CBA - Self Employed 80% LVR

[Brady]

Where a self-employed customer's application has an LVR of less than or equal to 80%, you can now verify their income using a simplified set of documents.

For all self-employed applications with an LVR of less than or equal to 80%, customers must provide these documents:

• Personal and Business (Partnership, Company, Trust) tax return from the most recent financial year along with the corresponding Notice of Assessment (NOA) for individuals; and
• Business financial statements (accountant prepared Profit and Loss Statement and Balance Sheet) from the most recent financial year, showing the last two consecutive years information

 

[DaveM]

Does CBA need FY14 company returns now before they are due, or are they taking 2013 still

 

[MC1]

Finally caught up to ANZ

 

[Peter_Tersteeg]

Essentially 1 years financials instead of 2. Great news. I'd heard this was in the works, it's nice that it's finally here.

 

[Brady]

Agreed, I had a long face 2 face with someone from credit when they were last in town regarding exactly this. Also around trying to match ANZ with COS @ 80% instead of current 70%

 

[Brady]

Does CBA need FY14 company returns now before they are due, or are they taking 2013 still

The most recent being not more than 24 months old, and a personal Notice of Assessment* that relates to the most recent personal Tax Return.

 

[Ajax]

Doesn't stack up well against RAMS- 80% lvr self employed accountant's letter as to last FY income and self certification (I have loans with both lenders-RAMS at 80% lvr and CBA sub 50% lvr )

 

[Peter_Tersteeg]

Doesn't stack up well against RAMS- 80% lvr self employed accountant's letter as to last FY income and self certification (I have loans with both lenders-RAMS at 80% lvr and CBA sub 50% lvr )

You're comparing a (RAMS) lo doc loan with a (CBA) full doc loan. There's a lot of difference in what's happening behind the scenes. Even if the costs are exactly the same, I'd take full doc any day of the week.

 

[Corey Batt]

BDM gave the heads up on this a couple months ago, alongside the COS @ 80% - a good move in the right direction.

 

[Jamie M]

Sweet news!

We've known about it being introduced for a while so good to hear it's finally happening.

Cheers

Jamie