Weekly Kaths Credit Crunch 16th September

Bank of Sydney:

• Vacant Land Securities: accepted up to 80% LVR and 90% LVR with LMI.
• Metro Postcodes (excl. NT) now accepted at 80% LVR and 95% LVR with LMI.
• CCR & Liability Statements: no statement required for liabilities that are recorded on the applicant’s CCR Report for standard refinance applications, unless debt relates to a Credit Card.
• Single Parenting Payments now accepted as income for serviceability assessment, subject to conditions.

Liberty Highlights:

Centrelink income – CSA, Family Tax benefit & parenting payment

• We can now include all this income regardless of the child’s age, there is no age restriction anymore on ‘AA’

Vacant land

• We can now consider vacant land standalone without any LMI insurance, so no need to pass their servicing, we can also do Low Doc. max LVR 70%, cat 1 postcode.

ME BANK

Applicants on Government pension or benefit.

• Applicants on a government pension or benefit income are acceptable providing they have a joint borrower earning a PAYG or non-PAYG income.

Joint income or debts - shared rental income.

• We now accept 100% of joint rental income where the applicant shares the rental income with a non-borrower, providing we can evidence the rental income via credits to a joint bank account with the non-borrower.

Macquarie

• From today, body corporate and strata fees for owner-occupied properties can be included as a primary residence cost (i.e. a general living expense) in the serviceability calculator.

Other Updates:

Last week I was a guest speaker at the Melbourne Women Supporting Women - Colour Me With Confidence Event - supporting Safe Haven where we raised over $11,000 for Safe Haven. A HUGE shout out to Therese O'Neill for bringing this event to life.🪷

Coffee and Credit with Kath📢

Webinar next week doing the deep dive on the Simplified Self Employed Policy – free to join – you must register here and follow ALL steps:

https://www.thebrokersbible.com.au/offers/bcpFGzha

Launch of our new Broker Course Template  Fresh Start.🪷🌟💓

Announcing the Launch of Our New Broker Course Template: Fresh Start 🪷🌟💓
I am excited to introduce a program that I’ve been delivering across Australia in collaboration with a financial planner, family lawyer, and life coach. This template features eye-catching artwork for Instagram and Eventbrite to promote the event, an invitation, a PowerPoint presentation, and our detailed guide on how to successfully implement and make this event impactful in the community. Please be aware that the presentation is tailored specifically for mortgage brokers, rather than other professionals. To make a purchase, simply click the link:

https://www.thebrokersbible.com.au/offers/H4ah38Gw