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Credit Policy

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Alternate Servicing

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Back to Serviceability

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What:

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Alternate servicing is a servicing option which can be used to support your customer’s borrowing capacity allowing the apportionment of shared commitments and/or monthly living expenses (MLE).

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  • These are the alternate servicing options which may be available: -
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    • Commitment apportionment; 
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    • Monthly living expenses (MLE) apportionment; and 
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    • Combined Commitment and MLE apportionment.
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When:

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Alternate servicing can be used where the initial servicing assessment fails (i.e. servicing calculation results in a negative Net Monthly Surplus).

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Eligibility: 

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 Commitment apportionmentMonthly Living Expenses (MLE) apportionment
Eligibility -
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  • Shares an existing joint CBA or OFI home loan, investment home loan, or line of credit with another party who is not a proposed borrower or security owner on the new loan.
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  • Shares household MLE with a spouse who is not a proposed borrower or security owner on the new loan but resides in the same household.
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Basis of apportionment -
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  • Apportioned based on your customer’s current contribution to the repayment on the existing shared commitment.
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  • Apportioned based on your customers declared contribution to total household expenses.
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  • A maximum of 50% of household expenses can be apportioned to the other party (i.e. your customer must be responsible for at least 50% of total household expenses).
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  • Compared to adjusted HEM (number of adults can be adjusted; dependants must remain the same).
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Example -
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  • A borrower has an existing shared investment home loan with a sibling for $500,000, where they each repay $1,250 per month, to meet the $2,500 monthly repayment amount.
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  • The borrower is applying for a new owner-occupied home loan with their partner, however, fails servicing.
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  • Instead of allocating the entire repayment on the existing loan to the borrower, the commitment can be reduced to allow for the apportioned repayment of $1,250 per month; subject to appropriate evidence being provided.
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  • A borrower lives with their spouse with total shared household MLE of $5000.
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  • The borrower applies for a new investment home loan in their own name, however, fails servicing.
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  • The borrower declares they pay 60% of the total shared household MLE.
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  • As the borrower shares MLE with their spouse and the borrower lives in the same household, MLE can be reduced to 60% (i.e. $3,000), and number of adults adjusted to one person (and all dependants); subject to appropriate evidence being provided.
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  • The higher of the adjusted declared MLE or adjusted HEM will be used in the servicing assessment.
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Spousal relationship means a relationship where the couple are:

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  • Married; or
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  • In a de-facto relationship. A de-facto relationship is where the couple are:
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  • Not legally married to each other; and
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  • Not related by family; and
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  • Have a relationship as a couple living together on a genuine domestic basis.
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Exclusions:

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  • Alternate servicing isn’t available when the application involves Servicing and/or Security Guarantors.
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  • Alternate servicing cannot be used in conjunction with Refinance Exception Assessment.
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All Top Up applications must be completed through a new home loan application.

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Important Considerations:

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It is important your customer considers the following before alternate servicing can be applied:

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  • The declared portion of joint commitments and/or shared living expenses should be reflective of what they are doing today and will do in the future. They should not be placing any additional burden on themselves or the other party.
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  • Will the other party continue with their current contribution toward the shared commitments and/or expenses. It is highly recommended they discuss this with the other party.
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  • Will the new loan impact their ability to maintain their share of repayments on existing joint commitments and/or shared household expenses.
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  • For any existing joint commitments they are still responsible for the total debt and meeting the full repayments, where the other party can’t or won’t pay.
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  • Alternate servicing can only be applied when all required evidence is provided.
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  • Any other considerations that may be applicable to their specific scenario.

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The Home Loan Alternate Servicing Guide should be provided to your customer detailing the alternate servicing options we may use, risks they should consider, and the documents we require from them to progress their new application.

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Evidence:

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 Commitment apportionmentMonthly Living Expenses (MLE) apportionment
Apportionment ≤ 50% to another party

Borrower to provide:

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  • Statutory Declaration signed by the borrower
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    • Most recent 3 month bank statements or other financial documents that evidence the borrower’s contribution
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    • Statutory Declaration signed by the other party
       
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Borrower to provide:

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  • Statutory Declaration signed by the borrower
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  • MLE for Alternate Servicing Calculation Template
     
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Apportionment > 50% to another party

Borrower to provide:

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  • Statutory Declaration signed by the borrower
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  • Statutory Declaration signed by the other party
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Not applicable
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  • Alternate servicing can only be applied where all required evidence is provided by the borrower and submitted with the application.
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  • Where there is more than one commitment being apportioned the above evidence is required for each commitment.
     
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Completing the Statutory Declaration

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  • The Statutory Declaration is designed to be completed in all scenarios and can be used by either the borrower or other party (as required).
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  • Where commitments and MLE are both apportioned only one Statutory Declaration is required to be signed by the borrower covering both.
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  • If multiple borrowers have a shared loan, a separate Statutory Declaration must be completed by each borrower.
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Statutory Declaration to use -
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 Commitment apportionment only

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  • confirming the percentage contribution made towards the shared commitment
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  • declaration stating although they currently share repayments on their existing loan they are jointly and severally liable for the entirety of the debt
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Complete clauses 1 and 2 and 3

(delete clause 4)

MLE apportionment only

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  • confirming the percentage contribution made towards shared expenses and the MLE for Alternate Servicing Calculation Template has been reviewed and they agree with expenses declared
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Complete clause 4

(delete clauses 1 and 2 and 3)

Commitment and MLE apportionment

Complete clauses 1 and 2 and 3 and 4

Note: Clauses deleted must be initialled by the person completing the declaration and by the person witnessing the declaration.

Witnessing the Statutory Declaration -
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  • To make sure there's not a conflict of interest, the Broker completing the loan application mustn't act as a witness to the signing of the Statutory Declaration.
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Notes:

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  • Statutory Declarations are valid for 90 days. If the original Statutory Declaration exceeds this timeframe, an updated version of the document is to be signed by all relevant parties and attached to the application. If either the borrower(s) or the other party are unable to provide this, we may consider alternate documents to evidence the declared apportionment of living expenses or commitments is still valid.
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Evidence to demonstrate apportioned repayment commitment ≤ 50%

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  • The borrower has the option to provide evidence demonstrating they pay the percent amount they declared in the Statutory Declaration.
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  • The Broker must peruse statements to verify the borrower's payment of their share of the joint loan.
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    • Most recent 3 months' OFI account statements
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    • Most recent 3 months' CommBank account statements / transaction listing
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    • Most recent payslips showing salary credits to the loan.
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  • Loan repayments from a joint account are acceptable when the borrower’s salary / wages or bank transfer is credited to the same account, amount is equal to, or more than the declared loan repayment on the shared loan.
    If the borrower is making cash deposits as their loan repayments, recommend they deposit to their account and transfer the funds. Cash deposits to the loan can't be used as verification.
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How:

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Using the Home Loan Servicing Model to apply alternate servicing

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StepAction
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Complete the first serviceability calculation (with all full shared commitments and total household MLE). If the Servicing Model results in a negative Net Cash Position:

Save a PDF copy of the Servicing Model

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Ask the borrower if they have any shared commitments or expenses that meet the eligibility criteria to apply alternate servicing:

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    • That they share the repayment on an existing commitment, ask them: What percentage of the loan repayment amount do you pay e.g., 50% etc?
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    • That they share total household expenses, ask them: What percentage of total household expenses do you pay e.g., 50% etc?
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  • Ask the borrower: Would you like to proceed with a Servicing Model scenario reflecting your contribution to the shared loan; and/or shared expenses?
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  • If they answer:
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    • Yes, go to Step 3 to complete a second servicing model using the percentage of the loan repayment amount and/or expenses your customer has told you.
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    • No, tell them the servicing model result means they can't borrow the amount requested. Talk to them about reducing the loan amount, where appropriate. End of procedure.
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Start the second Servicing Model to apply the alternate servicing option the customer is eligible for:

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  • To apportion shared commitments, go to Step 4
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  • A combination of commitment and expense apportionment can be included in the second Servicing Model as required.
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To apportion shared commitments

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  • Update the commitment based on the borrower’s declaration of apportioned debt
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Example

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  • Your customer has told you they pay 40% of the existing loan's repayment
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To apportion shared MLE

Complete the Monthly Living Expenses for Alternate Servicing Calculation Template (007-096) with the borrower. Complete the Total Household expenses column with the values that have been entered into the original Serviceability Model.

Adjust the household to reduce the number of adults to 1. The number and age of dependants will remain the same.

For each category, ask the borrower what amount they are responsible for and enter the amount into the calculation template.

The calculation template will automatically determine the declared monthly percentage that the borrower is responsible for and inversely, what the other party is responsible for. These will add to 100%.

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If the MLE for Alternate Servicing Calculation template results in a total declared percentage of MLE that the applicant is responsible for that is…Then...
Less than 50%MLE cannot be apportioned. Talk to them about reducing the loan amount, where appropriate.
50% or greater -
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If the second Serviceability Model results in a...Then...
Negative Net Monthly Surplus after the shared commitment and/or MLE have been apportionedTell them the serviceability calculation result means they can't borrow the amount requested. Talk to them about reducing the loan amount, where appropriate.
Positive Net Monthly Surplus after the shared commitment and/or MLE have been apportionedGo to step 7

 

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Save a PDF copy of the second Servicing Model with the positive Net Cash Position.

Note: Both Servicing Model PDFs will need to be sent to the Bank, as these will be reviewed by the Bank when we assess the application.

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Submitting an alternate servicing application

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You can start an application after the second serviceability calculation is completed and a positive Net Monthly Surplus result is received.

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StepAction
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Request the borrower to provide the evidence required to support the alternate servicing option/s applied.

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Option UsedStatutory Declaration signed by borrowerBorrower EvidenceStatutory Declaration signed by other party
Commitment only ≤ 50% to other partyYesBorrower evidence or Statutory Declaration signed by other party
Commitment only > 50% to other partyYesNoYes
MLE only ≤ 50% to spouseYesN/AN/A
Commitment ≤ 50% and MLE ≤ 50%YesBorrower evidence or Statutory Declaration signed by other party
Commitment > 50% and MLE ≤ 50%YesNoYes

Note: Where the borrower is required to also provide a Statutory Declaration from the other party confirming their contribution to the shared commitment, and the borrower advises the other party doesn't want to sign the Statutory Declaration, the application can't proceed.

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Check all documentation provided by the borrower and include with the application submission:

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Servicing option used...Documents required...
Commitment apportionment -

Note: The amount declared by the borrower in the Statutory Declaration must match the evidence provided by the borrower; or where a Statutory Declaration is provided by the other party, when added with the amount declared by the borrower must total 100%.

MLE apportionment -

Note: The percentage declared by the borrower in the Statutory Declaration, must also match what was declared in the Monthly Living Expenses for Alternate Servicing Calculation Template (007-096).

Commitment and MLE apportionment -

Note: Amounts must match as detailed above.

 

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When all the verification documents to support the application have been provided by the borrower, complete an application (based on the failed servicing position) and submit the application to the Bank for assessment.

You must record the mitigating comments with the application explaining the alternate servicing options applied.

It is essential these comments are included at the beginning of your commentary to support the application, as this ensures early identification of minimum documentary requirements to support the application.

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Servicing option used...Mitigating comments...
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  • Please assess the commitment for loan insert account number at XX% apportioned debt value
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  • Servicing Model attached demonstrating positive Net Cash Position
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MLE apportionment -
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  • Alternate Servicing - MLE apportionment only used
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  • Please assess MLE as apportioned
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  • Servicing Model attached demonstrating positive Net Cash Position
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Commitment and MLE apportionment -
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  • Alternate Servicing - Commitment and MLE apportionment used
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  • Please assess the commitment for loan insert account number at XX% apportioned debt value and MLE as apportioned
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  • Servicing Model attached demonstrating positive Net Cash Position
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As per Full Paperless Application Process submit application to the Bank with all required supporting documentation together with:

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  • Mitigating comments
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Processes

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Amending Home Loan Repayments

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Back to Processes

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Definition of home loan repayments

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There are three definitions for 'repayments' recognised by the Bank:

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  • Contracted Monthly Repayment Amount (CRA) which represents the minimum monthly repayment amount agreed under the loan contract, based on the loan balance, interest rate and contracted loan term (CLT).
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    • For Weekly or Fortnightly direct debit payers this is the ‘Minimum Repayment Amount Required' for the selected frequency multiplied by the number of repayments to be made by the Next Due Date. For example if the Minimum Repayment Amount Required for a weekly direct debit  frequency is $231, in a 4 week month they will be required to pay $924 & in a 5 week month they will be required to pay $1,155
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Requesting an amendment to home loan repayments

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If you are requesting an amendment to an 'application in progress' then you will need to submit your amendment online. Refer to submitting amendments.

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A request for an amendment to home loan repayments on an existing home loan can be made as follows:

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If your customer wants toThen
Amend Direct Debit details i.e. account number, amount, frequency or due date

Your customer may forward instructions to us via:

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Alternatively, you can complete a Direct Debit Request form and email it to thirdpartyservices@cba.com.au

 

The turnaround for processing the request is three business days, unless:

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Cancel Direct Debit Account for Interest Only loans

Advise customer to:

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Reduce Required Monthly Repayment Amount (RMRA)Complete all relevant sections of the Miscellaneous Application form and fax to your respective Lending Services processing centre as detailed above. If approved, we will prepare a Letter of Variation for the borrower and guarantor (if applicable) to sign.
Increase Required Monthly Repayment Amount (RMRA)/Reduce Contract Loan Term (CLT)Increases to RMRA should be rare and infrequent and only approved in exceptional circumstances. Majority of changes should be made to customers DDRA. If deemed necessary, please complete the Miscellaneous Application form, as detailed above. We will prepare a Letter of Variation for the borrower and guarantor (if applicable) to sign.
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You should note the following:

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  • All requests to amend the Required Monthly Repayment Amount (RMRA) received by Group Lending Services will require the customer (and guarantor) to receive a Letter of Variation (LOV) for signing to confirm the change.
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  • Once the LOV is signed by the customer and returned to Group Lending Services, the RMRA and/or CLT/CRA can be amended in accordance with the customer's instructions.
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Home Loan Repayment FAQs

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Bridging Loans Process

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1. Determine, in consultation with the customer:

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  • Customer Eligibility
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  • Existing Home/Investment Home Loan debt (where applicable).
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  • Value of the existing property.
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  • Purchase price of new home.
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  • New borrowing amount required to purchase new home.
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Care: Ensure that customer is aware that any loan written at either a Fixed Interest Rate or One Year Guaranteed Interest Rate may attract an Early Repayment Adjustment.

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2. Determine what level of residual debt will remain after the existing property is sold. Customer is to advise the discharge settlement amount to be deposited into their loan once the existing home is sold.

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3. Where the customer has an existing loan (which is continuing), establish the minimum payment/repayment on the existing loan over the remaining contracted loan term at the assessment interest rate.

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4. Establish minimum payment/repayment on the new loan at the assessment interest rate over the requested term.

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5. Based on the figures calculated in steps 3 & 4 and any other on-going commitments, calculate the customer's commitment level during the bridging period.

Note: Rental income from property to be sold, up to the expiry date of the lease agreement, can only be included in the servicing exercise where a formal lease agreement is in place at the time of applying for the bridging loan.

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6. Calculate LVR based on total debt during the bridging period.

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7. Establish the minimum P&I repayments required on the residual debt, after bridging period, to repay the loan over the remaining loan term at the assessment interest rate.

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8. Based on the figure calculated in step 7 and any other on-going commitments, calculate the customer's commitment level after the bridging period (P&I repayments on the residual debts at the assessment rate).

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9. Calculate LVR based on the residual debt.

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10. Complete the loan application in usual manner and forward to Third Party Credit Services for a decision.

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11. Advise the customer of 'Third Party Credit Services' decision.

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Example of Bridging Calculation

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Step Calculation Method

1. Establish:

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  • Current home loan debt

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  • Value of the existing property

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  • Purchase price of new property

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  • New borrowing required to purchase new home

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  • Type of loan required for new loan

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$150,000

$410,000

$630,000

$630,000

 

Standard Variable Rate at 6.07%pa

Information obtained from customer records and with discussions with customer.

2. Establish amount of 'Residual Debt'.

$411,000

Total debts ($150,000 + $630,000 = $780,000) less proceeds after deducting 10% from the value of the existing home ($410,000 - (10% x $410,000) = $369,000).

During Bridging Period:

3. Establish Minimum Repayments / Payment on Existing Loan.

 

$861 per month

 

Interest Only on existing debt ($150,000) @ Assessment Rate (6.82%pa) plus monthly Loan Service Fee ($8 per month).

4. Establish Minimum Repayments / Payment on New Loan.

$3,589 per month

Interest Only new debt ($630,000) @ Assessment Rate (6.82%pa) plus monthly Loan Service Fee ($8 per month).

5. Establish Commitment Level / Servicing Position During Period.

44.52%

Salary $10,417 per month

Monthly Commitments

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  • Existing debt $861 per month

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  • New debt $3,589 per month

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  • Credit Card $188 per month

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Commitment Level is 4638/10417.

Monthly Income

Note: Determine the Net Servicing Position via the Home Loan Serviceability Model

6. Establish LVR during Bridging period

75%

(Existing + new debts) / (existing + new property values). ($150,000 + $630,000) / ($410,000 + $630,000).

After Bridging Period

7. Establish Repayments on 'Residual Debt' on a Principle and Interest basis (over remaining term after Interest Only period).

 

$2,722 per month

 

Principle and Interest on debt of $411,000 @ Assessment Rate (6.82%pa) over remaining term after bridging period (29 years) plus monthly Loan Service Fee ($8 per month)

8. Establish Commitment Level based on 'Residual Debt'.

 

 

 

 

 

 

27.94%

Salary $10,417 per month

Monthly Commitments

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  • Existing debt NIL

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  • New debt $2,722 per month

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  • Credit Card $188 per month

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Commitment Level is 2910/10417

Monthly Income

9. Establish LVR after Bridging period.

65.24%

(Residual debt) / (remaining property value). $411,000 / $630,000.

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Expiry of Bridging Period

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Customers will receive the following letters:

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  • 3 months before expiry: a general reminder letter to inform customers they are approaching the end of the bridging loan term and will need to pay their loan in full by the maturity date
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  • 1 month before expiry: a letter to inform customers know they will need to pay the remainder of their loan balance on their final home loan repayment date and that they will no longer have access to any redraw facilities.
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If your customers have arrears after their last repayment date, they will be referred to Financial Assistance Solutions (FAS) for additional support.

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Refer Extension of a Bridging Period

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Bridging Loan Guide

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Building/Construction Loans

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1. Application Submission2. Issuance of Commencement Letter3. Progress Payments
4. Final Progress Payment Release5. Construction Loan Combine 
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Overview of Process

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An overview of the process involved when the security comprises a residential building being constructed under a signed contract is described as follows:

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Step
Process
1

A draft building contract or builders tender, proposed finishes and specifications, draft building plans plus quotes for any 'Out of Contract' items must be provided to the Bank and Valuer to enable the 'as if complete' valuation to be carried out.

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Request a valuation through CommVal, once ordered, you need to upload the following documents via the Documents screen as part of the order or the Documents Tab available after the request is submitted:

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  • Draft building contract or builders tender.
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  • Proposed finishes and specifications.
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  • Draft building plans.
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  • Contract Variations (where applicable).
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  • Quotes for any Out of Contract items (where applicable).
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  • Contract of sale for the land (where applicable).
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The valuer will not proceed with the valuation request until the correct documents have been uploaded via CommVal. Avoid valuation delays by uploading the construction documents as soon as the valuation ordered status updates in CommBroker

Note: If additional documents are required the valuer may also contact the broker.

Note: NetBank and the CommBank App will display construction loan account details based on a fully funded loan state.

Note: Ensure compliance with privacy obligations regarding any additional documentation. Only provide valuers with documentation/customer information they require to complete the valuation, such as construction documents or contracts of sale. You must not give them any additional documents, such as payslips, bank statements, driver’s licence numbers and passport numbers.

