Hume Bank lending policy requires two separate decisions for a broker file: whether Hume accepts the proposed residential security and which commission agreement covers the transaction. Establish the facility and channel first, then assess the property and borrower against the terms for that facility.
Hume’s residential products include refinance, top-up and split options. Its Workplace Banking benefits require customers to deal directly with Hume. A direct offer and a broker-originated home loan can therefore have different eligibility conditions. Use the lender-policy directory when you need another lender’s separate rules.
Settlement Payments and Trail
For a Hume residential broker loan, the applicable remuneration schedule determines the payable settlement event and the balance used for trail. Match that schedule to your aggregator agreement, accreditation and facility before entering expected income.
Keep personal loans, direct home loans and broker residential facilities separate. A consumer product page establishes product features. It does not establish an entitlement to broker commission. Hume’s Workplace Banking terms specifically exclude broker access to that offer’s benefits.
For an existing broker facility, record the amount advanced and settlement confirmation beside the original commission statement. Identify whether the agreement pays upfront on first advance, full drawdown or another specified event. Construction progress payments and later advances need their own event classification before you forecast payment.
For trail, retain the agreement’s eligible-balance definition and reporting period. Record how offsets, redraw, arrears and principal repayments affect that balance wherever the agreement specifies them. An approved limit and the amount used to calculate trail can differ.
Refinance, Top-Ups and Splits
An incoming external refinance pays out another lender, while an internal replacement changes an existing Hume facility. Keep those events separate when reconciling remuneration.
Hume’s refinance page lists top-up and split features. Their availability does not establish a fresh upfront payment for every change. A split can reorganise the same debt, while a top-up adds borrowing.
Prepare an event record with the old account reference, retained balance, additional funds and replacement account references. Ask the commission team to classify the event against the relevant schedule clause. For additional funds, distinguish the increase from the existing debt so the calculation cannot accidentally pay on the whole balance twice.
Keep a separate record for each construction advance. Reconcile the cumulative amount funded with the amount already remunerated before treating another advance as unpaid commission.
Clawback Triggers and Evidence
A Hume clawback enquiry needs the original upfront payment, the repayment or payout event and the recovery clause applying to that facility. Measure the elapsed period using the start event defined in the agreement.
Collect the settlement confirmation and commission statement showing the original payment. Add the payout statement or transaction history showing when the debt reduced and by how much. For an internal replacement, attach the old and replacement account references so the payment team can trace both facilities.
Distinguish a broker commission recovery from a customer’s fixed-rate break cost or discharge fee. Each charge needs its own contractual basis and calculation.
Ask for the recovery amount and clause reference together. If the charge uses a repayment threshold, compare the actual repayment with that threshold. For an outstanding-balance calculation, reconcile the balance with the lender’s record. Preserve any written exception or correction with the final statement.
Property Location and Security Type
Hume’s broker credit framework distinguishes standard residential property from rural lifestyle, restricted-market and commercial security. The property classification affects the assessment before a valuation figure becomes useful.
The bank’s 2023 broker guidelines distinguish serviced town property from smaller locations. They also identify separate considerations for strata property and rural lifestyle blocks. Treat those classifications as a starting point for a precise property enquiry, with the applicable policy version recorded in Hume’s response.
For rural lifestyle security, describe the zoning and actual land use. State whether the household relies on farming or agistment income. That changes the distinction between residential lifestyle use and an income-producing rural property.
The same guide identifies restricted-market dwellings and unusual titles as concerns. Examples include serviced apartments, temporary homes and company title. Include the exact title, floor area and occupancy restrictions in the enquiry. For strata property, identify separate parking or storage titles.
A branch near the property does not establish lending eligibility. A promotional postcode list defines that promotion’s coverage. Obtain the security decision against the actual address and property characteristics. Keep the valuation and the written acceptance of the security as separate records.
Income and Applicant Status
A joint Hume file needs evidence for each applicant’s income and residency status, with variable pay identified separately from base wages.
In a hypothetical refinance, one applicant has permanent employment and regular overtime. The other earns salary plus an annual bonus and holds permanent residency. Collect recent payslips and transaction statements showing wage credits. Add employment history, overtime records and evidence of the bonus over the period Hume requests.
Hume’s 2023 broker guide requires income verification and treats bonus and overtime evidence separately. It also distinguishes citizenship and permanent-residency categories. Present the actual visa or residency evidence for each applicant. An employer’s location does not establish the employee’s residency status.
In the example, ask Hume which overtime and bonus amounts it will accept for servicing. Supply the payment history and explanation of expected continuation with that question. Record the accepted income amounts in the assessment so an annual bonus is not entered again as monthly salary.
Purchase, Refinance and Other Purposes
The use of funds determines which Hume lending assessment and supporting records apply. Separate the existing debt being refinanced from money for renovations or another purpose.
For a purchase, retain the contract and evidence of the deposit and remaining funds. An external refinance needs current loan information and the amount required to discharge the existing lender. Hume’s refinance guidance asks for property type and location alongside the current loan details.
For renovation funds, describe the work and supply quotes. Identify structural work and any required approvals. Hume’s broker guide separates construction lending from ordinary cash-out purposes, so a renovation label alone does not describe the lending request.
If the funds buy a short-lived asset, record its expected useful life beside the proposed debt term. Explain why the proposed borrowing meets the client’s purpose. Keep that assessment separate from whether Hume accepts the property as security.
A Complete Hume Scenario Request
A useful Hume scenario request contains a specific credit question and a separate remuneration question for the same transaction.
Extend the hypothetical joint refinance above to a rural residential property with a renovation top-up. Send the enquiry through the authorised contact for your accreditation. The Hume Bank access and credit-contact guide covers finding the appropriate contact route.
Include these details in the request:
- The full property address, title and land area, plus zoning and whether the land produces income.
- The dwelling type, floor area and proposed renovation scope, with any required building approvals.
- Both applicants’ residency evidence and employment history, with base pay separated from overtime and bonus income.
- The existing lender’s payout amount, requested additional funds and proposed split balances.
- The exact credit question: whether Hume accepts this security and which income evidence and lending route apply.
- The separate payment question: how the external refinance and additional funds are classified under your commission agreement.
Retain Hume’s written scenario response with the formal approval and conditions. After settlement, add the actual advance records and account references. Reconcile the commission statement against the applicable schedule and retain the trail-balance basis. Close the file when the credit decision and the payment records describe the same completed transaction.
