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ALL NCCP Loans. Supporting documents minimum requirements. Home (City of Oakland)

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Loan Market Pty Ltd | Australian Credit Licence 390222.
ALL NCCP Loans Supporting Documents Minimum Requirements Version 21 June 2021
Page 1
ALL NCCP Loans.
Home loans, consumer asset and personal loans.
As an Australian Credit Licence (ACL) holder we must ensure you are making reasonable enquiries into your client’s
circumstances. This is required as part of your Responsible Lending and Best Interests Duty obligations. These documents
need to be uploaded into your client’s file in MyCRM.
Item
Description
Note 1: Where original identification was not sighted by the broker,
identification must be certified by the use of ZIP ID, a Justice of the Peace (JP)
or at Australia Post with a copy on file not sighted (in person or via live video*)
Note 2: As these are Loan Market requirements, you must also ensure you
meet the recommended lender’s identification policy requirements
Compliance documents
• Client executed Privacy Consent via one touch privacy or standalone Privacy
Disclosure and Consent form
• Client executed Game Plan
Income documents
—PAYG income
One [1] month's bank statement no older than 90 days when submitted
to the lender, which has the account name clearly visible and confirms
salary credits, AND one of the following:
• One [1] payslip with a minimum of 2 pay cycles evident in Year to
Date, with the most recent payment no older that 60 days when
submitted to lender
• Employment letter/ employment contract/ payment summary/ most
recently lodged full Tax Return / ATO Notice of Assessment.
Note: Ensure Tax File Numbers have been redacted.
FOREIGN INCOME
In addition to the above requirements, provide the following:
• Payslips ( translated copy from a certified NAATI translator if payslips not in
English) & letter from employer (stating employee's position, length of
employment and income) : AND
• Copy of Internet search of employer’s website (if applicable)
* In response to the current COVID-19 pandemic, the sighting of this ID can take place in person or via video.
Please refer to the Loan Market VOI policy for further information.
Two forms of clear and legible identification documents for all applicants.
At least one of these documents must contain current residential address.
ID Options – possible combinations:
o 2 x primary photographic documents
o 1 x primary photographic AND 1 x primary non-photographic document
o 1 x primary photographic AND 1 x secondary document
o 1 x primary non-photographic AND 1 x secondary document
Supporting documents minimum requirements.
Client identification
For the full details of acceptable customer identification, please refer to the Loan
Market policy on Verification of Identity.
Statutory Declaration for any “Change of Name” documents (if applicable)
Page 2
Item
Description
Self-employed,
full doc loan
• Last two years personal and business tax return AND
• Corresponding ATO Final Notice of Assessment
• Most recent financial statement for company
Note: Ensure Tax File Numbers have been redacted
Self-employed,
alt doc loan
• Evidence of GST registration AND evidence of ABN search
• Four quarters of BAS statements AND last six months of
business account
statements OR
• Income declaration from Accountant which must show:
— Trading name of client’s business
— ABN of business
— Accountant’s name, business address, ABN,
office contact number (not mobile)
— Signed and dated no more than 60 days prior to the application
submission date
— The client’s income
— The period for which the accountant has been engaged by the client
Note: Ensure Tax File Numbers have been redacted.
Rental income
Provide one of the following:
• Copy of tenancy agreement
• Copy of most recent rental statement from managing agent
• Three months’ bank account statements showing receipt of rent payment no
older than 60 days when submitted to the lender
• Valuation report showing estimated rental return
• Written and signed rental estimate by real estate agent
Government income
(eg– Centrelink,
family benefits,
pension)
Provide one of the following:
•
•
Centrelink or government agency statement no older than 60 days when
submitted to the lender
Three months’ bank account statements showing evidence of income no older
than 60 days when submitted to the lender
Note: Ensure Customer Reference Number (CRN) has been redacted
Investment income
eg–dividends/interest
Provide one of the following:
• Most recent full tax return and corresponding ATO Final Notice of Assessment
• Payment statements or three months’ bank account statements showing receipt
of income no older than 60 days when submitted to the lender.
Living expenses
Provide one of the following:
Three months’ statements of all bank and credit card accounts (with account
name) no older than 60 days when submitted to the lender
If clients living “rent free”, a confirmation letter from the property owner
Child support
maintenance payment
• Child Support Agency Notice
