You can view Auswide Bank mortgage broker news below.
For full details on any of these items please contact your Broker Relationship Manager.
The National Housing Finance and Investment Corporation (NHFIC) will now be known as Housing Australia.
This name change follows the passage and Royal Assent of the Federal Government’s Housing Legislative Package, which included the expansion of the organisation’s duty to facilitate the delivery of the Government’s Housing Policy agenda.
Housing Australia will remain a corporate Commonwealth entity overseen by an independent board. It will continue to administer the Home Guarantee Scheme, Affordable Housing Bond Aggregator, and the National Housing Infrastructure Facility, slated to receive a further $1 billion investment from the Federal Government.
As part of the recently passed Federal Government’s Housing Legislative Package, Housing Australia will undertake additional responsibilities to support delivery of more social and affordable homes for Australians in need, under the new Housing Australia Future Fund.
It will also assist in delivering more affordable homes under the National Housing Accord.
Housing Australia also helps eligible home buyers purchase homes quickly through the Home Guarantee Scheme. The execution of these housing programs is supported by Housing Australia’s research, data, and analytics capabilities.
To accommodate the change of name all documents relating to the Home Guarantee Scheme have been updated on our broker website. Please ensure you are using the latest version of these documents that reflect Housing Australia.
Our 1300 telephone system is being upgraded and options will now be available to direct your call specifically based on the type of assistance you require.
Effective from Friday 6th October 2023 when you call our 1300 077 127 number you will notice that our greeting has changed to:
Welcome to Auswide Bank Broker Services.
Please listen carefully to the welcome message as it will outline the available options:
If you have a scenario to discuss contact your Broker Relationship Manager directly.
For assistance with lodging supporting documents for applications, initial MIR request questions, any post settlement queries, general information or assistance please speak to our Broker Support Team - *PRESS 1*
To speak to a Loan Origination Services team member regarding a loan application which is currently in progress in our system - *PRESS 2*
If you require assistance with setting up your clients banking needs such as opening bank accounts, setting up repayments or general questions regarding other services they require, please contact our Customer Onboarding Specialist team - *PRESS 3*
For faster assistance always have your broker ID and the lender ID number of the file available as a reference.
We continue to be committed to answering your calls quickly and now also provide the option to leave a message requesting a call back.
You can also contact our teams by email using the following email addresses:
Broker Support Team - brokers@auswidebank.com.au
Broker Variations (inc pricing) - brokervariations@auswidebank.com.au
Loan Origination Services Team (LOS) - LOS@auswidebank.com.au
Broker Relationship Managers - contact details can be found here
We understand there are plenty of challenges in the market at the moment for people looking to buy a home to live in.
We are fortunate to be one of the panel lenders for the NHFIC Home Guarantee Scheme, which gives us the opportunity to help people achieve home ownership sooner.
This Spring we will take your eligible customers one step closer again with this exciting offer:
Scheme places are readily available to eligible applicants. Secure your customer a reservation today.
* Offer is not available for preapproval applications.
With the ever changing nature of the market currently, Auswide Bank has reviewed our new to bank variable rates and are reducing some of our variable rates for both owner occupied and investment lending.
The changes to our new to bank interest rates will be effective from Thursday 28th September, 2023.
Any offers listed above are not available on the following:
Please refer to our Home Loan Rate Information Guides for any new loans with the above purposes.
For fixed rate loans, the standard fixed rate process will always apply. Please refer to the Fixed Rate and Rate Lock Information Guide available from the broker website for more information. Rate Lock is not available for preapproval loan applications.
1. Applications quoted but not yet received (loans not yet submitted as at midnight 27th September, 2023):
2. Applications received prior to midnight 27th September, 2023, but not yet approved (does not include pre-approvals):
3. Applications Approved (includes loans approved prior to midnight 27th September, 2023 - documented or not documented):
4. Loan Applications that have settled:
We wish to advise that our Servicing Calculator has been updated to include the latest HEM table that has recently been released.
The new Servicing Calculator (Version 10.1 Sep 2023) is effective from Friday 8th September, 2023 and is be required to be adopted for servicing of all applications lodged after midnight Friday 8th September 2023.
The updated Quick Qualifier Servicing Calculator (Version 10.1 September 2023) will be available from your aggregator platform or available for download under Loan Applications.
When lodging your applications, please ensure you are using the new updated version of the Quick Qualifier. If you require any assistance please contact your Broker Relationship Manager.
Auswide Bank has recently reviewed our pricing position and we have adjusted pricing on some of our variable rates new fixed and variable rate home loans.
The changes to our new to bank interest rates will be effective from Thursday 7th September, 2023.
Find the latest interest rate guides here.
Any offers listed above are not available on the following:
Please refer to our Home Loan Rate Information Guides for any new loans with the above purposes.
Fixed Rate Home Loans:
For fixed rate loans, the standard fixed rate process will always apply. Please refer to the Fixed Rate and Rate Lock Information Guide available from the broker website for more information. Rate Lock is not available for preapproval loan applications.
1. Applications quoted but not yet received (loans not yet submitted as at midnight 6th September, 2023):
2. Applications received prior to midnight 6th September, 2023, but not yet approved (does not include pre-approvals):
3. Applications Approved (includes loans approved prior to midnight 6th September, 2023 - documented or not documented):
4. Loan Applications that have settled:
With the expanded eligibility if you work with Home Buyers whom may be looking to gain the advantage of Scheme place, check our broker website for all of the criteria and take advantage of our simple process to reserve a place.
A reminder that your clients will now need to provide a 2023 ATO Notice of Assessment under the Scheme to obtain a pre-approval or convert a full approval. Make sure you are obtaining the 2023 ATO Notice of Assessment your clients or pre-positioning them with regards to the eligibility criteria before lodging a reservation. Once a Scheme place has been reserved, there is a window with a maximum of 14 days, to obtain a pre-approval and have the Scheme place updated, so that the clients will then have a 90-day period to find their new home before the reservation expires.
Investors with one or two properties, who are fondly referred to as our 'Mum and Dad Investors', make up over 90% of all rental property owners in Australia.
Consider bringing investment lending to Auswide Bank where we offer 3 key ways to help your investment clients offset their rising costs to retain their investment property portfolio.
If you work with First Home Buyers grab a 2022 Scheme place for your client before the 30th June 2023 and give them a head start.
Auswide Bank has Scheme places still available under the 2022 Scheme. Simply lodge a reservation application form with required documents and complete a pre-approval application once the reservation has been confirmed. Your clients will have a head start as they will have 3 months to secure a property and convert their reservation from the date of their pre-approval and won't need to provide a 2023 ATO Notice of Assessment.
Waiting for a place under new Scheme means from the 1st July 2023 clients will need to provide their 2023 ATO Notice of Assessment to the lender before the full approval can be finalised. Contact your BRM for more details or visit www.auswidebrokers.com.au/hgs
In response to the recent RBA decision to increase the cash rate by 0.25% we are making some adjustments to our variable home loan interest rates.
An increase to our existing home loan rates and the interest rates for new lending will be effective from Thursday 15th June, 2023.
