Resimac lending policy separates the borrower’s credit route from the income documents used to assess it. Brokers also need the settled product and distribution channel to identify the commission terms. A Prime Alt Doc file and a Specialist Alt Doc file can use similar business records while producing different credit and remuneration outcomes.
Upfront, Trail and Product Mapping
Record the Resimac product, distribution channel and settlement details before calculating upfront or expected trail. Keep the channel’s commission schedule with the file, including its GST treatment and the broker’s aggregator split.
The YBR Aggregation commission schedule for 2024 lists Resimac at up to 0.825% upfront and up to 0.22% annual trail, including GST. These are channel maxima, not a rate assigned to every Prime or Specialist loan. Its Prime and Specialist notes calculate upfront on the approved amount less redraw and offset at the end of the settlement month.
Use settlement as the starting event for your payment record. Record the first eligible trail period and payment cycle from the applicable agreement alongside the first statement entry. An annual trail percentage is not a monthly payment percentage. Keep the balance used for commission separate from the approved facility limit.
Track My Trail’s Clawback Risk shows loans inside their clawback period, with days remaining and estimated upfront exposure under the applicable rules. Use the loan’s actual product classification when reviewing that exposure.
Clawbacks and Replacement Loans
Prime and Specialist need separate clawback treatment. The named YBR schedule lists Prime recovery of 100% during months 1 to 12 and 50% during months 13 to 24. It lists no clawback for eligible Specialist loans under its revised terms. Preserve the agreement that applies to the settlement when classifying an older loan.
A full discharge ends the outgoing loan. A substantial repayment changes its balance and future trail. For a repayment-related charge, retain the lender’s debit notice and the agreement clause defining the repayment trigger. Use those records to distinguish a clawback from a smaller trail payment.
A clawback review needs an identifiable error or contractual basis for an exception. Supply the product, original upfront payment, discharge or repayment evidence and the reason the charged rule does not fit. Request a written decision through the aggregator’s commission channel. Record a reversal only when it appears in the payment records.
Keep replacement transactions distinct in the commission record:
- An external refinance closes the Resimac loan and creates a separate settlement with another lender.
- An internal refinance stays with Resimac. The YBR schedule generally excludes commission on internal refinances.
- A top-up needs the extra funds and the application type recorded. That schedule pays qualifying increases through a new split, while an increase to an existing split attracts no commission.
- A split restructure needs the original loan reference retained, so moving an existing balance does not create a second new-lending entry.
Products and Credit Routes
Resimac Prime and Prime Flex suit full-document borrowers, while Prime Alt Doc changes how a self-employed applicant supports income. Specialist Alt Doc addresses borrowers outside mainstream mortgage-insurance and banking criteria.
Prime and Prime Flex
Resimac’s Prime and Prime Flex overview states that Prime has no annual fee. Prime Flex has a $299 annual fee in exchange for a lower rate. Both have a 100% offset option. The overview includes PAYG and self-employed applicants, companies and discretionary trusts.
Compare the interest saving with the annual fee using the client’s expected balance after offset. A large offset reduces the balance benefiting from the lower rate. Also record each product’s minimum loan amount against the requested advance before comparing repayments.
The overview describes dollar-for-dollar refinance to 95% loan-to-value ratio (LVR) and business-purpose lending up to $500,000. A refinance ceiling does not establish the limit for additional cash or debt consolidation. Separate the existing payout from extra borrowing before selecting the purpose-specific limit.
Prime Non-Gen 95 and Deposit Evidence
For a Prime Non-Gen 95 enquiry, separate the absence of genuine savings from the borrower’s capacity to repay. The file still needs the source of the deposit, available funds and purchase costs reconciled. A gifted deposit needs its origin and repayment obligations explained.
Compare the proposed high-LVR structure with the ordinary Prime route using the assessed property value. Record lenders mortgage insurance (LMI) separately, including whether the proposed borrowing capitalises the premium. A product name containing 95 does not establish that every deposit source or security qualifies.
Prime Alt Doc and Specialist Alt Doc
The Prime Alt Doc product specifications require a financial declaration supported by an accepted alternative income record. The applicant must have operated the same business for at least 24 months, with at least 12 months of GST registration where applicable.