Land and construction loans

Applications which involve both land and construction must be set up as 2 loans

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  • Land loan (loan purpose 21/22)
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  • Construction Loan (loan purposes 01 / 11)
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The LVR on the land loan should not exceed the total base LVR. For example if you have a base LVR of 90% based on and an as-if complete value of $600,000 with land $200,000 and build $400,000 the base loan amount for the land loan cannot exceed $180,000 ($200,000 x 90%).
When calculating equity requirements at settlement it is important to remember that only funds from the land loan portion can be used to meet settlement.
Where a funded land loan is to be refinanced into a single land and construction loan, the funds apportioned for each purpose must not exceed the maximum LVR limit for that purpose.

Note: Land value is the lesser of the contract of sale purchase price or the land value noted on the valuation report. For the purposes of this calculation use the land value noted on the valuation report.

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2. Issuance of Commencement Letter

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Process
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The following documents are to be forwarded to the Bank;

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  • Executed signed building contract.
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  • Agreed schedule of specifications.
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  • Council approved plans (by private certifier or council directly)*.
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  • Contract variations (where applicable).
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  • Quotes for any Out of Contract items (where applicable).
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  • Builder's contract of work insurance.
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  • Public liability insurance.
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  • Builders Licence (also referred to as Registered Builders)
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Notes: The Progress Payment Schedule will be examined to ensure they meet industry standards.

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  • It is generally acceptable to receive electronically executed building contracts including progressive payment schedules, contract variations and council stamped plans.
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  • Customers applying for any of the First Home Owners Grant Schemes (FHOGS). Refer below for states accepting electronically executed Contract of Sale or Building Contract along with FHOG application
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StatesExecuted documents (Contract of Sale or Building Contract) for the First Home Owners Grant Schemes (FHOGS)
Australian Capital Territory (ACT)
New South Wales (NSW)
South Australia (SA)
Victoria (VIC)
Western Australia (WA)		Acceptable to receive electronically executed Contract of Sale or Building Contract
OR
Must physically sign the original document (Wet Signature) 
Queensland (QLD)
Tasmania(TAS)
Northern Territories (NT)		Must physically sign the original document (Wet Signature)
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Additional building approval documents, varying state by state, must be imaged to the application along with the corresponding stamped plans:

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  • Construction Certificate (NSW)
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  • Building Permit (VIC)
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  • Decision Notice (QLD)
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  • Building Permit – BA4 and BA3 (WA)
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  • Decision Notice / Building Commencement Notice / Building Approval (ACT)
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  • Building Permit and Certificate of Likely Compliance (TAS).
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Once all items in Step 1 are received and verified as correct, we may the offer Unconditional Approval and will issue a letter of commencement to both the customer and the builder via a letter as an email attachment.

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3. Progress Payments

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The loan will be drawn as a series of progressive payments in accordance with the progress payment schedule. Progress payment requests will be made on the customer's written request only and in accordance with the method of operation. E.g. if the loan is in joint names and the method of operation is 'All to Operate', then all customers must sign the request. Signatures written digitally that still resemble the customer's wet signature (e.g. using an iPad or stylus or previously scanning and saving a copy of the signature) are acceptable, but signatures created by typing are not acceptable. See here for reference examples.

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If customers have more than one construction loan account, they should nominate which account to debit the progress payment from. Note: Authorities to debit an account can only be Wet Signature.

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Customers should be made aware that they must use all of their own equity (e.g. personal savings or First Home Owners Grant, if applicable) before any progressive payments will be made towards construction.

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Step
Process
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Upon receipt of the first invoice from the builder, the customer must sign the front page and note 'I/We authorise the payment of this invoice'. Forward this request to the Bank. Please check the Contact Us page as your respective state team may accept scanned payment requests via direct email.

The following information must be included on the tax invoice provided by the builder to the customer;

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  • The stage the construction has reached e.g. slab, frame, lock up, etc.
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  • Estimate of the value of work completed
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  • Method of payments, account details for direct credit
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Payment of "Builders Deposit"

Where the first progress payment involves a deposit payment to the Builder, the Bank will release funds from the construction facility to pay such a claim only if:

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  • The Commencement Letter has been issued to the builder by Group Lending Services
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  • Executed Fixed Price Building Contract and Council Approved Plans have been received and reconciled back to Draft Plans
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  • The Deposit to Builder must match the schedule of Progress Payments on the Fixed Price Building Contract, which has been executed by the customer and Builder
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  • The customer must have used all required savings / equity, (excluding FHOGS), as noted on the loan application, prior to use of Loan funds,
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  • “Costs to complete” must not exceed “funds available” post payment of any Progress Claim. In the instance of funding builder’s deposit, the construction facility should therefore reflect 100% of construction costs.
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  • The Deposit must not exceed the statutory maximum for each State of the total Building Contract. (Refer Table below).
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State/territoryMaximum building deposit
NSW, ACTMaximum building deposit
QLD, VIC, SA, NT10%
WAWA 6.5% where the building contract is <$500k or is a ‘cost plus’ build
TAS5%

Note: Preliminary fees over and above the builder's deposit are excluded.

FHOGS and the Payment of "Builder's Deposit"

The First Home Owners Grant Scheme (FHOGS) is a federal government funded scheme which provides a non means tested payment to eligible first home buyers who are purchasing a property to be used as their principal place of residence. Payment of FHOGS by the government is only received upon completion of Slab stage.

If the first progress claim constitutes the payment of Builder’s Deposit and it is eligible for payment per above conditions (“Release of Deposit to Builder”), then the FHOGs amount may be accounted for as available equity if:

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  • The subsequent payment of FHOGS is credited to the construction facility or utilized to pay the slab invoice. These funds must not be released to the customer.
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A “costs to complete” reconciliation (including all “out of contract” items) must be completed by Group Lending Services prior to consideration for releasing Deposit. “Costs to complete” must not exceed “funds available” post payment of any Progress Claim, (including release of Deposit)

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The Group Lending Services Construction Team will assess the request and make payment to the builder as outlined in the tax invoice request.

A progress payment inspection will be conducted prior to the first release of loan funds (where construction has commenced) for Building contracts between $350,000 and $1,500,000.

Contracts over $1,500,000 will require an inspection at every draw down.

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Once payment is released Group Lending Services will note confirmation on the system that you can view via the Loan Tracking site and generate a confirmation SMS to the customer.

Note: Customers will only receive an SMS if we hold a current mobile number.

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Once the Final Progress Payment Request has been received in Group Lending Services a Final Inspection will be conducted to ensure all works are completed and to confirm the 'as if complete' valuation amount.

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Upon receipt of the acceptable Final Inspection, payment will be released as directed in the Final Payment Request via a direct credit. Ensure your customer is satisfied with the completed works prior to providing the final invoice, as this will authorise us to make payment to the builder.

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Any remaining undrawn balance to the value of $30,000 or less held for non-structural Out of Contract items may be released to the customers for them to control and pay directly to their suppliers upon the receipt of the acceptable final inspection. You will receive an exception from Group Lending Services if your customer is eligible. You must reply to the exception via email to tpbpaperlessloans@cba.com.au stating: Conversation has been held with the customer and the customer is aware that this will mean the loan becomes the post construction repayment arrangement. Please release the funds.

Note: Only final payment will be released if no response received.

If your customer is eligible but has not received an exception, you can send an email to Group Lending Services - Construction and Progress Payment Team advising them “Customer meets the eligibility for funds to be released. Conversation has been held with the customer and they are aware that this will mean that the loan moves to the original payment option. Please release the funds”.

 

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Any remaining undrawn funds will be released to the customers' nominated account, or as directed where funds are not required for any outstanding 'Out of Contract' construction items

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5. Construction Loan Combine

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Request to combine land and construction loans into a single home loan account after construction is complete.

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Considerations

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The following information must be considered prior to the loan combine and discussed with your customer.

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  • Loan Combine will likely cause required monthly repayment amount (RMRA) to increase. Once eligibility is confirmed, ensure you refer to the Home Loan Repayments calculator to provide your customer with an indicative monthly repayment amount.
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  • All fixed rate loans must be switched to Standard Variable Rate (SVR), Early Repayment Adjustment (ERA) and admin fee may be applicable
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  • A Contact number must be provided/listed as this will be the primary method to provide password
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  • Guarantors will need to sign the request form and the Letter of Variation (LOV)
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  • The process involves the Construction Combine Team (Group Operations) internally refinancing the Construction loan into the Land loan.
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Eligibility 

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To be eligible for a construction loan combine, the below criteria must be satisfied:

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  • Each loan has to have been approved with the same loan term e.g. 30 years.
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  • Construction and land loan may be originated from separate applications. The current remaining contracted loan term (RLT) of the land loan must be within 24 months of the current remaining contracted loan term (RLT) of the construction loan.
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  • Your land loan must have a remaining loan term (RLT) of at least 20 years.
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  • Loan purposes must be for construction and land (or internal refinance of land); other loan purposes are not eligible for a loan combine variation request.
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  • Land loan must be on Principal and Interest (P&I) repayments.
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  • Both loans must have the same loan type (i.e. cannot have one owner occupied and one investment)
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  • No top ups, splits or substitution security undertaken on either loan since origination
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  • The construction and land loan must not be guaranteed under the Government’s Home Guarantee Scheme, refer to the Home Guarantee Scheme page with instructions and requirements for discharging a Scheme place.
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  • The Customer must not be behind in payments on any of your credit products (e.g. Home Loans, Personal Loans, and Credit Cards).
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StepProcess
1You must ensure your customer meets the above eligibility requirements as no exceptions are available.
2

Calculate an indicative monthly repayment amount using the Home Loan Repayments Calculator.

Note: The lower remaining loan term of the land and the construction loan must be used in the repayment calculator as well as the total balance of the two loans (including any special repayments). i.e. If your customer has a land loan with a balance of $500,000 and a 28-year remaining loan term and a construction loan with a balance of $500,000 and a 30-year remaining loan term, ensure that you input a loan amount of $1,000,000 and a loan term of 28 years.

3Once eligibility has been confirmed and the customer is comfortable with the indicative monthly repayment, complete the Construction Loan request form and email to constructioncombine@cba.com.au.
4The construction team will verify eligibility and email your customer the LOV and CAS to be signed and returned. These documents will be password encrypted.
5Immediately after the email is sent, the team will call the customer to provide them the password to open their documents.
6Customers will need to return documents within 21 days, the loan combine will take within 2-3 business days once the signed LOV and CAS are returned.
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Construction Home Loan Fact Sheet

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Construction Home Loan Timeline

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Building/Construction Product

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Building/Construction Policy

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Progress Payment digital signatures examples

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Credit Policy | Change of Name

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A Change of Name must be lodged when a mortgage over security is being prepared and the mortgagor's name is different to (has changed), or is recorded incorrectly on, the certificate of title.

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Group Lending Services lodge the Change of Name on behalf of the client. When a Change of Name is required, Group Lending Services will issue relevant form(s) to be completed by the customer with the loan documents. These forms must be returned with the loan documents, along with the relevant supporting documents as follows:

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Note:

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  1. “Marriage Certificate” refers to those issued by an Australian State or Territory Births, Deaths and Marriage Registry or by a Foreign Government body Births, Deaths and Marriage register. We cannot accept commemorative or ceremonial marriage certificates, including unregistered certificates issued on the day of the ceremony. They must be issued by the relevant government authority.
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  2. Effective 7 March 2024, Land Tasmania will only accept the Change of Name application form for lodgement by a Licensed Conveyancer or Legal Practitioner, the Bank can no longer lodge a Change of Name on behalf of the customer. For detailed instructions to assist your customers, refer below.
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NSWIndividual

All requirements in one of the categories below must be met as a minimum:

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CategoryMinimum Document Requirements
 For Persons who are Australian citizens or residents:
1

Australian Passport or foreign passport

plus Australian drivers licence or Photo Card

plus change of name or marriage certificate if necessary

 

2

Australian Passport or foreign passport

plus full birth certificate or citizenship certificate or descent certificate

plus Medicare or Centrelink or Department of Veterans’ Affairs card

plus change of name or marriage certificate if necessary

 

3

Australian drivers licence or Photo Card

plus full birth certificate or citizenship certificate or descent certificate

plus Medicare or Centrelink or Department of Veterans’ Affairs card

plus change of name or marriage certificate if necessary

 

4

(a) Australian Passport or foreign passport

plus another form of government issued photographic identity Document

plus change of name or marriage certificate if necessary

 

(b) Australian Passport or foreign passport

plus full birth certificate

plus another form of government issued identity Document

plus change of name or marriage certificate if necessary

 

 If categories 1 to 4 cannot be met, Category 5(a) may be used. Where 5(a) cannot be met, Category 5(b) may be used.
5

(a) Identifier Declaration

plus full birth certificate or citizenship certificate or descent certificate

plus Medicare or Centrelink or Department of Veterans’ Affairs card

plus change of name or marriage certificate if necessary.

 

(b) Identifier Declaration by a Person specified in Verification of Identity Standard *

plus Medicare or Centrelink or Department of Veterans’ Affairs card

plus change of name or marriage certificate if necessary.

Note: Refer to Verification of Identity Standard, Schedule 8 Paragraph 4 NSW Participation Rules for Electronic Conveyancing

 

 For Persons who are not Australian citizens or residents:
6

(a) Foreign passport

plus another form of government issued photographic identity document

plus change of name or marriage certificate if necessary

 

(b) Foreign passport

plus full birth certificate

plus another form of government issued identity Document

plus change of name or marriage certificate if necessary

 

* Schedule 8 Paragraph 4.4(e) NSW Participation Rules for Electronic Conveyancing

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Change of Name - certified by a Registered Conveyancer or Legal PractitionerNo additional documents/evidence required

Change of Name – certifying party is Self-Represented

(Self-Represented parties are individuals who choose to execute/prepare their own documentation to be lodged in the Land Titles Office rather than employing the services of a Registered Conveyancer or Legal Practitioner)

Self-Represented Parties - Authorised Person Certification

Refer Self-Represented Parties - Authorised Person Certification within Verification of Identity Requirements for Self-Represented Parties.

Self-represented parties entering into a conveyancing transaction are required to show Identification documents to a Justice of the Peace, Proclaimed Police Officer, Legal Practitioner, Registered Conveyancer or a Notary Public.

These authorised persons are required to fill in the Self-Represented Parties – Authorised Person Certification form and endorse photocopies of the evidence as ‘true copies of the originals sighted’. Refer Identification Document categories within Verification of Identity Requirements for Self-Represented Parties.

If Category 5 of the Identification Document Categories is used, an Identifier Declaration will also be required. This will need to be made by a person that has known the customer for at least 12 months. Refer Identifier Declaration within Verification of Identity Requirements for Self-Represented Parties

In addition to the certified identification documents, the customer is to provide documentation to verify their authority. This document does not need to be certified however a copy must be provided to the LTO.

Examples include:

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note: bills notice/rates notice is acceptable in maiden name

Change of Name - a Registered Conveyancer or Legal Practitioner has appointed an agent to certify on their behalf

The agent is required to complete an Identity Agent Certification form – Refer Identity Agent Certification form within Verification of Identity Requirements and obtain identification document from the person being identified.

The Identity Agent is to endorse photocopies of the evidence as ‘true copies of the originals sighted’.  Identification Document categories are outlined in Table 1 within Verification of Identity Requirements for Self-Represented Parties.

If Category 5 of the Identification Document Categories is used, an Identifier Declaration will also be required.  This will need to be made by a person that has known the customer for at least 12 months.  Refer Identifier Declaration within  Verification of Identity Requirements for Self-Represented Parties

WA
Individual

Evidence for Change of Name by marriage - a certified copy of the original Certificate of Marriage issued by the Registrar of Birth, Deaths and Marriages or the equivalent from another jurisdiction of origin. This must be certified by Landgate or a selected Australia Post office

Evidence for all other Change of Name reasons must be a certified true copy of the original by a Justice of the Peace, Legal Practitioner or at a selected Australia Post office.

For certification at a selected Australia Post office.

This requires the original evidence document being taken to an authorised Australia Post outlet so that a copy of it can be certified. Every page of the evidence document must be certified.

Request to change name to maiden name after divorce - Divorce Certificate i.e. Decree Absolute or Birth Certificate.

Request to change name due to error on title - Sufficient evidence to show mistake or omission.

Request to change name (other) - Registered change of name i.e. Deed Poll or Change of Name Certificate.

VIC
Individual

The statutory declaration provided with the Change of Name form is sufficient evidence (no further supporting documents required).

 

QLDIndividual

A certified true copy of the originating document that instigated the change of name (i.e. marriage certificate) by a Justice of the Peace or a Legal Practitioner.

 

ACTIndividual

At least one form of Primary and Secondary Identification as well as a certified true copy of the originating document (i.e. marriage certificate, change of name certificate registered at Births, Deaths and Marriages etc.) by a Justice of the Peace or a Legal Practitioner.

 

NTIndividual

A certified true copy of the originating document that instigated the change of name (i.e. marriage certificate) by a Justice of the Peace or a Legal Practitioner.

 

TASIndividual

Effective 7 March 2024, Land Tasmania will only accept the Change of Name application form for lodgement by a Licensed Conveyancer or Legal Practitioner, the Bank can no longer lodge a Change of Name on behalf of the customer. There are no exceptions to this process.

If your customer wishes to change their name on Title, before submitting an application, please advise them to engage a Licensed Conveyancer or Legal Practitioner who should be familiar with the process. Refer to clause 8 of the Recorder's Directions for the instrument directing this change: Recorder's Directions | Department of Natural Resources and Environment Tasmania and Conveyancing Process for Individuals | Department of Natural Resources and Environment Tasmania (nre.tas.gov.au)

For all states and territories
A Company

A certified true copy of the original Certificate of Incorporation of Change of Name issued by ASIC by a Justice of the Peace or a Legal Practitioner.

 

 An incorporated body

A certified true copy of the original Certificate of Incorporation of Change of Name issued by ASIC by a Justice of the Peace or a Legal Practitioner.

 

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The Proprietary and Broker Channel of Choice Protocols team (CPT) is designed to support all Frontline Lending and Broker Distribution channels to provide a consistent and outstanding customer experience.

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Guiding Principles

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Identify IssueReviewChannel Protocols TeamOutcome DeliveredAdvise Customer

Proprietary Channels, Broker, Group Lending Services or Retail Credit Decisioning identify potential customer management issue.

 

Broker to request Relationship Manager support to raise review request to the Channel Protocols Team inbox.

 

Independent review conducted by Channel Protocols Team including contacting the customer.

 

Channel Protocols Team will advise in detail both Proprietary Channel and Broker Relationship Manager of the outcome in writing.

Channel Protocols team will update the application that will not be proceeding with (NPW).

Proceeding channel advises the customer and continues with the application.

Note: only the proceeding channel is to proactively contact the customer from the point the decision is made.

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Channel Protocols Team (CPT) Investigation Considerations

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The Written Assessment Report is required under the NCCP Act 2009 and is a written record that details information the Bank used to approve the credit. This is part of responsible lending. 

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Business Rules 

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This document is provided upon customer request only. 

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Receive Written Assessment Report requestIf the Customer requests a copy of the Bank Written Assessment Report, then the Customer should be referred to either their local Branch or 132221.
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  • Allows you to order CommBank approved upfront valuation decisions and external valuations.
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Launch CommVal here (use Google Chrome)

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CommVal Support Material

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3. CommVal everyday customer conversations

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A request for a Consent from the Commonwealth Bank can be made by completing a Miscellaneous Application form and submitting as per the below process:

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Note: The Bank executes the below Consent request types:

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StepDescription
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Complete all required sections of the Miscellaneous Application form 

Refer Additional Identification requirements for Mortgage transactions

Email the Miscellaneous Application to the Bank, based on the State / Territory.

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As the request is processed, you will receive notifications for application milestones according to your preferred contact method.

For a list of the different types of notifications you may receive, please refer to the Maintenance Loan Tracking Page.

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Tracking

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You can track the progress of all your Home Loan Maintenance Requests via CommBroker Loan Tracking. Please refer to the Maintenance Loan Tracking page for more information.

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As part of our AML obligations, we are required to make additional inquiries of customers who reside overseas as to their source of wealth and source of funds. Australian citizens and permanent residents who reside overseas and are applying for a home loan will need to complete a Source of Wealth form.