• Court order confirming payment obligation terms
• Three months’ bank account statements showing evidence of payment no older
than 60 days when submitted to the lender
Note: Ensure Customer reference Number (CRN) has been redacted
Existing liabilities NOT
being refinanced
Account statement: Account Statement with account name confirming balance
and limits no older than 60 days old when submitted to the lender, OR:
Comprehensive Credit Reporting (CCR): A minimum 3 months of account
conduct on all existing liabilities (including existing home loans that are not being
refinanced) shown through CCR with the most recent date of all liabilities being
no older than 45 days when submitted to the lender. If any adverse repayment
history is visible, then three months statements must be provided for that
particular liability.
Note: It is a requirement to validate the actual repayment amount for liabilities (excluding
credit cards where a minimum of 3.80% of the limit must be used as the repayment
amount). These could include personal loans, car loans or consumer asset finance liabilities.
Loan Market Pty Ltd | Australian Credit Licence 390222.
ALL NCCP Loans Supporting Documents Minimum Requirements Version 21 June 2021
Note: All expenses must be entered within MyCRM/Online Fact Find
Provide one of the following:
Loan Market Pty Ltd | Australian Credit Licence 390222.
ALL NCCP Loans Supporting Documents Minimum Requirements Version 21 June 2021
Page 3
Item
Description
Buy Now Pay Later (BNPL)
Refinancing
–
Existing liabilities
being refinanced
–
Existing liabilities
being consolidated
•
Copy of ‘buy now, pay later’ current account balance
,
e.g. Afterpay, ZipPay, Store Cards
• Account Statement: Most recent three month’s account statements no older
than 60 days old when submitted to the lender, OR:
Comprehensive Credit Reporting (CCR):
A minimum 3 months of account conduct
on all
liabilities (excluding existing home loans) shown through CCR with the
most recent date of all liabilities being no older than 45 days when submitted to
the lender. If any adverse repayment history is visible, then three months
statements must be provided for that particular liability.
Purchases
• Fully executed Contract of Sale AND
• Evidence of funds to complete OR
• Statutory declaration / letter if funds come from a gift
Construction
• Plans and specifications
• Fixed priced builders’ contract
Guarantors
Security Guarantors
• Guarantor executed Privacy Consent via one touch privacy or standalone
Privacy Disclosure and Consent form
• Guarantor executed Game Plan
• If there is a loan on the property, three months bank statements showing
repayment history no older than 60 days when submitted to the lender
• Broker notes and discussions with Guarantors
• Executed Guarantor Acknowledgement
Servicing Guarantors
• Guarantor executed Privacy Consent via one touch privacy or standalone
Privacy Disclosure and Consent form
• Guarantor executed Game Plan
• LM Supporting Documents minimum requirements (where applicable)
• Broker notes and discussions with Guarantors
• Executed Guarantor Acknowledgement
Lender application
• Client signed and dated lender Privacy Consent
• Serviceability calculator Loan Market or recommended lender
• File notes that capture all interactions with the clients and lender
• All email communications sent to the lender and client
Additional documents
• Copy of superannuation statement (if applicable for exit strategy)
• Any other documentation provided to the lender as part of the application
Trusts
• Trust Deed
• Accountant Details
• Last two years ATO tax returns for the Trust AND
• Corresponding ATO Final Notice of Assessment & Financial Statements of the Trust
Reverse Mortgages
• Evidence Reverse Mortgage Information statement was provided to clients
(explains impact of interest capitalisation on mortgagor’s equity)
• Evidence of equity projections provided to the clients prior to Game Plan –
using the ASIC approved MoneySmart website – www.moneysmart.gov.au
Note: Reverse Mortgage accreditation is required to sell this product
Consumer asset finance
/ personal loans
• Tax invoice of asset being purchased
• Loan Market Brokerage Invoice (for asset finance loans)
• Certificate of Currency for asset
• Certificate of Registration of security being used
• Serviceability calculator Loan Market or recommended lender
Miscellaneous Liabilities
Copy of ATO debts from ATO portal
Note: Proof of balance is NOT required for HECS-HELP and FEE-HELP however
you will still need to comply with the lender’s requirements.
Note: It is a requirement to validate the actual repayment amount for any liabilities (excluding
credit cards where a minimum of 3.80% of the limit must be used as the repayment amount).
These could include personal loans, car loans or consumer asset finance liabilities.
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ALL NCCP Loans. Supporting documents minimum requirements. Home (City of Oakland)

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Completed 11 September 2021

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