6.3 Documentation Required to be Submitted with LMI Proposals
The following sections provide details of the relevant documentation that must be sent to Genworth to support the LMI proposal.
Unless advised by your Genworth Relationship Manager, the Short Form process will apply.
Where necessary in exceptional cases, Genworth reserves the right to request more detailed information pertaining to specific proposals.
6.3.1 Documentation Required for LMI Proposals (Short Form)
| Documents to be sent to Genworth |
- A signed and dated Genworth LMI proposal form
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- A copy of the completed loan application
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- A copy of the servicing calculation used in your loan assessment
|
- Full Valuation report (or approved alternative) – no more than 90 days old
|
-
A copy of the contract of sale if the transaction involves a purchase of brand new unit/apartment/townhouse/villa
- A copy of the Section 27c Certificate must be supplied for all purchases of brand new property in Queensland.
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- Credit bureau reports with adverse credit history if you fully support the proposal. A suitable written explanation from the borrower should accompany the proposal
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- For refinance transactions, unsatisfactory loan account statements if you fully support the proposal
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- Evidence of income verification, and copies of all documents that you have used or relied upon eg Pay slips, group certificates, tax returns, Low Doc income declaration as per section 6.1 Minimum Verification Requirements
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- Evidence of employment verification, and copies of all documents that you have used or relied upon eg Letter from employer as per section 6.1 Minimum Verification Requirements.
|
| Additionally, if Self-Employed or a Company |
- Last two year’s personal tax returns for each borrower and/or company director; plus either:
|
- Last two year’s company or business tax returns for all related business/entities OR
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- One company or business tax return plus one set of the financials reflecting two years trading activity for all related.
|
| Note: Genworth may also request Tax Assessment Notices at the discretion of the Account Manager to support the tax returns provided. |
| Additionally, if Self Managed Superannuation Fund |
- SMSF serviceability calculator and checklist.
|
| Additionally, if application is outside of Underwriting Policy |
- Supporting comments outlining the strengths of the proposal should be submitted.
|
| Note: Genworth may also request Tax Assessment Notices at the discretion of the Account Manager to support the tax returns provided. |
Documentation required to be retained by Lender
- In addition to documents detailed above, other documentation may be obtained as part of the loan approval process
- They do not need to be sent in to Genworth unless requested or considered appropriate under your duty of disclosure obligations under the Insurance Contracts Act, 1984
| ID verification |
| Privacy Statements |
| Savings Statements |
| Balance Sheets |
| Depreciation schedules |
| Parts of contract of sale not pertaining to details of the actual sale |
| Building and/or development approval |
| Written undertaking from the borrower that debts will be repaid and accounts closed from loan proceeds |
| Credit bureau reports clear of adverse credit history |
| Satisfactory refinance statements |
| Evidence of savings & excess repayment verification (Accelerated Payments). |
6.3.2 Documentation Required for LMI Proposal (Long Form)
| Documents to be obtained |
- A signed and dated Genworth LMI proposal form
|
- A copy of the completed loan application
|
- A copy of the servicing calculation used in your loan assessment
|
- Full Valuation report (or approved alternative) – no more than 90 days old
|
- Credit bureau reports for all borrowers and guarantors
|
- For refinance transactions, copies of the latest 6 months of loan account statements plus a copy of the property rates notice (if available) as per section 6.2 Minimum Verification Requirements - Refinance
|
- For debt consolidation transactions, copies of the latest 6 months of loan account statements to be consolidated and/or the latest 3 months credit card statements plus a copy of the property rates notice (if available) as per section 6.2 Minimum Verification Requirements - Debt consolidation. Additionally, a written undertaking from the borrower that debts will be repaid and accounts closed from loan proceeds (if applicable)
|
-
A copy of the contract of sale for any property being purchased
- A copy of the Section 27c Certificate must be supplied for all purchases of brand new property in Queensland
|
- Proof of genuine savings (if applicable) eg 3 months banks account statements, certificate of investment as per section 6.1 Minimum Verification Requirements
|
- Evidence of income verification, and copies of all documents that you have used or relied upon eg Pay slips, group certificates, tax returns, Low Doc income declaration as per section 6.1 Minimum Verification Requirements
|
- Evidence of employment verification, and copies of all documents that you have used or relied upon eg. Letter from employer as per section 6.1 Minimum Verification Requirements
|
- Copies of all checklists or verification forms used as part of your assessment
|
- Any other document that is relevant to or in support of your proposal.
|
| Additionally, if Self-Employed or a Company |
- Last two year’s personal tax returns for each borrower and/or company director; plus either:
|
- Last two year’s company or business tax returns for all related business/entities OR
|
- One company or business tax return plus one set of the financials reflecting two years trading activity for all related.
|
| Note: Genworth may also request Tax Assessment Notices at the discretion of the Account Manager, to support the tax returns provided. |
| Additionally, if Self Managed Superannuation Fund |
- SMSF serviceability calculator and checklist.
|
| Additionally, if application is outside of Underwriting Policy |
- Supporting comments outlining the strengths of the proposal should be submitted.
|
| Note: Where necessary in exceptional cases, Genworth reserves the right to request more detailed information pertaining to specific proposals. |
Documentation required to be retained by Lender
- In addition to documents detailed above, other documentation may be obtained as part of the loan approval process
- They do not need to be sent in to Genworth unless requested or considered appropriate under your duty of disclosure obligations under the Insurance Contracts Act, 1984.
6.3.3 Genworth Decision
- After the proposal has been assessed, Genworth will issue an Acceptance Advice, a Conditional Approval, a Decline Advice, or a request for additional information depending on the outcome of the assessment
- If approved, the Acceptance Advice will include the amount of premium plus GST and stamp duty payable at settlement. Upon payment of the premium, a Certificate of Insurance will be issued.