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Borrower
Guidelines |
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No former bankrupts unless
customer has been discharged for 6 years or made full restitution
to creditors. |
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GDSR/TDSR are tiered based
on purpose of mortgage, product and LVR. |
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Net worth requirements vary
based on LVR and customer risk. |
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Rentals - minimum $100,000
net worth PER rental unit/property owned. |
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50% of gross rental income
on owner occupied duplexes/triplexes/fourplexes is added to income. |
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70% of gross rental income
on rental properties is used to determine net rental income, which
is used to determine capacity. |
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Self-employed/Commissioned
Sales applicants qualifying in the normal manner require 2 years Notices
of Assessment. Commissioned Sales applicants also require a letter
from their employer stating gross commissions earned year to date. |
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Guarantors - If occupying
property, treat as a co-applicant for adjudication. If not occupying
property, then borrowers and guarantor must qualify individually for
debt. |
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