Resi Essentials serviceability calculator allows you to easily complete the servicing calculation required when submitting applications to Resi. Resi performs a regular update of the tool to ensure the latest information is used to meet the needs of the customer.
An updated version of the RESI Serviceability Calculator (v6.0) has been released today, 21st November 2022, and should be used for all new applications as of today.
This new version includes the following updates:
- Update of HEM values
- Added up to 40yr loan term
NSW First Home Buyer Choice Scheme
The Property Tax (First Home Buyer Choice) Act 2022 (NSW) is now law in NSW. This change means eligible first home buyers (FHB) may apply to access the First Home Buyer Choice Scheme from 12 November 2022. FHB will need to pay stamp duty on all contracts exchanged until 16 January 2023 and then access a refund if they elect to pay the annual property tax. Further information is available here.
What this means for you:
- When submitting an FHB loan application to Resi, you will need to tell us which property tax option the applicant is choosing.
- If the applicant chooses the annual property tax option, the annual property tax amount needs to be included in the Resi Serviceability Calculator – include the annual amount of the tax (as a monthly figure) as ‘Other commitments’ within the Ongoing Commitments (Combined) section of the calculator.
NOTE: Files submitted on or after the 25th of November 2022 must use the new calculator.
For applications which have not been approved – Resi will review serviceability based on New Calculator.
All sites will be updated with the new version.
Please ensure that any locally saved versions are deleted, and you are encouraged to use the versions found within the respective aggregator systems.
Please also note:
Microsoft Global has added a new “security” feature to excel when there are macros running. The message is a new Microsoft security feature and there is no security risk issue with the Calculator. Excel will show a Security Risk Warning at the top of the screen as per below example:
Until the file is saved to a secure desktop, the warning remains. Once a copy of the latest version of the Calculator is saved to the desktop, the warning message will be removed, and macros will work normally.
We are investigating possible fixes and will advise outcomes accordingly.
For more information, please visit the Resi Broker Centre, or if you have any questions, please contact your Resi BDM or email [email protected]
Head of Resi Distribution