Weekly Credit Crunch 13th April 2026 🌟

🏦 MyState Bank

🔹 Key changes:

• Repayment Terms: Internal refinance applications can now reset the loan term to the maximum 30 years if fully assessed.

• Overtime Income: If the average overtime on the two most recent payslips is more than 20% lower than the year-to-date average, it must be investigated and supported by commentary.

• High-Risk Postcodes: The individual borrowing limit of $500,000 for Category A postcodes has been removed.

💻 UBANK

Ubank is making the following changes to its home lending credit policy:

🔹 Holiday Rental Verification:

Annual income can now be verified using:
• The most recent Individual Tax Return with Notice of Assessment for a full financial year ending 30 June OR
• A statement issued by the managing agent or rental management company covering the most recent 12 consecutive months.

🔹 Valuations:

• A physical valuation is no longer required for interstate purchases. The valuation type will now be determined by the Business Rules Engine.

• For applications with an LVR above 80%, a Desktop valuation or above is now required, and AVM valuations are no longer acceptable.

🏠 ANZ

🔹 Australian Government 5% Deposit Scheme:

• ANZ is now a Participating Lender.

• Pricing requires selecting “Low Risk” in the Pricing Tool.

• Maximum savings buffer, including shares, is $30,000.

• 5% genuine savings must be held regardless of LVR.

• Self-employed income is assessed based on the under 80% policy, meaning there is no 20% shading and no requirement to use the average/variance of two years’ tax returns.

🔹 $3,000 First Home Buyer Cashback Offer:

• The offer now excludes any home loan with an ANZ LMI waiver applied, including Scheme Loans and Medico/Professional Industry LMI waivers.

🔹 Rental Income Verification (Private Lease):

Rental income from privately leased properties can now be verified using either of the following:
• The latest tax return and corresponding Notice of Assessment, or

• The last 3 months of transaction history showing consistent rental credits. If rental amounts are inconsistent, the lowest figure must be used.

• For non-ANZ held securities, ownership must also be verified using reliable third-party documentation, such as a current rates notice, title search, or tax return.

🔹 Tightening Income Verification Appetite (No Exceptions):

Applications requiring Lenders Mortgage Insurance (LMI) and those involving Non-Permanent Residents must strictly comply with ANZ Mortgage Credit Requirements. Scenarios no longer accepted include:
• Income verified through financials not prepared by a registered accountant or tax agent.

• Income from sources where ABN/ACN registration is less than 18 months, excluding business structure changes.

🏦 Westpac

📅 Submit to Succeed Webinar – Wednesday 29 April, 2–3pm (AEDT)

Westpac’s upcoming webinar will focus on helping brokers confidently progress deals through the end-to-end home loan lifecycle — from intent through to settlement.

🔹 What the webinar will cover:

• The end-to-end home loan lifecycle
Key moments from pre-lodgement through to submission, approval, and settlement.

• Early-stage confidence and momentum
Using early assessments, including AIP, to set expectations, maintain momentum, and reduce rework.

• Managing pipeline in a rising-rate environment
Keeping deals moving, helping protect customers from rate movement, and understanding when to raise tools like Rate Lock in broader client conversations.

🎓 CPD Points

• You will be eligible for CPD Points with both MFAA and FBAA, which will be provided after the session.

Click this link to register

https://westpacview.com.au/SubmitToSucceed29April

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