Any offers listed above are not available on the following:
Please refer to our Home Loan Rate Information Guides for any new loans with the above purposes.
Fixed Rate Home Loans:
For fixed rate loans, the standard fixed rate process will always apply. Please refer to the Fixed Rate and Rate Lock Information Guide available from the broker website for more information. Rate Lock is not available for preapproval loan applications.
1. Applications quoted but not yet received (loans not yet submitted as at midnight 14th June, 2023):
2. Applications received prior to midnight 14th June, 2023, but not yet approved (does not include pre-approvals):
3. Applications Approved (includes loan approved prior to midnight 14th June, 2023 - documented or not documented):
4. Loan Applications that have settled:
We are making several changes to our pricing structure with the introduction of new LVR bands to enable better pricing for risk. In conjunction with the pricing restructure interest rates will also change.
| 60% or below | 60.01% to 70% | 70.01% to 80% | 80.01% to 90% | 90.01% to 95% |
| 70% or below | 70.01% to 80% | 80.01% to 90% | above 90% |
The new structure and rates will be effective Thursday the 1st June 2023.
The revised interest rate schedules are available here from 1st June 2023.
Applications quoted but not yet received (loans not yet submitted as at midnight 31st May 2023):
The rate quoted to the customer may no longer exist. Brokers may need to position the rate change with the borrower before proceeding to lodge the application.
Applications received prior to midnight 31st May 2023, but not yet approved (does not include pre-approvals):
The standard fixed rate process applies - refer to the Fixed Rate and Rate Lock Information Sheet for guidance.
The rate quoted to the customer may no longer exist. Brokers may need to position the rate change with the borrower before proceeding with the application.
Applications Approved (includes loans approved prior to midnight the 31st May 2023 (documented or not documented):
Loan Applications that have settled:
Please contact your Broker Relationship Manager if you require further assistance or any clarification.
We wish to advise that our Servicing Calculator has been updated to include the latest HEM table that has recently been released.
The new Servicing Calculator (Version 10.0 Jun 2023) is effective from Friday 2nd June, 2023 and is be required to be adopted for servicing of all applications lodged after midnight Friday 2nd June 2023.
The updated Quick Qualifier Servicing Calculator (Version 10.0 June 2023) will be available from your aggregator platform or available for download from the broker website in the loan processing section, under Loan Applications.
When lodging your applications from 2 June 2023, please ensure you are using the new updated version of the Quick Qualifier.
If you require any assistance, please contact your Broker Relationship Manager.
Auswide Bank has partnered with national legal firm MSA to introduce IDYou as an option to support in-person and remote Verification of Identity. In addition to our existing VOI solution with Australia Post for remote applicants, IDYou will provide Auswide Bank accredited brokers with more options for their customers to meet VOI requirements when submitting their application.
IDYou has rapidly become one of the most widely utilised VOI tools across the industry and we are very pleased to be able to extend this resource to all our broker partners. You can now choose Auswide Bank from the Lender list in IDYou.
If you are not familiar with IDYou click here for more information.
To register with IDYou, please click here.
Other Useful Links can be found on our broker website or visit the IDYou website and explore more resources and information.
Check out their IDYou FAQs. Download the relevant IDYou user guide.
If you have any questions or need assistance, please do not hesitate to get in touch.
Ask your BRM about one of our VOI Information Webinars.
IDYou provides you with the ability to check the quality of the photographs each time. It is important that the photographs are not blurry, writing is clear, crisp and easy to read.
If it is not clear, simply retake the photograph if your are doing In-person VOI or have the customer resubmit their photographs where you are completing remote VOI.
The quality of the photographs is an important part of VOI. Should the quality of the images be unacceptable the VOI will be rejected when lodged with your application.
A best practise tip to reduce the chance of being caught by identity theft or fraud when conducting Remote VOI with your customers, have your customer hold one of their ID documents up so that it is visible in the photograph when you take the screenshot. When reviewing the screen shot to accept the photo you will be able to review the ID document and ensure that they are one and the same person.
It is vitally important that the images that the customer takes, and that you verify are images of the original documents. Photographs of colour photocopied documents, or screen shots of photographed documents are not acceptable and should not be verified or validated by the broker as they will only be rejected once they are received by our processing team. To ensure that the customer has photographed original documents, when undertaking your video call with them to capture the screen shot, ask them to show the original ID documents that they have provided the images of.
For more information on Verification of Identity requirements for Auswide Bank visit our broker website or contact your Broker Relationship Manager.
ZipID will no longer be available after the 31st May 2023 to use for VOI purposes as the app is being removed from service. ZipID reports conducted prior to the 31st May 2023, will still be accepted as VOI but must be no more than 90 days old at time of lodging any associated loan application.
Over the past 5 months the focus has been on variable rate movements as a result of RBA changes to the cash rate and our fixed rate pricing has remained unchanged since September 2022.
We are making some changes to our fixed interest rates effective from Thursday 23rd February, 2023.
Updated downloadable Rate Information Guides with full details for all of our current interest rates for Owner Occupied and Investment Home loans will be available here from Thursday 23rd February 2023.
Any offers listed above are not available on the following:
Please refer to our Home Loan Rate Information Guides for any new loans with the above purposes.
For fixed rate loans, the standard fixed rate process will always apply. Please refer to the Fixed Rate and Rate Lock Information Guide available from the broker website for more information. Rate Lock is not available for preapproval loan applications.
1. Applications Received prior to midnight, Wednesday 22nd February 2023, but not yet approved (does not include pre-approvals):
2. Applications quoted but not yet received (loans not yet submitted as at midnight 22nd February 2023):
3. Applications Approved (including loans approved prior to midnight 22nd February 2023 (documented or not yet documented):
4. Loan Applications that have settled:
Talk to your Broker Relationship Manager today for more information.
In response to the recent RBA decision to increase the cash rate by 0.25% we are making some adjustments to our variable home loan interest rates.
For applications lodged from Wednesday 8th February, 2023
For applications lodged from Tuesday 14th February 2023
Updated downloadable Rate Information Guides with full details for all of our current interest rates for Owner Occupied and Investment Home loans are available here.
For fixed rate loans, the standard fixed rate process will always apply. Please refer to the Fixed Rate and Rate Lock Information Guide available from the broker website for more information.
Rate Lock is not available for preapproval loan applications.
1. Applications quoted but not yet received (loans not yet submitted as at midnight 7th February 2023):
2. Applications Received prior to 8th February 2023 (includes applications received and/or approved and/or documented but does not include pre-approvals):
3. Applications Approved after midnight 13th February 2023:
4. Loan Applications that have settled:
Talk to your Broker Relationship Manager today for more information.
Our offices will be closed from 24th December 2022 for the Christmas break and will re-open on Wednesday 28th December 2022.
From all of the team in 3rd Party - we thank you for all of your support this year and wish you a safe and joyful Christmas with family and friends.
In response to the recent RBA decision to increase the cash rate by 0.25% to 3.10% we are making some adjustments to our home loan interest rates.
