Bankwest lending policy requires you to separate an existing loan change from a request for extra credit. A split or combine can preserve existing lending, while additional funds need their own assessment. Broker remuneration also depends on which funds stay with Bankwest and who introduces the change.
Record the original accounts before proposing a restructure. Then assess the client’s changed income, the security and the use of any additional funds. The lender policy directory helps you compare another lender’s rules if Bankwest cannot accommodate the request.
Bankwest Upfront Pay and Trail
YBR Aggregation’s Bankwest residential schedule calculates ordinary upfront on utilised funds less linked offsets at day 14 after settlement. It lists 0.715% including GST, subject to the application fee being received. Its trail calculation uses the preceding month’s average loan balance less average offsets, paid monthly in arrears. Commission can stop at 60 days in arrears.
Use the schedule for the loan’s origination channel when reconciling a payment. Separate the lender’s gross amount from your aggregator deductions. Record the amount drawn and offset balance beside the payment, so a lower upfront has an identifiable cause.
Clawbacks and Retained Loan Changes
The Bankwest clawback policy in YBR’s residential schedule reduces recovery over 18 months when a loan is repaid in full. The refund equals commission paid minus commission paid multiplied by completed months divided by 18.
For an illustrative $3,600 payment repaid after nine completed months, that formula gives a $1,800 refund. The example assumes that schedule applies and uses no aggregator deductions.
An external refinance pays out Bankwest. A retained Bankwest loan needs a different record: identify whether the transaction changes existing accounts, creates a replacement facility or adds credit. Use the Bankwest broker account guide if account access prevents you from retrieving the loan record.
Top-Ups and Split Account Treatment
YBR’s Bankwest wording pays upfront on new funds after a limit increase. When loans split or combine, existing trail continues on restructured funds if the aggregator and broker remain the same. A Bankwest direct refinance retains trail on the portion originally introduced by the broker.
Map each closing account to its successor. Keep the original settlement record, old and new account references, transferred balance and separate additional advance. Record the broker and aggregator identifiers too. A disappearing split can then be matched to the receiving account before you treat it as a lost loan.
For example, moving $200,000 from one split into another changes where the balance sits. Adding a separate $40,000 advance changes total borrowing. Keep those entries separate in your reconciliation and application notes.
Income, Employment and Residency
Bankwest’s submission checklist distinguishes base salary from variable earnings. It accepts one qualifying payslip covering a pay cycle and dated within 60 days for base income. Bonuses, overtime and casual or seasonal work require additional evidence under its eligible-income policy.
For self-employed applicants, identify the entity and income used for servicing. Its salaried self-employed pathway requires six months of regular salary, no reliance on additional business income and evidence of business net profit. The checklist specifies an 18-month ABN or ACN requirement at LVR of 80% or less.
A non-citizen must provide a passport and electronic visa. Those documents establish identity and visa facts, not automatic lending eligibility. State citizenship, visa status and whether the applicant lives in Australia in your credit enquiry.
When employment changes, reconcile the new payslip with the declared employment status. Explain any gap between income previously used and income now available for repayments.
Property and Valuation Conditions
A Bankwest restructure must preserve a clear record of the security supporting the debt. Its application form records property and title details alongside the proposed loan-to-value ratio, or LVR. A lower valuation leaves less security for the same borrowing.
Describe the property precisely in the enquiry. Include its postcode, title type, dwelling use, land area and any non-residential use. For an apartment, add the unit area and building details. These facts let credit distinguish an ordinary residential proposal from a security requiring closer assessment.
Bankwest’s submission checklist requires a valuation reference linked to the application. Calculate the proposed LVR using the value Bankwest accepts. Keep security acceptance separate from valuation: a property can have a dollar value and still fail the lender’s security conditions.
For unusual security or a proposed change of use, give credit the exact feature and the requested borrowing limit before arranging a loan structure around it.
Loan Purpose and Required Documents
Bankwest’s application records the purpose and disbursement of each loan. Use those fields to distinguish a purchase, external refinance and additional advance from money transferred between existing splits.
Its submission checklist calls for the purchase contract and a discharge authority for an external refinance. For investment income, it lists rental evidence suited to the tenancy. Cash-out requests need a breakdown of the funds, with supporting-document requirements tied to amount and LVR.
Give each additional-funds component its own purpose and amount. Attach the document proving that use, such as an invoice or purchase agreement, when required by the application checklist. Explain any amount that remains in cash.
A switch from owner-occupied to investment use also changes the declared purpose. Bankwest lists purpose amendments among its maintenance requests. Record the occupancy change even when the customer seeks no additional funds.
Policy Exceptions and Submission Evidence
A useful Bankwest credit enquiry identifies the exact condition the application cannot meet and the evidence supporting a different assessment. Its retail credit team handles policy and complicated credit scenarios on 1300 130 881.
Submit a short account of the proposed change. Include existing and proposed limits, the split mapping, income used for servicing and the security facts. Attach the relevant supporting evidence and explain the departure from the ordinary requirement.
Bankwest’s application-specific checklist supports requests for exceptions to document items. A document exception needs its own decision. It does not establish approval for the credit request.
Keep the written response with the application reference and any conditions. Proceed with the structure credit assessed, and refer a material change in borrower circumstances or security back for assessment.