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Obtain a Source of Wealth Form and provide to each applicant that resides overseas. A separate form must be completed by each applicant, signed by the applicant and returned (scanned copies are acceptable).

No exceptions will be available.

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Review the completed form to ensure it is consistent with information provided within the application. Where the source of wealth / funds does not align to the application or is from a different country to which the customer resides, provide further details in the application Comments field.

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Upload the completed form through ApplyOnline document checklist or email tpbpaperlessloan.com.au.

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Upon receipt of a deceased notification of a home loan borrower please complete the following steps:

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1Refer the notifier to the nearest branch with relevant documentation where possible (e.g. death certificate, will or probate).
2If you receive a request for loan restructures or to access redraw/undrawn balance on a deceased estate matter after the Bank has been notified of the deceased borrower (including contact with solicitor/executor/surviving borrower) provide the customer with contact details of the Customer Assist Deceased Estate team on 1300 720 814 option 4 between 8:30am-5pm Monday to Friday, Australian Eastern Standard Time.
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If the home loan account was in order prior to the defferal period, the following maintenance activities can be performed during the deferral period:

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A Delegate is a member of a Broker's support staff, or another Broker in their office, whom the Broker has given permission to view and track their home loan applications.

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How do I ...Instructions
Create a new Delegate

Log on to CommBroker and click on ‘Manage Delegates’ link in the Tools and Calculators section on the Home page. 

Complete the form to create a delegate and click ‘submit’.  

Note – Each person can only be created once. If another member in your office has already created a profile for a person you are trying to create, the system will show that they already exist and pre-populate their details. Also ensure you use a landline phone number when adding the delegate details.

 

Assign a Delegate to myself

If the Delegate has not been created in the system, ensure you tick ‘Add this user as my Delegate’ when you create their profile in the system. 

If a delegate has already been created, search for their email address in the form using the 'Find' button, tick the ‘Add this user as my Delegate’ check box and click Submit. 

 

Assign a Delegate to another Broker

You can only assign Delegates to yourself. Each Broker must manage their own Delegates.

 

Update a Delegate's details

Log in to CommBroker and click on 'Update your Details'. 

You will notice a new page on the left hand side titled 'Update Delegate details'. Here you can select the Delegate that you wish to update. 

Note: You can only update the details of a Delegate assigned to you.

Know if a Delegate has accepted or declined my Delegate request?

Once a Delegate has selected to either accept or decline your request you will be sent an automatically generated email notification to be advised of their response.

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The 'Manage Delegates' page contains a Status table beneath the Create/Assign Delegate form. The Status table will show you what requests you have sent that are pending, and those that your Delegates have Accepted or Declined. 

Once a request has been pending for 7 days it will be removed from your table. A new request must be sent to your Delegate to add them once this 7 day timeframe has lapsed.

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How do I ...Instructions
Know if I have has a Delegate account created for me in the system?

Once you have had an account created, you will receive an email notification with your login information and a temporary password. 

You will be asked to change this password on your first login session.  

Know if someone has sent me a request to be their Delegate? 

If a Broker follows the above process to add you as their Delegate you will receive an automatic email notification.

The notification will contain a link to the Manage Delegates page where you will see the new request in your Status table. You will have the ability to click 'Accept' or 'Decline'  within the table.

A notification will be sent to the requestor to advise of your selection.

Customise my Loan Tracking view

Log in to CommBroker and click on 'Loan Tracking'.

Every Broker, where you have accepted their Delegate request, will show under the search options with a '+' beside their name. Click on the '+' to expand the selected broker and show 20 application results. If you wish to view more than 20, click 'Show more' under the results. To go back to 20, click 'Show less'. 

You are able to have multiple brokers expanded to show applications at the same time, on the same page. 

You are able to click '+' or '-' beside any broker at any time to expand and collapse results.

Update Broker details

Log in to CommBroker and click on 'Update your Details'. Click the 'Update Broker details' link and select the broker from the drop-down menu that you wish to update.

Note: You can only update details of brokers that have selected you as a Delegate.

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DigiDocs

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The DigiDocs platform enables customers to access home loan documents digitally and e-Sign documents enabling the following key benefits:

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  • Accessibility - Documents can be accessed, reviewed and signed on any desktop or tablet.
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  • Convenience - a link is sent to directly to the customer's NetBank inbox and documents can be accessed and signed anywhere in the world.
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  • Security - Provides a safe and secure way for customers to review, sign, and return their documents with an electronic audit trail.
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  • Speed – Customers can receive, sign and return in a matter of hours reducing time to funding.
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What is DocuSign and why we are using it?

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DocuSign is an electronic signature application that enables people to send, sign, and approve documents, materials, and transactions on the go. DocuSign's eSigning capability gives our customers faster return of loan contracts, providing quicker settlements via a secure platform.

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What is a Print & Sign Pack?

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A DigiDocs Print & Sign Pack allows customers in jurisdictions that require physical signatures for certain documents to receive all home loan documents digitally. 

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Customers will receive access all their documents in DocuSign via NetBank, including documents that customers will need to print off, physically sign and return to CBA via the reply-paid label included in the document pack.

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What is Loan Account Setup?

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Single borrower customers provide the account details needed for settlement using the Loan Account Setup form in NetBank before signing the rest of their documents in DocuSign.

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These customers won’t have the Loan Account Authority (LAA) form included in their document pack in DocuSign.

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Benefits:

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  • Account selections can be edited by the customer after submission (restrictions apply for the repayment account)
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How to: Complete LAS for a new purchase application

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How to: Edit account selections after LAS has been submitted

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DigiDocs Criteria

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Brokers will need to check eligibility for DigiDocs by ensuring the application meets the following criteria:

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  • All applicants must have NetBank to access their digital documents (either an existing account or must register as part of their application)
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All Digital DigiDocs

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  • Security in NSW, QLD, VIC or SA
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  • Up to three (3) applicants
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  • Building / Construction loans (for up to 3 personal-borrowers)
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  • Single product (SVR/Fixed/VLOC) or Split products (SVR and Fixed)
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Print & Sign DigiDocs

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  • Security in WA, TAS, ACT or NT
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  • Building / Construction loans (for up to 3 personal-borrowers)
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  • Single product (SVR/Fixed/VLOC) or Split products (SVR and Fixed)
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Not eligible for DigiDocs:

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  • Any application that requires more than one mortgage document
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DigiDocs Support Material

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DigiDocs Broker Guide

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DigiDocs Customer Guide

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DigiDocs FAQs

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Divorce/Separation Process

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Divorce/Separation Process (excluding Fixed Rate Loans)

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A separation is not restricted to marital situations and could be noted as any 1 of the following:

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What you should know

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  • Where an application involves a change in borrower, and an existing Lenders Mortgage Insurance (LMI) or Low Deposit Premium (LDP) policy is in place, CommBank and Helia will determine if the existing policy can be transferred or if a new policy needs to be established.
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  • You must treat all applications where there is a divorce or separation of borrowers as a not at arm's length transaction. Ensure you select, “The purchase was not conducted at Arm's Length” in the “Property Features” section in CommVal.
    Note: As a Contract of Sale is not involved in divorce/separations, the Not at Arm's Length comment isn't needed from the valuer.
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The steps below are specific to divorce/separation applications where an existing CBA CommBank loan is required to be paid out as part of the settlement.

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StepProcess
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Obtain and provide

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  • a copy of a final legal document(s) (e.g., Court Order, Separation Agreement, Statutory Declaration) which clearly outlines the division of assets and liabilities and has been certified (e.g stamped court order) when required.
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  • The application must be structured as per the provided document(s).
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Note: It is recommended by each of the states/territories respective Land Titles Offices that the customer utilises a conveyancer/solicitor to process the transfer of land to ensure the transfer is executed correctly and to ensure the customer is protected from any future risks or legal recall.

Customers can choose to lodge their own transfer of land if they wish to do so. If a conveyancer/solicitor is not involved in the transaction, the customer will be required to complete and submit the Transfer of Land form with their respective Land Titles Office and provide a stamped copy to the lender. The bank will not be able to assist with the transfer of land.

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If...In the Loans tab, select the loan purpose of...
An existing CommBank home loan needs repaying(350) Refinance of existing mortgage with current application lender
No CommBank home loan is being repaid(133) Refinance of existing home loans - Refinancing of housing loans of other financial institutions.

Note: If additional funds are required, you must select the appropriate purpose and allocate the amount accordingly.

3

If there is a change in title ownership, input transaction type as Purchasing in the Securities tab. This will ensure the correct mortgage registration fees are captured in the application and populated in the CCC.

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Capture any existing charges against the security property to make sure that any LMI premium is transferred to the new loan.

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Complete the application as per normal Full Paperless Application Process.

Ensure you enter the following in your online comment: "Loan is part of a divorce/separation settlement, please issue a new mortgage"

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Note: When a borrower wishes to be removed from both the loan and security and be replaced with a new borrower and security owner, eg. husband and wife have separated and the wife would like to be removed from the loan and security and the husband wishes to bring in his new partner, then the LMI already paid on can only be transferred across to the husband and the new partners loan where there is no new borrowings and the Loan to Valuation Ratio (LVR) is not greater than the original approval. If new funds are required and / or the LVR is greater than original approval the LMI already paid on cannot be transferred across. A new policy will need to be set up. These types of application must be processed as a 'Purchase'.

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All other loans where a non CBA home loan is required to be paid out must be processed as a "Refinance of existing home loans - Refinancing of housing loans of other financial institutions."

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Process to remove a borrowers name from a Fixed Rate Loan

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These requests can only be considered if the borrower is going through a divorce/marital separation.

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A request to remove a borrowers name from a fixed rate loan allows the customer to alter their loan without incurring an Early Repayment Adjustment which may involve substantial costs for the borrower if a new loan is written and fresh documentation is taken.

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Where your application involves a request to remove a borrowers name from a fixed rate loan, complete the following process

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StepProcess
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When submitting the application, ensure the loan purpose is "Refinancing - Personal Finance (Refinancing of existing CBA debt)"

Note: Please input the existing Lenders Mortgage Insurance (LMI) policy number (if applicable)

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Get these from the borrower:

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Note: You must image these documents to the Home Loan Application

3

Complete the application as per the normal Full Paperless Application Process.

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Ensure that you enter the following in your online comments “Application is part of a fixed rate removal of debtor and existing loan number <insert loan number> is not to be repaid/closed”.

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Should the loan application be declined and the customer is unable to meet the loan repayments please refer to the Financial Assistance for more details

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Dual or Multiple Transfer Process

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A Dual or Multiple transfer occurs when the Vendor noted in the Contract of Sale (person selling the property) is not the registered owner of property as per the records of the Land title office.

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On-Sale is the most common scenario, where an Investor buying property from developer off the plan decides to sell the property to 3rd Party (our customer) prior to settlement (The developer will be the registered owner as per the records of the Land title office.)

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To complete a dual/multiple transfer transaction, a simultaneous settlement needs to occur;

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Example: On-Sale

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Dual/Multiple transfer process:

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If...Then...
The vendor noted on the contract for sale is not the registered proprietorCheck the contract of sale for any special clause and seek clarification with the Solicitor/Customer

Dual /Multiple transfer is involved

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Dual/Multiple transfer is involved and the solicitor advise the transaction will settle in PEXA - Digital Property SettlementAdd comments when submitting the application or notify via email to tpbpaperlessloan@cba.com.au confirming application involves Dual transfer
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Customer Equity at Settlement

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Where the available loan amount is less than the amount required to complete their purchase, customers will have the option of depositing the balance of the funds required to their Commonwealth Bank Everyday Offset, Smart Access, or other eligible CommBank account. The Bank will then include and use their funds to complete settlement of their home loan.

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Note: These accounts are the only eligible accounts for the debiting of customer equity for use at settlement.

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StepProcess
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Discuss the option for 'Customer Equity at Settlement' and to help the customers understand their responsibilities. There are 2 options available to them to be able to provide their equity towards their property settlement;

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Customers selecting the option to deposit funds to their CBA account will be responsible for ensuring the funds are in their nominated account, as cleared funds, at least 48 hours prior to settlement.

Customers who fail to comply with this requirement will need to provide their equity to their solicitor/conveyancer/settlement agent for their settlement to be completed.

Where a customer has utilised a CBA Bank Guarantee for the deposit on a property, to access the funds securing the Bank Guarantee, the customer must arrange with the property owner/developer or their solicitor to make a claim at least two weeks before settlement. A Favouree can make a claim on the Bank Guarantee funds by presenting a letter of demand and the original Bank Guarantee (unless the Bank Guarantee is paperless) to their local branch.

2Print the Terms and Conditions and explain it to the customer at the interview. Customers will be provided with the Terms and Conditions for this option with their document pack if they are posted by Group Lending Services. If the documents are printed by the broker a copy must be provided in the borrower's pack.
3

Complete the ‘Request to debit your account for additional settlement moneys’ on the Loan Account Authority – Borrower (TLS 119) in the document pack. Before Executed Documents are returned to Group Lending Services, ensure you check that the details on the Loan Account Authority are correct.  (i.e. ensure if Yes selected account details inserted by the customer are correct. Refer to the Terms and Conditions for eligible nominated accounts. If No selected, no amount or account details should be entered)

Note: Incorrect or incomplete details may result in Group Lending Services raising an Exception.

Such as:

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The 'Amount of Equity Funds Available’ section on the Loan Account Authority – Borrower (TLS 119) must be completed with the estimated amount of equity available to complete settlement. . This will enable Mortgage Services to advise our external settlement agents the maximum funds available for Settlement. If this section on the form is not completed Mortgage Services will raise an exception.

Where the customer is unsure, quote the amount the customer wishes to contribute, the LAA authorises the Bank to collect the amount required if greater than the amount quoted provided the clear funds are available without reference or a further LAA being re-executed.

Example:

Purchase Price $500000

Less deposit paid $100000

Less loan amount $300000

Customer contribution $100000

Any additional amount required to complete the settlement in order to allow for adjustments will be debited to the nominated account as per the LAA authority. Where the amount is left blank Group Lending Services will determine the amount by using the above method provided account debiting details are provided.

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The funds being used to complete settlement MUST be cleared in the nominated account 48 hours prior to settlement. There may be a delay or cancellation of settlement if these funds are not cleared.

Note: Ensure the customer has sufficient funds to cover any other regular direct debits to their account during this time.

 

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Everyday Offset & Repayment Account Process

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Eligibility

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This product is available to:

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Account OptionsOnline Home Loan ApplicationHome Loan Onboarding Form
New Account

Enter the names of the borrowers as the Account Name and select a card option. The information will populate Part B of the Home Loan On-Boarding form automatically. For example:

 

Switch or link existing Account

Enter the names of the borrowers as the Account Name and select a card option. The information will populate Part B of the Home Loan On-Boarding form automatically. For example:

 

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New applications with more than one Standard variable home loan

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For applications containing more than one Standard variable home loan and the customer has requested for New Account as EDO for both, the information will populate Part B of the Home Loan On-Boarding form automatically. For example: We will open two transaction accounts with the preferred card option with an Everyday Offset feature.

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Everyday Offset and Repayment Methods

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Direct Debit New Account New Account -
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  • New transaction account will be used as the Repayment account
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Note: If Direct Debit New Account has been selected as the repayment method, a tick will be populated into the transaction account column on the HLOB. If an Everyday offset feature has been selected then a tick will be populated into the Everyday Offset column on the HLOB.

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Work in Progress Applications with Everyday Offset (EDO)

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Where the customer has requested an Everyday Offset during a work in progress application:

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  • If the loan documents have not yet issued, complete and send the More Information Required form (004-269). There is no need to submit an Online Amendment in these instances.
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  • If the loan documents have been issued, advise the customer to call 132224 or visit a Branch to request the Everyday Offset.
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Note: If the customer wishes to amend the work in progress application to a home loan product that is eligible for Everyday Offset then an Online Amendment is to be completed with instructions for the Everyday Offset.

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Fact Sheet

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How customers can confirm whether EDO is a feature of the account

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Home Loan Interest Rates and Fees

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Introduction

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An extension of a bridging period is not permitted. A new loan application with Bridging Loan feature must be submitted prior to the loan expiry date. Once the loan has expired, it will be in arrears for the full amount.

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FHOG Applications

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The Bank, along with other selected financial institutions acts as an agent for the Office of State Revenue (OSR) and participates in the advice, application and payment processes for FHOGs (First Home Owners Grant Scheme). As an agent, the Bank must follow the strict requirements set by the OSR. 

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These requirements differ from state the state. Ensure you read and understand the criteria applicable for the relevant state of application and complete the FHOGs application with your customer.

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To avoid errors, ensure you use the FHOGs Lodgement Guide in the FHOGs Documentation Pack. These packs can be downloaded from your local Office of State revenue website, links provided below for your convenience:

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FHOG's & State Subsidy Summary

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To confirm your customer's eligibility, please click on the above link.

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Please note: links must be opened using google chrome

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For all States: The Bank does not require you to send the original FHOG application (and any relevant supporting document/s). They can be returned to your customer or destroyed as required.

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For companies and trusts

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It is not acceptable to receive electronically executed contract of sale, building contracts including progressive payment schedules and council stamped plans.

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For personal borrowers only:

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Customers applying for any of the First Home Owners Grant Schemes (FHOGS) refer below for states accepting electronically executed Contract of Sale or Building Contract along with FHOG application.

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StatesExecuted documents (Contract of Sale or Building Contract) for the First Home Owners Grant Schemes (FHOGS)

New South Wales (NSW)
South Australia (SA)
Victoria (VIC)
Western Australia (WA)
Queensalnd (QLD)		Acceptable to receive electronically executed Contract of Sale or Building Contract
OR
Must physically sign the original document (Wet Signature) 
Tasmania(TAS)
Northern Territory (NT)
Australian Capital Territory (ACT)		Must physically sign the original document (Wet Signature)
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StatesExecuted documents (Contract of Sale or Building Contract) for the First Home Owners Grant Schemes (FHOGS)
Australian Capital Territory (ACT)
New South Wales (NSW)
South Australia (SA)
Victoria (VIC)
Western Australia (WA)		Acceptable to receive electronically executed Contract of Sale or Building Contract
OR
Must physically sign the original document (Wet Signature) 
Queensland (QLD)
Tasmania(TAS)
Northern Territories (NT)		Must physically sign the original document (Wet Signature)
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First Home Super Saver Scheme (FHSSS)

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What’s the First Home Super Saver Scheme (FHSSS)?

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The Australian Government introduced the First Home Super Saver Scheme (FHSSS) in the 2017/2018 Federal Budget in an effort to make the housing market more accessible for First Home Buyers (FHB).The FHSSS allows FHB to make voluntary contributions to their superannuation fund to help them save for their first home. From Sunday 1 July, eligible FHBs can apply to release a maximum of $15,000 from voluntary contributions made in the 2017/2018 financial year and a maximum of $30,000 from voluntary contributions they make in all financial years to buy or build their first home.

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For example:

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If the customer made voluntary contributions of $20,000 in the 2017/18 financial year, the maximum they can immediately apply for is $15,000.

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If the customer made voluntary contributions of $20,000 in the 2017/18 financial year and makes voluntary contributions of $20,000 during 2018/19 financial year, the maximum they can apply for is $30,000.

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You can find more information about the scheme on the Australian Tax Office (ATO) website.

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Who is eligible for this payment?

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You can start making superannuation contributions from any age but you cannot request a release of savings under the FHSSS until you are the age of 18 years old and meet the below eligibility:

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To be eligible for this scheme applicants must:

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  • Have never owned property in Australia.
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  • Have not previously requested a release of funds under the FHSSS.
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  • Eligibility is assess on an individual basis. This means couples, siblings or friends can each access their own eligible FHSSS contributions to purchase the same property.
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Note: Eligibility for FHSSS is different to FHOGS, ensure your customer checks with the ATO.

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How long will it take to received FHSSS contributions?

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The ATO has estimated it will take approximately 25 business days to process release requests.

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What are the rules and restrictions around this payment?