Effective from Thursday 15th December 2022 the following changes to our interest rates will take effect:
For easy reference updated downloadable Rate Information Guides with full details for all of our current interest rates are available here.
Any offers listed above are not available on the following:
Please refer to our Home Loan Rate Information Guides for any new loans with the above purposes.
For fixed rate loans, the standard fixed rate process will always apply. Please refer to the Fixed Rate and Rate Lock Information Guide available from the broker website for more information. Rate Lock is not available for preapproval loan applications.
1. Applications Received prior to midnight, Wednesday 14th December 2022, but not yet approved (does not include pre-approvals):
2. Applications quoted but not yet received (loans not yet submitted as at midnight 14th December 2022):
3. Applications Approved (including loans approved prior to midnight 14th December 2022 documented or not yet documented):
4. Loan Applications that have settled:
Talk to your Broker Relationship Manager today for more information.
Our Servicing Calculator has been updated to include the latest HEM table that has recently been released.
The new Servicing Calculator (Version 8.0 Nov 2022) is effective from Friday 2nd December 2022. It will be required to be adopted for servicing of all applications lodged after midnight Friday 2nd December 2022.
The updated Quick Qualifier Servicing Calculator (Version 8.0 Nov 2022) will be available from your aggregator platform or available for download from our broker website in the loan processing section, under Loan Applications.
When lodging your applications, please ensure you are using the new updated version of the Quick Qualifier.
If you require any assistance, please contact your Broker Relationship Manager.
From 5pm today (AEST) the *Special Offer* 2yr Fixed Rate of 4.89% for owner occupied lending will no longer be available.
Since introducing the campaign on the 9th November, 2022 we have successfully been able to assist a large number of everyday Australians achieve some peace of mind and certainty around their interest rates moving forward.
As per the Terms and Conditions of the offer it was made available for a Limited Time Only and could be withdrawn without notice.
Applications that have been submitted with a Rate Lock request form PRIOR to 5pm (AEST) Friday 25th November 2022 will have the *Special Offer* 2yr fixed rate honoured.
Applications submitted without a Rate Lock request form will be subject to the normal rules regarding fixed rate home loans and the rate on day of settlement will apply.
Please ensure that the *Special Offer* 2yr Fixed Rate Owner Occupied Loan product is removed from your aggregator platform after 5pm (AEST) today.
New Rate Information Guides are available here.
For information on our other campaigns and special offers please check out our Game On page here.
In response to the recent RBA decision to increase cash rates to 2.60% we are making some adjustments to our home loan interest rates.
Effective from Thursday 13th October, 2022 the following changes to our interest rates will take effect:
For easy reference highlighted rates indicate the rates which are changing.
Any offers listed above are not available on the following:
Please refer to our Home Loan Rate Information Guides for any new loans with the above purposes.
For fixed rate loans, the standard fixed rate process will always apply. Please refer to the Fixed Rate and Rate Lock Information Guide available from the broker website for more information. Rate Lock is not available for preapproval loan applications.
1. Applications Received prior to midnight Wednesday 12th October, 2022, but not yet approved (does not include pre-approvals):
2. Applications quoted but not yet received (loans not yet submitted as at midnight 12th October 2022):
3. Applications Approved (includes loans approved prior to midnight the 12th October 2022 (documented or not documented):
4. Loan Applications that have settled:
Talk to your Broker Relationship Manager today for more information.
Our Investor Bonus Rate Discount offer for eligible investment loans is still available and will provide your clients with the opportunity to access even lower rates on their investment lending across fixed and variable products at all LVRs and be able to take advantage of our very competitive owner-occupied rates.
Our unique discount offer provides your clients with a longer term financial benefit than the current cashback offers currently in the market and no need to wait 60-90 days to receive it. With our bonus discount offer clients get the benefit of the additional discount on their rate immediately from the day of settlement.
When a new-to-bank customer lodges an Investment Loan application and also brings their Owner Occupied Loan to Auswide Bank, we will apply an additional 0.20%p.a. Bonus discount off their Fixed or Variable rate Investment Loan*.
With both our home loan and investment loan products offering some of the most flexible features and benefits in today's market, talk to your Broker Relationship Manager today to find out how to cut through all the noise and be able to offer your clients some simple, ongoing great interest savings.
Click here to read the full article published by Mortgage Professional Australia where Auswide Bank managing director, Martin Barrett, provides his insight on the latest RBA cash rate increase.
As interest rates continue to rise, we're happy to offer our customers flexibility including the ability to increase repayments, make one-off payments and take advantage of an offset account, even when the loan if fixed!
Help your customers save more with an Auswide Bank home loan. Contact your Broker Relationship Manager for more information and ask about our bonus 0.2% investor discount when you bring your Owner Occupied Home Loan at the same time.
In response to the recent RBA decision to increase cash rates to 2.35% and with a need to accommodate the constant market changes we are making some adjustments to our home loan interest rates.
Effective from Tuesday 20th September 2022 the following changes to our interest rates will take effect:
For full details of the new interest rates please refer to the Product tab and select the Rates & Fees.
For fixed rate loans, the standard fixed rate process will always apply. Please refer to the Fixed Rate and Rate Lock Information Guide available from the broker website for more information. Rate Lock is not available for preapproval loan applications.
1. Applications Received prior to midnight Monday 19th September, 2022, but not yet approved (does not include pre-approvals):
2. Applications quoted but not yet received (loans not yet submitted as at midnight 19th September, 2022):
3. Applications Approved (includes loans approved prior to midnight the 19th September 2022 (documented or not documented):
4. Loan Applications that have settled:
Since our update last year, confirming our participation in Comprehensive Credit Reporting (CCR) we are pleased to advise that Comprehensive Credit Reporting (CCR) is now fully implemented into our home loan assessment.
A key benefit for you as a broker partner, and for your clients is that we have identified a number of ways we can reduce the number of supporting documents required to be submitted with an application.
Credit reports under CCR will show more information about a customer's credit behaviour for home loans, credit cards and personal lending products. The report will also provide broader insight into your clients' current financial commitments as it will now include positive information such as account status, credit limit, and repayment history.
Whilst we expect that you will still be collecting statements on these types of facilities to satisfy your responsible lending obligations and to assess a loan's suitability for a client, from Monday 5th September 2022 you will no longer need to provide statements for current credit facilities in the following circumstances:
Existing Credit Facilities - Not being refinanced
Where the OFI is a participant of CCR and reporting is available
• Statements will not be required where the current Lender fully participates in Comprehensive Credit Reporting (CCR)
• CCR must show acceptable 6 months repayment history with no arrears, defaults, or late payments
Where CCR data is unavailable, the liability is not evident in CCR or the repayment history is unsatisfactory then the full supporting documents are required.
Refinance - Including debt consolidation
Where the OFI is a participant of CCR and reporting is available
• Statements will not be required where the current Lender fully participates in Comprehensive Credit Reporting (CCR)
• CCR must show acceptable 6 months repayment history with no arrears, defaults, or late payments
Where CCR data is unavailable, the liability is not evident in CCR or the repayment history is unsatisfactory then the full supporting documents are required.
