Weekly Kath's Credit Crunch 31st March 2025 🌟

🏡 MyState – 100% LVR Now Available (With Conditions)

Effective Monday, 31 March

Exciting news from MyState – they’ve increased the maximum LVR for owner-occupied purchase and refinance to:
✅ 95% + LMI premium = Up to 100% total LVR

Plus:

• Investment Construction Loans: Max LVR increased to 90% + LMI premium

💡 Important: To qualify for the 100% LVR offering, make sure you’re checking the following upfront:

• 📊 DTI (Debt-to-Income ratio)

• 🧠 Credit Score on your client’s CRAA

• 💰 Minimum $200 monthly surplus required for over 90% LVR

🔍 Equifax OneScore Rules – Effective Monday, 24 March

For applicants with an Equifax OneScore below 711:

• They must be employed with their current employer for at least 6 months, or

• Have 2+ years’ experience in the same occupation or industry

• ✅ Always check your applicant’s OneScore via Access Seeker in ApplyOnline before submission

🏘️ If purchasing an investment property that is currently tenanted:
When using a Contract of Sale for servicing evidence, it must clearly show:

• Current tenancy status

• Rental amount

• Payment frequency

🌱 Bank Australia

Applications for the Clean Energy Home Loan – Renovate will be paused from 5:00pm, 28 March 2025 due to high demand.

🏦 Bank of Melbourne – Application Score Changes

Effective 31 March 2025

❌ Applications with a failed application score will be automatically declined, and override requests will no longer be considered.

📌 Reminder: A failed application score is different from a failed credit score. There’s no change to the credit score policy.

☕ Broker Community News

📬 April Social Media Kit has landed!
Members: Check your inbox – we’ve sent a full month of templates plus written copy for April. Copy, paste, post ✅

📅 Coffee & Credit with Kath – Thursday 4 April
We’re diving into Self-Employed lending, with a spotlight on Low Doc as part of our broker education series. Grab a cuppa and join us!

 📢  Join via THIS LINK

See you next week!

Kath