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  • The FHSSS funds must be released prior to entering into a contract to purchase a home or construction/building contract.
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  • FHSSS released payments must be used to purchase a home or construct a home within 12 months, customers can apply to the ATO for an extension of up to 12 months .
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  • The contract entered into must be a residential premises. It cannot be any premise not capable of being occupied as a residence such as house boats, motor homes or vacant land. If the customer has or intends to purchase a vacant block of land, they must enter into a construction/building contract within 12 months after the FHSSS funds have been released to their nominated Bank account. For full list of ineligible properties, refer to the ATO’s FHSSS website.
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  • Home buyers must occupy the qualifying home as soon as practicable and for at least six months of the first 12 months.
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At what stage in the home buying process should a First Home Buyer submit the FHSSS release request?

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As the FHSSS amount must be released into the customers nominated bank account before any contracts are signed, customers’ need to submit the application for release with sufficient time to allow for processing before entering into a contract of sale or construction/building contract.

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Can funds released from FHSSS be used towards Home Loan Application?

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Yes, funds released from the FHSSS must be used towards purchasing a home or construction of a home.

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Where LVR is more than 90%, refer to Genuine Savings and Equity for Borrowers.

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Help

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Refer specific customer enquiries about the FHSSS to the ATO’s FHSSS website for more information.

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Our Responsible Lending obligations under the national Consumer Credit Protection Act require us to determine and record if the customer is aware of any future changes to their ability to make repayments without financial difficulty. Refer National Consumer Protection Act. 

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You will be prompted to use the scripting below to determine if the customer is aware of any future changes to their ability to make repayments without financial difficulty. 

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You will need to record the customer's responses by selecting the relevant options in the Application Software you use. 

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Notes: 

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  1. The Future Changes declaration does not apply to application in a Company name or Trusts with a company as a trustee. 
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StepAction
1

"as part of the application process I am going to ask you a question to help me understand your likely future financial situation. If you are aware of any changes now, you need to tell us about those".

"Q. Do you know of any future changes in your ability to make repayments without financial difficulty?". 

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Refer to the below table to determine the next step. 

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                                                 If the customer says.....                                                                     Then.....
                                                              NoRecord this in the application and continue.
                                                             YesDo not proceed with the application as the customer/s will not be able to make their repayments without financial difficulty.

 

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Commonwealth HomeBuilders Grant

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This scheme has ended.  We can no longer include the HomeBuilder grant as part of funds to complete where the submission date of the application is after 9 April 2021.

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Commbank will accept eligible construction loan applications using Homebuilder grant submitted by 9 April 2021.

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This page will help guide you with the relevant considerations relating to the Commonwealth Government’s HomeBuilder Grant.

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This process is only for construction new builds only.

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At this stage under CBA process the grant is not available for off-the-plan, renovations, FHLDS and guarantors. More information to be provided.

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Individual State Grant schemes such as WA Building Bonus, Tasmanian HomeBuilder Grant, NT BuildBonus grant, QLD Regional Home Building Boost Grant etc. are not included in this process and cannot be considered as part of the customer’s deposit or contribution. 

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Where a customer will be applying for an Individual State Grant these cannot be considered in the application.

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What is the HomeBuilder Grant?

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  • It’s a Federal Government funded scheme which provides a means-tested payment of $25,000 to eligible owner – occupied (including first home buyer) customers
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  • Building contracts signed between 4 June and 31 December 2020 (inclusive) can receive a grant amount of $25,000 and building contracts signed between 1 January and 31 March 2021 (inclusive) can receive a grant amount of $15,000.
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  • CommBank, along with other selected financial institutions, will participate in the instruction and processing of the HomeBuilder Grant application
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  • This is a once off grant available to build a new home or substantially renovate an existing home
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  • HomeBuilder will complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme
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How to support customers seeking evidence for their HomeBuilder application?

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CommBank will not provide additional letters, bank valuations reports or bank title searches to customers who are seeking evidence to support their HomeBuilder grant application outside of existing collaterals. CommBank is unable to verify that the current loan purpose is for owner occupied to confirm this is the customer’s principal place of residence. You should direct customers to use their Covering Letter to Borrowers or Loan Contract when applying for the HomeBuilder grant.

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Bank Valuations: Where the customers are requesting a bank valuation report, you should direct customers to engage a licenced independent valuer. Alternatively customers can contact their relevant Office of State Revenue (OSR) for an alternate method to evidence the value of their property.

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Bank Title Searches: Where the customers request a title search, you should direct customers to either contact their conveyancer or complete a title search online for a nominal fee.

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CommBank are not able to issue additional letters, bank valuation reports or bank title searches on an exception basis.

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Eligibility (Government Criteria)

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HomeBuilder is available to individual applicants and couples who are, or will be, registered as the owner on the certificate of title and applicant on the home loan. Each applicant must be:

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  • You are an Individual (not a company or trust)
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  • You are aged 18 years or older
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  • You are an Australian Citizen
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    • up to $125,000 per annum for an individual applicant based on your 2018 – 2019 tax return or later;
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    • Up to $200,000 per annum for a couple based on both 2018 – 19 tax returns or later;
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  • You enter into a building contract between 4th June 2020 and 31 December 2020 to either:
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    • Build a new home as a principle place of residence, where the property and land value does not exceed $750,000 (Note: for building contracts signed between 1 January and 31 March 2021 (inclusive) property and land value cannot exceed $950,000 in NSW and $850,000 in VIC) or
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    • Substantially renovate your existing home as a principle place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property prior to renovation does not exceed $1.5million
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  • Construction must commence within three months of the signed building contract date
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Eligibility Matrix

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Note: This process is only for construction new builds only

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At this stage under CBA process the grant is not available for off-the-plan, renovations, FHLDS and guarantors. More information to be provided

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Customer TypeEligibility
First Home BuyerSubsequent Buyer
Residential PropertyYesYes
Investment PropertyNoNo
Guarantor ApplicationNoNo
Non Australian Resident/CitizenNoNo

All Borrowers and Grant Applicants must meet scheme eligibility criteria

Note: where there is more than 1 applicant, the applicants must be in a spousal relationship.

YesYes
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What you need to know

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Owner builders and investment properties are ineligible for HomeBuilder.

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In negotiating the building contract, the parties must deal with each other at arm’s length. This means the contract must be made by two parties freely and independently of each other.

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HomeBuilder will be non-taxable – consistent with existing state and territory First Home Owner Grant programs

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Procedures for Tasmania, South Australia, Queensland and Northern Territory

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HomeBuilder - Tasmania

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Refer to State Revenue Office guidelines

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Note: Tasmanian Applications: If the customer is not using the HomeBuilder grant as funds to complete as part of the application but still eligible for the grant, please email your Relationship Manager once the first progress payment for construction has been made (not including deposit) to ensure we issue a letter which the customer is required to present to the SRO, which is required for the SRO to make payment of the grant. If the funds are used as part of the application, we will automatically send a letter to the customer after they make the first (non-deposit) progress payment.

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HomeBuilder – SA 

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Refer to State Revenue Office guidelines

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HomeBuiler – Queensland

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Refer to State Revenue Office guidelines

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HomeBuiler – Northern Territory

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Refer to State Revenue Office guidelines

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StepAction
1.Determine if customer will need HomeBuilder Grant to assist with completing construction

No – Advise customer to proceed with construction application as normal, without the grant.

Customer can liaise with Office of State Revenue directly and there is no further involvement required from the Bank

End process

Yes – Determine if customer has their own funds for the deposit. Proceed to next step.

Note: this must be from their own funds and cannot be from the construction loan or grants for example HomeBuilder or FHOG.

The construction loan must not include a refinance of any land loan or other debt.

2.Customer has equity from their land or deposit from own funds

Equity from land:

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  • Complete a top up on land loan to access this equity (95% max LVR including LMI), and then proceed with separate construction loan
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  • If there is no existing land loan, then complete one home loan application with 2 separate standalone loans being deposit land loan and construction loan. Note: the land loan portion is to be for the deposit only
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Deposit from own funds:

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  • Proceed to next step 
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3. Complete home loan application (including HomeBuilder Grant, Max LVR 90% inclusive of LMI)

Applications for construction and land must be submitted separately (where the HomeBuilder grant is used). The applications should be submitted concurrently. This can be via 2 applications or 1 application with 2 loans.

NOTE: Where HomeBuilder is included in the customer contribution max LVR is 90%, inclusive of LMI

NOTE: where postcode restrictions apply the application can proceed, conditional to any postcode policy, outlined in the postcode lookup tool.

The maximum LVR is 90% (including LMI) is to allow different lending options for customers, because for some customers they will not be able to borrow the full $25,000 or $15,000* grant should they not be successful in obtaining the HomeBuilder Grant.

*Grant amount is based on when building contract signed

For customers awareness:

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  • Complete a servicing calculator for what the customer wants to borrow, up to 90% inclusive of LMI, and reference Serviceability Calculator Policy for maximum that the customer can borrow.
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  • Check the maximum borrowing capacity on the servicing calculator to determine of the customer may have capacity to increase their loan by $25,000 or $15,000 (or maximum LVR of 95%, incl of LMI, of proposed value)
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  • If No – Advise the customer that should they be unsuccessful in obtaining the HomeBuilder Grant based on their current circumstances, unfortunately they cannot access any further funding from CommBank. This will mean if they are unsuccessful in obtaining the HomeBuilder Grant, they will need to obtain any extra funds from other sources and they should be aware of this risk before they enter into any building contract or this loan.
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  • Place in your application comments: “CARE HomeBuilder $25,000.00”. or "CARE HomeBuilder $15,000”.
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  • Ensure the grant is captured in deposit and contribution screen of the home loan application
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  • Image to the application HomeBuilder Customer Acknowledgement Letter
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  • Image to the application approval from State Revenue Office
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4. Pre-settlement condition

A HomeBuilder Grant pre-settlement condition will be placed on the loan approval. To meet this condition you must provide:

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If you have provided the information as part of your submission no further actions is required.

Further information will need to be provided to obtain unconditional approval from the government for the HomeBuilder Grant.

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Note: If customer become ineligible to receive the HomeBuilder Grant after initial progress payment no further progress payments will be made until evidence of funds to complete is provided.

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Procedures for NSW, VIC, WA, & ACT

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We are currently not accepting applications that require the HomeBuilder Grant as the customer’s contribution. Please refer to normal construction policies and processes.

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Please refer to the Refer to the relevant State Revenue Office: https://treasury.gov.au/coronavirus/homebuilder

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Home Loan Repaid Message

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When a Home/Investment Home Loan has a zero or credit balance and has special repayment funds greater than $20,000, Group Lending Services will trigger a message to the customer advising them to contact the Bank within three business days or their loan will be closed (exclusions will apply such as discharge settlements, refinanced loans, or loans with an Early Repayment Adjustment (ERA) or interest outstanding)

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This will assist customers by preventing their loans from being closed where they have repaid it unintentionally and still require access to their redraw.

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Please discuss with your customer their requirements for their home loan; some suggested actions are:

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Description
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Loan is to be closed - No action is required as the account will be closed and the Bank will write to customers regarding their repaid loan security documents.
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Last Deposit Made in Error - email CBA Group Lending Services: repaidslpcsydney@cba.com.au immediately to arrange reversal of the last deposit (to the customers Home Loan repayment account)
3
Access to Redraw still required (loan to be switched to a VLOC) - Contact Group Lending Services (1300 137 762, option 1) for the amount of special repayments held and forward customers the switching form.

(Note: This option will not be available for No Fee loans. If switching from a Fixed Rate Loan an ERA may be applicable)
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A request to order an indicative Home Loan Payout Figure for Home/Investment Home Loans and Viridian Lines of Credit can be made as follows:

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StepDescription
1

Complete all relevant sections of the Request for Payout Figure form (005-192) and e-mail to Broker Assist

Important - When you send the e-mail to Broker Assist ensure you note in the "Subject" line that it's a Payout figure request and include the customer's name to avoid processing delays.

2

Where the Payout Figure reason is Full Early Repayment Adjustment, Partial Early Repayment Adjustment, Repaid in Full or Property Sold then Broker Assist will return a Payout figure within 4 business hours by return e-mail.

Where a Viridian Line of Credit is involved the payout figure will be returned via e-mail the next business day.

Note - The PDF copy of the payout figure can be provided to the customer.

3

Where the Payout Figure request reason is External Refinance you should advise the customer that our Customer Retention Unit (CRU) will contact the customer the next business day to discuss their needs and options and also provide the payout figure.

 

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Note: for Company/Trust payout figure requests Broker Assist will return a pay out figure within 3 business days

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Simply Print

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What is Simply Print?

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Simply Print is a process that allows you to print your customers’ Home Loan Documents at your office when they are ready to be delivered.

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The benefits are:

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  • Quicker turnaround times for you and your customers in completing and signing home loan documents.
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  • Reduced wait time and reliance on postal services to deliver the home loan documents to customers.
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How does it Work?

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Once you have agreed to the terms and conditions of Simply Print:

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  1. Watch the training video to help you set up your printer
    2. -
  2. Print a test document to test your printer setup
    3. -
  3. Ensure you set up your printer in the same way when you print Customer documents
    4. -
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When your customers' Home Loan documents are ready to be delivered:

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  • If your customer has elected to receive Terms and Conditions electronically, these will have been emailed to your customer and you will be alerted by email
    • -
  • You will be notified by email that the documents are ready to print in the CommBroker Loan Tracking screen
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  • Click on the link/s provided and print the HL documents for delivery to your customer for signing.
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Simply Print Registration

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Procedure for Printing

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Borrower's Pack

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Brochures

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Home Loan Pack Document Order

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Loan Portability / Substitution of Security Process

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A request for Portability or Substitution of Security can be made by completing the below process and submitting it to the Commonwealth Bank.

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Note:

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    -
  • When your customer requests a New Home Loan as well as a maintenance request (Loan Portability/Substitution of Security), you must submit the maintenance request to the relevant department simultaneously with your New Home Loan for simultaneous assessment and decisioning. Ensure applications are cross-referenced.
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    • -
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    • -
  • Your customer must provide an exchanged contract or executed contract for the new acceptable security (purchase) property and the proposed purchase property settlement date must be scheduled within 90 days.
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StepDescription
1Ensure that the loan is eligible for Loan Portability or Substitution of Security.
2

Complete all relevant sections of the online Discharge/Refinance Authority form and email to The Bank.

Note: Where the Bank is taking a new security, the customer and/or Guarantor is required to:

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3

The Bank Will:

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  • Create your Home Loan Maintenance Request;
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4

As the request is processed you will receive notifications for application milestones depending on your preferred contact method.

For a list of the different types of notifications you may receive, please refer to the Application Notifications page.

5

The Bank will forward:

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  • A Letter of Variation (LOV) which outlines the varied security arrangements; and 
    • -
  • Security documents for the new security (e.g. a new mortgage or Letter of Set Off).
    • -

This must be signed by the relevant parties and returned to the Bank in order for settlement to proceed.

6

Once security documents have been returned and the request becomes 'Ready for Settlement', instruct your client to have their solicitor contact the Bank to arrange settlement.

Note: Settlement for the sale of the existing property must occur simultaneously or prior to the settlement of the property being purchased.

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Financial Information

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The following information may be requested and can only be determined once the application has been assessed by Credit Decisioning team:

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  • The suitability of any new or existing security property may require the Bank to undertake a valuation(s)
    • -
  • The Bank may be required to obtain updated financial details.  -
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Tracking

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You can track the progress of all your Home Loan Maintenance Requests via CommBroker Loan Tracking. Please refer to the Maintenance Loan Tracking page for more information.

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Portability Credit Policy

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Substitution of Security Guide

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Loan Tracking Process

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What information is available?

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You can view the current status of an application in Loan Tracking.

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Loan Tracking will also automatically update with a 'Mail Item Received' item whenever you e-mail or fax documents to the Commonwealth Bank for new applications, which will include a description of the documents received. 

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Complete list of Current Status

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You can view a list of all completed activities or the current pending activity in the 'Detailed Application Information' screen. You cannot see planned activities.

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Complete list of Activities

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Notifications are issued to you throughout the progress of an application. The notifications are sent via Email or Fax based on your nominated communication preference.

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Complete list of Notifications 

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A package holder may be added or removed from a Mortgage Advantage (excluding company packages) provided it meets the following criteria. 

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Add a package holder

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  3. The request will be completed if eligible and both package holders will receive written confirmation. Third Party Services will confirm once the process is complete.
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Remove a package holder

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 What Information is Available?

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You can now view the current status of a maintenance request in your Loan Tracking Summary page.

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For a list of possible 'Activities' and 'Notifications' relating to Maintenance requests tracked via Loan Tracking, please refer to the pages below:

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Full and Partial Release of Security

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Consents

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Switching Request

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Loan Portability/Substitution

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Note: Maintenance requests have a 'Bank Reference Number' (BRN) format of '99' (for example, 991234567890).

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Loan Tracking will also display information on the Activity. In addition to the Current List of Activities, you will now see a 'Switch Complete' activity when applicable.




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There are three main categories of commitments and expenses that need to be captured as part of the application, being:

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You must correctly categorise your customer’s commitments and expenses to ensure their application is accurately assessed. 

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Definitions and examples of commitments, living expenses and rental expenses (from an investment property)Refer to Verifying Transaction Account/s, Account Conduct and Commitments / Expenditure.
Monthly Living ExpensesRefer to Monthly Living Expenses Calculator and details below.
Commitments – Capturing and verifyingRefer to Verifying Transaction Account/s, Account Conduct and Commitments / Expenditure.
Rental income expenses (from investment properties)Captured as rental expenses, where rental income is used for servicing. Refer to Eligible Income > Rental Income.
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As part of meeting our responsible lending and regulatory obligations, you are required to capture MLE at a granular level.

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Monthly Living Expenses used in Servicing

The amount of living expenses used in the servicing assessment is the higher of either:

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Plus any declared additional living expenses not included in the HEM comparison.

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You should capture your customer's monthly living expenses as accurately as possible. You must always reconfirm monthly living expenses to make sure they are up to date every time you resubmit an application. Sole use of HEM isn't an acceptable way to capture monthly living expenses and may result in the inability for your customer to meet their new loan commitment.

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For non-personal applications, you must get the monthly living expenses for the guarantors (company directors / sole proprietaries) and enter this amount in the Comments section of the application.

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MLE must be broken down into 12 categories. Basic living expense categories included in HEM comparison:

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Guidance on what should be included in each category is in the table below. Pay particular attention to the category Other Additional Expenses and ensure you only capture the relevant expenses in this category, as these expenses are excluded from the Household Expenditure Measure (HEM) comparison.

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MLE CategoriesGuidance Text
Food and Groceries

Items that your customer should consider include fruit, meat, groceries, household items, take away food and coffee (e.g. Uber Eats, Menulog).

Capturing of food and groceries costs is mandatory and the amount must be greater than $0.

Primary Residence Utility and Maintenance

Items that your customer should consider include water, electricity, gas, council rates, strata and other body corporate fees, ongoing maintenance, repairs, household goods and furnishings.

Do not include mortgage repayments, rent, insurance, gardening and home help services, annual land and property tax.

Where they own or rent a property the amount should be greater than $0.

CommunicationItems that your customer should consider include internet, pay tv, phone and media streaming subscriptions (e.g. Netflix, Spotify, Foxtel).
Tertiary and Public Education

Items that your customer should consider include public school/uni fees, books, materials, uniforms, courses, higher education and professional development.

Do not include private education costs.

Where they have children of school age and they attend a public school, the amount must be greater than $0. If they attend private school, the amount must be entered in the ‘Other Additional Expenses’ category.

Clothing and Personal Care

Items that your customer should consider include clothing, shoes, accessories, hair styling and hair products, cosmetics and toiletries.

Do not include beauty treatments (e.g. nails, tanning, spa treatments).

Capturing of clothing and personal care costs is mandatory and must be greater than $0.

Transport and AutoItems that your customer should consider include public transport, car registration, petrol, tolls, repairs and maintenance and ride share costs (e.g. Uber, taxi).

Do not include car insurance and recreational vehicle expenses (e.g. boats, caravans, trailers).
Medical, Health and FitnessItems that your customer should consider include doctor, dentist, physiotherapy, medicines, eye care, glasses and gym membership.

Do not include health insurance and counselling.
Insurance

Items that your customer should consider include car, home and contents insurance.

