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Kevin-McIsaac committed Dec 9, 2024
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<h1 class="title">Credit Policy | Acceptable Repayment Terms</h1>
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<td width="60" valign="middle" style="padding-left: 30px; border-bottom-color: grey; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-size: 10pt;"><img src="https://www.commbroker.com.au/content/dam/commbroker/public/credit-policy/Eye.png"/></span></td>
<td width="40" valign="middle" style="padding-top: 10px; padding-left: 10px; border-right-color: grey; border-bottom-color: grey; border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid;"><p><span style="font-size: 10pt;"><span style="font-size: 12pt;">What</span></span></p> </td>
<td style="padding-top: 10px; border-bottom-color: grey; border-bottom-width: 1px; border-bottom-style: solid;"><p><span style="font-size: 10pt;">Relates to the customer’s <b>ability to make</b> their loan <b>repayments </b>over the agreed <b>term</b>.</span></p> </td>
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<td valign="middle" style="padding-left: 40px; border-bottom-color: grey; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-size: 10pt;"><img src="https://www.commbroker.com.au/content/dam/commbroker/public/credit-policy/Magnifying%20Glass.png"/></span></td>
<td valign="middle" style="padding-top: 10px; padding-left: 10px; border-right-color: grey; border-bottom-color: grey; border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid;"><p><span style="font-size: 10pt;"><span style="font-size: 12pt;">Why</span></span></p> </td>
<td style="padding-top: 10px; border-bottom-color: grey; border-bottom-width: 1px; border-bottom-style: solid;"><p><span style="font-size: 10pt;">It’s our responsibility to ensure customers are able to <b>consistently service their loan repayments </b>(principal plus interest) over the agreed period of time (term) without hardship.&nbsp;</span></p> </td>
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<td valign="top" style="padding-left: 40px; border-bottom-color: grey; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-size: 10pt;"><img src="https://www.commbroker.com.au/content/dam/commbroker/private/credit-policy/Cog.png"/></span></td>
<td valign="top" style="padding-top: 10px; padding-left: 10px; border-right-color: grey; border-bottom-color: grey; border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid;"><p><span style="font-size: 10pt;"><span style="font-size: 12pt;">How</span></span></p> </td>
<td rowspan="2" scope="padding-top: 10px;"><p><span style="font-size: 10pt;"><b><span style="color: rgb(153, 51, 0);">MAXIMUM OVERALL REPAYMENT TERMS</span></b></span></p> <p><span style="font-size: 10pt;">The <b>maximum overall repayment terms</b>, including an interest free period is:</span></p>
<ul style="padding-bottom: 10px;">
<li><span style="font-size: 10pt;">Home Loans and Investment Home Loans - 30 years</span></li>
<li><span style="font-size: 10pt;">Bridging Loans - 1 year</span></li>
</ul>
<hr style="border-width: 1px medium medium; border-style: dashed none none; border-color: grey currentColor currentColor; border-image: none; margin-bottom: 10px;" /> <p><span style="font-size: 10pt;">Below are our maximum <b>interest only terms</b> by loan type. When doing the calculation just remember repayments are on a monthly amortised basis (except for bridging loans).</span></p>
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<td width="50%" class="cbayellow" valign="top" style="text-align: center;"><p><span style="font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-size: 11pt;">TYPE OF LOAN</span></span></p> </td>
<td width="50%" class="cbayellow" style="text-align: center;"><span style="font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-size: 11pt;">MAX. INTEREST ONLY TERM</span><br /> <span style="color: rgb(0, 0, 0); font-size: 10pt;">(New and existing loan)</span></span></td>
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<li><span style="font-size: 10pt;">Home Loans</span></li>
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<td style="text-align: center; border-bottom-color: grey; border-bottom-width: 1px; border-bottom-style: dashed;"><span style="font-size: 10pt;">Five years</span></td>
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<li><span style="font-size: 10pt;">Investment Home Loans</span></li>
