We continue to review and improve Connective Home Loans - Connective Select credit policy and processes enhancing our offering to market. The following Residential Credit Policy updates will take effect from 27 February 2023.
One month main transaction history (or main trading account for self-employed applicants) will no longer be a mandatory checklist item. Where this is required under standard policy, e.g. as part of a declared living expense review or to confirm account conduct, we will request on a case-by-case basis.
Our Supporting Document Checklist and ApplyOnline have been updated, to take effect from 27 February 2022.
| Amount of cash out | Minimum verification requirements |
|---|---|
| Any loan with LMI | Maximum cash out $100,000. The LMI provider’s requirements must also be met |
| ≤$500,000 and ≤ 80% LVR | Submission commentary only. |
| >$500,000 and ≤ 80% LVR | Submission commentary and supporting verifications to demonstrate intended use of funds. |
| LVR |
Category 1 Sydney and Melbourne metro |
Category 1 (excluding Sydney and melbourne metro) |
Category 2 | Category 3 | Category 4 | All other |
|---|---|---|---|---|---|---|
| ≤ 95% | $750,000 | $750,000 | $500,000 | $500,000 | N/A | N/A |
| ≤ 90% | $1,500,000 | $1,500,000 | $1,000,000 | $750,000 | N/A | N/A |
| ≤ 80% | $5,000,000 | $5,000,000 | $3,000,000 | $750,000 | $500,000 | $500,000 |
| ≤ 70% | $6,000,000 | $5,000,000 | $3,500,000 | $1,250,000 | $750,000 | $500,000 |
| ≤ 60% | $7,500,000 | $6,000,000 | $5,000,000 | $1,500,000 | $750,000 | $500,000 |