Do not include investment property, health and life insurances and recreational vehicle insurances.

Where they are purchasing an owner occupied property the amount must be greater than $0.

Recreation, Travel and Entertainment
Items that your customer should consider include sport, domestic holidays, dining out, movies, electronic games, electronics, tobacco, alcohol, gambling, parties and functions.

Do not include overseas travel.
Children and Pets

Items that your customer should consider including for children are: day care, childcare, preschool, sports, extracurricular activities and nannies.

Items that your customer should consider including for pets are: pet food, grooming, minding services, care products, health products and veterinarian fees.

Where they have declared they have children this amount must be greater than $0.

Expenses for Adult DependantsItems that your customer should consider include expenses incurred for other adult dependants within the household such as allowances paid to them or payments for motor vehicle expenses for cars not owned by your customer.
Other Additional Expenses

Items that your customer should consider include:

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Do not include mortgage repayments, rent and investment property expenses.

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Household details

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You need to ensure that you capture the correct number of adults and dependants per household to ensure that your customer’s application can be accurately assessed.

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In determining household details, you must have a conversation with your customer to determine:

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TermDefinition
Spousal Relationship

Spousal relationship means a relationship where the couple are:

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If your customer is borrowing solely in their name, and they are in a spousal relationship, you must include two adults in the household details.

 

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Shared custody arrangements:

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Full Paperless Application Process

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The Commonwealth Bank provides facilities for Brokers to submit applications electronically via CommApply or their own Head Group provided software. 

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Broker Process

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The system will automatically enforce business rules to ensure that all required information is captured, and that certain requests are prohibited. It is important that you input information accurately to eliminate rework in the future.

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Please create a CommVal case for each security in an application and order any valuation that will be required prior to submitting an application, see CommVal for more information.

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Apply Online/CommApply

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Note: Ensure that the Costs and Risks have been confirmed with the customer and the Future Changes declaration has been completed (aligned with the minimum standards) prior to submitting the application. 

Note: in completing the Customer Identification section of the Home Loan On-Boarding Application form, only tick “personally conducted face to face interview” if you met with the borrower(s) in person. Video Conferencing with the borrower(s) does not constitute “face to face” for this option. If you met with the borrower(s) via Video Conference, select the “alternative identification method due to Coronavirus” and provide a rationale in the section provided for why you conducted Customer Identification via Video Conferencing

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Email or fax any outstanding information.

If any exceptions are found, the Bank will also fax/email an Application Exception notification to you with details of the outstanding information we require. The notification will quote the Bank Reference Number (BRN) of the application.

Note: You will also be sent a return 'Application Exception Missing Information' fax header which you should use when replying with the outstanding information. Refer to Contact Us for a complete listing of email addresses and fax numbers. You should ignore any pre-populated contact details on this fax header.

If your Broker Head Group software does not return an Application Exception fax header from the Bank, please use the More Information Required Form (004-269) as the fax header.

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Customer Channel of Choice Protocols

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Notifications will be generated during various stages of the application process to advise the Broker of the application progression or if there are any Application Exceptions. Notifications will be sent to you via your preferred method (i.e. email, fax or backchannel response to the Broker Head Group system). In the instance of being advised of an Application Exception, please respond to the notification at your earliest convenience to minimise processing delays.

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Please ensure you have pre-positioned your customers about the SMS Customer Notifications they will receive when their application is ready to settle and after settlement has been effected.

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All amendments requiring a new credit decision are to be submitted to the Bank via CommApply or your Broker Head Group preferred software in order for the application to progress. A full list of the purposes where an online amendment needs to be submitted is detailed in the Submitting Amendments for Home Loan Applications page.

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Manual amendments will only be accepted where a technical system issue prevents you from submitting online.  You must contact your Relationship Manager to obtain approval to submit manually.

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Note: Manual amendments submitted outside the above guideline will result in an Application Exception being raised

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What you need to do
Submit your amendments online via CommApply or your Broker Head Group preferred software.
If you use CommApply :
Refer to the CommApply – Reference Manuals located on CommBroker for more details on how to submit an online amendment.

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If you use Broker Head Group software:
Contact your Broker Head Group IT Support or your software trainer for more details on how to submit an amendment online.

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For detailed instructions on emailing or faxing documents, please refer to Sending documents to the Bank

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You can track the progress of all your Home Loans via CommBroker Loan Tracking. By viewing the 'Mail Item Received' activities, you can also confirm that documents you have faxed or emailed are held by the Bank. More information can be found in Loan Tracking Process.

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Important! Please allow up to an hour for documents to be received and automatically attached to your application.

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5. Returning Executed Documents

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You are required to post hard copies of Executed Loan Documents to Mortgage Services. Please refer to Sending Documents to the Bank for further information.

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Eligible Witness Requirements

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Refer to Contact Us for a complete listing of postal addresses.

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Note:

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Late returns

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Complete the following steps if the customer returns the schedule after the 21 day period has elapsed, and still wishes to proceed with the loan. 

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Document TypeRe-supply new proof
Income: PAYG- includes full time, part time, casual & contractorYes
Income: Self employed- full doc & low doc; self fundedNo
Income: government benefits/allowancesNo
Unsecured liability-e.g. Personal loan, credit card, store cardNo (unless advised by credit)
Court order, ATO debt, HECSNo
Home Loan/Investment Home LoanNo
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        3. When all information has been updated, the application will be reassessed

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Forms

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Home Loan Application Checklist (001-286)

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Home Loan Customer Consent Pack (002-833)

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Home Loan On-Boarding Application (002-829)

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More Information Required Form (004-269)

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Home Loan Supplementary Details Guarantor (002-832)

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The credit officer will now provide the following commentary in the comments to broker for both the exception work items and for declined application notifications:

 

"Please be advised the application will not be assessed until all documentation requested has been received and ensure all requested documents are provided at the one time to enable us to provide you a final decision. Please note that if no response to this is advise is received within the 21 calendar days (this includes weekends) the application will be marked 'Not Proceeded With (NPW) and Closed". A full new lodgement (new BRN) will be required if seeking to re-activate application after this time."

2An outstanding exception work item reminder is sent to the broker 8 business days after the initial exception work item is raised.
3If no further action is taken by the broker within the 15 business days then the application will be marked as NPW and the appplication closed
4Once the application is closed, no further amendments are possible to the application. If the broker wishes to proceed with the customer application then a full new lodgement (new BRN) is required along with the up to date supporting documents for credit assessment.
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Full and Partial Release of Security Process

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Please be aware we are currently experiencing higher than normal volumes and are working outside of standard processing times. We are committed to meeting your requested settlement date and if we require any further information to progress your discharge request, we’ll be in touch with you to discuss.

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  • Partial Discharge is where the customer has multiple loans and/or multiple properties and are releasing property but not repaying all loans
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  • If the Customer has repaid their Home Loan and requires their Title Deed, they must complete the online Discharge/Refinance Authority Form and select the Loan repaid option.
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  • Once we’ve received your signed request, there’s a number of steps that need to take place to finalise and process your request. We’ll be in touch with you shortly to progress your request. If you need to get in touch with us to discuss your discharge request, please contact us on 13 25 88 and select option 2 for Discharges.
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Note: When your customer requests a New Home Loan as well as a maintenance request, you must submit the maintenance request to the relevant department simultaneously with your New Home Loan application for simultaneous assessment.

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Where applicable, ensure applications are cross-referenced e.g. new money application, enter comments to cross reference to the Home Loan Maintenance request.
Care: New Home Loan to be assessed in conjunction with Partial Release of Security Maintenance request

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Discuss with your customer:

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  • The need to make all repayments before settlement date as usual.
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  • Conversion Viridian Line of Credit (VLOC) account to a transaction account, if applicable.
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Note: Terms and Conditions will be issued to the customer if they wish to convert to a transaction account by completing the option in the online Discharge/Refinance Authority Form

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  • Early Repayment Adjustment which may need to be paid if they have a Fixed Rate (including Interest in Advance) or 1 Year Guaranteed Rate loan
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Complete all relevant sections of the online Discharge/Refinance Authority Form and confirm:

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  • All borrowers, guarantors, directors and trustees, if applicable, to the loan, with signatures is included;
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  • A valid CBA home loan / Viridian Line of Credit number has been provided;
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  • Everyday Offset instruction, to transfer or remove;
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  • Viridian Line of Credit instruction, to transfer to a Smart Access or close;
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  • Instructions for disbursement of funds including an account for any excess funds;
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  • All security addresses to be released, remain or new to Bank, if applicable;
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  • Solicitor or other financial institution (OFI) details for settlement;
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  • A forwarding address, if applicable, to send paper title or confirmation;
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  • For a Partial Discharge, the contract of sale is attached to the Authority showing the sale prices including deposit and any relevant conditions
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Note: To ensure that you receive notifications and visibility of the application progression via CommBroker Loan Tracking, please complete the User details section within the online Discharge/Refinance Authority Form and select yourself as the Main Contact.

3

Confirm all Borrowers/Guarantors to the loan/s have signed the online Discharge/Refinance Authority Form

Note: The Discharge cannot progress until all parties have signed the form

4

Email the completed and signed Authority to cbadischarges@cba.com.au.

You will receive an automatic email response that the Discharge request has been received.

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The Bank will:

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  • Create your Home Loan Maintenance Request;
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  • Verify the details and signatures provided on the Authority;
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  • If a partial discharge request, the discharges team will submit the request for a Credit assessment;
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  • Arrange for the settlement and disbursement of funds.
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As the request is processed, you will receive notifications for application milestones according to your preferred contact method.

For a list of the different types of notifications you may receive, please refer to the Maintenance Loan Tracking Page

 

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 Valuation Ordering / Financial Information

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The following information may be requested and can only be determined once the application has been assessed by Credit Decisioning team:

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LMI Cover

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All instances of partial discharges, involving existing LMI cover, require approval by Genworth (Mortgage Insurer) with an external valuation where the original valuation is older than 90 days, as the original base LVR must be maintained.

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In these instances the Bank does not hold a Delegated Underwriting Authority (DUA) therefore requires a Genworth assessment and decision every time 

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Tracking

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You can track the progress of all your Home Loan Maintenance Requests via CommBroker Loan Tracking. Please refer to the Maintenance Loan Tracking page for more information.

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ItemInformation
What is a Power of Attorney (POA)?A Power of Attorney is a legal document by which a person (called the principal or donor) appoints one or more person/s (the attorney or donee) as their representative to make legally binding decisions on their behalf.
The purpose of the Power of Attorney is to provide proof of the attorney’s powers. It allows the attorney to sign any document or do anything which the principal/donor can do legally, subject to any conditions or limitations stated in the document.
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  • The authority conferred by the attorney document may be unlimited or limited to a specific act.
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There are two main types of POA:

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    • Only valid while the principal / donor has legal capacity, ie ceases if the principal / donor is deemed to no longer be legally competent or dies (whichever happens first)
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    • Useful if the principal / donor is going away for an extended period and does not want the authority to continue if they lose legal capacity.
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    • Can be drawn up for a specific purpose limiting the decisions that must be made or maybe left general.
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    • Continues even if the principal / donor is no longer legally competent due to disability or illness i.e. endure throughout their incapacity.
      Continues even if the principal / donor is no longer legally competent due to disability or illness, ie endure throughout their incapacity. Continues even if the principal / donor is no longer legally competent due to disability or illness, ie endure throughout their incapacity.
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    • May empower the attorney / donee to make financial or property decisions.
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    • Is activated when required or upon loss of legal capacity by the principal / donor.
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    • Allows the attorney / donee to commence or to continue to manage the principal / donor affairs even though the principal / donor has become unable to give lawful instructions.
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Legally competent?In order for a Power of Attorney document to be valid, the principal/donor must be legally competent when they sign the power of attorney document.
Legally competent means the principal/donor is able to fully understand the nature and implications of the Power of Attorney document they are signing.
Actions that an Attorney (on behalf of the principal) can’t complete: -
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  • Swear an affidavit (i.e. an Attorney cannot on behalf of the Principal swear under oath, a truth as outlined in an affidavit).
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  • Sign a statutory declaration (Attorneys are unable to sign a declaration on behalf of the Principal)
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  • Appoint someone else to assume their powers (unless specified in the POA document).
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  • Sign Guarantee documents and any other third party loan documents, e.g. Guarantor - Identity Verification and Privacy Information (002-443).Sign First Home Owners Grant Scheme (FHOGS). Some FHOGS applications can't be signed on behalf of a Principal. Ask the Attorney to contact the relevant State Revenue Office (SRO) for all FHOGS enquiries to determine if the application can be signed under a POA. 
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  • A Principal cannot instruct an Attorney to do anything illegal
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Cancelling a POAA power of attorney can be revoked on either the verbal or written notification from either the principal, attorney, legal representative of the principal or attorney or another person to the account.
Please advise the Bank as soon as you become aware a Power of Attorney has been revoked. The attorney may have card, cheque book, NetBank or Phone Banking access that needs to be immediately cancelled.
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Credit Application Submitted Under a Power of Attorney

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StepProcessResponsibility
1The Attorney/s holder must attend a Commonwealth Bank branch to present original or certified copy of Power of Attorney together with identification prior to the Broker submitting a loan application to the Bank.POA
2Branch to complete identification, create CommSee customer profile, accept and record POA details.Branch
3POA arranges an interview with the BrokerPOA/Broker
4Ensure the purpose of the application is for the benefit of the principal/donor.
The attorney or another person should not obtain a benefit from the request.		Broker
5Assess the POA document, ensure it has been correctly certified as being a ‘true copy of the original’ by a prescribed personBroker
6Except in Victoria, ensure the POA has been registered at the Land Titles Registry (or equivalent) if the attorney intends to sell, mortgage or otherwise deal with real property. The Lands Titles Registry will stamp a distinctive number on the original POA (generally quoting a ‘book’ and ‘number’, together with date of registration.Broker
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Review the POA to determine:

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  • Power is currently in force i.e. there is no future commencement date or past expiry date.
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  • Attorney has the authority to apply for credit and no limitations relating to borrowing have been imposed.
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  • Number of attorney/s and method of operation i.e. how many signatures are required to authorise the request for credit.
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Broker
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Obtain principal’s written or verbal acknowledgement / consent to validate the loan and purpose prior to submitting application.

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  • Verbal confirmation – note application (in “Comments” section) ‘Principal’s verbal confirmation received to proceed with application’
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  • Written confirmation – send to Bank as part of the supporting documentation prior to funding.
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Not required if you are aware of mental capacity issues (and enduring POA held).  
Military personnel on overseas duty or where principal is working in a remote area are required to consent if contactable by email or phone.  If unable to contact principal for any reason, record efforts taken to contact principal on application (in “Comments” section).

Broker
9Complete the POA section in CommApply
Add any additional comments in the broker submission
Attach copy of the POA when submitting the Home loan application		Broker
10Arrange for attorney to sign Privacy Acknowledgement and Consent (found in the Home Loan On-boarding Application form 002-829) on behalf of the principal. You will need to amend the signing clause to read ‘Signature of Attorney’.Broker
11Identify the Principal (and guarantor if applicable) and record the identification details in the application
Identification details of the principal are to be provided as part of supporting documents.		Broker
12Submit application and ensure a copy of Power of Attorney document is faxed/emailed to the Bank for credit assessment. The certified copy of a registered Power of Attorney will be required prior to documents being issued.Broker
13Application AssessedCredit Decisioning
14If approved, Group Lending Services will arrange for the attorney signing clauses to be inserted into the security loan documentation.Lending Services
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Home Loan Pricing Tool

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A pricing approval is required when you wish to obtain a discount to the rate applied to a home loan.

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Use this page to help you navigate the tools and support material that you should use when submitting a pricing request and to help you with understanding the best practice tips to ensure that you receive an accurate and timely outcome.

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Submit a Pricing Approval

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Launch the HLPT 2.0 tool here.

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Home Loan Pricing Tool Support Material

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HLPT 2.0 How Do I Guide

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HLPT 2.0 Frequently Asked Questions

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Please note, pricing requests must be submitted as part of the application. Any pricing request sought after a decision has been determined will require a new credit assessment.

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Pricing Eligibility - New and Existing Customers

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Who can I submit a pricing request for?

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  • Customers who are new to CommBank home loans, including Home Seekers (New Application(s)).
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  • Existing CommBank home loan customers who are applying for a Top Up /another loan including Internal Refinances (New Application(s))
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  • Existing CommBank home loan customers who are repricing, switching or splitting an existing loan (Changes to existing loans).
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  • Existing CommBank home loan customers who are applying for a Top Up /another loan including Internal Refinances along with repricing, switching or splitting an existing loan (New Application(s) & Changes to existing loans)
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Does the home loan need to be part of a package?

The home loan must be part of a package in order for the discount to be applied to the loan.

For eligibility details, see:
Mortgage Advantage Package Fact Sheet (006-167)

If the customer is a CBA employee, the home loan might not be eligible to be included as part of their Employee Benefits Package. Ensure the customer checks eligibility with their Employee Benefits program.

Does the customer have to be the package holder?

Only one customer is included within the pricing request.

They don't have to be the current or intended package holder, but must be either or both of the following that the pricing request will be applied to:

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What you need to capture in the request: factors which may influence a pricing decision

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In order to get the most accurate concession for the customer it is important to capture the relevant details (in your comments) which are considered when submitting a pricing request.

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Please ensure you provide strong commentary addressing all three areas below which will be considered holistically in the pricing decision.

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Factors which may influence the pricing decision include, however are not limited to:

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  • Risk of refinance and reason

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The end to end pricing process

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Pricing requests and escalations must be customer initiated, and they must supply evidence of a genuine competitor offer. Ensure to attach evidence of competitor offers where possible.

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StepAction
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Apply for the concession via the Home Loan Pricing Tool (HLPT)

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Present and discuss the outcome with the customer

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If...Then...
The customer accepts the outcomeFollow the current process to accept the pricing approval
The customer does not accept the outcome
Revisit customer’s needs and objectives, confirm if the current loan structure meets these and progress to step 3.
3

Escalate the pricing request via HLPT being sure to include the additional information.

Ensure that you include as much information as possible in the comments field around the merits of the customer, the merits of the application and external factors.

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The Pricing Team will review the request and provide you with the final outcome.

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HLPT  – what to include in the comments field

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Strong mitigating detail in the HLPT comments field will help justify your request and help the Pricing Team provide the best pricing outcome.
Effective comments should include detail around the following 6 points:

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  2. What product is being offered by the competitor?
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  3. What is the competitor’s final interest rate (not simply the discount offered by the competitor)? Has this rate been verified (the tool allows you to upload attachments if evidence is available)
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  5. What commercial and consumer lending does the client have with the Bank that would be at risk?
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  6. Can we match the competitor offer by switching or splitting to a comparable CommBank product?
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Professionals Offer - LMI/LDP Waiver

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The Professionals Offer allows eligible Professionals to apply to have Lender's Mortgage Insurance (LMI) and Low Deposit Premium (LDP)to be waived.

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Home Loan Eligibility Criteria - Professionals Offer

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To be eligible for the Professionals Offer, loans must meet all of the below:

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Note: Eligibility is based on new home loan product being applied and is not impacted when security is linked to other related existing loans.

E.g. Owner Occupied is the new home loan product and security is linked to existing IHL. Owner Occupied instructions to apply.

