November 2024 - We’re making changes to the mandatory documents required for loan files to give you greater flexibility. Based on your feedback, we’re removing the requirement to collect three months of transaction account statements. Instead, you now have the option to tailor your document collection process to suit each client’s individual circumstances.

As a broker, you must meet responsible lending obligations by making reasonable enquiries into a client’s financial situation and taking reasonable steps to verify it.

Previously, three months of transaction account data helped verify key information, such as salary credits, living expenses, dependents, and liabilities (including Buy Now, Pay Later accounts not shown on credit reports).

With this requirement now optional, we’re providing you with alternative methods to fulfil your verification obligations.

To help you adapt, we’re offering guidance on alternative documentation that can verify a client’s financial situation, allowing you to select options that best match each client’s needs. This approach acknowledges that each client is unique—and you, as their broker, are best positioned to determine the most appropriate documentation.

For each loan file, you’ll need to make a note of the documents collected and explain how they satisfy responsible lending verification requirements. This ensures clarity and compliance while allowing flexibility.

Access detailed guidance on alternative documentation options and scenarios here.