Broker News: Lending Policy Changes and Revised Calculator
From 20 August, several revised lending policies have been amended across all brands of the bank.
The policy enhancements will include:
- Interest only Lending - revised up to a 100% of borrowings
- Existing Debt Commitments - must be verified
- Acceptable Income - Overseas income from self-employed is no longer acceptable
- National Rental expense applied for investment loan applicants who reside at home
- Acceptable Securities - minimum unit floor space for 1 & 2 Bedrooms Metro (High Density
- Metro (high density) is applied in specific postcodes for complexes of more than 10 unit. In these instances, Maximum LVR will be 70% with LMI applied above. The postcodes have been attached to this communication as well as our broker portal.
For full details please refer to the below-listed attachments. A revised calculator is also attached that reflects these changes. The calculator will also be available on our portal.
Attachments listed here:
- Broker News - 112 - Lending Policy Changes
- Real Property Classifications
- Credit Assessment Principles
- Loan Origination Servicing Calculator