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- All relevant business rules must be met before advising your customer that they may be eligible for a waiver, including: -
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When determining LVR:

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Eligible Medical professionals could be considered for security values and LVRs greater than the above thresholds. Please refer to the Medico Plus + offer

Repayment TypePrincipal and Interest Only
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Home Loan Eligibility Criteria – Medico Plus + Offer

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Maximum aggregated lending with LMI & LDP waiver -
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    Note: Eligibility is based on new home loan product being applied and is not impacted when security is linked to other related existing loans.
    E.g. Owner Occupied is the new home loan product and security is linked to existing IHL. Owner Occupied instructions to apply.
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    Note: Eligibility is based on new home loan product being applied and is not impacted when security is linked to other related existing loans.
    E.g. Owner Occupied is the new home loan product and security is linked to existing IHL. Owner Occupied instructions to apply.
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Business Rules

All relevant business rules must be met before confirming to your customer that they are eligible for the Medico Plus + offer or associated LMI/LDP waiver, Including:

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Repayment TypePrincipal and Interest (P&I) Only
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Eligible Medical Professionals

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In addition to meeting the standard eligibility criteria in Customer eligibility and Home Loan Eligibility Criteria above, borrowers must:

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    • For non-veterinary professionals: Registered on the Australia Health Practitioner Regulation Agency (AHPRA) website; or
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    • For veterinary professionals: Registered in their relevant state or territory veterinarian board website.
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    • See Procedure: Apply for the Professionals Offer > Medical Professionals for more information AND
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Eligible Medical Professionals      Qualification CriteriaIncome Criteria
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  • Gastroenterologist
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  • General Practitioner (also known as Medical Practioner)
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  • General Surgeon
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  • Gynaecologist
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  • Haematologist
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  • Hepatologist
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  • Immunologist
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  • Surgeon
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  • Urologist
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  • Vascular Surgeon
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  • Enter the relevant information in the Details of practitioner and Principal place of practice sections and click Search.
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  • Ensure the Profession is one of the Eligible Medical Professionals, the Status is registered and the Registration Type is Provisional, General or Specialist.
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  • Go to the Australian Health Practitioner Regulation Agency (AHPRA) website.
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  • Enter the relevant information in the Details of practitioner and Principal place of practice sections and click Search.
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  • Ensure the Profession is one of the Eligible Medical Professionals, the Status is registered and the Registration Type is Provisional, General or Specialist.
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State or TerritoryLink to Check Registration
NSWVeterinary Practitioners Board of NSW
VICVeterinary Practitioners Registration Board of Victoria
QLDQueensland Veterinary Surgeons Board
SAVeterinary Surgeons Board of South Australia
TASVeterinary Board of Tasmania
NTVeterinary Board of the NT
WAVeterinary Surgeons' Board Western Australia
ACTEmail: vetboard@act.gov.au
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Conditions

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NOTE:

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  • However excludes the following professions: Physiotherapists, Psychologists and Nurses.
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  • Eligible Medical professionals could be considered for security values and LVRS greater than the above mentioned thresholds. Please refer to the Medico Plus + offer
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Loan to valuation ratio (LVR) – Medico Plus + Offer

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Please note these loan-to-security valuation ratios are specific to the above mentioned eligible Medical professionals that meet the home loan eligibility criteria.

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In cases where the LVR exceeds the allowable limits for an eligible LMI/LDP waiver but meet the maximum “Total LVR” limits, LMI LDP would apply.

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Individual security value
With no LMI/LDPWith LMI/LDP
MinMaxMedical Professionals PackageMedico Plus+Medico Plus+
 $2,500,000

89.99%= max loan amount $2,249,750

*94.99%= Max loan amount $2,374,750

Note that MAX LVR 94.99% is available for both owner occupied & investment PURCHASES under this offer. For security properties in postcode restricted areas, max LVR is 89.99%

Refer to Medical Plus without LMI
>$2,500,000$3,000,00089.99%= max loan amount $2,699,700Refer to medical professionals package

*94.99%= max loan amount $2,849,700 (inclusive of LMI/LDP)

Note that MAX LVR 94.99% is available for both owner occupied & investment PURCHASES under this offer

>$3,000,000$3,500,000Not available89.99%= Max loan amount $3,149,650Refer to Medical Plus without LMI
>$3,500,000$5,000,000Not available

84.99%= Max loan amount $4,249,500

Note: this also applies for security properties in postcode restricted areas, max LVR is 84.99%

89.99%%= max loan amount $4,499,500 (inclusive of LMI/LDP)
>$3,500,000$6,000,000Not availiable

89.99% = Max loan amount
$5,399,400 Subject to:

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  • Property must be a detached house
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  • CBA internal credit scoring
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Located in one of the following Group B postcodes: Bondi, Bondi Beach, North Bondi, Tamarama (2026), Double Bay (2028), Cammeray (2062), Northbridge (2063), Killara, East Killara (2071), Cremorne, Cremorne Point (2090), Manly, Manly East (2095), Hunters Hill, Woolwich (2110), Camberwell East, Canterbury (3126), Brighton, Brighton North (3186)

Not available
>$5,000,000$10,000,000Not available

89.99% = Max loan amount
$8,999,000 Subject to:

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Located in one of the following Group A postcodes: Bellevue Hill (2023), Bronte, Waverley (2024) Darling Point, Edgecliff, Point Piper (2027), Rose Bay (2029), Vaucluse, Dover Heights, Rose Bay North, Watsons Bay, (2030), Mosman (2088), Palm Beach, Coasters Retreat, Currawong Beach, Great Mackerel Beach (2108), Toorak (3142)
 

Not available
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*Investment Property Purchases under this offer have a maximum LVR of 94.99% without LMI for property values up to $2.5M, and 2.5m – 3m with the inclusion of LMI subject to all requirements of the Medico Plus + offer being met. For investment property purchase and excludes personal investment and investment refinances.

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Procedure for eligible Medical Professionals & Medico Plus + Offer

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In addition to the standard application procedures, you will need to complete the following steps to verify the customer's profession and that they are registered.

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  • Click 'Print Page' on the website to confirm the practitioner's details and attach it to the application; OR input the AHPRA Registration number and Profession in the Comments screen.
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2. For veterinary professions -
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  • Go to relevant state registry website or email relevant Board
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  • Find a Vet and input fields
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  • Ensure the customer is a Veterinarian.
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3. Input the following in the 'Comments' section of the application.

Professionals Offer - LMI/LDP waiver below 90% - I have confirmed that the customer is employed in the profession: (insert profession) and is registered under (insert registration number)

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- Ensure you select 'MAV Package'.
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Eligible Industry Professionals

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In addition to meeting the standard eligibility criteria in Customer eligible and Home Loan Eligibility Criteria above, borrowers must:

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Eligible OccupationsQualifications CriteriaIncome Criteria

Currently working in Australia as an:

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  • Accountant
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  • Director
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  • Finance Director
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  • Finance Manager
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  • Financial Controller
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  • Partner
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Minor variations to this list are acceptable as job titles do not always match the occupations.
For example, an applicant with a job title ‘Tax Accountant’ or ‘Internal Auditor’ can be accepted
Refer to additional examples below.

Must be registered to practice as CA, CPA, CFA or FIAA in Australia, verified through evidence of:

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Currently working in Australia as:

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  • Barrister
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  • Partner
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Minor variations to this list are acceptable as job titles do not always match the occupations.
For example, an applicant with a job title ‘Associate’ or ‘Legal Counsel’ can be accepted.
Refer to additional examples below.

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  • Judges and Magistrates are eligible if they can provide evidence that a condition of their employment is that they are prohibited to hold a practicing certificate.
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  • Minimum gross¹ eligible annual income $100,000 per eligible applicant
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Conditions

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  • All applications are subject to credit approval and credit officers reserve the right to decline LMI/LDP waiver requests.
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  • Evidence of registration, qualification and current employment in Australia must be included in the supporting documentation.
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  • The minimum gross annual income is $100,000 per eligible applicant. Refer to examples below.
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  • Low Doc Loans are excluded.
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Procedure for eligible Industry Professionals

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In addition to the standard application procedures, you will need to complete the following steps to verify the customer's occupation and that they are registered.

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StepProcedure
1. Obtain evidence to confirm the customer meets the qualification criteria.

Submit a copy of the evidence with the application supporting documents. An acceptable form of evidence is either:

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  • Written confirmation from the listed association.
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  • Practicing Certificate.
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2. Input the following in the 'Comments/Notes' section of the application.Industry Professional Offer - LMI/LDP waiver below 90% - I have confirmed that the customer is currently employed as a (INSERT OCCUPATION) and is registered to practice as a (INSERT QUALIFICATION AND MEMBERSHIP REGISTRATION NUMBER).
3. Ensure you select 'MAV Package'Ensure you select 'MAV Package'.
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ExampleScenario
1.The applicant is an accountant, holds required membership and works in a technology company in Australia.
The applicant is eligible because the applicant meets all eligibility criteria.
2.The applicant is a legal counsel, holds required practising certificate and works in financial services organisation in Australia.
The applicant is eligible because the applicant meets all eligibility criteria.
3.The applicant is an accountant, holds required membership and works as a sole proprietor in Australia.
The applicant is eligible because the applicant meets all eligibility criteria.
4.The applicant is a senior associate, holds required practising certificate and works in law firm in Australia.
The applicant is eligible because minor variations to the ‘Eligible Occupations’ are acceptable.
5.The applicant is an accountant, works in an accounting firm and has applied for CPA Australia membership and it will take a few weeks?
The applicant is not eligible because the applicant does not hold current membership at the time of application.
6.The gross eligible income can include income sources listed in the Credit Policy > Eligible Income Credit Policy.
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¹Eligible Income is the Total Eligible Gross Annual Income used for servicing. Note: As per existing policy, the Total Eligible Gross Annual income is the total amount of annual income received by the borrowers after applying any of our percentage reductions. It is calculated before tax and excludes tax free income. Income values assessable for this waiver are values as determined by Retail Credit Decisioning.

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Eligible banking professionals

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In addition to meeting the standard eligibility criteria in Borrower eligibility and Home loan eligibility criteria above, borrowers must:

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  • Borrow in their own names or as a trust, provided they're a director or trustee.
    • -
  • Be employed directly with their current employer for at least 6 consecutive months by settlement or -
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    • If your customer does not have 6 months of tenure by the time of settlement, they can still be eligible for the waiver where they have at least 24 months of cumulative industry experience.
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  • Be directly employed under a full-time, part-time or contract basis.
    • -
  • Require the customer to be ‘existing’ with Commbank as per the below criteria
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    • Existing credit facility (personal or business), i.e. home loan, personal loan, credit card or personal over-draft with CommBank or Bankwest for more than 6 months; or
      • -
    • Account (personal or business) with CommBank or Bankwest as their salary or income transaction account for more than 3 months.
      • -
    • If your customer does not meet the existing customer criteria above, they must be willing to open a CommBank transaction account with CBA with and have their salary deposited in this account prior to settlement. This intention must be confirmed through clear application comments.
      • -
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Please note: This only defines what an existing customer is. Please refer to eligible borrowers to determine eligible borrowers.

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  • Be employed in one of these financial institutions, or one of their fully owned subsidiaries, and provide this evidence:
    • -
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(Note: eligibility is also subject to internal credit scoring)

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Eligble BanksEvidence Criteria
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  • CommBank, includes Bankwest
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  • Westpac, includes:
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    • St George
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    • Bank of Melbourne
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    • Bank of South Australia
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    • RAMS*
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  • ANZ
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  • NAB, includes UBank
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  • Macquarie Bank.
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  • ING Bank (Australia) Limited
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  • Bank of Queensland Limited, includes ME bank
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  • Bendigo and Adelaide Bank Limited
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  • Suncorp-Metway Limited
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  • HSBC Bank Australia Limited
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  • AMP Bank Limited.
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* This offer is only available to direct employees of RAMS. This excludes any Authorised Representatives, i.e. individual brokers and their staff.

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  • CommBank - HR Sidekick employment confirmation letter or letter from direct manager.
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  • Other Financial Institution (OFI) - HR letter confirming current employment history.
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  • Letter / Employment Contract confirming previous employment history.
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  • Tax return confirming previous employer.
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  • There's no exceptions to employment with banks or OFIs other than those listed.
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  • Evidence of employment must be imaged to the application before submitting it to the Retail Credit Decisioning Team.
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Property Share

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Features and BenefitsEligibility CriteriaApplicable Loan OptionsLending Margins
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  • Property Share allows for borrowers to purchase one property using separate loan facilities. Note: A maximum of two loan facilities per security is allowed where each loan may have multiple borrowers. Borrowers can split their loan facility to best suit their needs (see example below).

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  • Each loan facility can be for different amounts, with different loan types, duration and payment structures.
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  • LVR is calculated on the combined debt and LMI (where applicable) will be split proportionately and capitalised to each loan.
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  • Property Share arrangements with only one application are acceptable, where both parties are purchasing a property togethertogether, but one party is borrowing, while the other is contributing cash. In these cases, the cash party must be reflected as the Guarantor for the borrower’s loan in CommBroker and as with all Property Share arrangements, they must obtain legal advice and complete a Statutory Declaration.
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  • All parties in the application/s (applicants and guarantors) must be owners of the property – i.e. no third party guarantors, including Government Guarantee Schemes.

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  • Customers must prove servicing for their own loan facility.

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  • It is mandatory that customers seek independent legal advice before entering into a Property Share arrangement and sign a Statutory Declaration which will be sent with the Guarantee to each Guarantor.

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Property Share is available on all Home and Investment Home Loans. Mortgage Advantage (MAV) benefits may apply.

Loan purposes include:

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  • Owner occupied or investment property purchase
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  • Home renovations (Top ups)
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  • Consolidation of personal debt
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  • Off the plan purchases
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  • Personal needs
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  • Personal investment
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The circumstances of the loan will determine whether LMI may apply. Refer to Security Lending Margins for LVR limits and use the Postcode Lookup Tool for specific LMI Policy.

 

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Interest Rates

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Standard Home Loan and Investment Home Loan interest rates apply.

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Fees and charges

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Standard Fees and Charges apply.
A Security Guarantee fee will be payable on each loan.

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Exclusions

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Property Share is not available for:

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  • Equity Unlock Loan for Seniors
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  • Business purposes
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  • Bridging loans
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  • Purchase of land
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  • Building/construction loans
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How does it work?

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Standard Property Share Arrangement

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Example:

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Nick and Sue, and James are friends who currently rent a house together. They want to buy a house together valued at $540,000 but want to keep their finances separate.

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  • James takes a loan for $250,000 in his name (one loan facility);
    • -
  • Nick and Sue take out two loans totalling $250,000 in their name (one loan facility);
    • -
  • All loan facilities would be liable for LMI in this example.
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Some examples of where Property share is a suitable option:

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  • First time buyers looking to buy property with friends
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  • Multiple investors looking to invest together but keep their finances completely separate.
    • -
  • Parents seeking to help their child purchase their first home by contributing cash, while their child is borrowing. Both parties will own the property together (single application Property Share) Note: It is not a requirement to be a First Home Buyer.
    • -
  • Multiple generations purchasing a property to live in.
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Standard Two- Application Property Share Arrangements - Process

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  • Complete two separate applications -
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    • Record in the notes that the applications are for Property Share, select "Guarantor Support Security" as a feature for each application.
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    • Record details of the other application in the notes (on both applications) so these can be cross referenced i.e. loan amount/s product type/s and application id (if known)
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    • Ensure the applicant in the first application is the guarantor of the second application, and the guarantor in the first application is the applicant of the second application.
      • -
    • Follow all requirements of the standard Guarantor Process, including providing details interview notes for each applicant.
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    • When completing the Guarantors section you only need to include the Guarantor names- full details of the Guarantors personal particulars or financial position are not required as they have been provided in the other application
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    • For online applications the system calculated LVR is only based on the single application (not the combined debt). This may result in the system decision incorrectly advising LMI is not applicable. All property share applications will be manually re-assessed so the security position (LVR/LMI) is done on a combined basis. You should await confirmation of the decision by a credit manager before conveying to your client.
      • -
    • Where LMI is payable the premium will be split proportionately between the applications.
      • -
    • The Statutory Declaration for Mortgages (002-421) will be sent to the guarantors for execution and is mandatory to complete. This document provides confirmation that they have sought independent legal advice regarding the guarantee and mortgage, and their rights and obligations as co-owners of the security property.
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Single application Property Share arrangement Example

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Dave and Sue want to help their son Sam to purchase a property They will have an ownership share in the property in lieu of a gift and therefore Sam’s parents will also be on title.

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Property purchase price is $550,000. Ownership will be 80%Sam & 20% to Dave and Sue Maximum loan for Sam is $440,000 (80% LVR). The Guarantors- Dave and Sue will provide a 20% cash contribution to complete the purchase

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LVR cannot exceed ownership split between the cash party and the borrower(s).

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Single Application Property Share Arrangements - Process

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  • Property Share arrangements with only one application are acceptable, where both parties are purchasing a property together, but one party is borrowing their funds while the other is contributing cash.
    • -
  • Complete a single application for the party borrowing funds, and capture the party contributing cash as a guarantor.
    • -
  • Follow all requirements of the standard Guarantor Process, including providing details interview notes for each applicant.
    • -
  • The Statutory Declaration for Mortgages (002-421) will be sent to the guarantor (i.e. cash part) for execution and is mandatory to complete. This document provides confirmation that they have sought independent legal advice regarding the guarantee and mortgage, and their rights and obligations as co-owners of the security property.
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Fact Sheet

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It is important to talk to your customer about the Rate Lock option when they apply for a Fixed Rate home loan as Fixed Rates are subject to change up until funding.
Refer to Rate Lock Features and Benefits page for more information.

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Note: Rate Lock isn’t available for CommBank Green Loan applications, switching, splitting, top-ups, loan purpose transfers or repayment changes.

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Home Seeker applications are not eligible for Rate Lock and the rate discussed during the Home Seeker application can’t be locked in. If the application involves a purchase, a signed Contract of Sale must be received by CommBank prior to requesting Rate Lock.

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How to Request a Rate Lock

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New applications with Rate Lock requested at submission stage

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Where your customer has requested to 'Rate Lock' at the current reference interest rates:

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StepAction
1You must select the Rate Lock feature in the Loans details section in ApplyOnline.
2Complete the Rate Lock Form (007-200) and email as a supporting document to tpbpaperlessloan@cba.com.au along with application comments.

Note: Rate Lock can be requested any time before loan documents are issued and the reference interest rates applicable to your Rate Lock will be on the date we receive the completed Rate Lock consent from all applicants.
Note: If the request for Rate Lock is made after a fixed interest rate change, we can only accept the request at the new reference interest rate.
3

Inform your customer that the Rate Lock Fee will be charged per Fixed Rate loan account in the application.


The Rate Lock fee will be debited from their Related Account when the Rate Lock request is processed. If there are insufficient funds in that account, or the account is no longer open, then the Rate Lock fee will be charged to your home loan and your home loan will go into arrears (and fees may be charged). The 90 days commences when the Rate Lock request is processed.

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New Rate Lock Request for loan applications in progress

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Where your customer has requested to 'Rate Lock' the new reference rate:

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StepAction
1Submit an online amendment and select the Rate Lock feature in the Loans details section in ApplyOnline.
2Complete the Rate Lock Form (007-200) and email as a supporting document to tpbpaperlessloan@cba.com.au An online amendment is not required.

Note: Rate Lock can be requested any time before loan documents are issued and the reference interest rates applicable to your Rate Lock will be on the date we receive the completed Rate Lock consent from all applicants.
Note: If the request for Rate Lock is requested after a fixed interest rate change, we can only accept the request at the new reference interest rate.
3Inform your customer that the Rate Lock Fee will be charged per Fixed Rate loan account in the application.

The Rate Lock fee will be debited from your Related Account when the Rate Lock request is processed. If there are insufficient funds in that account, or the account is no longer open, then the Rate Lock fee will be charged to your home loan and your home loan will go into arrears (and fees may be charged). The 90 days commences when the Rate Lock request is processed. 

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Request new Rate Lock after an existing one has expired

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  • Where a Rate Lock period expires and your customer takes no action, then the reference interest rates on funding will apply.
    • -
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  • You must follow up with your customer during this time to determine if Rate Lock is still required.
     
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Breaking Rate Lock

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A customer may request to break the Rate Lock if the reference rate has decreased.

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Where your customer has requested to break the Rate Lock to access the current reference rate:

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StepAction
1Complete Section 2 of The Rate Lock Form (007-200) and send an email to tpbpaperlessloan@cba.com.au to request Rate Lock to be broken.
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Introduction

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When the loan purpose is to consolidate or refinance any CommBank or Other Financial Institution (OFI) Home/Investment Home Loan or Line of Credit, you must have a conversation with the customer to ensure they are aware of the costs and product features they will have with the proposed new Home/Investment Home Loan or Line of Credit compared to the product they are repaying or refinancing. For example:

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  • If the Home/Investment Home Loan or Line of Credit  interest rate / fees are better or worse than on the loan(s) being consolidated or refinanced (including taking into account early repayment, exit fees or break costs)
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You must understand the customer's requirements and objectives and whether these are met by consolidating their debt / refinancing to a CommBank home loan.

