St.George lending policy separates broker payment entitlement from credit approval, with Bank of Melbourne and BankSA requiring attention to the booked brand. A replacement loan can affect upfront recovery and trail ownership even when the borrower stays within the Westpac group.
St.George Origination Pay and Trail
The YBR Aggregation residential commission schedule groups St.George, BankSA and Bank of Melbourne together. It lists up to 0.715% upfront and 0.165% annual trail, including GST.
For standard loans, its upfront basis is the outstanding balance less linked offset funds seven calendar days after settlement. Trail uses the period-end eligible balance, prorated by days. The account must have a balance at both period boundaries and meet the arrears conditions.
Keep the approved limit, drawn balance and offset balance separate in your reconciliation. An approved facility can exceed the amount on which the lender pays commission. Compare the lender’s eligible balance with the aggregator’s payment calculation before treating a short payment as an error.
Clawbacks and Refinance Boundaries
YBR’s schedule lists 100% recovery through 12 months and 50% after 12 through 18 months. It includes internal refinances in upfront calculations.
Separate an internal restructure, a discharge to an unrelated lender and a transfer to another group brand in your file. Shared ownership does not establish identical commission treatment. For each replacement, record the outgoing account and receiving brand, then obtain the applicable payout recovery and new trail entitlement together.
A Bank of Melbourne loan moving to St.George or Westpac needs that same transaction-specific classification. Avoid carrying the original trail forecast into the new facility solely because both brands belong to Westpac. The Westpac lending policy guide covers Westpac-branded rules separately.
Track My Trail’s Clawback Risk shows loans inside their clawback period, the days remaining and upfront exposure under the applicable rules. Use that exposure when reviewing the book alongside the lender’s transaction decision.
Top-Ups and Split Loan Events
YBR excludes upfront on net top-ups below $50,000. A new broker completing a net increase above $50,000 takes over original-loan trail at their agreed rate. Same-month settlement splits use the following month-end net balance for upfront.
For a restructure, map every outgoing split to its replacement and identify the additional funds separately. Keep the old settlement reference beside each replacement account so existing debt does not enter your expected upfront calculation twice.
In a hypothetical restructure, $400,000 of existing debt becomes two splits and the borrower draws another $60,000. Record the $400,000 as carried debt and $60,000 as the increase. The account map lets you reconcile new payments without assuming the full $460,000 attracts a fresh entitlement.
Income Assessment and Supporting Records
St.George names Fast Track, 1 Year Assessment and standard assessment on its self-employed broker page. Fast Track uses two years of personal Australian Taxation Office notices of assessment. Capital gains come out of taxable income, and rental income already captured there must not be entered again.
Its 1 Year Assessment is for individual borrowers trading for at least two full financial years, at up to 80% loan-to-value ratio (LVR). Each borrower needs a credit bureau score of at least 650. Sole traders provide the latest personal tax return and assessment notice. Other business structures also require the relevant entity tax return and balance sheet.
For salary and variable earnings, separate base pay from overtime, bonuses and allowances in the submission. Match the claimed amount to payroll records and explain changes in the earnings history. This gives the assessor a clear record of which income the application relies on.
The St.George broker policy page allows 100% assessment of overtime and allowances for eligible frontline emergency-services applicants, subject to its occupation conditions. That concession does not establish a universal treatment for variable earnings.
Residency and Joint-Borrower Conditions
St.George’s broker pages exclude non-Australian resident borrowers from residential lending. Record each proposed borrower’s residency separately, including a joint applicant whose income is unnecessary for serviceability.
Residency eligibility and foreign-income assessment answer different questions. A residency document does not establish that an overseas salary is acceptable. For foreign earnings, identify the country and currency, then supply evidence of receipt and the employment arrangement for the chosen assessment route.
Under St.George Fast Track, foreign income tax credits above $200 in either assessment year move the application to 1 Year Assessment or standard assessment. This is a route-selection condition, not a general approval limit for overseas earnings.
Security, Purpose and Valuation
St.George’s published construction options distinguish owner-occupied and investment lending. Its broker policy page lists maximum LVRs of 95% for owner-occupiers and 90% for investors, including lenders mortgage insurance (LMI). The published non-LMI construction limit is 80%.
For a purchase, identify occupancy and the property offered as security before selecting the product. An investment label changes the applicable product and repayment choices. For a refinance, distinguish the payout from any cash-out purpose. For construction, keep the building contract and proposed progress payments with the valuation instructions.
St.George permits upfront valuations subject to policy conditions. Use the valuation outcome to resolve the security question before relying on the requested loan amount. A residential address alone does not establish that an unusual property is acceptable security.
Bank of Melbourne Brand Differences
Bank of Melbourne has its own product selection and offer conditions. Its self-employed assessment page also names Fast Track and 1 Year Assessment. The YBR schedule’s shared residential row establishes that schedule’s payment grouping. It does not make every product code or Victorian offer interchangeable.
Use the Bank of Melbourne accreditation and product selection for the application you lodge. Record the actual offer eligibility in the client file, including any location condition. A St.George product name cannot establish eligibility for a Bank of Melbourne promotion.
For an existing Bank of Melbourne account, a move to St.George or Westpac needs written treatment of the old upfront and receiving account’s trail. Keep that answer with the discharge instructions. The Bank of Melbourne broker portal guide covers BrokerHub application handling.
BankSA Brand Differences
BankSA’s investor broker page publishes 5% rental-income shading for eligible verified rental income. It also describes eligible investment lending up to 95% LVR with LMI on principal-and-interest repayments. BankSA’s own terms control these options.
South Australian branding does not establish an interstate security restriction or acceptance. Identify the property’s postcode and type in the application, then apply BankSA’s security assessment to that property. Treat South Australian promotional conditions separately from credit eligibility.
The BankSA self-employed page excludes non-Australian resident borrowers. For a BankSA joint application, document each applicant’s residency and identify whose income supports the debt. Use the BankSA product code and accreditation when selecting an offer, even where the commission schedule groups the brands.
Evidence Gaps and Credit Exceptions
Request a St.George policy decision by naming the precise departure and showing the evidence that supports it. A business development manager can help direct the scenario to the relevant credit team. St.George’s credit scenario hotline is 1300 137 532, option 1 then option 5.
Prepare the request in this order:
- Identify the lender brand, loan purpose and proposed security.
- Name the policy condition the file does not meet and quantify the difference.
- Attach the relevant income records or valuation material, with an explanation of the risk and proposed mitigant.
- Ask for the decision’s conditions and retain the written response with the submission.
For a remuneration issue, request a separate payment decision with the outgoing account, proposed replacement and settlement history. A credit exception does not settle commission entitlement. Use the lender policy directory when the file needs a comparison with another lender’s rules.
