Granite Home Loans lending policy depends on the residential product you select and the commission agreement covering that facility. Standard, Lender Paid LMI and Easy Refinance have different eligibility rules. Granite is part of ColCap Financial, but identify the contracting lender and product on the proposed loan documents before matching the file to policy.
Upfront and Ongoing Trail
Granite Home Loans commission is paid under the broker’s channel agreement, using the balance basis stated in that agreement. The My Local Broker remuneration schedule lists Granite home-loan upfront at 0.60% of funds actually drawn at settlement, plus GST. It lists trail at 0.10% per annum on the amount actually drawn from time to time, plus GST.
The YBR Aggregation 2024 commission schedule lists 0.66% upfront and 0.165% annual trail, both including GST. Those channel figures are separate from the My Local Broker terms. Apply the schedule attached to your own accreditation and facility when calculating broker entitlement.
Under the My Local Broker wording, an approved but undrawn amount does not enter the settlement upfront calculation. Later advances belong in the ongoing drawn-balance reconciliation. Record outstanding principal separately from available redraw and money retained in an offset account. Apply deductions only where your commission agreement specifies them.
Illustrative calculation using the My Local Broker terms: a $600,000 settlement draw produces $3,600 upfront before GST. A constant $600,000 commission balance at 0.10% produces $600 annual trail before GST, or $50 for one-twelfth of a year. If that balance falls to $500,000, the same annual rate produces $500 before GST. This example assumes a constant balance and excludes channel deductions.
Recovery and Loan Amendments
Granite full-repayment clawback terms in the My Local Broker schedule recover upfront in tiers during the first 24 months after settlement.
| Period after settlement | Upfront recovered under the listed terms | Recovery on $3,600 upfront before GST |
|---|---|---|
| 0 to 12 months | 100% | $3,600 |
| 13 to 18 months | 75% | $2,700 |
| 19 to 24 months | 25% | $900 |
The table applies to the published full-repayment trigger. A partial reduction requires assessment against the reduction clause in the applicable agreement. Keep the amount repaid and remaining principal in the file. A smaller balance also changes the basis for future trail.
Classify amendments against the original account before calculating an adjustment.
| Transaction | Account treatment to record | Commission question |
|---|---|---|
| External refinance away from Granite | Original facility repaid and closed | Which discharge tier applies to the original upfront? |
| Internal refinance | Whether Granite closes the old account or varies it | Does the agreement treat the transaction as discharge, retention or a new advance? |
| Extra borrowing | Additional draw and any new account reference | Which incremental amount attracts payment, and which settlement starts its recovery period? |
| Split change | Balances transferred between existing or replacement splits | Does total debt change, and who retains the trail entitlement? |
The YBR 2024 schedule says trail can cease if another broker introduces a variation or principal increase. It also excludes trail for a default period beginning when a payment is at least 30 days in arrears. Trail resumes after rectification without payment for that default period. These terms make the introducing broker and account history part of an amendment assessment.
Track My Trail’s Clawback Risk lists loans still inside their clawback period, with days remaining and estimated upfront at stake under lender or aggregator rules. Use that exposure alongside the account’s repayment and amendment records when planning a review.
Employment and Income Evidence
Granite’s employment and income policy separates permanent, casual and contract employment before assessing variable earnings. For permanent full-time employment, it lists three months in the current role. A shorter tenure needs 12 months of continuous employment in a similar role or industry. Permanent part-time and casual employment have a six-month current-role requirement, with the same continuity alternative. Contract employment also needs at least three months remaining.
Granite accepts 100% of permanent salary and fixed-term contract income, while casual income is assessed at 90%. Separate base salary from overtime, allowances and bonuses in the submission. Use payslips and the Australian Taxation Office income statement to support the income components you enter.
Eligible occupations have a concession for annualising year-to-date overtime and allowances from the latest payslip. For other occupations, that annualisation route requires at least three months of year-to-date income and a cap of 120% of previous-year overtime. State the occupation and calculation method beside the evidence.
