Weekly Kath's Credit Crunch 30th June 2025 🌟

Thank You from Kath🙏 (but first sorry for the bad video with poor lighting recorded in a hotel room on school holidays!!!🙈🙈)

I just want to take a moment to say a massive THANK YOU to every one of you — for your support, encouragement, and friendships throughout the 2025 financial year.

It’s been a huge year for me, both professionally and personally, and truly, I couldn’t have done it without your backing (and that of your amazing teams). Every decision I’ve made for The Brokers’ Bible has kept you — our brokers — front and centre. I’m constantly asking myself: Does this add value to your business? How can I support you better?

As we launch into the 2026 financial year, you will remain the focus of everything I do. I’m looking forward to another year of driving development, adding value, and being your loudest cheerleader (even if slightly off-key) in 2026.

👉 Quick updates

✅ No major policy updates to report today.here

✅ New Product Alert — Household Capital have launched their Retirement Refi product — the only home loan solution designed specifically for clients over 60. It’s a great way to help your retiring clients free up cash flow and give them more choice (and peace of mind) in retirement. Keen to see if they qualify? Check out the pre-approval calculator [here].

✅ Heads up — Bank Australia are pulling their investor rate special today, so if you’ve got deals in the pipeline, make sure you check the fine print before it closes. It’s been a cracker of an offer.

✅ Macquarie Bank – Offset Account Alert
An experienced LMG broker recently raised an important issue: when discharging a client’s loan, Macquarie de-linked the offset account four days before settlement, resulting in more than $5,000 in additional interest charged to the client.

To avoid this, ensure your customers are aware of the impact on their offset account when discharging their home loan. You can learn more about this process [HERE].

👉 Reminders

Bankwest - Buy Now Pay Later Updates
Due to recent regulatory changes, some BNPL facilities that were previously classed as credit cards now need to be listed as personal loans for servicing. Make sure you check out the BNPL guide on the Broker Portal so you can enter them correctly in your applications.

MYSTATE - Home Guarantee Scheme (HGS) Application Requirements
If a scheme place isn’t reserved by COB Monday 30 June:

• A new 2025/2026 HGS application form will be needed to secure a place

• A 2023/2024 Notice of Assessment (NOA) must be provided by 31 August 2025 (applications can still progress to pre-approval while this is pending)

• From 1 September 2025, a 2024/2025 NOA will be required upfront to secure a spot

This applies even to pipeline applications where an MIR has been issued but a spot hasn’t been reserved yet.

Please check each lender for any of their requirements.

CBA - HGS Process

What’s happening?

• The First Home Guarantee (FHBG) and Regional First Home Buyer Guarantee (RFHBG) allocations are now exhausted.
• These schemes have reached their full allocation for the current financial year, meaning no new applications can be accepted or progressed at this time.
• Withdrawn places may still become available before 1 July, and these are released to all participating lenders on a first-come, first-served basis.
• New places will become available from 1 July 2025, as part of the FY25–26 allocation.

• Advise clients to keep this in mind if they are signing contracts with short finance clauses over the weekend, as scheme availability may impact their eligibility or approval timelines.
• Ensure clients are aware that from 1 July, their FY25 NOA must meet the income eligibility criteria.
• From Tuesday 1 July to Sunday 31 August, if your customer is eligible to complete a tax return (year ending 30 June 2025) but unable to finalise it before the issuance of a Scheme place, you can proceed in issuing documents, however, the Notice of Assessment (year ending 30 June 2025) must be provided in order to issue a Guarantee Certificate.
• To proceed with the pre-approval application, you must check the income provided for the home loan application is within the Scheme caps.

Beyond Bank HGS Update

Beyond Bank Australia is pleased to announce that we are continuing to be a participating lender under the Australian Government’s Home Guarantee Scheme (HGS or Scheme).

The HGS offers three guarantees to help eligible home buyers purchase a home sooner:

• First Home Guarantee (FHBG)
• Regional First Home Buyer Guarantee (RFHBG)
• Family Home Guarantee (FHG).

Important note: applicants applying for a Home Guarantee Scheme must intend to move into the proposed security within six months of either the date of loan settlement or, if after six months, the date an occupancy certificate is issued.  

Unless eligible for an exemption (circumstances to be discussed with Beyond Bank), applicants must live there for as long as their loan remains guaranteed under the Scheme. 

Income requirements - ATO Notice of Assessment 2024/25.

It is a Scheme requirement that the applicant’s 2024/25 ATO Notice of Assessment (NOA) - confirming their income meets the income threshold - be provided at the time of submitting the loan application to Beyond Bank. 

Please note: For new reservations from 1 July 2025 until 31 August 2025 - where the 2024/25 NOA is not yet available - the 2024/25 income statement (from myGov) or payment summary (from employer) can be used as evidence of income eligibility to obtain a conditional approval. The 2024/25 NOA is required before we can obtain the Government’s guarantee certificate and issue unconditional approval. So please ensure the applicant is aware they need to lodge their tax and provide us with their 2024/25 NOA before the application can progress past conditional approval. 

How to lodge a scheme application with Beyond Bank Australia.

1. Determine customer scheme eligibility using the Housing Australia eligibility tool

2. Lodge application via Apply Online while ensuring to select 'yes' to Scheme options and selecting the relevant First Home Buyer Package product

3. Ensure the below supporting documents are included with your application:

• completed, signed, and witnessed copy of a Home Buyer Declaration for the Home Guarantee Scheme
• certified copy of Australian Citizenship or Permanent Resident evidence for all applicants (e.g. Birth Certificate, Passport, Permanent Resident Certificate, Foreign Passport and VEVO Check)
• certified copy of Medicare Card for all applicants
• completed broker VOI Form to accompany the above Certified ID documents
• 2025 Notice of Assessment for all applicants
• other Scheme dependent documents (refer to the Information Guide for each applicable guarantee)
• evidence that Beyond Bank Australia’s internal Genuine Savings and Retained Savings Policy have been met (refer to your BDM for clarification on these internal policies).

4. Once Beyond Bank Australia receives your application, we will handle all communication and Scheme Portal requirements with Housing Australia. If we require additional documentation from you, we will let you know. Otherwise, there is nothing further related to the Scheme that you, as the broker, need to do.

Important note: Beyond Bank Australia may request additional documentation depending on the scheme(s) for which the client(s) is eligible.

QLD Government FHB Grant update:

https://www.qld.gov.au/housing/buying-owning-home/home-buyers-financial-help/first-home-owner-grant

See you next Monday, finance friends! 👋