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<td style="text-align: center; border-bottom-color: grey; border-bottom-width: 1px; border-bottom-style: dashed;"><span style="font-size: 10pt;">Ten years (maximum of 5 years at a time)</span></td>
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<li><span style="font-size: 10pt;">Bridging Loans</span></li>
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<td style="text-align: center;"><span style="font-size: 10pt;">One year</span></td>
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</table> <p><span style="font-size: 10pt;"><b><br /> <span style="color: rgb(153, 51, 0);">Here’s a good example:</span></b></span></p> <p><span style="font-size: 10pt;">If an Investment Home Loan customer is eligible for a 30 year loan term and wants a 5 year interest only period, that’s okay -- provided the customer shows they can service the loan on a fully amortised basis over 25 years (i.e., the contracted loan term of 30 years minus the interest only period of 5 years).</span></p> <p><span style="font-size: 10pt;"><span style="color: rgb(153, 51, 0);"><i><b>Note:</b></i> </span><i>Interest only and fixed interest rate terms may differ (e.g. interest only term may be 5 years while interest rate is initially fixed for 3 years). Interest only terms are not available if the security is a leasehold estate.</i></span></p>
<hr style="border-width: 1px medium medium; border-style: dashed none none; border-color: grey currentColor currentColor; border-image: none;" /> <span style="font-size: 10pt;"><br /> </span><p><span style="font-size: 10pt;"><b><span style="color: rgb(153, 51, 0);">WHEN AN INTEREST ONLY PERIOD ENDS</span></b></span></p> <p><span style="font-size: 10pt;">When an<b> interest only period ends</b>, we’ll consider another interest only period if:</span></p>
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<li><span style="font-size: 10pt;">The total interest only period for the life of the loan doesn’t exceed the maximum interest only term&nbsp;</span></li>
</ul> </td>
<td width="20%" style="text-align: center;"><span style="font-size: 10pt;"><span style="color: rgb(255, 255, 255); background-color: rgb(0, 0, 0);"><span style="color: rgb(255, 255, 255); font-size: 12pt; background-color: rgb(0, 0, 0);">&nbsp;AND&nbsp;</span></span></span></td>
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<li><span style="font-size: 10pt;">Capacity to repay is evident</span></li>
</ul> </td>
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<hr style="border-width: 1px medium medium; border-style: dashed none none; border-color: grey currentColor currentColor; border-image: none;" /> <span style="font-size: 10pt;"><br /> </span><p><span style="font-size: 10pt;"><b><span style="color: rgb(153, 51, 0);">BRIDGING LOANS</span></b></span></p> <p><span style="font-size: 10pt;">Bridging loans help customers meet short term requirements if a repayment is reliant on the sale of an asset or an alternative income source. Bridging loans are limited to a maximum of one year in situations where:</span></p>
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<li><span style="font-size: 10pt;">An interest servicing capacity is established</span></li>
<li><span style="font-size: 10pt;">A strong security position is available</span></li>
</ul> </td>
<td width="20%" style="text-align: center;"><span style="font-size: 10pt;"><span style="color: rgb(255, 255, 255); background-color: rgb(0, 0, 0);"><span style="color: rgb(255, 255, 255); font-size: 12pt; background-color: rgb(0, 0, 0);">&nbsp;AND&nbsp;</span></span></span></td>
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<li><span style="font-size: 10pt;">The existing property is sold within 12 months from funding date. The bridging debt must be repaid in full or reduced to the agreed residual debt level</span></li>
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<td width="10%" height="30%" valign="top" style="text-align: center; border-right-color: grey; border-right-width: 1px; border-right-style: solid;" colspan="2"><p style="text-align: left;"><span style="font-size: 10pt;"><span style="font-size: 12pt;">Resources</span></span></p> <p style="text-align: left;"><span style="font-size: 10pt;">Restrictions apply on foreign currency earnings. See <a href="/Net/Documentum/credit-policy/foreign-currency-income.aspx" adhocenable="false">Foreign Currency</a> and <a href="/Net/Documentum/credit-policy/eligible-borrowers.aspx" adhocenable="false">Eligible Borrowers Matrix</a></span></p> </td>
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