Better Choice lending policy depends on the product suite and the lender named in the loan documents. Match the commission agreement and credit evidence to that facility before comparing a Gold loan with an Ultimate loan. A shared Better Choice name does not establish identical payment terms or borrower eligibility.
Product Route and Commission Basis
Identify the full product name and contractual lender before recording the broker’s upfront entitlement or calculating trail. Better Choice’s Gold Special Basic target-market document names BNK Banking Corporation as issuer. Ultimate Prime and Specialist documents name Golden Eagle Mortgages or BNK, with Better Choice as manager. Use the actual offer to settle which entity applies.
Keep the applicable commission schedule with the file. Record the upfront rate, eligible balance and payment timing, plus the trail rate and its balance definition. Note whether offset balances, redraw or arrears affect the calculation. Carry the schedule’s GST basis through to the payment reconciliation.
An approved loan limit and a commissionable balance can be different amounts. For example, a hypothetical approved limit of $600,000 with $100,000 remaining undrawn does not establish a $600,000 upfront calculation. Apply the facility’s written balance rule before multiplying by its commission rate.
Compare lending routes by those payment conditions as well as the headline percentage. Keep the aggregator’s deductions separate from the lender’s commission so the expected brokerage receipt can be reconciled to the statement.
Clawback and Refinance Rules
Assess early-exit recovery against the commission agreement for the original facility and settlement. Record the event that triggers recovery, the elapsed period and the commission amount exposed. Better Choice’s additional-commission claim conditions expressly make an extra payment subject to clawback.
For an external refinance, establish whether the original facility closes and which repayment event the agreement treats as a clawback trigger. A replacement arranged within Better Choice needs a separate comparison of the old and new contractual lenders. A familiar brand name alone does not establish a retained facility or a clawback exemption.
Keep the discharge statement and the replacement offer together. Record any written commission adjustment or exemption against the original loan reference before updating the income forecast.
Additional Advances and Loan Splits
A later increase in net loan balance can qualify for an additional commission claim under Better Choice’s published claim conditions. The net increase must be at least $50,000. The loan must have settled more than six months earlier, and the claim must be made within 12 months of original settlement.
Only one claim is allowed per loan. Better Choice verifies the information before payment, and the additional commission remains subject to clawback. Supply the funder and loan number, original commission, net balance increase and additional amount sought. Include the original settlement and recent drawdown details.
For a hypothetical loan with a $60,000 net increase eight months after settlement, the increase and timing meet those stated conditions. Payment still depends on verification and the remaining claim requirements. A $40,000 increase fails the minimum even if the approved facility limit rose by more.
The Ultimate policy guide lists split loans as an available feature for Prime, Specialist and Specialist Plus residential products. Splitting an existing balance does not itself show that new money has been advanced. Reconcile each account back to the total facility, then apply the payment agreement to any genuine increase.
Income Evidence by Application Route
Match income documents to the selected Ultimate Full Doc or Alt Doc route. The Ultimate product and policy guide sets out different evidence requirements.
For Specialist and Specialist Plus Full Doc base salary, the guide accepts two of the three most recent computer-generated payslips. Alternatively, provide three months of statements showing regular salary credits and the employer’s name. Where other employment income is used, the guide also requires the latest PAYG summary or tax assessment notice. PAYG means pay as you go.
For self-employed Full Doc income, the guide calls for the latest year’s financial evidence and the most recent six months of business activity statements. Supply financial statements, tax returns and tax assessment notices so the assessed income can be traced to the documents.
Ultimate Prime Alt Doc and Specialist Alt Doc require a Declaration of Financial Status plus an accepted supporting option. The guide lists an accountant’s verification, six months of business activity statements or three months of business transaction statements. The accountant must have acted for the applicant for at least 12 months. Business transaction statements must have been issued within the last 30 days.
Specialist Plus Alt Doc has its own list. Its declaration is supported by three months of business activity statements or three months of business transaction statements. The guide sets minimum continuous business histories of 24 months for Prime, 12 months for Specialist and three months for Specialist Plus.
At least one applicant must be self-employed for the Alt Doc route. Prove a salaried co-borrower’s income separately. Keep those Ultimate conditions attached to Ultimate applications instead of using them as Gold evidence requirements.
Residency and Borrower Entities
Ultimate eligibility depends on the individual’s status and the borrowing structure. The Specialist Alt Doc target-market document includes adult Australian citizens and permanent residents, with limited conditional exceptions.
It also describes a non-trading Australian corporate trustee of a family trust whose beneficiaries are individuals. Company borrowing requires satisfactory investigation and personal guarantees from directors. Company and trust guarantees are excluded under that document.
For a trust application, identify the trustee and beneficiaries from the deed before matching the structure to the product. Keep any residency exception specific to the proposed borrower and facility. A separate self-managed super fund product needs its own eligibility assessment and checklist.
Loan Purpose and Security Acceptance
Ultimate Prime, Specialist and Specialist Plus target-market documents cover residential purchases and refinances, debt consolidation and equity release. Their limits differ. The Prime and Jumbo document states maximum loan-to-value ratios (LVRs) of 85% for Prime Alt Doc and 70% for Jumbo.
Those limits do not establish approval for every property or funds use. The same Prime document excludes borrowers needing construction lending. Itemise any cash released to the borrower so the application distinguishes refinance proceeds from additional funds.
Use Better Choice’s security location resources for the selected suite. Gold has its own location guide, while Ultimate has a separate location tool. Record the property address and postcode, security type and valuation alongside the loan amount and LVR. A favourable postcode result still leaves the property’s title and condition to assess.
Credit-History Evidence
Document the credit event and repayment history before matching an adverse-credit scenario to Ultimate Specialist or Specialist Plus. The guide distinguishes a single event that produces several bureau listings from several separate events. It also separates Specialist’s single mortgage-arrears event from Specialist Plus’s treatment of multiple events.
Provide the credit report, statements showing the repayment sequence and evidence of any paid default. Explain the cause of each event and connect related listings with supporting documents. Include evidence of resolution where bankruptcy or an administration arrangement forms part of the scenario.
The Alt Doc target-market document allows consideration of minor defaults within its credit criteria. That description does not promise acceptance of a particular default, arrears history or unresolved arrangement. Keep the explanation tied to the selected product and the applicant’s present ability to repay.
Submission and Scenario Escalation
Build the submission around one named product, with its issuer and evidence method recorded at the front of the file. Better Choice publishes separate Gold and Ultimate checklists. Use the matching checklist to assemble the income documents and borrower identification, then add the security and credit-history evidence.
Escalate a specific exception through the Better Choice relationship manager for that lending route. For example, identify the Specialist Alt Doc application, business tenure and supporting income evidence before asking whether a particular departure is acceptable. Ask for the response to name the product and the conditions that must be met. Retain the answer with the submission.
Use the Better Choice broker portal guide for submission access and product support. The lender-policy directory helps compare other lenders when the proposed borrower, security or evidence falls outside the chosen route. Finish with a file whose payment terms and credit documents both refer to the same facility.
