Entering accurate ABS and loan purpose data when preparing an application is important as it helps you achieve a faster decision. When our team assesses each application, they’ll review the loan purpose and ensure the data aligns. Where there are discrepancies or it isn’t clear, we’ll follow up with you for more information.
Why is inputting accurate ABS code and loan purpose data important?
Which ABS code should I use?
To support you in selecting the most appropriate loan primary purpose and ABS code for your customer’s application, we’ve provided a list of the combinations we allow in ApplyOnline and a description of when they may apply to your customer’s circumstances, such as:
Purchasing real estate
For purchasing of a property, the primary purpose can be either Owner Occupied or Residential Investment.
| Your customer is: | ABS code |
|---|---|
| Purchasing a recently built house (built within last 12 months) | 125 |
| Purchasing a recently built apartment (built within last 12 months) | 127 |
| Purchasing a house (built more than 12 months ago) | 129 |
| Purchasing an apartment (built more than 12 months ago) | 131 |
| Purchasing a block of vacant land | 231 |
Construction or renovations
For construction or renovation purposes, the primary purpose can be either Owner Occupied or Residential Investment.
| Your customer is: | ABS code |
|---|---|
| Building a new house | 121 |
| Renovating, repairing or altering their existing property | 327 |
| Building a new apartment | 123 |
Refinancing or debt consolidation
For refinancing, including business or personal debt consolidation, the primary purpose can be either Owner Occupied or Residential Investment (for 133) or Non-Residential Investment (for 348).
| Your customer is: | ABS code |
|---|---|
| Externally (or internally) refinancing to Macquarie their existing home loan | 133 |
| Externally (or internally) refinancing to Macquarie their existing personal or business loan or debt consolidation (e.g. credit card debt consolidation) | 348 |
Personal purposes
For personal lending, the primary purpose can only be Non-Residential Investment.
| Your customer is: | ABS code |
|---|---|
| Purchasing household and personal goods | 237 |
| Investing in shares or non-residential investment | 247 |
| Purchasing road vehicles including cars, motorbikes, scooters etc. | 221 |
| Purchasing other vehicles including boats, caravans, trailers etc. | 229 |
| Getting cash out for travel or holidays | 241 |
| Other investments (personal lending not captured by other ABS codes) | 249 |
How do I select the primary loan purpose in ApplyOnline?
For each home loan account or split, you’ll need to nominate the loan purpose and ABS code. In ApplyOnline:
- Go to the Loans tab
- Select the Loan account you need to edit
- Choose the Primary Purpose: Owner Occupied, Residential Investment or Non-Residential Investment
- Once selected, enter or select the ABS code.
How do I select the ABS code in ApplyOnline?
Once the primary purpose is selected, you’ll need to enter the most appropriate ABS code. If you know the ABS code, you can enter this directly into the ABS purpose field. Alternatively, you can use the manual ABS purpose finder which will show the ABS codes available.
The ABS code matrix above replicates how the ABS codes are organised in ApplyOnline, you can use this to select the most appropriate ABS code.
What do the ABS code and loan purpose validation messages refer to in ApplyOnline?
To support you in selecting the correct ABS code, validation messages in ApplyOnline will appear when you’ve entered an invalid combination of primary purpose and ABS code e.g. where an ABS code related to personal lending was selected under the Residential Investment primary purpose.
- A yellow validation message pop-up will highlight other potential ABS codes that may be suitable. You'll be prompted to review the options and either update the ABS code to a more appropriate code, or you can select Dismiss to keep the chosen ABS code.
- A red validation message will appear where an invalid combination of primary purpose and ABS code has been selected. For example, for personal lending, if you’ve selected:
- Primary purpose = Owner occupied and ABS 237 (purchase of household and personal goods), you’d be prompted to change to,
- Primary purpose = Non-Residential Investment and ABS 237.
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