thing is that homebuyers can now instantly exchange their properties using Australia's first paperless deposit bond. Below are the benefits, to name a few!

  • Digital
  • Instant
  • Secure
  • 100% Verified
  • No more post
  • No more wait times

The Digital Deposit Bonds is completely safe, with:

  • Advanced file encryption - as used by Australian banks.
  • Access control - instant email access provided to all deposit bond recipients
  • Dynamic watermark - included for extra security to verify the authenticity of the deposit bond
  • They can also be verified via a QR code from one's mobile phone.


A physical paper deposit bond is still available on request.

To see how easy it will work for you and your clients, watch this short video below (1-minute viewing) now!