Residential credit policy update

Employment and Income – Self-Employed

Please note the following credit policy updates became effective 18 April 2024.

• Share of Profit can be included if the applicant’s shareholding is equal to or greater than 50%.
• Dividends and Franking Credits for private companies’ included as acceptable income.
  • Where Dividends and Franking Credits are used, Share of Net Profit and addbacks from the same company cannot be applied to servicing calculations.
  • Dividends paid from retained earnings are unacceptable.
  • Additional verification requirements have been included when considering this income source.

Security, Specialised Security and Security Locations

Some exciting credit policy updates that became effective 25 March 2024.

These sections have been updated to remove complexity and increase acceptable security types.

Get in contact with your CHL BDM or email info@connectivehomeloans.com.au

Reminder: Half Yearly ABL – Connective Select PEI Survey close 6 May 2024

We’re always looking at ways to improve the Connective Select service proposition.

As an accredited broker, your feedback is important to us. We'd like to understand what we are doing well, and what we could be doing better.

Last time you told us we are good at:

• Supporting you via our Partner Assist team
• Our pricing and products fitting most of your clients’ needs and scenarios.

You also provided feedback around:

• Increasing flexibility in our Credit Policy
• Improving on our processing times for applications.

We have been working hard in these areas, as well as others, to improve the ease of doing business with us and provide exceptional experiences for you and your clients.

Eligible brokers received an email (survey invite) on Monday 22nd of April. Feedback opportunity closes Monday 6th of May.