Weekly Credit Crunch Friday August 8th 2025

🏦 Bank First

New Discharge Form Process – Effective 11 August 2025

Discharge forms will now be generated individually for each Member upon request.
To initiate the discharge process and obtain a personalised discharge form, Members must contact the Existing Loans team directly on (03) 9834 8597.

🚫 Submissions received using the current form on or after Monday 11 August 2025 will not be accepted.

Next Steps:
Please advise your clients to contact the Existing Loans team to request their discharge form. The team will provide the required documents and support to ensure a smooth, tailored process.

💡 Bridgit by LMG

What Sets Bridgit Apart:

• Bridging loans up to $8M, 80% LVR, with up to 12-month terms

• ⚡ Fast 24-hour approvals

• ❌ No monthly repayments

• 💰 0.35% upfront commission – no clawbacks

• 🤝 Backed by non-bank flexibility, now fully integrated with LMG Lending

🏢 Bank of Melbourne (BoM)

Update: Corporate Trustees & Company Borrower Loans

BoM has transitioned processing for these loans from Mortgage Ops to the Small Medium Enterprise (SME) Banking team.

⛔ As a result, Approval in Principles (AIPs) will no longer be offered for these customer types.
✅ Please submit full applications only for Corporate Trustees or Company Borrowers.

🔥 Pepper Money

🔥 Prime Full Doc Promo Extended – Now Until 15 October 2025!

• ✅ No LMI, no LPF, and no Risk Fee up to 90% LVR

• 📈 Borrow up to 80% LVR for vacant land

🟠 ING

Property Share Structures – Ending 11 August 2025

From 11 August 2025, ING will no longer accept Property Share loan structures.
This applies where two or more applicants (e.g., friends) co-purchase a property but apply separately for loans secured by the same property.

📌 Existing applications already in the pipeline will be honoured, but no new applications will be accepted from that date.

🌊 Wave Money

Full Doc Self-Employed – NO LMI up to 85% LVR

Now accepting Director’s Wages under a streamlined new policy:

1. ✅ Most recent ATO income statement to verify Director’s Wages

2. ✅ Accountant letter (on letterhead) confirming the business is trading profitably and can meet financial commitments

What’s NOT required?

• ❌ No financials

• ✅ Just the latest ATO income + accountant confirmation

Minimum 6 months of income history & 20%+ ownership required

Bank of Sydney

Updates to No LMI Policy for Professionals

🆕 Construction Loans now accepted under the No LMI Policy (Owner-Occupied only, up to 90% LVR, subject to eligibility)

⛔ Investment Home Loans are no longer eligible under the No LMI offering

 🚀 Loan Market Scale Up 2025 – What. A. Whirlwind.

Just wrapped up a jam-packed few days at Scale Up with Loan Market and OMG!

The focus was clear: AI integration across every part of the business. From using Gemini to streamline admin and cut back on time-wasting tasks, to hearing from brokers already leveraging AI to improve how they work — it was all about creating practical efficiencies and giving brokers back more time to focus on clients and growth.

We also heard from LMG leaders who genuinely have your back, keynote speakers sharing sharp industry insights, and brokers who are kicking serious goals.

But the highlight for me?
Being part of the Lender Expo with my fav BDM's and finally meeting so many Brokers Bible members in real life — brokers I’ve been supporting for over a year now. Plus, getting to know the LMG corporate team who’ll be supporting me as we transition and fully integrate The Brokers' Bible into the LMG ecosystem.

It’s been a whirlwind. But the momentum is real — and I can’t wait for what’s next!!!