Resi has made some exciting essential options product enhancements, if you havent heard about them please check out the following:
1. 90% rental income allowance (10% shading)
We’ve reduced how much shading is applied to your clients rental income, meaning better servicing.
2. Prime alt doc loan size / lvr matrix changes
Our loan size and LVR limits have been lifted for prime alt doc, up to $2m (for metro locations)*.
The new loan size limits are:
3. Living expense requirements streamlined
We’ve introduced changes to simplify the living expense verification process.
Bank statements are no longer required is the following items are satisfied:
- Declared living expenses are above the hem ;
- prime alt doc and near prime applications have an annual surplus above $4,000;
- as always, the assessor reserves the right to ask for a minimum of one month bank statements.
4. Streamlining our processes to speed up turnaround times including modifications to asic searches, payg verifications and credit history explanations.
Click here to try our new servicing calculator.
Other changes that have been introduced, include:
- Aggregation limits have increased.
- Resi has removed the genuine savings requirements for loans above 90% LVR.
Resi is making more changes to assist you and your clients with their lending requirements. Look out for our next announcement on the policy enhancements.
