Real Life Refinance policy
Effective 1 July, we’re introducing a ‘Real Life Refinance’ policy for home loan applications. Designed to help non-conforming clients reduce their current repayments, this policy allows for:
- A 1% serviceability buffer, reflected on the new Real Life Refinance calculator.
- Up to 80% LVR (including any fees).
Dollar for dollar refinance of the client’s current home loan amount (no additional credit permitted). - Defaults greater than 12 months since listed.
For this policy to apply, eligibility criteria include:
- A clean repayment history over the last 12 months;
- A new repayment amount, that is lower than their current repayments;
- A scenario that falls under our Near Prime Clear, Near Prime or Specialist home loan options.
Additional eligibility criteria apply. For more information please refer to the fact sheet attached.
New serviceability calculators
Please find our new serviceability calculators attached.
Effective 1 July 2023, the calculators reflect
- Our real-life refinance policy (a 1% serviceability buffer for eligible clients).
- Updated tax calculations for investors
- A new tool to support in assessing Business Activity Statements and business bank statements for Alt Doc home loan applications.
- When to refer to a BDM or the scenarios team – so that we can understand the client’s business further.