In some circumstances, we may require further information. In these situations, our Lending Analysts will reach out to you directly to discuss.
It is important to remember that we will now have access to 24 months of data on your clients' credit history – including things like the number of current facilities, total limits, and repayment history it is vitally important to make sure all relevant information and current facilities are captured upfront in their application and included in servicing capacity calculations to allow the application to progress smoothly.
A comprehensive list of CCR participants can be found here on the Credit Smart website. We recommend you save this website as a 'favourite' to allow for quick and easy reference.
The rules that govern our automated validation and verification system have been updated to incorporate the changes to our requirements. The verification system will review the data contained in the ApplyOnline application liabilities section and search the CCR participating lender list to determine whether documents are required to be provided.
It is important to ensure that data is entered into ApplyOnline accurately to reflect the clients' position and minimise any situations of requesting unnecessary documents.
A downloadable version of the Supporting Documents Checklist has been updated on the Broker Website to reflect these changes.
An updated version has also been provided to your Aggregators.
The electronic version available in the print package from ApplyOnline will be updated in the October release.
Please contact your Broker Relationship Manager should you have any further questions.
We wish to advise that our Servicing Calculator has been updated to include the latest HEM table that has recently been released.
The new Servicing Calculator (Version 7.9 Sept 2022) is effective from Friday 2nd September, 2022 and is be required to be adopted for servicing of all applications lodged after midnight Thursday 1st September 2022.
The updated Quick Qualifier Servicing Calculator (Version 7.9 Sept 2022) will be available from your aggregator platform or available for download from our broker website in the loan processing section, under Loan Applications.
When lodging your applications, please ensure you are using the new updated version of the Quick Qualifier.
If you require any assistance please contact your Broker Relationship Manager.
In response to the recent RBA decision to increase cash rates to 1.85% and with a need to accommodate the constant market changes we are making some adjustments to our home loan interest rates.
Effective from Wednesday 17th August 2022 the following changes to our interest rates will take effect:
For fixed rate loans, the standard fixed rate process will always apply. Please refer to the Fixed Rate and Rate Lock Information Guide available from the broker website for more information. Rate Lock is not available for preapproval loan applications.
Due to an increased volume of applications we have received recently, a decision has been made to honour any variable rates on applications which have been submitted prior to midnight Tuesday 16th August, 2022.
1. Applications Received prior to midnight 16th August 2022, but not yet approved (does not include pre-approvals):
2. Applications quoted but not yet received (loans not yet submitted as at midnight 16th August, 2022):
3. Applications Approved (includes loans approved prior to midnight the 16th August 2022 (documented or not documented):
4. Loan Applications that have settled:
A new version of our servicing calculator (Version 7.8 July 2022) has been released and is effective for use from 25th July, 2022.
The interest rate floor and interest rate buffer are reviewed regularly and adjusted in line with market rate movements.
With recent RBA interest rate movements and in line with APRA expectations we have increased our servicing floor rate from 5.25% to 6.25%.
In assessing servicing capacity Auswide Bank adopts an interest rate floor to ensure that the interest rate buffer used is adequate. The interest rate floor we adopt for servicing is the higher of the actual loan interest rate plus an interest rate buffer of 3.00%, or the prevailing floor rate, which is now 6.25%. This calculation is applied automatically once you enter the appropriate product interest rate into the servicing calculator.
The updated Quick Qualifier Servicing Calculator (Version 7.8 July 2022) is available from your aggregator platform, BRM or available for download from our broker website in the loan processing section, under Loan Applications.
When lodging your applications, please ensure you are using the new updated version of the Quick Qualifier.
If you require any assistance please contact your Broker Relationship Manager.
In response to the recent RBA decision to increase cash rates and with a need to accommodate the constant market changes we are making some adjustments to our home loan interest rates. The increase to new lending has a portion of the 25 basis point RBA increase delivered in May now factored in. At the time Auswide had elected not to pass it on to new lending interest rates.
Effective from Wednesday 20th July 2022 the following changes to our interest rates will take effect:
Please refer to our current Interest Rate Guides available here on our Broker Website.
Last week our workflow was starting to experience some slow down due to illness within our LOS team. In particular, our refinance applications felt this impact more so than our purchase applications, due to the prioritisation of the workflow at the time.
We have unfortunately commenced with this week with the LOS team being further impacted, with a large number of our processing team testing positive for COVID over the weekend.
This will now have a considerable effect our ability to turn your applications around within our previously advised SLA's last week.
Your applications, and turning them around as quickly as possible for your clients are important and we are working through this to the best of our ability at the moment.
1. Existing files assigned to affected staff members are being reassigned to other analysts to ensure work continues on files already allocated and in progress for both purchases and refinance applications.
2. Purchase applications are being prioritised in work queues so that we can meet finance dates.
3. Refinance applications are continuing to be worked on however will have expected delays
Outlined below is some information on the common things that delaying our ability to process applications when the files are submitted.
By ensuring that you have these simple things covered off before your file is submitted, it will help us to reduce waiting times for decisions on your files.
The team will continue to keep you updated as we work through the files we currently have in our pipeline as quickly as we can.
Undoubtedly this will cause some frustration and all of us here in the Third Party team extend our sincere apologies out to you. We appreciated your patience with the situation and will resolve it as soon as possible.
Effective from Monday 4th July 2022 the following changes to our interest rates will take effect:
Updated downloadable Rate Information Guides with full details for all of our current interest rates for Owner Occupied and Investment Home loans are available here from our broker website.
For fixed rate loans, the standard fixed rate process will always apply. Please refer to the Fixed Rate and Rate Lock Information Guide available from the broker website for more information. Rate Lock is not available for preapproval loan applications.
1. Applications received prior to midnight 3rd July 2022, but not yet approved (does not include pre-approvals):
2. Applications quoted but not yet received (loans not yet submitted as at midnight 3rd July 2022):
3. Applications Approved (includes loans approved prior to midnight the 31st May 2022 (documented or not documented):
Auswide Bank to take a temporary pause in accepting 2022-2023 Scheme Reservations
Auswide Bank's participation in the Home Guarantee Scheme (formerly known as the First Home Loan Deposit Scheme) has been a very successful one in that we have helped thousands of Australians into their first home.
Auswide Bank pride ourselves on maintaining a high level of service to our customers, introducers and brokers.
Currently we are experiencing very high volumes of lending with an expectation that these elevated levels will persist into the first few months of the 22/23 financial year.
So while we are keen to help Australians achieve home ownership, in order to maintain our customer and broker experience, we have decided to temporarily not accept any FY22/23 Home Guarantee Scheme reservations until further notice. We will also not be accepting any 'waitlist' reservation applications at this time.
We appreciate the support of our customers, introducers and brokers in respect to the Scheme, and this temporary pause will allow us to ensure we maintain our service level standards.
