Residential Credit Policy Updates

To support more clients, Connective Select have made the following changes to their current policy effective 20 June 2024.

• Genuine savings LVR threshold has increased from >80% to >90%
• Removal of statutory declaration for gifted funds, this has been replaced with a gift letter
• Gifted funds from all sources now acceptable (previously immediate family members only accepted)
• New postcode introduced: Blackbutt 4314, QLD.

To recap on how Connective Select can assist more LMI clients:

• Fixed rates up to 95% at 6.29% for owner occupied
• No credit scoring
• Servicing >90% has been reduced from 1.35x to an NSC of 1
• Rental ledger can be used in lieu of genuine savings.

These changes open more doors to help you reach more clients, more often. If you have any questions or scenarios to workshop, please don’t hesitate to reach out to your CHL BDM or book a meeting here.

Please note:

• Genuine savings will need to be verified for all applications with an LVR of greater than 90% (not including LMI).
• For example, LVR 90.01% would be required to verify genuine savings.
• To verify a non-repayable gift a Statutory Declaration or a letter from the donor must be provided.
• For example, if a letter was provided by the donor declaring the funds are not repayable then a Statutory Declaration would not be required.