From Wednesday 28 May, we’re transitioning how you request a formal approval extension for your customer to live chat in Broker Portal. From this day:
Our formal approval is valid for 90 days. If your customer’s settlement is due to occur more than 90 days from when our credit team approved the home loan application, you’ll need to request an extension of the formal approval on behalf of your customer(s). This can only be requested within 14 days before the expiry date.
You may apply for one 90-day extension on behalf of your customer. To do this, you’ll need to:
If there are multiple applicants, you (the broker) must speak to at least one applicant, and they’ll need to be able to confirm on behalf of the other applicant(s) as well. If they’re unable to confirm, you (the broker) must speak to each applicant.
A data assessed pre-approval is valid for 90 days from the date it was submitted and can’t be extended.
You’ll need to clone and resubmit a pre-approval application to receive another pre-approval letter.
After you’ve (the broker has) discussed any circumstance changes with your customer(s), the request can be completed via live chat by either you or your registered support staff. For this type of request, you need to navigate to the application to start the chat. Simply,
Note: The Chat about this button will only be active if you’re requesting from 14 days before expiry or up to 30 days post expiry. Outside of this window, an extension request isn’t possible.
In some instances, an extension of the formal approval of your customer’s application won’t be possible. This may occur if:
If any of these scenarios apply to your customer’s circumstances, an extension of the home loan application isn’t possible. You’ll need to clone the application and resubmit.
Both brokers and support staff can complete the extension request via live chat in Broker Portal. However, the discussion with your customer to confirm any changes to their circumstances, can only be had by the originating broker.
When a support staff completes the request, they’ll be completing the declaration on behalf of their broker.
You can request an extension within 14 days of the formal approval expiring. We’ll send a back-channel message to you at 14 and 7 days to expiry. We can’t extend the formal approval prior to this date.
Before contacting us, ensure you’re prepared to make the declaration on behalf of your customers.
An extension can be requested up to 30 days after the expiry of the formal approval. If requested after this time, a clone and resubmission is required, which will require a full assessment to be completed with updated documentation.
To extend an application’s approval period, your customer(s) will need to confirm if any of their circumstances have changed since we last assessed their application. Each applicant needs to confirm if any of the below have changed since we assessed their home loan application:
Note for support staff: your broker needs to have had this discussion with your customer(s) before you chat with us.
Check the full legal name and addresses noted on your customer(s) application and ensure they haven’t changed any details since we last assessed the application.
An example is if the applicant(s):
Where your customer(s) have changed their employment arrangement, including hours worked or employer, you need to confirm changes with our team. It’s important to note any change in income (increase or decrease) and by how much.
For a faster decision, request a recent payslip from your customer to verify the change.
Examples include if the applicant(s):
Since our assessment, your customer may have changed their needs for the lending.
An example is if the applicant(s):
You’ll need to confirm this change with our team and where required, provide additional documentation (e.g. rental appraisal for investment properties).
If there have been any changes to the security property(s) assessed within the application, you’ll need to inform our team. Examples of these changes include where the property address has been updated (e.g. Lot 1 Main Street to 12 Main Street), or a new property is being purchased.
If there has been a change to another security owned by your applicant, which is also part of a settlement condition e.g. sale of Property A needs to be finalised prior to purchase settlement for this home loan application, this isn’t considered a change.
Your customer will need to confirm if, since our last credit assessment for this application, they’ve not had any defaults (paid or unpaid), judgements or bankruptcies. This includes both as an individual and those listed against any of their associated companies or trusts.
Where there have been changes to your customer(s) assets or liabilities since we last assessed their home loan application, including those listed for any associated companies or trusts, you’ll need to declare the change.
Where a change has occurred, have supporting documentation ready to help our team assess the extension request quickly.
An example includes if the applicant(s):
In addition to the categories listed above, you need to confirm with your customer if there are any other reasonably foreseeable changes which may impact their ability to meet their obligations under the loan contract.
If your customer confirms their circumstances haven’t changed since we assessed their home loan application, our team will extend the expiry date by 90 days and there is no further action required from you or your customer.
If your customer confirms their circumstances have changed, when you contact our team via live chat and declare the changes, you’ll need to provide details of the changes. Our team will then send the application to our Credit Team who may request supporting documentation to assist with reviewing the application. For a faster decision, please have this ready when you contact our team.
For example, if they’ve recently changed employers, you’ll need to provide a recent payslip.
The valuation is valid for 180 days from the date it is completed. This means, if your customer extends their formal approval date, their valuation may expire during this time.
We’ll contact you within 14 days of valuation expiry to:
Ensure your customer is aware as a valuer may be required to access the security property for the valuation to be completed.
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