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Conversation Guide

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Ask the customer for the following information about their existing Home/Investment Home Loan or Line of Credit:

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  • The current interest rate and any fees and charges.
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  • Current repayment amounts
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  • Remaining loan term, if applicable.
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Discuss the features of the customer’s existing Home/Investment Home Loan or Line of Credit and compare with the proposed new CommBank Home/Investment Home Loan or Line of Credit to identify benefits of the refinance. These may include:

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If the customer wants to proceed with the refinancing of their existing Home/Investment Home Loan or Line of Credit, check if the customer is eligible for FASTRefi®. Refer to the FASTRefi® page for more information.

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Note: You must establish that the new Home/Investment Home Loan or Line of Credit would better meet the customer's requirements and objectives by discussing the comparison of their existing Home/Investment Home Loan or Line of Credit with the proposed new home loan arrangement. Where the new home loan has disadvantages, discuss with the customer whether those disadvantages are outweighed by the benefits. You must establish the consolidation/refinance results either in overall cost savings to the customer or, if that is not the case, that the consolidation/refinance better meets the customer’s requirements and objectives (e.g. because of convenience, greater flexibility or particular tailored features such as a redraw facility on a mortgage).

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Examples

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If the customer has...Then... 
A lower interest rate on their existing lending facilities than the new proposed  home loan (excluding any discounts such as package) -
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  • Advise the customer that their overall cost of financing will potentially increase under the new arrangement.
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  • Ask the customer what the reason is for them wanting to consolidate their debt / refinance to a CommBank home loan.
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  • Ask the customer what the reason is for them wanting to consolidate their debt / refinance to a CommBank home loan.
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An existing lending facility that the customer is having difficulty paying but you reasonably believe that refinancing will not improve their situation -
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  • Advise the customer we are unable to assist. If the customer has indicated they are having trouble paying a CommBank facility, this constitutes a hardship application and you must refer the customer to our Financial Assistance Solutions team in accordance with our usual hardship procedures. If it is an OFI debt, you should suggest they consider making a hardship application with the OFI.
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Release of Security Documents for Repaid Home Loans

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  • If a Customer has repaid their Home Loan and requires their loan to be discharged they need to complete the online Discharge/Refinance Authority Form and select the Loan repaid option.
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StepDescription
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Confirm the online Discharge/Refinance Authority Form is completed correctly and signed by all borrowers/guarantors.

 

2

Inform the customer the Bank will debit the Land Titles Office fee as per the debit instructions on the release authority.

 

3

Email the completed and signed Authority to repaid repaidslpcsydney@cba.com.au

 

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Group Lending Services will:

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Home Loan Redraw

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Need help with the finer talking points on Redraw, you can refer to the below link where you will find our Redraw guide and some of the most common FAQs like:

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  1. What is redraw?
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  3. Accessing redraw
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  5. Redraw vs offset?
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https://www.commbank.com.au/home-loans/redraw.html

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The Commonwealth Bank is determined to avoid any unnecessary delays to your application because we know how important your customers are to you. The Bank uses imaging technology to automatically categorise and attach your documents and it is important you follow the key steps below when emailing and faxing supporting documents or any additional information to us. Following these steps will avoid the need for any manual matching by our staff and avoid unnecessary delays to your application.

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Key steps to follow when emailing documents

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Key steps to follow when faxing documents

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Key steps to follow when posting documents

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Key steps to follow when returning Executed Documents (Step 5)

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Note: The above links include the complete listing of where to send documents.

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Confirming receipt of documents emailed or faxed to the Bank

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After following the key steps, confirm your documents are held by the Bank by viewing 'Mail Item Received' activities on Loan Tracking. More information can be found in Loan Tracking Process. Please allow up to an hour for documents to be received and automatically attached to your application.

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Note: You should view the 'Mail Item Received' activities in Loan Tracking before you re-send any documents. Duplications are reviewed manually and this will only delay your application.

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Related links

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Paperless Top Up Process

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Contact Us (including where to send documents)

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Quick Reference Guide

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Simpler Liability Verification

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SLV allows eligible customers to utilise simplified document verification requirements for their new home loan or refinance (internally or from Other Financial Institutions).

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Where eligibility criteria is not met, the standard verification process for commitments must be followed.

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Eligibility
Examples of when to use which Simpler Liability Verification process for Home Buying vs Simpler Liability Verification for Refinance
Process – Simpler Liability Verification for Home Buying
Process – Simpler Liability Verification for Refinancing
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Eligibility 

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EligibilityExcluded Loan Purposes and types:

To be eligible for the SLV, your applicant/s must:

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  • Borrowing in a personal name only and no more than two borrowers
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  • If any other commitments are being refinanced into the new loan (e.g. car finance, personal loan), they must have CCR conduct available.
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- If your applicant/s is refinancing, the following criteria must also be met: -
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  • Be refinancing a Home Loan held for at least six months (we also allow internal refinance)
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  • Hold a clear Comprehensive Credit Reporting (CCR) history on the loan being refinanced with no late repayments for the last 6 months.
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  • Where the new CommBank loan uses a commercial asset for equity or servicing
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  • Home guarantee scheme applications
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  • Shared equity applications
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All applications are subject to credit approval and credit officer reserve the right to request further documentation or decline an application.

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Note: If the applicant/s do not meet the eligibility then proceed with the standard refinance process

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Process - Simpler Liability Verification

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StepDetail
1.

Determine whether your customer is eligible for SLV as per the above eligibility criteria.

2.

Verification of Liabilities and Commitments

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  • Enter all commitments into the application. You do not need to obtain documents to evidence these commitments or account conduct at this stage.
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  • We will rely on the information obtained through CCR to verify the commitments and account conduct where a customer’s personal other financial institutions (OFI) Credit Card, Home Loan or Personal loan is held with an Australian financial institution and is in a personal name.
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  • If the loan involves a refinance of Home Loan, the loan being refinanced must have been open for at least 6 months or a home loan being refinanced and the full 6 months of CCR conduct will be reviewed. Conduct will be considered satisfactory if there is a ‘0’ in all the six complete months reviewed (with the exception of an ‘R’ or ‘P’ in the most recent month). Any other scenario (i.e. combination of numbers and letters) will make the application ineligible for SLV and the standard application process will apply.
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  • If any other liabilities that are being refinanced into the new loan are not visible in CCR, the SLV process cannot be followed and the standard application process should apply. We will review account conduct for each individual liability (including any liabilities being refinanced) based on the last 6 complete months of CCR data from the application date (e.g. for an application created in mid-July, the period under review will be conduct in months January to June).
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  • Where an account has not been open for the full 6 months, credit will review the complete months based on conduct available since the account was opened (e.g. if an account has been open for 4 complete months, 4 months’ of data will be reviewed). Where CCR shows account conduct sores of a ‘2’ or higher in any month reviewed, the application will be ineligible for SLV and the standard application process will apply.
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  • Provided all SLV requirements have been met, no additional documents will be required for liabilities which do not appear via CCR. Continue to have a Monthly Living Expenses conversation with your customer and capture this as part of the application.
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Where the application meets all Simpler Liability Verification requirements and the above process has been met, you must include the following in your comments:

SIMPLERVERO2022

Ensure all other standard comments are included and application is aligned with the minimum standards.

Note: Credit may request additional documents to assist with their assessment of the application for example – for non CCR evident liabilities

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All applicants will be sent SMS Notifications when their loan is ready to settle and after settlement has been completed.

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For Construction loans an SMS will be sent after each progress payment, and also when the final progress payment is due.

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To ensure your customer receives the automatic SMS notifications, please follow the below steps during the application submission process:

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About SMS Notifications

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The table below demonstrates how the SMS messages that will be sent to applicants are timed to align with the existing notifications you receive and highlights the action required. You will continue to receive notifications via email, on CommBroker Loan Tracking and via our Call Centre.

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SMS Customer ContactBroker NotificationNext Steps
Ready to Settle - Purchase"Ready for Settlement"Customer to follow up with their solicitor to book settlement.
Ready to Settle - RefinanceThe Bank will liaise with all parties to facilitate settlement.
Settlement Complete - Purchase"Settled"No action required
Settlement Complete - Refinance
Progress Payment Advice"Progress Payment Made"No action required
Final Inspection DueNilCustomer to provide (signed) Builders Final Progress Payment Claim to the Bank allowing sufficient time for the Final Inspection and Payment to be made
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Text in SMS Notifications

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For your information the full SMS text for each contact is shown below:

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  • Ready to Settle - Purchase: "We are ready to settle your loan. Please contact your solicitor about your settlement date. Thank you for choosing the Commonwealth Bank."
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  • Ready to Settle - Refinance: "We are ready to settle your loan. We will contact all parties shortly to arrange settlement. Thank you for choosing the Commonwealth Bank."
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  • Settlement Complete - Purchase: "Congratulations! Your home loan settlement is complete. Thank you for choosing the Commonwealth Bank."
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  • Settlement Complete - Refinance: "Congratulations! Your home loan settlement is complete. Thank you for choosing the Commonwealth Bank."
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Split Banking Indigenous Business Australia (IBA)

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Introduction

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Indigenous Business Australia (IBA) provides housing loan products, to enable Indigenous Australians to purchase their first home (in most cases). Indigenous Business Australia’s (IBA) Indigenous Home ownership program aims to increase the level of home ownership among Aboriginal and Torres Strait islander people.

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The Bank, together with IBA is able to provide “split banking” finance options to assist borrower(s) complete their purchase. This will involve the borrower(s) having separate loans with the Bank and IBA.

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Finance approval can be offered up to a combined maximum borrowing of 100%. CBA finance is available up to a maximum of 80%, with the remaining contribution from IBA finance and the client’s funds. Refer to the following table for examples of split options (finance approval) offered by IBA to assist the borrowers complete their purchase.

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Indigenous Business Australia (IBA)
Customer Funds*
40%
60%
0%
55%
45%
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80%
17%
3%
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  • Refer ‘IBA Split Banking Loans Frequently Asked Questions’ for further details.
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Procedure for dealing with new Split Banking IBA loan applications

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Note: The Bank's usual credit policies apply to IBA Split Banking loans (e.g. Verification checks and the property meeting the Banks usual security requirements).

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Step
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Prior to submitting an application, identify and confirm clients have pre-approved finance from Indegenous Business Australia and are within 3 months of the original approval date.

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Note:

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Complete the application as per the normal Full Paperless Application Process

Note:

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    Refer Calculating Product Commitments for further details
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Ensure that you enter the following in your online comments ‘Application is part of Split Banking Indigenous Business Australia (IBA)’

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All amendments requiring a new credit decision are to be submitted to the Bank via CommApply or your Broker Head Group preferred software in order for the application to progress. 

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The following changes require a new Credit Decision and must be submitted as an online amendment using CommApply or Broker Head Group (BHG) preferred software:

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All other changes to an application (e.g. adding a new applicant or guarantor to the application) will require that a new application be submitted, with existing in progress application to be withdrawn.

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Note: Providing solicitor details or updated address for Off-the-plan securities for applications that are already approved and ready for settlement do not require an Amendment to be submitted, CBA will obtain these details from the documents you provide.

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Note: New, current verification documents will need to be obtained to confirm no changes from the initial submission/approval, with the exception of annually/one-off produced documents where there has been no change e.g. self-employed income, court orders, ATO documents, HECS, etc.  

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Acceptable changes:

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You MUST capture and advise us of any significant changes in the customers’ circumstances or the loan requirements by submitting an amendment to the home loan application. Where there are no adverse changes, we may continue to honour the previous credit decision within 90 days, or when a HomeSeeker application converts to a full approval (with a Contract of Sale). Credit will provide a new credit assessment if they identify any adverse changes.

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If there has been a change in the ...Then, we may honour the previous credit decision if ...
Loan Approval -
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Loan Amount -
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  • The amount sought hasn't increased (excludes any increases resulting from a change to the application fee).
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Repayment type or options -
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Loan Term -
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Personal details -
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Commitments -
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Assets and/or liabilities -
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Property value -
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  • The value has increased and the loan is supported on normal lending margins, e.g. the value of the home increases from the owner's estimated value of $740,000 to $760,000, so a reduced Loan to Valuation Ratio (LVR) of 75% applies. This also includes an increase in the value of a property for applications involving bridging finance or Lenders Mortgage Insurance (LMI), e.g. applications involving LMI - LVR reduces from 84% to 82%, or the value has decreased and the loan is supported on normal lending margins.
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  • For applications involving bridging finance where the value of the property to be sold has decreased, the approval may be affected if there is an impact to the servicing and/or residual position.
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Non-credit related information  -
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  • A spelling error has been corrected.
    • -
  • The repayment method has been updated.
    • -
  • The solicitor's details have been added.
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  • The Rate Lock feature has been added.
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What you need to do

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If you use CommApply:

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Refer to the CommApply – Reference Manuals located on CommBroker for more details on how to submit an online amendment.

-

If you use Broker Head Group software:

-

Contact your Broker Head Group IT Support or your software trainer for more details on how to submit an amendment online.

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For detailed instructions on emailing or faxing documents, please refer to Sending documents to the Bank

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Switching (or Split) Loans Process

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A request to Switch or Split a Home Loan or Viridian Line of Credit can be made in the following ways:

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1. Customers may call 13 22 24 (during these operating hours) to arrange for their request to be processed over the phone.

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If the request falls under the following scenario’s it cannot be completed over the phone:

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    -
  • The loan is in joint names and the method of operation is 'All Must Sign' or 'To Be Advised'.
    • -
  • The switch is to or from an Interest in Advance loan
    • -
  • The switch is to an Interest Only loan where the period is greater than five years at a time
    • -
  • The switch is to an Interest Only loan where the switch request is within 180 days of the original loan funding date
    • -
  • The switch is between low documentation loans
    • -
  • Splitting a portion of an existing loan
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  • A package concession is being applied for at the same time as the switch request
    • -
  • The loan requires guarantor written consent
    • -
  • The switch is from a No Fee Variable Rate loan
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-

2. Customers may be able to complete their request through Netbank.

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Digital Self-Service Guide – Home Loan Splitting

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How to Video

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3. Brokers may arrange for a Switch or Split of a Home Loan or Viridian Line of Credit per the below processes:

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When filling out sections 2 or 3 of the Loan Switching Request Form (001-070), if your customer selects:

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    -
  • Your requested date, we will apply the reference rate that’s applicable on the day the form is submitted, provided the date they select is within 30 days.
    • -
  • The date this form is processed, we will apply the reference rate applicable on the day the form is submitted.
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  • On the expiry date of your current fixed or discounted period, we will apply the reference rate applicable on the day the form is submitted, provided the expiry date is within 30 days.
    • -
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If the rate changes after the form has been submitted and the customer would like to take advantage of this rate, you will need to re-submit the Loan Switching Request Form with the new rate.

-

You cannot submit a switch/split/refix for more than 30 days in advance regardless of current loan type.
 

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For Principal and Interest to Interest Only switches
StepDescription
1

Check that the customer is eligible to switch to Interest Only:

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    -
  • Requested IO term does not exceed 5 years for Home Loans and 10 years for Investment Home Loans, for the life of the loan
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  • There will be a minimum of 5 years remaining on the contracted loan term at the expiry of the proposed IO term
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  • The loan account must have been funded for a minimum of 180 days
    • -

If the customer is ineligible to switch to IO but still wishes to be considered for a future IO period, they may submit an internal refinance request provided this meets their needs and objectives.

Note: Do not proceed with request if the customer advises they are experiencing financial hardship and refer to CommBroker - Financial Hardship

2

If the customer is eligible to switch to Interest Only:

-
    -
  • Provide the customer with the Interest Only Switching fact sheet
    • -
  • Advise customer to call the Interest Only Specialist team on 1300 057 072 between 8:00am and 6:00pm (AEST). The Interest Only Specialists will assist the customer with their request and complete a serviceability assessment
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For Interest Only Extensions
StepDescription
1

Check that the customer is eligible to extend their Interest Only period:

-
    -
  • Requested IO term does not exceed 5 years for Home Loans and 10 years for Investment Home Loans, for the life of the loan
    • -
  • There will be a minimum of 5 years remaining on the contracted loan term at the expiry of the proposed IO term
    • -
  • The loan account must have been funded for a minimum of 180 days
    • -

If the customer is ineligible to switch to IO but still wishes to be considered for an IO extension, they may submit an internal refinance request provided this meets their needs and objectives.

Note: Do not proceed with request if the customer advises they are experiencing financial hardship and refer to CommBroker - Financial Hardship

2

If the customer is eligible to extend their Interest Only period:

-
    -
  • Proceed to step 1 below
    • -

Note: In some instances depending on the circumstances of the loan the bank will require a serviceability assessment for an IO extension, in these instances the switch request will be returned to you. Advise customer to call the Interest Only Specialist team on 1300 057 072 between 8:00am and 6:00pm (AEST).

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For All Other Switches
StepDescription
1

Complete the Loan Switching Request form located at the back of the Switching Terms and Conditions and arrange for all borrowers and guarantors (if applicable) to sign.

The customer must retain the Switching Terms and Conditions booklet.

Check and complete the relevant sections as detailed:



If the customer has chosen to switch to a fixed rate loan they need to be made aware that an Early Repayment Adjustment may be applicable, and acknowledge this by signing the Early Repayment Adjustment Acknowledgement section on the switching form.

Note: To ensure you receive notifications and visibility through CommBroker Loan Tracking, please ensure that you complete the "Staff/Broker Details" on page 1 of the Loan Switching Request.

Applicable Reference Rate for Switches to fixed, Splits into fixed or Re-fixes

When filling out sections 2 or 3 of the Loan Switching Request Form (001-070), if your customer selects:

-
    -
  • Your requested date, we will apply the reference rate that’s applicable on the day the form is submitted, provided the date they select is within 30 days.
    • -
  • The date this form is processed, we will apply the reference rate applicable on the day the form is submitted.
    • -
  • On the expiry date of your current fixed or discounted period, we will apply the reference rate applicable on the day the form is submitted, provided the expiry date is within 30 days.
    • -

If the rate changes after the form has been submitted and the customer would like to take advantage of this rate, you will need to re-submit the Loan Switching Request Form with the new rate.

You cannot submit a switch/split/refix for more than 30 days in advance regardless of current loan type.

2

Where applicable, obtain Guarantor's written consent for a switch to, or extension of and Interest In Advance or Interest Only repayment type. 

If the guarantor is a family member providing their own property as a security for the loan (Family Security Support), the loan is ineligible for interest only repayments until the guarantee is released.

For other guarantor types (including martial/de facto, property share, non-personal and directors), if the switch is to interest only repayments discuss with the guarantor separately to the borrower that:

-
    -
  • Their consent is required for the switch and they have a right not to consent.
    • -
  • Interest only repayments will increase the total interest over the life of the guaranteed loan.
    • -
  • Interest only repayments do not reduce the balance of the loan which may increase the duration of their liability.
    • -

Note: Guarantor written consent is required prior to the switch being processed.

3

Complete the following additional steps if the existing loan is a Fixed Rate or Guaranteed Rate Loan

-
    -
  • Advise the customer to contact 13 22 24 to find out the amount of the Early Repayment Adjustment or Early Termination Interest Adjustment (ERA/ETIA)
    • -
  • The call centre will contact the customer once the calculation is complete, advise the amount applicable and send out the necessary forms if the customer wishes to proceed.
    • -
4

Email thirdpartyservices@cba.com.au

As the request is processed by Mortgage Services, you will receive notifications upon certain application milestones dependant on your preferred contact method. For a list of the different notifications you may receive, please refer to the Maintenance Loan Tracking page.

Note: If a Home Loan requires a switch as well as a Transfer (Owner-Occupied to Investment & vice-versa), please submit them as separate emails/requests. Sending them together in a single email may cause delays.