We look forward to continuing to support Australian's on their home ownership journey.
| Region | Price cap |
|---|---|
| NSW- capital city, regional centres (Newcastle, Lake Macquarie & Illawarra) | $900,000 |
| NSW- other | $750,000 |
| VIC- capital city, regional centres (Geelong) | $800,000 |
| VIC- other | $650,000 |
| QLD - capital city, regional centres (Gold Coast & Sunshine Coast) | $700,000 |
| QLD - other | $550,000 |
| WA - capital city | $600,000 |
| WA - other | $450,000 |
| SA - capital city | $600,000 |
| SA - other | $450,000 |
| TAS - capital city | $600,000 |
| TAS - other | $450,000 |
| ACT | $750,000 |
| Northern Territory | $600,000 |
| Jervis Bay Territory & Norfolk Island | $550,000 |
| Christmas Island & Cocos (Keeling) Island | $400,000 |
Our Home Loan product suite has been simplified with the removal of some home loan products that were not being utilised.
There is no change to the LVR pricing bands.
For full details of our updated Product suite please refer to the updated Home Loan Rate Guides available on the broker website.
Principal changes include:
Our Freedom Package has been simplified to reduce complexity and improve the value benefits for our customers.
While some existing benefits have been removed, we believe that the Freedom Package continues to offer value to our customers with the removal of some of the existing ancillary fees.
Some of the key changes include:
Note: The amount of the valuation fee covered by Auswide Bank for non-package loans remains at $300 with any residual amount payable by the customer
In the 2022-23 Budget, the Federal Government announced expanded support for first home buyers and single parents with dependants.
You can find more information about the HGS and eligibility criteria for each Guarantee on the National Housing Finance and Investment Corporation Website
Our Servicing Calculator has been updated to include the latest HEM table that has recently been released.
The new Servicing Calculator (Version 7.7 June 2022) is effective from Friday 3rd June, 2022 and is be required to be adopted for servicing of all applications lodged after midnight Thursday 2nd June 2022.
The updated Quick Qualifier Servicing Calculator (Version 7.7 June 2022) will be available from your aggregator platform or available for download from our broker website in the loan processing section, under Loan Applications.
When lodging your applications, please ensure you are using the new updated version of the Quick Qualifier.
If you require any assistance please contact your Broker Relationship Manager.
Check that all questions have been answered on the form as applicable. When answering the Target Market Determination (TMD) questions, please ensure you check one box only as appropriate. Wet signatures are required on the declaration form.
If an upfront valuation has been obtained ensure that the Valex Reference ID is completed on the Loan Summary form. This allows the Lending Analyst to retrieve the report from Valex quickly. It also ensures they are aware that the upfront valuation has been done, avoiding unnecessary duplication and delays.
The application form must have the privacy act and consent section signed by all applicants. Signature must be a 'wet' signature. The applicants must also check the box beside the declaration to acknowledge they have read and understood the consent. If the check box is NOT ticked and/or the clients have not signed the privacy act we are unable to bring the file into our workflow to commence assessment.
A change will be implemented in the July release of the Loan Application form in AOL and the tick box will be removed as the declaration has been reworded in order to remove this issue moving forward.
The R&O Summary form must be printed from AOL. It is a mandatory document and it must be signed by the applicants and the broker declaration completed. Signatures must be 'wet' signatures.
If we do not receive a signed copy of the R&O summary we are unable to commence assessment on the file.
If at any time you are unsure of requirements please do not hesitate to reach out to your Broker Relationship Manager for clarification.
Effective from Thursday, 28th April 2022 the following interest rate changes will take effect:
It is important that you have the appropriate conversations on the benefits of applying a rate lock with clients who may be considering a fixed rate product, and the rules regarding 'rate of day of settlement', where rate lock has not been selected as an option.
For full details of rate changes refer to our Interest Rate Guides.
For fixed rate loans, the standard fixed rate process will always apply. Please refer to the Fixed Rate and Rate Lock Information Guide available from the broker website for more information. Rate Lock is not available for preapproval loan applications.
We are delighted to advise that we have appointed Lori Bondzulic to the Auswide Bank Third Party team this week as our new BRM for Sunshine Coast, Fraser Coast & Wide Bay.
Lori has an extensive background in the banking and finance industry, including a long period of time spent as a broker. This gives Lori has an understanding and appreciation of the everyday challenges that brokers can face.
In joining the team she brings her solid lending skills and a strong service and support ethic. I have every confidence that Lori will ensure she delivers a great broker experience and strong support to you in your future dealings with Auswide Bank.
Over the next few weeks Lori will be in contact with you to introduce herself, but as always please reach out to her if you have any questions regarding scenarios, FHLDS, loan structures, policy-related questions, or just require some general information about Auswide Bank.
If you would to meet with Lori, or find out all of the latest updates on our broker initiatives, FHLDS, or current specials and campaigns, simply click on the button below to request a catch-up. Lori will also be doing monthly Auswide Bank Update webinars. Please make sure you take the opportunity to join her when you receive your Invitations.
View contact details for your Broker Relationship Manager.
In line with continued increases in funding costs currently being experienced in the market, we will be increasing our owner occupied and investment fixed rate loans. It is important that you continue to have the appropriate conversations on the benefits of applying a rate lock with clients who may be considering a fixed rate product, and the rules regarding 'rate of day of settlement', where rate lock has not been selected as an option.
Effective from Tuesday, 5th April 2022 our fixed rates for Owner Occupied & Investment lending will be increasing.
Our new Interest Rate information Guides will be available here from Tuesday 5th April 2022.
Our Servicing Calculator has been updated to include the latest HEM table which has now been released. The new Servicing Calculator (Version 7.6 March 2022) will be required to be adopted for servicing of all applications lodged after midnight Friday 11th March 2022.
An updated Quick Qualifier Servicing Calculator (Version 7.6 March 22) should be available from your aggregator platform. It will be available from our broker website in the loan processing section, under Loan Applications.
When lodging applications, please ensure you are submitting with the new updated version of the Quick Qualifier.
If you require any assistance you should contact your Broker Relationship Manager.
In line with continued increases in funding costs currently being experienced in the market, we will be increasing rates on some of our fixed rate loans. It is important that brokers continue to have the appropriate conversations with clients, who may be considering a fixed rate product on the benefits of applying a rate lock and the rules regarding 'rate of day of settlement', where rate lock has not been selected as an option.
Effective from Wednesday, 9 March 2022 our 1, 2 & 3 year fixed Owner Occupied & Investment interest rates will be increasing.
Our current Interest Rate information Guides are available here.
Traditionally, these next few weeks leading up to the Christmas break are one of the busiest times in our industry as everyone prepares to take time off to recharge and spend with family.
After a challenging year for many around the country, enduring long bouts of lockdown, no doubt we are all looking forward to the break and a chance to get away.
All of us here at Auswide Bank would like to take this opportunity to thank you for your tremendous support during 2021.
With many broker journey enhancements delivered throughout the year, we are looking forward to returning in 2022 to deliver even more improvements for you.
This year we have again decided to follow the lead of many of our industry colleagues and business partners. Our third-party operations will remain closed for the few days between Christmas and New Year. This will provide our people with an important opportunity to finally catch up with family and friends. We sincerely hope that you have the same opportunity to spend time with yours too.
