Weekly Kaths Credit Crunch 18th November

Bank Australia

Bank Australia will no longer accept new loan applications submitted in the name of a Trust. Based on this change all new to bank mortgage applications submitted to Bank Australia will require all borrowers to be individuals.

ANZ

• Update to 'Application for Extension Declaration form'
• Effective Thursday 14 November, 'Application for extension declaration forms' will be updated to provide additional clarity for customers regarding mandatory checkboxes and to remove the 'Loan Product' and 'Repayment Type' textboxes.
• LEARN MORE HERE

BankWest

• New Foreign Income policy has landed. Here’s what’s changed:
• Foreign investor lending will increase from 60% LVR to 80% for ‘preferred currencies’.
• Foreign income from overtime, allowances, commission, incentives, and bonuses will be accepted in servicing.
• We’ll use the AUD tax rate for all applications except for SNG, HKD and AED. For these three, we’ll use the top tax bracket (un-tiered).
• A new Foreign Income tab has been introduced into the Serviceability Calculator.

Pepper Money Residential

Pepper Money Commercial

Loan size and vacant land changes  

• Clients can now borrow up to $5 million for home loans and up to $2 million for construction loans. For specific changes to LVRs, locations, and loan limits,see the rate card on the broker hub»
• We’ll now accept vacant land up to 5 acres for Prime, Near Prime Clear and Near Prime home loan options.  

Large loan sizes   
Our serviceability requirement for large loans has been reduced from 1.25 x NSR to 1 x NSR. This will apply to loan amounts greater than $1.5 million for Near Prime and $1.75 million for Prime home loan options.  
Debt consolidation   
Don’t limit your clients to 4 debts. With us, you can now consolidate an unlimited number of debts on our Prime home loan option. This doesn’t include tax or business debts. 
Expanded commercial securities   
Help more clients. We’ve opened up the types of residential securities we’ll accept under our commercial product to include:  

• Studio apartments (incl. <40m²) 
• Dual key homes 
• Serviced apartments 
• Lifestyle properties with no acreage cap up to $2.5m 

Good to know:

Uptain

• Supports visas 188, 309, 444, 475, 476, 482, 485, 487, 489, 491, 500, 820, 884, plus Bridging Visas A & B.
• Perfect for students and temporary visa holders!
• 80% Max LVR
• $2.5mil max loan amount

 New Lender Policies Added this week:

• Apollo exclusive to LMG powered by Athena
• BankVic
• Move Bank – exclusive for SFG Brokers
• Qudos
• Ownhome

BankVic

Cashback of $3,000 for loans over $350,000 – owner occ sub 80% refinance

Cashback of $4,000 for loans over $500,000 – owner occ sub 80% refinance

Policies we love:

LMI waivers 90% for police and frontline workers for owner occ purchase or dollar for dollar refinance

Qudos Bank

• Policies we love:
• Fully assessed pre-approvals.
• Common Debt Reducer Policy.
• For self-employed, company liabilities can be excluded from servicing.
• Business net profit, salary and depreciation can be included for servicing. 
• Serviced apartments 60% LVR.

Move Bank – their focus is on railway workers and offering flexible lending policies:

Policies we love:

• Don’t credit score
• Fixed rate product comes wih a 100% offset account
• HEM includes Investment property expenses, O/O body corp and private school fee’s
• 100% overtime used for essential services and anyone  in the railway industry.

Ownhome

OwnHome offers an innovative solution for clients without a full deposit, enabling them to get into  the market sooner. With a Deposit Boost Loan, clients can cover their deposit, allowing them to finance 100% of the purchase price alongside an 80% LVR loan. Here’s what we love about OwnHome:

• Fully assessed pre-approvals
• No deposit needed and no LMI costs
• Enhanced borrowing capacity with a minimal 2% servicing buffer
• No clawbacks on deposit loans
• Complimentary home buying concierge service, including professional reports worth $2,400

Education

Go Edge

Valuations and How to Read Financials.

Date & Time  Nov 26, 2024 10:00 AM Canberra, Melbourne, Sydney

Meeting ID    935 4327 9404

Register Here:

MA Money

Grant McFarlane (Head of Credit) and Gabrielle Aoun (Head of Partnerships), will cover the ins and outs of MA Money’s Large Loans, including: 

• What qualifies as a Large Loan and who are the ideal borrowers
• How MA Money’s flexible solutions can give you an edge
• Workshopping Large Loan deals with the team
• Overview of our Spring Offer, including great savings on Large Loans for your clients
• Q&A session 

Event details – Register HERE

Date: Wednesday, 20 November 2024
Time: 12-1pm AEDT

You’ll receive 1 CPD point for attending.

Bank of Melbourne

John Paul Azzopardi and Vivian Chen. Bank of Melbourne Learning Bite Covering Family Pledge

Wednesday 20/11/2024 10:30am –11:00am

This will be an interactive, open forum session and a great opportunity to learn more about our Family Pledge (Guarantor) policies and how to input the details into our calculator to confirm limited guarantee amounts!

Please note attendance at this webinar will be eligible for CPD points. The invite is extended to all the broker assistants to attend.

Microsoft Teams Need help?

Join the meeting now

Meeting ID: 462 153 527 754

Passcode: 9N6UTN

Finance & Fitness - Round the Tan!
Get ready to push your limits on the iconic Tan track at Melbourne’s Royal Botanic Gardens, where brokers from all over are invited to sweat it out together. Whether you prefer to run or walk, this 3.87km loop promises stunning scenery and great vibes. After the walk, enjoy some valuable financial tips to keep you both physically and financially fit!
Date & Time:
Tuesday, 19 November 2024
7:00 AM - 8:15 AM AEDT
Location:
Royal Botanic Gardens Victoria - Melbourne Gardens
Meeting Point: Pillars of Wisdom
This isn’t just a run; it’s an opportunity to connect, grow, and challenge yourself with your peers. Let’s make this the biggest broker-run event yet!

CLICK TO REGISTER.

See you at the Tan! Zac Harb - State Manager VIC & TAS