Myloan Elect
LATEST NEWS
One-year lodged tax return to verify self-employed income for home lending 80% LVR or under!
We’ve updated our credit policy and will now require only a one-year tax return, accompanied by confirmation that it’s been lodged to the ATO, to verify self-employed income for MyLoan Elect applications with an LVR 80% or under.
What’s changing?
We’re rolling out this new policy over the coming months to ensure a smooth transition and seamless experience for you and your customers. Here’s the key information you need to know:
For home lending applications with an LVR 80% or under:
- From Friday 13 December, you can submit a one-year tax return, accompanied by confirmation that it’s been lodged to the ATO, to verify self-employed income for home lending applications with an LVR 80% or under.
- Over the coming months, we’ll update our credit policy and systems to reflect the change in policy.
- From March next year, tax returns will be the only document we accept to verify self-employed income for these applications.
- Until then, you can continue to provide two years of financial statements (profit & loss) to verify self-employed income for applications with an LVR 80% or under until further notice.
For home lending applications with LVR over 80%:
- There will be no change to the requirement to provide two years of financial information to verify self-employed income for home lending applications with an LVR over 80%.
- However, you’ll now be able to provide either two years’ tax returns or two years’ financial statements (profit & loss).
For home lending where financial statements are used to verify income:
If you provide two years’ financial statements and want these to be assessed based on the most recent year, this option is still available when you provide commentary outlining why recent performance is a more appropriate indicator of future performance – as you do today.
Applications that are ineligible for the one-year tax return option
Where your customer’s tax return is yet to be lodged or only financial statements (profit & loss) are provided, the one-year tax return cannot be used.
For applications that are higher than an 80% LVR follow the existing process.
Pipeline applications
The new one-year lodged tax return option is available for all new home lending applications with 80% LVR or under submitted after Friday 13 December 2024.
Any application submitted with two years’ worth of financial information will be assessed based on the existing policy.
What you need to do
Start asking your self-employed customers for their most recent available tax return (2023 tax returns are acceptable under policy until 31 March 2025) and confirmation of lodgement for all eligible MyLoan Elect applications.
The confirmation of lodgement needs to be from either their accountant or the ATO.
How to submit with one-year lodged tax return or using most recent years income from financials
When submitting an application using the most recent year’s income information, please enter the same figure in both years in your lodgement system, as you do today.
Further Support
If you have any questions or want help submitting an application, please contact your MyLoan Elect Business Development Manager.
Supporting Northern Territory’s new Home Owner assistance grants
MyLoan Elect are proud to be supporting the Northern Territory government’s three new grants, helping customers realise their home buying dreams.
These new grants are:
- $50,000 HomeGrown Grant: For first-home buyers who build or purchase a new home.
- $10,000 HomeGrown Grant: For first-home buyers purchasing an existing home.
- $30,000 Fresh Start New Home Grant: Available to those who already own a home but wish to build or buy a new property in NT.
The programs will run until 30 September 2025.
Supporting your customers
When lodging an application for your customer, please ensure you use the updated forms available directly on the Territory Revenue Office (TRO) website.
For the $50,000 and $10,000 HomeGrown Territory Grants:
- Send the completed form to our Broker FHOG Applications team via email to advantedge.fhog@advantedge.com.au.
- The TRO will confirm your eligibility within 5 business days of us submitting your application.
For the $30,000 Fresh Start New Home Grant:
- Submit your application via GrantsNT
- If you are eligible, you’ll receive an email from GrantsNT confirming your approval. The approval does not have a time limit.
For full eligibility requirements for each grant, visit the Territory Revenue Office (TRO) website.
Enhancing our service proposition – with more support and greater confidence!
We’re committed to continuously enhancing the service we provide you to ensure we stand by our core values of simplicity, transparency and exceptional service.
Pre-application support and ensuring you can submit applications with confidence is key to delivering a great customer experience.
That’s why we’re excited to announce that we’re relaunching our Scenarios team – with more resources and a greater focus on delivering a simple experience to you and your customers.
Dedicated credit advice, before you submit an application
Our Scenarios team offers market leading pre-application support, including:
- A dedicated team, run by highly experienced credit officers.
- Expert advice and upfront exceptions provided, ensuring a quicker and simpler application experience.
- Greater confidence in the outcome before submitting your application.
- Two-way contact via email and outbound phone calls where more information is required.
- A service open to all our brokers which enables you to receive either a quick no answer, or a yes with a scenario reference number.
How do I use this service?
With our updated Advantedge scenarios proposition, we will now provide you with two key resources – one for policy clarification and another for policy exceptions for scenarios outside of guidelines.
- Where help is needed with policy clarification, brokers can email our Scenarios team at Advantedge.Scenario@advantedge.com.au.
- Where help is needed with an exception to policy for a scenario outside of our guidelines, brokers can email a Credit Coach at mycreditcoach@advantedge.com.au.
When responding, our team will provide a reference number (coming August 2024) to use when submitting the application to ensure a smooth submission experience.
Important reminders
- When submitting an application, please provide a copy of any email correspondence you have with the Scenarios team and (if an exemption has been approved) the reference number.
- All policy exceptions are subject to the application passing the system decision criteria when the full application is submitted.
- All applications are subject to a full credit assessment.
