Weekly Kath's Credit Crunch 7th July 2025 🌟

AMP

Changes to Pre-Approvals and Pre-Approval Extensions
As AMP transition to their new AMP Bank Broker Platform, they will temporarily pause pre-approvals via Apply Online (AOL). The final day to submit applications was Friday, 4th July. Applications received after this deadline will not be processed until the pause is lifted. Please note, this change also means we will not be accepting any pre-approval extensions.

Great Southern Bank

1. No longer need proof of your customers' genuine savings being held for three months - LVR's above 90%. 
2. Self-Employed (simplified documentation)

Minimum verification requirements:

• Last 2 years most recent Notice of Assessment’s

• Last 2 years financials

• 80% Max

Westpac Group (inc Bank of Melbourne)

New 1-Year Assessment
Self-employed customers may now qualify using the latest full year assessment (1 full financial year). Eligibility:

1. 90% of latest year income used for serviceability.

2. ≤ 80% Loan-to-Value-Ratio (LMI and LMI waivers are not available).

3. Personal applicants only (standard eligibility applies).

4. Application Total Aggregated Exposure (TAE) must be ≤ $3m.

5. Not available for debt consolidation.

6. Equifax Bureau score ≥ 650 for each applicant.

Fast Track Expansion
Customers with Foreign Income Tax Credits up to $200 per financial year are now eligible for Fast Track — no additional verification required.

Business Activity Statement (BAS) for Latest Year Assessment
You can now provide BAS to support the use of a customer’s latest year income, where the customer’s business has grown more than 60% year-on-year. Your assessor can accept this without referring to Credit.

You can now supply BAS to support use of a customer’s latest year’s income (fully verified 2-year assessments) where the volatility test (business has grown more than 60% year-on-year) has failed.

Self-Employed Masterclass Series
Join us online on 10 July 2025 for Part 1 of our Self-Employed Masterclass Series. Get the latest on Self-Employed policy updates and bring your questions — our live Q&A lets you ask the team behind the changes directly.👇👇👇

[Register here]

Assetline Capital

Assetline Capital has announced the launch of a no-valuation product, aiming to save borrowers time, cost, and paperwork.

The ‘no valuation’ product is available in metro locations, with loan terms up to 24 months and loan sizes up to $3m. With no formal valuation report required, the loan is processed at a quicker speed with lower costs.

Pepper Money — New Product Alert! 🚨

AltDoc Xpress is a secure digital solution designed to help brokers seamlessly manage the completion of the Declaration of Financial Position and the Accountant’s Letter for self-employed clients. Once you’re happy with the completed forms, you can submit them directly to Pepper Money to support a new application.

Because the forms are digitally validated upfront, there’s less need for follow-up verification calls — saving you time, reducing friction, and creating a smoother experience for brokers, clients, and accountants alike.

Super simple 4 step process - link to training video and FAQ HERE

What documents and information are required?
No documents are needed to kick things off. All you need is your client’s and their accountant’s contact details. Each party (you, your client, and the accountant) must have a unique email address and mobile number.

QLD Government FHB Grant Update

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