Date: 19/03/2015
CREDIT POLICY CHANGES EFFECTIVE 21/3/2015
The following Credit policy changes will be effective from 21/03/2015:
1. Serviceability - Surplus Buffer Rate increase
The surplus buffer rate for loans will be increased from 0.16% to 0.18% for Consumer Mortgages and will
be updated effective Saturday, 21 March 2015. An updated Serviceability spreadsheet calculator
(Assess64) will accompany this communication.
Please be aware that the change may adjust the surplus position of an application due to the change in
values, and standard pipeline management will apply to previously assessed and approved deals. (Refer to
Pipeline Management 21032015 attachment for further information).
Current policy requirements stipulate that applicants must have a monthly surplus greater than zero ($0) in
our serviceability assessment. Please ensure you are familiar with our policy requirements around
acceptable income and serviceability, and you should look to include any and all acceptable income and
allowances as well as negative gearing (where applicable) in order to give applicants the best opportunity of
passing our serviceability assessment.
2. Migrant Lending Policy
Policy requirements have been updated to include:


Visa sub class 137 is acceptable.
Broker Processing Unit (BPU) will require a copy of:
o Applicant’s visa
o Applicant’s Foreign Investment Review Board (FIRB) approval
Note: The Income Verification Matrix has been updated to reflect the changes in the Migrant policy.
3. Non-Resident Policy
Policy requirements have been updated to include:

Broker Processing Unit (BPU) will require a copy of:
o Applicant’s passport
o Applicant’s Foreign Investment Review Board (FIRB) approval
Note: The Income Verification Matrix has been updated to reflect the changes in the non-resident policy.
Information current as at 21/03/2015, page 1.
Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.
4. Construction Matrix
The construction matrix has been updated to clarify:
1. Some overseas customers are supplying Customer and Rental Support Agreements (CARS)
authorising agents in Australia to sign building contracts on their behalf. These types of agreements
are acceptable provided the following is held and verified by the Progress Draw team prior to
payment:
o CARS agreement signed by the customer and agent.
o If the authorised agent in Australia is a company, a Power of Attorney from the company
authorising a specific individual from the company to sign the building contract.
o The individual from the company must provide a statutory Declaration confirming name,
employee of the agent and signature.
Note: Only the building contract signed under a CARS agreement is acceptable. Progress draw claims
signed under a CARS agreement are not acceptable and must be signed by the customer.
2. An “offer of tender” plus a covering letter from the builder is acceptable to qualify under policy
requirements for “A signed tender (signed by the provider)” at pre unconditional approval stage.
Note: The Construction Matrix is available in the ‘Progressive Drawdown Requirements’ section in ‘Policy &
Procedures’ on the Introducer Net site.
5. Industry Specialisation Packages (Special borrowers)
Industry Specialisation Package (ISP) has been added to the ‘Packages’ section of Introducer Net. To
qualify for this package, applicant/s must meet the qualifying occupation, employment and eligibility criteria,
as outlined in the policy.
Please note: All ISP applications must be referred to Westpac Premium Banking for processing, and not to
be lodged through the Broker Processing Unit.
What do I need to do?
Please ensure you familiarise yourself with the policy changes effective Saturday 21 March, 2015. The
relevant sections of Introducer Net (Policy and Procedures) will be updated to reflect the above changes.
For further information please contact your Business Development Manager
Information current as at 21/03/2015, page 2.
Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.