Bank of Sydney Policy Updates

Please be advised that Bank of Sydney have made some changes to their forms, servicing calculator and lending policy as follows:

The changes to policy include;

  • Self Employed income calculations - clearer definitions added and included calculations
  • Changes to income documentation for PAYG - in most cases the NOA is no longer required
  • Changes to the Maternity Leave Policy - clearer definitions and calculations added
  • Revised Rental Income Calculations - new table added
  • Child Support/ Child Maintenance Policy - clearer definitions and calculations added
  • Changes to Living Expenses Calculations - New calculation added
  • Change to Notional Rent Commitment - New calculation added

Bank of Sydney have announced they will be advising further improvements to policy and products over the coming weeks, so keep an eye out for those. You may contact your Relationship Manager at Bank of Sydney to discuss further if required.