Weekly Kath's Credit Crunch 24th March 2025 🌟

ME Bank – Boosted Borrowing Power for Essential Workers
Great news from ME Bank – they’ve expanded their income policy to help essential workers unlock more borrowing power.

✅ 100% of overtime, penalty rates, shift and staff allowances now recognised for servicing.
✅ Only 3 months in the role needed to meet employment criteria.

Who’s eligible?
A broad range of essential service professionals, including:

• Public transport drivers – bus, train, tram

• Aircrew – pilots and flight attendants

• Health & support – counsellors, social workers, aged care, disability workers, dental specialists, radiation therapists

• Education – early childhood, primary & secondary teachers

• Law enforcement & emergency services – police, paramedics, firefighters, corrections, customs, probation officers

• Medical – doctors, nurses & other frontline health professionals

This change means more clients in these professions can qualify for higher loan amounts – especially helpful in a tightening market.

ANZ – One-Year Financials Reminder for Self-Employed
Just a quick reminder from ANZ on self-employed income verification:

✅ =< 80% - No LMI required? ANZ will continue to accept just one year of financials for income verification – including for LMI waiver customers.
✅ For customers requiring LMI (over 80%), the transitional period ends Sunday 23 March and the following options apply:

Two income verification options:

1. 1 year’s financials:

   • 20% shading on NPBT

2. 2 years’ financials:

   • ANZ will test variance between years; shading applied if needed

Also, from Monday 24 March, ANZ is switching from VIS to PropertyHub for valuations. If you don’t already have access, CoreLogic will send your logins to your ANZ-registered email (check your junk folder too!).

CBA – New Servicing Policy: Boarder Income Now Accepted
From Tuesday 25 March 2025, CBA will allow boarder income to be included in servicing (up to $150/week – one boarder max).

Eligibility:

• Owner-occupied loans (purchase, refinance, reno cash-out)

• Applications with guarantor support, grant recipients (e.g. FHOG), and those on schemes like HGS

Exclusions:

• Investment purposes (including linked investment applications)

• Bridging loans

• Customers with existing investment properties

What you’ll need:

• New Boarder Income section in the Income Verification Table

• A statutory declaration (CBA has created a specific template)

• Serviceability calculator showing a pass (no need to submit – just note in the app)

👉 Refer to CommBroker from 25 March for all the details and templates.

CBA – Northern Territory FreshStart Grant Now Available Through CommBank
Another win for NT buyers: The FreshStart grant can now be submitted directly via CommBank.

🔹 Be clear in your notes that the client needs FreshStart
🔹 Upload the completed grant application form
🔹 CommBank will submit on your customer’s behalf (just like FHOG)

This change simplifies the process and creates a smoother experience for NT-based clients.

Personal News – Finalist! Women in ICT Awards 2025 – Entrepreneur of the Year
✨ I'm thrilled (and a little teary!) to share that I’ve been named a finalist for Entrepreneur of the Year in the 2025 Women in ICT Awards (WIICTA) ✨

The Brokers' Bible started as a scribble in a notebook—born from the burnout, overwhelm, and inefficiencies I saw brokers face every day.
I wasn’t from a tech background—I was just a broker who wanted to fix what wasn’t working.
🖊️ That scribble became a blueprint.
📄 That blueprint became a platform.
💡 Today, it’s a growing fintech solution that supports hundreds of brokers across the country.

It’s helping reduce rework, improve deal quality, and give brokers back their time, confidence, and clarity.

So to anyone sitting on an idea with no “formal” tech experience: back yourself. You don’t need a degree to solve real problems—you need vision, courage, and that one scribble to get started 💛

A huge thanks to the sponsors and supporters of WIICTA for recognising women making waves in tech 🙏

Last Week: 

"Own your story. Own your niche. Don’t swim in the sea of same."

That was the heart of my message last week at the SFG Empowher Event, and I was so grateful for the opportunity to share it with such a beautiful  group of ambitious ladies. 

In a crowded industry, blending in is the quickest way to burn out. When you lean into what makes you different – your story, your experience, your values – that’s when the magic happens. Clients don’t need another cookie-cutter broker. They need you, in your lane, doing what you do best.

Big thanks to the SFG team for having me – and to every broker who came up afterwards and said, “I needed to hear that.” 💛 You’re not just building a business. You’re building something that matters.

#mortgagebroker #brokerbff #SFG #ownyourstory #findyourniche #thebrokersbible #brokertech #womeninfinance #brokercommunity #fintech #thoughtleader

EVENTS

Tomorrow ☕ Coffee & Credit with Kath - Talking all things Self-Employed - 📢  Join via THIS LINK

See you next week!

Kath