Please note your calendars that our LOS processing centre will be closed from 5pm Friday 24th December 2021 and will re-open at 8.25am on Tuesday 4th January 2022.
Our Broker Relationship Managers will also be on break during this time.
For any urgent matters during this period please direct your enquiries to the Broker Inbox – brokers@auswidebank.com.au as it will be monitored.
Take note of the important dates below which outline our cut-off time frames, which will enable us to meet customer expectations in the lead-up to the Christmas break.
| Area/Action | Cut-Off Date | Details |
|---|---|---|
| Applications requiring decisioning prior to 24th December |
COB - Monday 13th December 2021 |
Application must be received with fully completed, compliant supporting documentation as per Supporting Documents Checklist |
| FHLDS & NHG Reservation requests |
COB - Monday 20th December 2021 |
A reservation request form must be received fully completed, with all required supporting eligibility criteria documents. |
| FHLDS & NHG Preapproval Application |
COB – Monday 20th December 2020 |
All reservations have an expiry date. To avoid a reservation expiring any reservation confirmed after 8th December must be converted to a Preapproval. |
| Settlements | Will be subject to an available timeslot with MSA |
MSA will continue to take settlement bookings without a cut-off time frame, however a settlement time slot must be available |
Where the above cut-off timeframes are not met files will be actioned within normal SLA's, but there is no guarantee of a decision prior to office closure at 5pm on the 24th December.
Any outstanding files in the workflow will be actioned on Tuesday 4th January, 2022 upon the return of all staff.
Where FHLDS or NHG reservations requests are received and are found to be incomplete or incorrect they will be rejected. As a result they may not meet the above cut-off dates.
It is important to ensure that you are providing complete and correct information and documents. Please seek support from the BRMs to assist with any clarification you may require prior to lodging the reservation request.
We wish to advise that our Servicing Calculator has been updated to include the latest HEM table which has been released.
The new Servicing Calculator (Version 7.5 November) will be required to be adopted for servicing of all applications lodged after midnight Friday, 3rd December 2021.
Effective Friday 19th November 2021 some changes to our Owner Occupied & Investment Loan Fixed interest rates will occur.
Our current 'Opening Doors For Investors' 0.20% bonus campaign will be continuing.
Auswide Bank today announced it has decreased a range of owner occupied and investment home loan interest rates for new customers by 10 to 30 bps despite the Reserve Bank of Australia's 2 November 2021 decision to maintain the official cash rate. Auswide Bank fixed rate home loan interest rates remain on hold amidst of competition looking to lift their fixed rates.
After a fantastic record breaking year for home loans, Auswide Bank is looking to continue this momentum.
According to Auswide Bank's Head of 3rd Party, Tracy Field, these changes will support both a strong market position and an appropriate balance in Auswide Bank's portfolio.
The reduced rates are available through our national broker channels.
Auswide Bank home loan rate changes include:
In addition to these home loan interest rate cuts, Ms Field said Auswide Bank will continue to open the doors for investors with a bonus 0.20%p.a. discount.
"An additional discount of 0.20%p.a. will be applied to the applicable investment home loan annual percentage interest rate when the customer also applies at the same time for a new owner occupied home loan, or refinances an existing owner occupied home loan from another lender to Auswide Bank."
"This discount offers a longer term benefit to customers as it is applied to the term of the loan rather than the upfront 'cash-back' offers we are seeing being offered by other lenders" said Ms Field.
"Providing the support and finance to help Australians into their homes is a core part of everything we do" Damian Hearne, Auswide Bank Chief Customer Officer said.
"Today's announcement will assist those customers wanting to get ahead on home loan repayments, as well as new home buyers looking to purchase a property Mortgage brokers who would like information on this rate change and the investment loan offer are encouraged to contact their Business Relationship Manager or visit www.auswidebrokers.com.au.
As you are aware APRA has been monitoring the current environment for residential mortgages against movements in interest rates and also rapidly changing house prices. Off the back of this, a decision was made to define a minimum interest rate buffer of 3% for all Authorised Deposit-Taking Institutions (ADIs)
Accordingly like many other ADIs, Auswide Bank is increasing our interest rate buffer to meet the minimum requirement set by APRA effective from 1st November, as any institution still maintaining an interest rate buffer lower than 3% after October 31st will be considered as taking on higher risk lending and will be subject to higher APRA measures and controls.
An updated Quick Qualifier Servicing Calculator (Version 7.4 October) is attached and will also be available from our broker website in the loan processing section, under Loan Applications.
Click here to visit
All applications being lodged required the new updated version of the Quick Qualifier after 31st October.
We wish to advise our new BRM for Victoria, SA and TAS has commenced with us. We are excited to have Louis Queale join us.
Louis' comes to us with an Advantedge/NAB background with solid lending skills and a strong service and support ethic. I have every confidence that he will provide an outstanding broker experience and strong support to the brokers in his portfolio with their future dealings with Auswide.
Over the next few weeks Louis will progressively be in contact with brokers to introduce himself, but as always brokers are welcome to reach out to him if they have any questions regarding scenarios, FHLDS, loan structures, policy-related questions, or just some require some general information about Auswide.
I have attached an updated BRM Contact list. Would you kindly review to ensure that your current details in your aggregator platform are correct and confirm.
In the meantime, please update your BRM contact details for VIC/TAS/SA as per below:
Email: lqueale@auswidebank.com.au
Mobile: 0429 051 166
We wish to advise that after a very long career in banking, your current BRM, Lianne Dickson, has decided to see what a life of leisure is like and will be retiring on Friday, 27th August 2021.
I would like to personally thank and acknowledge Lianne for her many achievements during her time with Auswide Bank in looking after her broker portfolios, two of which are her Sunshine Coast and Wide Bay portfolios.
I am excited to announce that we are welcoming Rachel Walsh to our Auswide Bank BRM team from Thursday 26th August. Rachel has been appointed to take over the Sunshine Coast and Wide Bay portfolios as Lianne moves off to enjoy her retirement.
Rachel will already be known to many of you from her previous role as the Qld BDM for Virgin Money. Rachel is a very experienced Broker Relationship Manager with good lending skills and a strong service and support ethic. I have every confidence that Rachel will provide an outstanding broker experience and strong support to you in your future dealings with Auswide Bank.
Over the next few weeks, I know that Rachel will be in contact with you all, but as always, I encourage you to reach out if you have any questions regarding scenarios, FHLDS, loan structures, policy-related questions, or just some general information about Auswide Bank.
If you would like to meet Rachel or find out all of the latest updates on our Broker Initiatives, FHLDS or Current Specials and Campaigns simply click on the button below to request a catch-up.
In the meantime, please refer to Rachel's contact details for assistance.
Email: rwalsh@auswidebank.com.au
Mobile: 0474 977 327
Details will be available in your Aggregator platform as well.
We wish to advise that after a very long career in banking, your current BRM Lianne Dickson has decided to see what a life of leisure is like and will be retiring on Friday 27th August, 2021. I would like to personally thank and acknowledge Lianne for her many achievements during her time with the Auswide in looking after her broker portolios, one of which is WA . This has given us the opportunity to do some restructuring with our current Broker portfolio management.
