New income types accepted

Here are some of the top recent policy enhancements not to miss:

1. Employment timeframes
   • All PAYG has an aligned minimum timeframe of 6-months in role or 12-months continuous service in same industry/role.
   • Scenarios related to employment breaks have been removed with one break of 4 weeks between employment acceptable.
2. Simplification of verification requirements for PAYG applicants.
3. Parental Leave/Return to Work.
   • Now referred to as Extended Leave.
   • Acceptance of 100% return to work wage.
   • Supporting evidence required for period of reduced or no income.
   • Returning to the same employer within 3-months can be approved by any DLA holder.
   • Returning after 3-months must be escalated to the appropriate DLA for decisioning.
4. Commission income changes.
   • Now considered primary income source.
   • Minimum verification requirements reduced from 2 years to 12 months and paid at least quarterly.
   • 80% for servicing.

If you have any questions around these policy updates and how it can help you help more clients, get in touch with your CHL BDM.

As a reminder, please remember currently Connective Select is not offering pre-approvals.