Broker Policy

We’ve put some of the info you need about our Policy in one place. So now it’s simple to find tailored solutions for your St.George clients. Login to BrokerHub to find all our Policy.

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Use this page to provide helpful information on our Home Loan Product & Policy options. It’s important to remember these Policy options are subject to approval and conditions may apply.

To read more about our Special Packages, view or download our flyer (PDF 576KB).

Credit Policy, at a glance

We now have handy Policy Quick Guides for Relocation Loan, Self-employed, First Home Buyer, Investor and Special Package clients for you to quickly check their eligibility^***. Search "Quick-Guide" in BrokerHub to get your copy, today.

LMI* Waiver Policies

Medico - 95% LVR+ LMI waiver

Max loan amount $5m ($7.5m total lending with LMI waiver). We will verify professional qualifications as part of your application. The following medical occupations are eligible for our 95% LVR⁺ LMI waiver with no minimum income requirement:

Dentists
General Practitioners
Hospital-employed Doctors (Intern, Resident, Registrar, Staff Specialist)
Medical Specialists

Medico - 90% LVR+ LMI waiver

Minimum income threshold of $90,000 per annum:

Audiologists
Chiropractors
Midwives
Occupational Therapists
Osteopaths
Physiotherapists
Podiatrists
Psychologists
Radiographers
Registered Nurses
Sonographers
Speech Pathologists
Optometrists
Pharmacists
Veterinary Practitioners.

This cannot be used in conjunction with Fast Track.

Other LMI waiver specialisations

View our quick guides on BrokerHub for the following Policy:

Self-Employed

Self-employed clients can be assessed under the Fast Track method, by providing latest two years’ individual ATO NOA for borrowing up to 80% LVR. Eligible Medico clients* can still get LMI waivers up to 95%. For non-Fast Track applications, we may accept the use of latest year income for servicing for those who meet the criteria.

Visit our Self-Employed page or our quick guide on BrokerHub to learn more.

First Home Buyers

Family Security Guarantee.

Family Security Guarantee loans available for Owner Occupied and Investment purchases.
No serviceability assessment required for the guarantors. Refer to BrokerHub for more.
Please ensure your clients and their family members seek independent legal advice and understand the risks and exclusions associated with guarantees before proceeding.

Rent as genuine savings.

For those who are currently renting, minimum of 3 months of continuous rental history can be used as proof of genuine savings.

Visit our First Home Buyer page or view our quick guide on BrokerHub

Next Home Buyers

Portability.

Allows for a customers to switch securities with no changes to the loan details or loan serviceability assessment.

Projected super as part of an exit strategy.

The ASIC MoneySmart Superannuation Calculator can be used to assist your clients to project their superannuation balance at retirement age.

Bridging ICAP finance.

Bridging interest capitalised loan – servicing is assessed on the end debt amount where applicable.
Bridging facility can be in place for up to 12 months.

Visit our Next Home Buyer page or view our quick guide on BrokerHub

Investors

Interest in Advance (IIA)

Additional interest rate discount for paying 12 months’ worth of interest up-front which could benefit a customer by reducing their tax liabilities in the financial year.

Investment Property Loan LVR

Up to 90% LVR for Investment Property loans with Interest Only repayments (inclusive of LMI).

Negative gearing.

Estimate the potential negative gearing benefit through our calculator for on-the-spot serviceability calculations.

Visit our Investor page or view our quick guide on BrokerHub

Other Policy we support:

Emergency Services Policy

Eligible Emergency Services frontline employed applicants could have their overtime and allowances assessed at 100% (conditions apply). Eligible professions include:

Fire Officers or Firefighters
Police Officers
Ambulance Officers or Paramedics
Hospital employed Nurses, Doctors, Surgeons or Specialists

Construction

St.George Variable or Fixed Rate Loan, including Basic Home and Investment Loans.

Max LVR 95% for Owner Occupier and 90% for Investor (inclusive of LMI) or 80% LVR without LMI.
Cash out amounts up to $250k for renovations to an existing property does not require progress draws (non-LMI, as-is valuation required). First Home Owner’s Grant. (FHOG) monies made available at land settlement.
FHOG funds could be used towards settlement for construction loans when purchasing or refinancing land and construction together (approved FHOG required).
You may encourage your clients to seek independent tax advice regarding the FHOG.

Visit our Construction Loan page to learn more.

Parental leave

Options available to support customers who are going on or are on parental leave:

Pause repayments or switch to Interest Only for the parental leave period.
Reduce repayments by up to 50% for up to 6 months.
Pause or reduce repayments by accessing excess payment funds for a certain period of time.
Return to work income can be considered as part of your clients borrowing power assessment.

Note: Interest accrues on the loan amount if payments are paused or reduced.

Refinancer

Priority Refinance

Priority Refinance option to turn refinances around without waiting for the other bank to process the discharge. To check eligibility and more, visit BrokerHub.

Accessing Equity

For non-mortgage insured loans; your clients could request cash out up to $250k for renovation purposes. We don’t apply a cash out limit for personal or investment purposes (conditions apply).
For mortgaged insured loans; your clients could request up to $100k for renovation, personal or investment purposes.

Visit our Refinance page to learn more.

Upfront valuations

Credit policies and scenarios hotline

Call 1300 137 532 (select option 1, then option 5) for support with credit scenario questions.

Operating hours: Monday to Friday 8:30am - 5pm (ACDT) or 8:30am - 5:30pm (AEDT)

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Forms and Resources

Use our forms and resources to help you submit an application.

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Forms and resources

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Important information

Conditions, credit criteria, fees and charges apply. Based on St.George’s credit criteria, residential lending is not available for Non-Australian resident borrowers. Interest rates subject to change. Before making a decision, it’s best to read the terms and conditions.

Loan Accounts – Charges for specific services and accounts (PDF 43KB)

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.

This information's been prepared without taking your clients objectives, needs and overall financial situation into account. For this reason, your client consider the appropriateness of the information and, if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent advice on any taxation matters.

⁺LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the banks valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan. Any applicable LVR discount has been included in the advertised eligible rate.

*LMI waiver up to 90% LVR (min 10% deposit) for registered nurses and registered midwives earning a minimum annual income of $90,000. LMI waiver up to 95% LVR (min 5% deposit) may also apply to listed medical practitioners.

***For more detailed information on requirements and eligibility criteria, refer to the Credit Policy in BrokerHub.

Westpac Group Broker Code of Conduct (PDF 120KB)