One of our existing BRMs, Sharon Giddins has been appointed to the management of the WA portfolio. Many of you will be familiar with Sharon as she has assisted with the WA portfolio in the past when Lianne has been on leave.
Sharon is one of our experienced BRMs, currently managing the CQ, NQ portfolios for me. With a strong background in lending, credit policy knowledge, and broker management I have every confidence that Sharon will provide an outstanding broker experience and support to you. I encourage you to reach out if you have any questions regarding scenarios, FHLDS, loan structures, policy-related questions, or just some general information about Auswide.
Sharon regularly runs Auswide Update Clinics. If you would like to meet Sharon or find out all of the latest updates on our Broker Initiatives, FHLDS or Current Specials and Campaigns email her with a request to book you into one of her clinics.
You will find Sharon’s contact details here.
From Monday 28 June 2021 the first stage of the auto-population of our Broker Pack will be implemented by NextGen. The majority of data entered into the ApplyOnline application will now populate the Loan Summary Application form, as well as other essential documents that form part of our Broker Pack.
The Document Pack print screen in ApplyOnline will now show updated options.
Auswide has also engaged NextGen to update our ApplyOnline platform to add new modules so that we can deliver a fully integrated auto-population of the Broker Pack. NextGen is currently working on adding a dynamic Compliance module, Products module, and customising components of the Application module to allow capture of FHLDS and upfront valuation information. This work is due to be completed in time for the August release schedule.
Comprehensive Credit Reporting (CCR), also known as positive credit reporting, has been introduced by a number of financial institutions in Australia and has changed the way credit information is reported to credit reporting bodies.
Auswide Bank will start sharing credit information about customers with credit reporting bodies as part of Comprehensive Credit Reporting (CCR) from 1st July 2021.
What is CCR?
Under CCR, credit reports include positive information such as account status, credit limit, and repayment history, but could also include additional information such as the date a credit account was opened, the type of account and up to 24 months of repayment history. CCR will give us more insight into your clients' current financial commitments. So it's important to make sure you provide all relevant information upfront in their application to ensure that the assessment process goes smoothly.
How this change may help you
When available CCR will provide you with more certainty about your clients' current financial commitments. This will enable you to complete a more accurate calculation of their servicing position as you will have visibility on credit limits, repayment types, and loan information from the report.
Are there any changes to the Credit Policy?
At this early stage, there will be no change to our Credit Policy or Supporting Documentation Requirements. Our Risk Team is committed to reviewing our position in October 2021.
From Monday 28 June 2021 an updated Supporting Documentation Checklist will be available. It will provide clearer guidelines for our requirements to enhance the validation and verification experience when lodging an application with Auswide and improve our 'speed to decision' timeframes. Currently when applications are lodged with all of the correct supporting documents specified in the checklist the validation and verification process is being completed in less than 2 hours. This means that we can allocate your file to an assessor to start work on it sooner.
One of the key changes in our Supporting Documentation Requirements is the inclusion of any Upfront Valuation Reports. If you have ordered a valuation via the Property Hub portal make sure you record the details on the Loan Application Summary form and include a copy of the report when submitting your supporting documents.
Effective from the 1st July 2021 the Progress Payment Fee applicable to progressively drawn Home Loans will increase from $100 to $450. The fee will be charged once to the loan when the first progress payment is made after the initial settlement drawdown to cover the administration costs of progress payments for your construction or renovation loan.
For existing customer applications where loans have been documented prior to 1 July 2021, they will not be affected by the fee increase. For New customer applications where the loan is documented from 1 July 2021, details in the Credit Contract and Home Loan Account Fees and Charges Schedule will be updated to reflect the fee increase.
Auswide has conducted a review of the amount of work involved in the administration of construction / renovation Home Loan progress payments and has identified an increase in the fee is appropriate. Although the fee is increasing we will still remain either lower than or in line with the market when the overall amount of the progress payment fee is considered.
Auswide Bank is introducing their new Broker Customer Onboarding Program, which will deliver another Broker Journey Review initiative based directly off Broker feedback.
From Monday 18th January 2021 a Customer Onboarding Specialist will be assigned to our Brokers based on location. Their purpose will be to assist broker introduced customers with any of their other banking needs that may be required as part of the customers home loan journey. Our specialist will work closely with the Broker Relationship Manager and yourself to ensure that your customers are placed at the centre of everything we do.
Prior to any customer contact our Customer Onboarding Specialist will touch base with the broker to discuss any specific requirements you may have regarding the onboarding of the customer. We recognise that many of our broker partners are also insurance brokers and in some cases, financial planners. We want to ensure that we are not offering services to the customers that they may have already provided.
Our Broker Relationship Managers will be contacting brokers to arrange a meeting to introduce their designated Onboarding Specialist to ensure the customer has a great home loan journey experience with Auswide Bank. For details of our Broker Customer Onboarding process please review our map here.
Get in touch with your Broker Relationship Manager to discuss accreditation, scenarios, process and our policy. Find your Broker Relationship Manager.
Traditionally, the weeks leading up to the Christmas period are one of the busiest times in our industry as everyone prepares to take time off to recharge and spend with family. After such a challenging year, no doubt we are all looking forward to the break. We would like to take this opportunity to thank you for your tremendous support during 2020 as we round out and deliver that last of our Broker Journey Initiatives over the coming weeks.
With borders now re-opening, this year we have decided to follow the lead of many of our industry colleagues and business partners. Our third party operations will remain closed for the few days between Christmas and New Year. This will provide our people with an important opportunity to catch up with family and friends after what has been an extraordinary and testing year for all Australians. We sincerely hope that you have the same opportunity to spend time with yours too.
Please note your calendars that our LOS processing centre will be closed from 5pm Thursday 24th December, 2020 and will re-open at 8.25am on Monday 4th January, 2021. Our Broker Relationship Managers will also be on break during this time.
So that we are able to meet customer expectations in the lead up to the Christmas break, please take note of the important dates below, which outline our cut-off time frames.
| Area/Action | Cut-Off Date | Details |
|---|---|---|
| Applications requiring decisioning prior to 24th December |
COB - Monday 14th December 2020 |
Application must be received with fully completed, compliant supporting documentation as per Supporting Documents Checklist |
| FHLDS (New Home) Reservation request | COB - Monday 21st December 2020 |
Reservation request form must be received fully completed, with all required supporting eligibility criteria documents. |
| FHLDS (New Home) Preapproval Application | COB – Monday 21st December 2020 |
All FHLDS reservations have an expiry date. To avoid a reservation expiring any reservation confirmed after 8th December must be converted to a Preapproval. |
| Settlements | Will be subject to an available timeslot with MSA |
MSA will continue to take settlement bookings without a cut-off time frame, however a settlement time slot must be available |
Where above cut off timeframes are not met files will be actioned within normal SLA's, but there is no guarantee of a decision prior to office closure at 5pm on the 24th December. Any outstanding files in workflow will be actioned on Monday 4th January, 2021 upon the return of all staff.
