The non-bank has heightened its verification requirements for mortgage applicants in Victoria subject to ongoing lockdown measures.
Resimac has introduced new documentation requirements for mortgage applications submitted by brokers on behalf of Victorian clients.
The changes have been implemented to reflect continued economic uncertainty in the state off the back of ongoing restrictions imposed to curb the spread of COVID-19.
“Given the ongoing restrictions in Victoria and the recently released ‘roadmap’ detailing when these restrictions are likely to be eased, additional documentation and information should be submitted in support of applications due to the potential impact these restrictions are having,” Resimac told brokers.
At present, Resimac requires brokers to provide:
However, in addition to the above, brokers have been asked to provide the following for Victorian clients:
Resimac is the latest of a number of lenders to lower its risk appetite in response to the COVID-19 crisis.
Earlier this week, Suncorp Bank announced several changes to its income verification policy, including the exclusion of bonus income from the capacity to repay calculation.
Resimac’s policy changes also follow its decision to waive its standard valuation fee for its specialist full doc and specialist alt doc products from today.
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