Submitting your loans in 2024 is easier than ever

With 2024 underway, here's a reminder about the various improvements we introduced last year to make it easier for you to submit loan applications.

Improved serviceability and credit policy

• 2% serviceability buffer
• Use of 90% residential rental income
• Up to $500K business debt refinance
• Tax deductible interest for investment property debts considered
• Company debts not factored into personal servicing

New tools added to ApplyOnline

Are you making the most of the new suite of tools we recently launched on ApplyOnline?

• eSign: Sign loan applications and supporting documents electronically and securely.
• NextGenID:Consistency in decisions. The same underwriter makes the calls from beginning to end.
• NextGen Access Seeker: As well as accessing your client's credit report, a built-in analysis tool highlights any discrepancies with the application data.

Increased maximum LVR for units and apartments

Changes have been made across the following:

Specialist Clear (Full Doc and Alt Doc) maximum LVR

• 80% where the security is a unit/apartment
• 75% where security is a new unit/apartment (defined as having been completed for less than 12 months and/or has not been sold since the construction of that property)

Specialist Plus and Assist (Full Doc and Alt Doc) maximum LVR

• 80% where the security is a unit/apartment
• 75% where security is a new unit/apartment (defined as having been completed for less than 12 months and/or has not been sold since the construction of that property)

Prime Uninsured (Full Doc and Alt Doc) maximum LVR*

• 80% where the security is a unit/apartment
• 75% where security is a new unit/apartment (defined as having been completed for less than 12 months and/or has not been sold since the construction of that property)

*If the security is in a high-density location (postcodes: 2017, 2127, 2150, 2155, 2765, 3000, 3003, 3004, 3006, 3008, 3011, 3122, 3128, 3141, 3145, 800 and part of a development comprising more than 10 apartments/units/townhouses), the following restrictions apply:

• Maximum LVR of 75%
• Valuation should include comparable sales outside the development and details of any resales within the development.
• LVR and concentration restrictions may apply to individual developments.
• 90% of gross rental accepted for servicing.
• A minimum floor size of 40 m² in the living area, excluding balconies and car space.

Fewer supporting docs required

• Council rates notice no longer required for refinancing applications (with the exception of Specialist Plus/Assist products)
• Evidence of funds to complete no longer required for uninsured applications. Funds to complete should be clearly noted in the application (assets and liabilities section) or via the loan application notes.

If you have any questions, please contact the BDM for your region.