Where FHLDS Reservations requests are received and are found to be incomplete or incorrect they will be rejected. As a result they may not meet not meet the above cut off dates.
It is important to ensure that you are providing the complete and correct information. Please seek support from the BRMs to assist with any clarification you may require prior to lodging the reservation request.
We continue to work through the implementation of the Computershare verification and validation system.
The system is delivering some outstanding results for our Brokers and their processors who have adopted the system correctly and they are now experiencing very short lodgement to full decision turnaround times, consistently.
Our Broker Relationship Managers are available to assist you and your processors or staff members to ensure you are using the system correctly. Please take advantage of one of the regular Supporting Docs workshops they are currently running to enhance your decision time experience with us.
Issue 1: Supporting Documents are being sent to an incorrect email address
Correct process: Wait until you receive our email requesting submission of the loan documents. When sending the loan documents simply select 'Reply To' and attach the supporting documents to the email. Check the email address you are sending the loan documents to is: docs@loans1.auswidebank.com.au. If you have a loan processor and you forward our email requesting loan documents to them to action, it is important that you make sure your processor is sending their reply email to docs@loans1.auswidebank.com.au.
Issue 2: Documents are not returned within the required timeframe
Correct process: It is important to make sure that you have all of your supporting documents ready to lodge at the time of submitting the application in Apply Online. Once you submit via AOL you will receive our request within 25-30mins.
Supporting documents MUST be returned within 48 hours of submitting the application in AOL. If you are using a processor or a processing service, please ensure that they are aware of these timeframes. If the window is missed, it will require a manual document lodgement process which will delay the decision on a file.
It is important to complete the process of submitting the documents to us within 30mins once you or your processor commences it.
Issue 3: Ownership details of Assets & Liabilities are not being correctly depicted in Apply Online application
Correct process: It is important to make sure that the details captured in Apply Online correctly reflect the ownership of assets and liabilities. If this information is incorrect and the supporting documents for the asset or the liability do not match your details it will create an MIR that cannot be fixed. This will cause the file to require manual intervention and delay our decisioning. The prime example of this is where Credit Cards are captured with the default ownership of 'All Applicants'. Credit card statements and the liability is always held by a primary cardholder. The details should be reflected as shown on the Credit Card statement.
NextGen have completed the initial development work for the auto population and we have had the document in testing this week.
Feedback is being provided to NextGen on some minor fixes and we hope to have this finalised shortly and implemented.
In the meantime the editable Broker PDF document is available from our broker website.
Auswide Bank's Quick Qualifier Servicing Calculator has been updated to include the recent changes to the tax rates and HEM tables.
The servicing calculator has also been updated to include the mandatory $200pm servicing buffer in borrowing capacity calculations.
As a result there is no longer a need to see evidence of $200pm available in the net servicing calculation.Please ensure the latest version is being utilised which is available from the Loan Application section of the Broker website or your Aggregator platform.
The new process for lodging supporting documents was effective from Wednesday 14th October, 2020.
If you missed our Webinar on the changes you can access the information in our Broker Guide which is available from our Broker Website here under Loan applications.
From Wednesday 14th October the new process must be adopted to lodge your supporting documents.
Please contact your BRM if you have any questions.
A reminder that the new two part Broker Pack is now mandatory to use when lodging applications.
Make sure you complete both documents in full and correctly:
Important Note: AOL auto-population functionality for Part A - Broker Loan Summary & Application and the Broker Declaration page are currently being built for Auswide Bank by NextGen. This functionality is scheduled to be available in Apply Online in the late November release.
In the meantime download the interactive pdf version from our Broker Website www.auswidebrokers.com.au or your Aggregator Software for use electronically.
If you have any questions please contact your BRM.
As part of the 2020-21 Federal Budget, the Australian Government has committed an additional 10,000 First Home Loan Deposit Scheme (FHLDS) places for the 2020-21 financial year, specifically for eligible first home buyers purchasing new homes. This will be known as the New Home Guarantee (NHG). You can find out more here. The National Housing Finance and Investment Corporation (NHFIC) is currently working with the participating Panel Lenders, including Auswide Bank, and we will provide further information and updates when they become available here.
Effective from Wednesday 29th July, 2020 a new Loan to Value Ratio (LVR) pricing band is being introduced which provides lower interest rates for applications with an LVR of 75% or less. As a result our Special Offers will also be changing.
Interest rates for our 1, 2 and 3 year fixed rates for applications with an LVR above 75% up to and including 90% will increase from 2.29% to 2.44%.
Full details of the changes to our Special Offers have been outlined in our updated Rate Information sheets located here.
Auswide Bank's successful participation in the initial launch of the First Home Loan Deposit Scheme (FHLDS) enabled us to assist numerous first home buyers from all around Australia achieve their goal of owning their first home. We are delighted to confirm that from the 1st July, 2020 we will again be proudly participating as a panel lender for the Scheme, sharing access to 5,000 places in this allocation that have been made available to non-major lenders.
Our simple process provides brokers with the ability to obtain reservations under the Scheme quickly and then lodge the client's application for pre-approval with relative ease.
Refer to page 2 of the Reservation application form for the checklist
Due to a change in the Scheme verification rules, we currently do not require you to send us the 2020 ATO Notice of Assessment to reserve a scheme place.
Effective from Tuesday 14th April the following policy changes will be implemented and applied to all applications lodged with Auswide Bank. Existing preapprovals converting to a full approval from the effective date will also be subject to the new LVR limitations.
Investor Lending
Restricted to a maximum of LVR of 80% (both P&I and IO)
Interest Only Lending
Restricted to a maximum LVR of 80% (including Lines of Credit)
First Home Buyers (Non-NHFIC)
Our 95%+ LMI uncapped lending policy for First Home Buyers will no longer be available.
First Home Buyers will now be limited to a maximum LVR of 95% inclusive of LMI.
Please contact your BRM so they may assist you with any questions you have regarding these changes or applications in pipeline.
Your BRM contact details are here.
Effective from Wednesday 6th November, 2019 Auswide Bank has made the difficult decision to suspend the acceptance of Pre-approval applications, with some exceptions. Communications have been issued to all Aggregators and accredited brokers with further information.
A new Guide to Complex Lending is being implemented effective from Wednesday 6th November. The Guide outlines the criteria for Acceptable Complex / Self Employed loan applications and those that now fall under the category of Unacceptable. Unacceptable Complex applications now include applications where a Company or Trust entity is the Borrower. Communications have been issued to all Aggregators and accredited brokers with further information.
Auswide Bank has recently changed its Consumer Credit Policy to introduce the acceptance of short term rental income from properties such as Air BnB, Holiday Letting and Serviced apartments with some conditions. Communications have been issued to all Aggregators and accredited brokers with further information.
Auswide Bank has recently reviewed their servicing floor rate. Effective from Monday 28th October the servicing floor rate will reduce down to 5.40%. We will continue to maintain an interest rate buffer of 2.5%.
Company announcements by Auswide Bank Ltd are accessible at ASX Company Announcements.
For information on Auswide Bank products, community initiatives and other general news please visit Auswide Bank News.