-

 

-

Customers and or Guarantors will receive the following after the request has been processed:

-

Customers

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    -
  • For a switch - A Home Loan/Investment Home Loan statement will automatically issue with a statement message as confirmation.
    • -
  • For switching to and from a Home Loan or from a Viridian Line of Credit- a Letter of Variation as confirmation of the switch. Customers will only be able to switch the outstanding Viridian Line of Credit balance to an eligible Home Loan Product.
    • -
  • For a split - a Letter of Variation as confirmation that their existing loan has been split.
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Guarantors

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    -
  • For a Switch (that requires Guarantors consent and acknowledgement prior to implementing) - A copy of the executed Loan Switching Request (001-070) to each guarantor with the Guarantor Confirmation of Home Loan Switch Covering Letter.
    • -
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-

Tracking

-

You can track the progress of all your Home Loan Maintenance Requests via CommBroker Loan Tracking. Please refer to the Maintenance Loan Tracking page for more information.

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-

Switching Low Documentation Loans

-

Low Doc loans can be switched to another loan type (after funding) in accordance with the switching policy for the applicable loan type. 

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Lenders Mortgage Insurance (LMI)

-

Refer to the table below to ascertain LMI requirements for Low Doc facilities

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If the LVR isThen
equal to or < 60%no LMI is payable by the bank or customer provided all product requirements are met
>60% and equal to or <80%the loan is subject to LMI cover and the premium is payable by the customer
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-

Changing from a Low Documentation Loan to a standard (non-Low Doc) loan 

-

Low doc loans can be changed to another standard (non-Low Doc) loan by completing the Low Documentation Loan change request (005-174)

-

Note: For all other loan changes i.e. switching between loan types and repayment options, you must complete the Loan Switching Request

-

 

-

Eligibility Criteria

-

Customers may change from a Low Documentation Loan (Low Doc) to a Non Low Documentation Loan (Full Doc) in the following two instances:

-

1. Low Doc Loan is not LMI insured and the following conditions have been met:

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    -
  • Low Doc Loan has been funded for greater than 36 months
    • -
  • Has had no account arrears or late payments and good conduct of all accounts, AND
    • -
  • Low Doc Loan type is not changing i.e. fixed, variable
    • -
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2. Low Doc Loan (LMI or non-LMI) where there has been a subsequent Non Low Doc Loan and the following conditions have been met:

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    -
  • the customer has provided full financial information for the subsequent Non Low Doc Loan
    • -
  • Has had no account arrears or late payments and good conduct of all accounts, AND
    • -
  • Low Doc Loan type is not changing i.e. fixed, variable
    • -
-

Note: Facilities not eligible under the above criteria should be submitted as a full application for consideration.

-

 

-

For eligible requests

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    -
  • Complete the Low Documentation Loan Change Request (005-174)
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  • Where request is as a result of the approval of a subsequent Non Low Doc Loan please note form with application details
    • -
  • Your clients will need to sign this request
    • -
  • Submit via e-mail to Third Party Services as a Maintenance application for your state
    • -
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Applications outside of the eligibility criteria

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    -
  • Submit a full application including financial and income statements
    • -
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Interest Only Switching Fact Sheet

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Allowable and non allowable switches and split loans

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Switching Request Terms and Conditions and Loan Switching Request Form

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Fees

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Loan Switch form Direct Debit Clarification Process


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- Interest Only (IO) vs Principal and Interest (P&I) Simulator -
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Digital Home Loan splitting Tool

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Password - splitting

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Step

Process

1

Ensure the customer is eligible for the Home Loan Top Up application.

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    -
  • If the customer is eligible, proceed to Step 2
    • -
  • If the customer is ineligible, you will be required to submit a full home loan application for internal refinance and select Top Up as a feature to the loan. (Refer to the Full Paperless Application Process)
    • -

Note: 1 Year Guaranteed Rate, 12 Month Discounted Variable Rate and 3 Year Special Economiser / Rate Saver loans paying interest only will require a full home loan application

2

Before referring the customer to 13 22 24 to complete the Top Up customers can nominate to receive the Notice of Variation (NOV) online via NetBank (the NOV is the simplified loan security document that replaces the full loan contract). All applicants must have access to NetBank prior to submitting the application.
 

If the customer does not have NetBank access, advise the customer that access can be easily obtained by one of the following methods:

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    -
  • Contact NetBank Help Desk (13 22 21, 24hr/7 days) and once they pass ID checks, can be registered immediately; or
    • -
  • If the customer has a CBA key card or CBA credit card and they know their telephone banking password, they can request NetBank access online and receive an ID/password instantly. Please click here to access NetBank.
    • -
  • You and the customer can complete the CommBank Customer Connect form and request Online Banking registration. Correct submission of this form will result in the customer receiving a call back from Commonwealth Bank to complete the request.
    • -

If any of the above methods are not suitable, proceed by submitting a full home loan application for internal refinance and select Top Up as a feature to the loan.

Note: If it is determined that additional documents are required to be issued with the Notice of Variation, the system will automatically default to issue these documents to the customer by post.

3

 Process for application submission:

Direct Lending (13 22 24)

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    -
  • Advise the customer to dial 13 22 24 (Operating hours listed here) and follow the prompts for new lending.
    • -
  • The customer will then be prequalified for the Top Up and checked for eligibility before the Top Up submission begins
    • -
  • Where the Top Up application is approved you will continue to receive trail commission in line with current commission structure
    • -
  • Note: In the circumstance where a Top Up application is declined the Top Up lender will first refer the customer back to their broker and offer them the brokers contact details before exploring any other options with the customer. All Direct Lending calls with customers are recorded. If the loan is refinanced by a CBA lender, the broker will no longer be eligible for commission. 
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Top Up Product Conversion Table

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Some products will get converted to a different product after Top Up funding. Following is a list of all such products.

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Product GroupCurrent ProductEnd product after Top Up funding
Variable Rate Home/ Investment Home Loans12 Month Discounted Variable RateStandard Variable Rate
   
 3 Year EconomiserEconomiser
 EconomiserEconomiser
 Standard Variable RateStandard Variable Rate
 No Fee Variable RateNo Fee Variable Rate
   
 3 Year Special Rate SaverRate Saver
 Rate SaverRate Saver
   
Fixed Rate Home/ Investment Home Loans1 Year Guaranteed RateStandard Variable Rate
 1 Year Fixed RateStandard Variable Rate
 2 Year Fixed RateStandard Variable Rate
 3 Year Fixed RateStandard Variable Rate
 4 Year Fixed RateStandard Variable Rate
 5 Year Fixed RateStandard Variable Rate
 7 Year Fixed RateStandard Variable Rate
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Notes:

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-

The loan will convert to the applicable rate relevant to their loan purpose based on the existing repayment type.

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If the customer requests a switch from the End Product, this is treated as a separate request and processed after full funding has occurred. Switching fees for this will not be charged.

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Top Up on Existing Loan with Servicing Guarantors

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Personal Borrowers

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A loan for personal borrowers (i.e. where all borrowers are either individuals or individuals acting as trustees for a trust) cannot be topped up if there is an existing servicing guarantor or joint servicing guarantor on the loan.

-

When a 'personal borrower' customer is seeking to Top Up their home loan or investment home loan and the existing loan has a servicing guarantor or a joint servicing and security guarantor, the customer must:

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    -
  • submit a full application for a refinance of the existing loan plus the additional funds required without the guarantor, or
    • -
  • submit a full application for a refinance of the existing loan amount plus the additional funds required with the former servicing guarantor as a co-borrower where they meet the eligibility criteria
    • -
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Decisioning OutcomeThen
PassIf the customer passes servicing without the servicing guarantor, the customer will receive the full amount of credit (including the required Top Up amount)
DeclineIf the customer does not pass servicing without the servicing guarantor and does not pass all other lending criteria the refinance request will not be able to proceed. The borrowers existing home loan will still be honoured with the servicing guarantor.
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Non-Personal Borrowers

-

There  is no restriction for Top Ups for non-personal borrowers (i.e. where at least one borrower is a company or a company acting as trustee for a trust).

-

Note: You will need to obtain the Monthly living expense for the Guarantors (Company Directors/Sole Proprietaries). This amount should be recorded in the comments section of the application

-

Fees and Charges

-

Due to customers with an existing servicing guarantor or a joint servicing and security guarantor needing to apply for a refinance to obtain additional funds, these customers:

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    -
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There are two types of loans and this process will help meet our customer’s changing circumstances during the lifecycle of their loan.

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Eligibility Criteria

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If The:Eligible to transfer from an
Investment Home Loan to a
Home Loan		Eligible to transfer from a
Home Loan to an
Investment Home Loan:
Loan is fully funded for more
than six months.
Loan is in arrears.
Loan has undrawn funds/in
progress construction loan
Loan purpose was originally
for purchasing or refinancing
residential property
Loan has a deceased
customer(s)
Loan has a Variable Interest
Rate
Loan is a Fixed Rate*
Investment Home Loan is a company.
Investment Home Loan that involves a
Trust and the Trust will claim tax
deductibility on the loan
Investment Home Loan that involves a
Trust and the Trust will not claim tax
deductibility on the loan, receive any
rent and at least one or more of the
beneficiaries will reside in the property
on a permanent or periodic basis
Loan has additional non-residential
securities, e.g. cash security
Loan is no longer used for
investment purposes.
Change in purpose is related
to new lending (The loan must be
transferred when the customer
returns the CCC Schedule
Security property address is
the same as their residential
address
Loan purpose was originally
for personal purposes or
personal investment
Loan has one security
property and it is now owner
occupied
Loan has one security
property and it is now used
for investment
Loan has two security
properties and are both
owner occupied
Loan has two security
properties and one is now
owner occupied and one is
now for investment
Loan has three or more
security properties		****
Loan term extension
-

Notes:

-

*ERA applies to customers breaking the Fixed Rate

-

**These requests require further assessment to determine eligibility. You must complete the Loan Purpose Transfer Request Form - Home Loan, Investment Home Loan and Viridian Line of Credit (VLOC) and send it to thirdpartyservices@cba.com.au for further review

-

Customers wanting to switch to Interest in Advance payments cannot switch from a Home Loan to an Investment Home Loan. This must be completed as a standard refinance application with the existing Home Loan repaid.

-

Note: The term Owner Occupied includes non-investment properties that customers may use for holiday homes i.e. not for investment purposes.

-

Note: If a Home Loan requires a switch as well as a Transfer (Owner-Occupied to Investment & vice-versa), please submit them as separate emails/requests. Sending them together in a single email may cause delays. 

-

Not Eligible to Transfer between Home Loan and Investment Home Loan

-

You must follow the standard refinance application process for requests that do not match the eligibility criteria.

-

Loan purpose incorrectly setup at origination

-

Where the loan purpose was incorrectly set up at origination, if:

-
    -
  • The loan purpose was incorrectly selected during the original application
    • -
  • Negative Gearing and Rental Income was not included in the original application
    • -
  • The Loan has been funded for less than six months
    • -
-

The Customer(s) always intended the loan to be for Owner Occupied or Investment Purposes

-

Transfer Scenarios

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If……
Then……
-
    -
  • Is completing a new application to purchase a new property and has an existing Home Loan; or
    • -
  • Requests a top up to their existing Home Loan and tells us they are receiving rental income on the property
    • -
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StepAction
1Identify the property and related loans that need to be transferred
2Complete the Serviceability Calculator to determine serviceability for your customer, including any rental income as part of the new finding or top up. Negative gearing can be applied to the current Home Loan that is transferring to an Investment Loan
3 -
    -
  • Determine if the related loan features (e.g. term, repayments, type) suit your customers' needs and objectives:
    • -
  • If yes, proceed to the loan application
    • -
  • If no, review the customers options such as switch, internal refinance etc.
    • -
4See Procedure below
Is completing a new application to purchase a new principal place of residence (PPR) property with a tenancy lease agreement expiring after settlementSee: Credit Policy / Acceptable and Excluded Purposes: Properties with existing tenancy lease agreements
Requests to switch from Principal & Interest to Interest Only or Interest Only extension and they are not eligible to switch

If they are not eligible, follow the existing switching to Interest Only process. See Interest Only

Requests to switch from Principal & Interest or Interest Only or Interest Only extension and they are eligible or conditionally eligible to switch - - - - - - - - - - - - - - - - - - - -
StepAction
1Follow the existing switching to Interest Only process. See Interest Only
2Complete the Switching to Interest Only Process
3See Procedure below
Wants to transfer their Home Loan to an Investment Home Loan -
    -
  • Identify the property and related loan(s) that need to be transferred
    • -
  • See Procedure below
    • -
Wants to transfer their Investment Home loan to a Home Loan -
    -
  • Identify the property and related loan(s) that need to be transferred
    • -
  • See Procedure below
    • -
The customer advises us in passing that their residential loan purpose has changedNo action is required.
-

 

-

Procedure: Processing a transfer request between Home Loan (HL) and Investment Home Loan (IHL) Types

-

Complete the following steps when transferring between Home Loan (HL) and Investment Home Loan (IHL) Types

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StepDescription
1Ensure that the borrower/s meet the eligibility criteria before proceeding.
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3Email Thirdpartyservices@cba.com.au with a completed copy of the loan purpose transfer Form.
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The Bank will complete the checks to confirm the customer meets the requirements and if accepted will transfer the loan purpose and send a Notice of Variation (NOV) to the borrower/s. The NOV sent to the borrower/s does not need to be signed and returned to the Bank. A confirmation e-mail will also be sent to the broker advising that the request has been completed.

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Request a Viridian Line of Credit (VLOC) Limit purpose transfer

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In the event a customer’s VLOC purpose changes, the customer can request to transfer the Loan purpose from an Investment VLOC to a Personal VLOC or from a Personal VLOC to Investment VLOC.

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VLOC purpose selected in error

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Eligibility

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Procedure: Processing a Loan Purpose Transfer Request for a Viridian Line of Credit (VLOC)

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This procedure provides the detailed steps required to process a loan purpose transfer request for a VLOC.

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A Trust Investigation is required when the:

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Total aggregate of CBA credit facilities (retail and commercial) to the Trust (as borrower or security provider) is or will be greater than $500,000

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Where the application involves a trust investigation, a signed and stamped copy of the Trust Deed (and any associated variations/supplements from the Trustee) must be provided to the Bank as part of the supporting documentation.

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Note: We can use a Trust Investigation already held by the Bank provided there are no changes to the Trust or the loan structure. Lending Services will investigate and determine if a new Trust Investigation is required.

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The Trust Investigation fee is charged up front and is non-refundable, even if the loan is withdrawn.

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A Valuation Shortfall occurs where a valuation report is received and the value is less than the value of the owner’s estimate or contract of sale price.

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Where there is a valuation shortfall the first step should always be to determine:

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Where you cannot restructure the loan and believe a query is warranted you may query the valuation with the Valuer if it meets the Commonwealth Bank's dispute criteria.

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Dispute Exclusion Criteria

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You cannot dispute a valuation if:

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*For any Desktop valuation that has returned with a lower value than the OEV or COS value, you will have the option to press the Request Short Form button rather than the Query valuation button. Only use this feature if the returned Desktop valuation does not meet the clients lending needs.

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When you press the Request Short Form button, you are required to read and agree to the requirements provided in the warning box, then you will be taken to the Order screen of CommVal. Refer to the CommVal – How do I Guide.

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StepDescription
1Where the valuation is ordered by the Bank via CommVal, a notification is received that the valuation has been completed and is available for review through CommVal.
2Once reviewed, if the decision is to query the valuation, then click ‘Begin’ to the task View valuation report/query response task in the assignments section.

You'll see the Query valuation button will become available.
3Click Query valuation to query the valuation report and select the query type relevant to the issue you want to raise.

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4Click Submit query.

Once the query is submitted, you will be able to upload relevant evidence for the valuer to review. Please note: do not upload an OFI valuation as this is considered a privacy breach.

The valuer will respond to your query within 1 business day with a response. You will receive an email notification advising you of the outcome of your query including any relevant information.
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Once notified, review the valuer’s response to your query, available in the Report tab of CommVal:

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Note: Where a value change has been made, the report will be reviewed by the VST before it will be made available to you.

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Process Pass 1 (61 links)

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  1. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/pricing-request.html
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  2. https://www.commbroker.com.au/content/commbroker/en/private/processes/maintenance-processes/repayments-and-redraw.html
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  3. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/commval.html
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  4. https://www.commbroker.com.au/content/commbroker/en/private/processes/maintenance-processes/consents-process.html
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  5. https://www.commbroker.com.au/content/commbroker/en/public/products/home-loan-products/borrowing-options/property-share.html
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  6. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/home-builders-grant.html
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  7. https://www.commbroker.com.au/content/commbroker/en/private/processes/maintenance-processes/repaid-home-loans.html
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  8. https://www.commbroker.com.au/content/commbroker/en/private/processes/maintenance-processes/indicativehomeloanpayoutfigurerequests.html
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  9. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/sms-notifications.html
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  10. https://www.commbroker.com.au/content/commbroker/en/private/processes/maintenance-processes/transfer-purpose-for-vloc.html
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  11. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/loan-document-printing.html
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  12. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/commercial-exposure.html
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  13. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/loan-tracking.html
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  14. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/power_of_attorney.html
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  15. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/refinance.html
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  16. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/valuation-dispute-commval.html
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  17. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/fhsss.html
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  18. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/digi-id-onboarding.html
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  19. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/professionals_offer.html
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  20. https://www.commbroker.com.au/content/commbroker/en/private/processes/maintenance-processes/discharge-external-refi.html
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  21. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/refi-alt-assessment-scenarios.html
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  22. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/not-proceeded-with.html
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  23. https://www.commbroker.com.au/content/commbroker/en/private/processes/maintenance-processes/switching-process.html
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  24. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/sending-documents-to-the-bank.html
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  25. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/new-application-process.html
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  26. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/equity-at-settlement.html
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  27. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/fast-refi.html
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  28. https://www.commbroker.com.au/content/commbroker/en/private/processes/maintenance-processes/maintaining_package.html
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  29. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/hgs.html
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  30. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/top-up-with-servicing-guarantors.html
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  31. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/channel-protocols.html
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  32. https://www.commbroker.com.au/content/commbroker/en/private/processes/maintenance-processes/loan-portability.html
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  33. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/trustinvestigation.html
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  34. https://www.commbroker.com.au/content/commbroker/en/private/regulatory-requirements/mle.html
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  35. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/everyday-offset.html
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  36. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/commbroker_general_info.html
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  37. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/top-up-process.html
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  38. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/customers-residing-overseas.html
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  39. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/submitting-amendments.html
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  40. https://www.commbroker.com.au/content/commbroker/en/private/processes/maintenance-processes/partial-release-of-security.html
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  41. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/buildingconstructionloan.html
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  42. https://www.commbroker.com.au/content/commbroker/en/private/processes/maintenance-processes/deferral-payment-maintenance.html
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  43. https://www.commbroker.com.au/content/commbroker/en/private/processes/maintenance-processes/maintenance-loan-tracking-process.html
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  44. https://www.commbroker.com.au/content/commbroker/en/private/processes/maintenance-processes/deceased-borrowers.html
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  45. https://www.commbroker.com.au/content/commbroker/en/public/processes/maintenance-processes/amending-home-loan-repayments.html
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  46. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/digital-documents.html
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  47. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/dual-transfer.html
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  48. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/fhog-applications.html
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  49. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/bridging-loan-process.html
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  50. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/first-home-buyer-choice.html
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  51. https://www.commbroker.com.au/content/commbroker/en/public/processes/maintenance-processes/delegates.html
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  52. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/futurechanges.html
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  53. https://www.commbroker.com.au/content/commbroker/en/private/processes/maintenance-processes/transfer-loan-types.html
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  54. https://www.commbroker.com.au/content/commbroker/en/private/credit-policy/alternateservicing.html
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  55. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/simpler-refinance.html
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  56. https://www.commbroker.com.au/content/commbroker/en/private/processes/maintenance-processes/extension-of-bridging-period.html
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  57. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/change-of-name-process.html
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  58. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/divorce-separation.html
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  59. https://www.commbroker.com.au/content/commbroker/en/private/processes/maintenance-processes/home-loan-repaid-message.html
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  60. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/split-banking-iba.html
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  61. https://www.commbroker.com.au/content/commbroker/en/private/processes/new-applications/rate-lock-process.html
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