Why Connective Essentials may be a great option for self-employed customers

We have some great policy niches which make it simpler for self-employed customers, and with a competitive product offering, quick turnaround times and outstanding service, Connective Essentials is a great option to help your self-employed customers achieve their goals sooner.

Simple assessment requirements for self-employed customers

Self-employed customers have the option to use the most recent year’s financial information for assessment, where accompanied by accountant prepared financial statements for the year prior and when we can clearly confirm income for the applicants.

To do this:

1. Obtain the past 2 years financial statements;
2. Where the most recent year’s financial figures are being used then you will also need to record commentary outlining:
   1. The change or event that has occurred resulting in the most recent year being more appropriate;
   2. Where the change evident in the financial statements (e.g., increase to gross income or decrease in expenses);
   3. How this change is going to be ongoing into the future.
3. Enter the most recent year’s financial data when submitting the application – the same information will need to be added to both years in the lodgement system.

Director wages income verification over minimum six months (180 days)

Last year we simplified our policy by reducing the minimum verification period required for director’s wages to six months (180 days) which has helped self-employed customers achieve their home ownership goals.

To verify this, we need either:

• a recent Australian Taxation Office (ATO) income statement showing a minimum of six months of income history; or
• their most recent tax return.

Note: Payslips are no longer accepted.

Service levels still one business day!

We continue to focus on serving you and your customers well with a one business day turnaround on new applications, variations, supporting docs and construction progress payments.
Stay up to date with our service levels any time via the Research section in Mercury.

Let’s have a chat

If you’d like to know more about what Connective Essentials has to offer, please reach out to your local CHL BDM.