Prime Alt Doc accepts a maximum of two paid default listings with a combined value below $500. Its maximum LVR is 90%, subject to purpose and security. A risk fee applies above 80% LVR. The published fee is 1% at 80.01% to 85% LVR and 2% at 85.01% to 90% LVR.
Specialist Alt Doc addresses broader credit impairment, including mortgage arrears and tax debt consolidation. Resimac’s overview says defaults below $2,000 are ignored and unlimited arrears are considered. Considered arrears still need an explanation and assessment. Select the Specialist tier before comparing its price and maximum LVR with Prime Alt Doc.
For the broader distinction between alternative income evidence and impaired credit, use the low-doc and non-conforming lending guide.
Income Routes and Evidence
Choose full doc when the borrower can support income with the financial records required for that route. Choose Prime Alt Doc for an eligible self-employed borrower whose full financials are unavailable or do not reflect current trading. Credit impairment is a separate reason to assess a Specialist route.
Prime Alt Doc accepts one of the following evidence options.
- An accountant’s verification, where the accountant has acted for the applicant for at least 12 months.
- The most recent six months of business activity statements.
- The most recent three months of business bank statements.
The financial declaration accompanies the chosen evidence. Reconcile the declared amount with trading receipts and business expenses. Remove transfers between the borrower’s accounts from turnover. Explain why the income used for servicing differs from an older tax return or a recent change in trading.
Rental income needs its own support. Keep the lease or rental statement and property expenses separate from business turnover. For variable earnings, record the period the income covers and why it can continue. Apply the selected route’s assessment treatment before adding that income to the serviceability result.
Use the Resimac application forms and supporting checklist to keep the declaration with the evidence supporting it. A signed income figure does not resolve inconsistent bank credits.
Credit Events and Residency
Resimac’s credit assessment needs the nature of the adverse event and the borrower’s conduct since it occurred. Distinguish a paid small default from ongoing missed mortgage payments. Prime Alt Doc’s narrow default allowance cannot be transferred to a Specialist application or used to excuse mortgage arrears.
Provide the credit report, payment history and explanation of the event. Identify whether the cause has ended and show the borrower’s current commitments. Where multiple listings arise from one problem, explain their relationship without assuming that Resimac will count them as one event.
Document citizenship or residency for every applicant. For a visa holder, include the visa subclass, conditions and remaining validity alongside the income and occupancy details. Keep the residency decision separate from the credit decision. A Specialist credit route does not itself establish visa eligibility.
Security and Cash-Out Purpose
Resimac’s Prime Alt Doc specifications accept completed dwellings and exclude construction. Vacant land can be collateral security. The product covers Category 1 and 2 locations, with loan-size and LVR limits changing by location category.
The same specifications accept individuals, companies and discretionary trusts, while excluding unit and hybrid trusts. Record the borrower and trustee correctly before ordering documents. A trust’s income and the property offered as security need to match the proposed structure.
Prime Alt Doc’s published purpose limits are 90% LVR for purchase or refinance with debt consolidation and 80% for business-purpose borrowing up to $500,000. Unlimited cash out for acceptable purposes is available to 80% LVR. Between 80.01% and 85% LVR, cash out is limited to 40% of the security value.
Explain what the cash will fund and retain the supporting amount. Separate personal debt consolidation from taxation debt. Property location, dwelling type and valuation can reduce the available borrowing below the product’s headline maximum.
Submission and Exception Decisions
A Resimac submission needs a named product route and a specific explanation of any departure from it. Join the income evidence to the credit history, then show how the security and loan purpose fit that route.
For example, consider a hypothetical self-employed borrower refinancing a completed dwelling at 78% LVR. The business has traded for three years and the accountant has acted for the borrower for two years. The borrower supplies a financial declaration and accountant’s verification, with business-purpose funds below $500,000.
Those facts fit the published Prime Alt Doc evidence-duration and purpose limits. The submission still needs the income reconciliation, acceptable location and servicing result. A separate credit event needs its own assessment before Prime Alt Doc is selected.
For an exception request, name the exact criterion the file exceeds and provide the evidence supporting a different decision. A general request for flexibility leaves the assessor to reconstruct the issue. Record the decision with any conditions before treating the exception as approved.
Use the Resimac BrokerZone guide to find the appropriate file-enquiry channel. For another non-bank option, compare the borrower’s deciding constraint through the lender-policy guides.
