Articles - Reminder: Additional documentation requirements for NSW and VIC-based applicants

Reminder: Additional documentation requirements for NSW and VIC-based applicants

Please note some additional documentation requirements have been applied for NSW and VIC-based applicants as a result of the ongoing uncertainty surrounding the lockdowns in these states.

For all new loans where the applicant is based in NSW or Victoria, the following additional documentation is required:

  • Mandatory notes detailing if the applicant(s) has or has not been impacted by the current lockdown, and if so, what is the impact. If there has been no impact, an outline of how the applicant hasn't been impacted still needs to be included.
  • For PAYG applicants, one payslip must be for the most recent pay period as per the applicants pay cycle. For example, if the pay cycle is fortnightly, the most recent payslip can be no more than 14 days old.
  • For self-employed applicants (both Full Doc and Alt Doc), 30 days business bank statements showing business income credits.
  • If the bank statements or payslips show any change to the income position of the applicant, file notes should address and detail how the applicant intends to make repayments on an ongoing basis.

These changes are now in effect and are temporary, in response to the current lockdown state lockdowns. They have been implemented to ensure we continue to lend responsibly.

If you have any questions, please don’t hesitate to get in touch with your Resimac BDM or one of our Relationship Managers.

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