Changes to submission standards for a better customer experience
Key point:
From Monday 27 July 2020, we’re making some changes to our submission standards to require additional documents upfront, for a better customer experience.
From Monday 27 July 2020, we’re making some changes to our submission standards to enable more applications to achieve unconditional approval at ‘first touch’. These changes will see more of the required documentation become mandatory on submission, which will reduce the time taken to assess and approve loan applications.
You won’t be able to submit new applications until the required documents are attached.
The Submission Checklist in Loanapp and Short Form Application Submission Checklist will be updated so you can ensure you’ve met the new submission standards.
What’s changing?
Where the following income types are selected as part of the applicant’s financial position, you must provide evidence of this income:
PAYG – Casual and Contract
Overtime and Commission
Bonus
Investment Income (i.e. Dividends, interest, etc)
Rental Income from an investment property(ies) that are being purchased
Other income types such as government benefits, child support, Superannuation
This is in addition to the current mandated income types [e.g. PAYG (base), rental income for properties already owned and, self-employed income].
Documentation evidencing funds to complete will be mandatory where the security is being purchased at a loan to value ratio (LVR) greater than 80% and is not an Approval in Principal (AIP).
Where the base LVR is greater than 90%, evidence of funds to complete must show genuine contribution of at least 5% of the purchase price.
Please see the Credit Guidelines Booklet for a full list of acceptable forms of genuine contribution.
Where a Construction application is submitted and it is not an (AIP) the Fixed Price Building Contract and Receipt of deport paid documents will be mandatory
The following changes will be made to applications submitted via Loanapp:
Where superannuation income is selected, documentation verifying superannuation income will be mandatory.
Documentation of funds to complete will be mandatory where the security is being purchased, loan to value ratio (LVR) is greater than 80% and less than or equal to 90% and is not an AIP.
Evidence of genuine savings of at least 5% of the purchase price will be mandatory for loans with a base LVR above 90%.
Further support
If you have any questions, please contact your Advantedge Business Development Manager.