The Lender Paid LMI product is a separate occupation-based concession. Lenders mortgage insurance (LMI) is paid by Granite for qualifying borrowers. The professional option reaches a 95% loan-to-value ratio (LVR), while the Essential Worker option reaches 90%. A deposit concession does not replace the employment or servicing assessment.
Residency and Borrower Eligibility
Granite’s Lender Paid LMI product lists Australian citizens and permanent residents as acceptable borrowers. Easy Refinance has a different residency framework, including acceptable temporary visas and expatriates. Match each applicant’s status to the selected product before combining their income.
For joint professional borrowers, Granite’s professional-loan FAQs require the qualified applicant to be the primary income earner. The product page says only one borrower needs to meet the occupation criteria. Read those rules together: a qualifying occupation in the household does not settle which applicant can support the professional concession.
Collect qualification evidence and employment details for the qualifying applicant. Granite accepts overseas qualifications with an English translation when needed. Its professional FAQ also permits an IT diploma or equivalent TAFE qualification.
Record a guarantor separately from a joint borrower. Granite’s loan summary form has distinct fields for each, so describe the proposed guarantee and its purpose in the application. Attach the guarantor’s identity and financial information required by the selected facility. A form field alone does not establish that a residential family guarantee is eligible.
Security, Deposit and Purpose
Granite residential security assessment combines the selected product with the property type and postcode. The general policy includes houses, apartments, townhouses and rural residential properties among acceptable types. Apply the product’s location restrictions before ordering the valuation.
For Lender Paid LMI, the Professional and Essential Worker options are limited to metro and inner-city locations. Granite’s FAQ restricts the 90% and 95% bands to established owner-occupied properties. It also specifies principal-and-interest repayments for this product. Use those conditions when assessing an employed client’s proposed purchase.
Professional borrowers meeting the product criteria need no genuine savings. Qualifying Essential Workers need $5,000 in genuine savings. Document where the deposit and transaction costs come from, including any gift or released equity. A genuine-savings concession leaves the total funds-to-complete calculation in place.
The Standard residential product covers owner-occupied and investment purchases or refinances. It publishes a maximum 95% LVR including LMI, subject to its postcode matrix. Its cash-out settings exclude cash out above 90% LVR. Above 80% and up to 90% LVR, cash out is limited to 20% of security value. At 80% LVR or below, it lists cash out without that percentage cap.
For Standard Easy Refinance, the new rate must be lower, with the existing rate no more than two percentage points above it. The product caps LVR at 80% including cash out and fees. The existing-loan seasoning requirement is 12 months for PAYG applicants or 24 months with the current lender for self-employed applicants. Satisfactory repayments must cover at least 12 months.
Documents and Scenario Queries
Build the Granite submission around the chosen facility, with the application summary connecting evidence to each eligibility rule. Granite’s application documents include the privacy form, digital verification of identity and product checklists.
- Identify the product, contracting lender, purpose and proposed splits in the loan summary.
- Complete applicant identity and residency evidence for every borrower and proposed guarantor.
- Attach payslips and income statements supporting salary and each variable-income calculation.
- Add occupation and qualification evidence for a Professional or Essential Worker application.
- Show deposit sources, transaction costs and the resulting funds to complete.
- Include the security address, valuation and postcode assessment.
- For refinance, add existing loan statements, repayment history and the selected product’s calculator.
- Retain the commission schedule and original account references where a refinance or amendment affects an existing loan.
The Granite broker loan summary has a dedicated space for policy or pricing exceptions. Use it to identify the precise rule that the scenario does not satisfy. For an occupation query, state who earns the qualifying income and how their qualification relates to the role. For a security query, specify property type, postcode and proposed LVR alongside the valuation.
Keep the answer with the application so the exception approval matches the submitted facility. Use the Granite broker portal guide for channel and support details, or the lender policy directory to compare another lender’s requirements.
