ME Bank lending policy depends on the proposed product and the loan being replaced, while BOQ and Virgin Money retain broker support for existing customers. For a group refinance, separate the old loan’s clawback and trail from the proposed loan’s upfront eligibility. Shared ownership does not establish the remuneration treatment.
ME’s broker range includes EconoME and CompleteME on ME Go. Identify an older ME facility by its actual product and account documents before applying a new product’s conditions. The ME Bank broker guide covers access and product support.
Origination Commission and Trail Conditions
ME upfront eligibility follows the eligible origination event and the remuneration agreement applying to that facility. A settled purchase, an additional advance and a replacement loan can require different commission treatment. Separate the approved limit from the amount actually drawn and the balance eligible for payment.
For trail reconciliation, retain the loan balance and any offset adjustment beside the lender’s payment entry. Arrears and payout can change the continuing entitlement. The MFAA explanation of broker remuneration describes trail on the outstanding balance excluding offset funds, subject to the loan’s repayment status. Apply the ME facility’s agreement when reconciling a particular payment.
Record the lender’s gross payment separately from your aggregator split and GST. That separates a lender calculation issue from the amount passed through to your brokerage.
Clawbacks and Refinance Outcomes
A refinance creates two remuneration questions: recovery on the outgoing loan and eligibility on the incoming loan. Trail on a repaid facility ends with that facility’s eligible balance. A new facility needs its own payment record.
| Proposed event | Outgoing loan record | Incoming loan record |
|---|---|---|
| ME loan replaced with another ME facility | Identify the internal-refinance clause and any recovery or exemption | Identify eligible new funds separately from the replaced balance |
| ME loan paid out to another lender | Record payout and apply the outgoing facility’s recovery terms | Record the receiving lender’s origination terms |
| ME loan moves to BOQ or Virgin Money | Retain the ME schedule’s definition of the event | Apply the receiving brand’s eligibility and existing-customer rules |
| BOQ or Virgin Money loan moves to ME | Apply the outgoing brand’s recovery and final trail rules | Apply the ME product’s origination terms |
A group-brand move needs the classification in the remuneration schedule. Treating it as internal solely because both brands belong to BOQ Group can produce the wrong forecast. Borrower cashback eligibility is also a separate question: ME’s broker offer terms exclude specified group refinancing from its cashback offers.
Track My Trail’s Clawback Risk shows loans inside their clawback period, the days remaining and estimated upfront exposure under the applicable lender or aggregator rules. Use the loan’s recorded event and settlement history when comparing that exposure with a recovery entry.
Top-Ups and Split Facility Changes
An additional advance adds borrowing, while rearranging splits can leave total lending unchanged. Keep those events separate in the commission file even when the customer signs one variation package.
The EconoME Target Market Determination permits top-ups subject to serviceability and supports split lending. That product permission does not establish a fresh upfront payment on the whole balance.
For a hypothetical unchanged balance split into fixed and variable accounts, carry the original account references into the replacement records. For additional funds, identify the increment separately. Match each resulting account to its commission entry so a changed reference does not look like lost trail.
BOQ: Existing-Customer Lending Only
BOQ has paused new home-loan customer acquisitions through brokers and continues to support existing customers, including new lending. The BOQ broker-channel notice establishes that distinction. A customer already with ME is not automatically an existing BOQ-branded home-loan customer for that purpose.
An existing BOQ customer who borrows more needs the additional lending separated from the retained balance. A split rearrangement needs the old and new account references linked. Neither event alone establishes upfront eligibility on the customer’s entire debt.
For a BOQ-to-ME refinance, close the BOQ trail record against payout and assess any recovery under the BOQ agreement. Open the ME origination record separately. The relevant agreement’s group-refinance definition controls payment treatment, regardless of the corporate relationship.
Use the BOQ broker guide for existing-customer file access. This section concerns BOQ residential home loans. BOQ Specialist and BOQ Finance have separate products and terms.
Virgin Money: Existing Customers
Virgin Money has paused new home-loan acquisitions through brokers while supporting existing customers with additional borrowing needs. Its broker-channel notice preserves that existing-customer route.
Additional funds depend on the actual product. Virgin Money’s home-loan management rules allow eligible top-ups from $20,000, with total lending at no more than 80% of property value. Repayments must be current and the frequency condition also applies.
Fixed-rate loans and Reward Me Home Loans are excluded from that top-up route. A borrower with an excluded facility needs another supported lending arrangement to obtain extra funds. Keep a proposed replacement loan separate from a variation that retains the existing debt.
A retained loan continues through its own trail conditions. A payout ends trail on the repaid balance and can trigger recovery under the outgoing agreement. A move to ME remains a separate incoming origination event. Corporate ownership alone establishes neither a clawback exemption nor new upfront eligibility.
Income Evidence and Employment Changes
ME’s home-loan supporting document checklist separates wage income, variable pay and self-employed assessment. For ordinary wages, it accepts a recent payslip with sufficient year-to-date history or consecutive payslips where that history is absent.
Variable pay needs its own evidence. Overtime and casual earnings have different history requirements, while annual bonuses use an average across two years. A new job or changed hours must be reflected in the income used for the new application.
For business owners, the checklist has wages-only and financial-statement assessment options. Supply the personal tax evidence and relevant business returns and financial statements for the selected option. Separate owner wages from dividends and reconcile both to the company accounts before proposing usable income.
Rental evidence depends on whether the property is tenanted and how rent is received. A signed lease, agent statement or bank credits can support the relevant route. These requirements come from ME’s home-loan supporting document checklist.
Residence and Applicant Conditions
EconoME’s target market includes eligible Australian citizens, permanent residents and specified other residents. Applicants must be at least 18 and apply in personal names. Eligible temporary residents remain subject to acceptable visa criteria.
EconoME excludes more than two applicants and loans using foreign income for tax purposes. Adding a resident joint borrower does not remove the product’s foreign-income exclusion. Identify each applicant’s residence and each income source separately before selecting the product.
These are EconoME conditions. Apply the proposed CompleteME or older facility’s own product conditions to a different application, including any residence or income departure requiring credit assessment.
Security and Purpose Eligibility
ME’s published postcode policy requires a satisfactory valuation and residential zoning, with vehicular bridge access for island properties. Loan-to-value ratio (LVR) restrictions still apply. A postcode’s acceptance does not establish that every property in it is suitable security.
EconoME covers residential purchase, renovation and refinancing for owner-occupiers and investors. Its target market excludes vacant-land and construction borrowing, guarantees and business-purpose loans. Select a suitable facility before assembling a construction or additional-funds application.
For extra funds, record the amount and actual use separately from any debt being refinanced. Keep the security valuation connected to the total proposed lending. A borrower changing a home to an investment also needs the recorded purpose and income assumptions to match that change.
Documents and Exception Requests
Build the file around the proposed product and requested transaction, with a clear link to any existing BOQ Group facility. The lender-policy directory helps distinguish the other brands’ lending rules.
Include the following records where they apply:
- The existing product and account references, plus the proposed facility structure.
- Income evidence for each stream and an explanation of changes since the earlier approval.
- Security details and valuation, with the purchase or refinance documents.
- The additional-funds purpose and evidence supporting that use.
- A separate remuneration record for outgoing recovery, final trail and incoming commission.
An exception request needs to identify the exact departure. For example, state which applicant condition or income treatment falls outside the proposed product’s rules. Attach the supporting evidence and obtain the written credit response for that specific proposal.
Keep a credit exception separate from a remuneration classification. A credit approval establishes lending approval for its stated conditions. Record the commission treatment against the relevant payment terms before using it in the brokerage’s income forecast.
