To help identify what the right product is for your client, we've created a comparison matrix for Connective Essentials and Connective Select.
| Connective Essentials by Advantedge | Connective Select by Adelaide Bank | |
| LVR | ||
| Max LVRs - | · 95% Owner-Occupied (Purchases only) | · 95% Owner-Occupied (Purchases Only) |
| · 90% Investment | · 95% Construction Owner Occupied | |
| (LMI cannot be capitalised) | · 95% Vacant Land, Owner Occupied Variable Only | Note: >90% NSR 1.35 |
| · 90% Construction | · 90% Investment | |
| · 80% Interest Only | · 80% Interest Only | |
| LMI in-house QBE – higher limits | · 80% Bridging (NSR 1.15) | |
| Product | ||
| Loan Term | 25 or 30 year Only | 5 – 30 years |
| Pre-approvals | YES (not fully assessed) | YES (fully assessed) |
| Bridging | NO | YES |
| Common Debt Reducer | NO | NO (100% of debt and 100% of rental) |
| Upfront Valuations All through Property Hub |
No valuation fees | Cover first $600 |
| No limit on valuations | Second security is charged to the customer | |
| Free Via NAB and Redi ATM networks | $0 Cost for Bendigo ATMs | |
| ATMs | 90% Max. LVR – OO and Inv purpose (includes LMI) | 95% Max. LVR for OO |
| Construction | · Only available on variable rate product | · 90% Max. LVR for IO repayments during construction period at P&I rates |
| · $300 Construction Drawdown Fee | · No Owner Builders | |
| · Construction period Interest Only at P&I rates | · Not available for builders or property developers | |
| · No Owner Builders | · Construction must be completed within 12 months of initial draw down | |
| · Construction must commence within 12 months | · No split contracts | |
| · No split contracts, costs plus contract and any building contract beyond work completed e.g. Simple Works Contracts | · Bridging Construction – NSR 1.25 | |
| · Variations must be part of building contract | · Valuations “As if” Complete | |
| · Valuations “As if” Complete | · Up to 3 dwellings in 1 Title | |
| · 1 dwelling per title | ||
| Cash Out Policy | Evidence required if | Evidence required if > $100k (Guide) |
| LVR exceeds 80% Or | ||
| Loan amounts >$250k | ||
| Mature Age Policy | No max age as long as 1 acceptable exit strategy is required (not super) | No max age - 1 acceptable exit strategy required (super not sole reason) Note: Likely to reduce term according to exit strategy |
| Application fee | NIL | NIL |
| Settlement fee | $395 | $250 |
| Ongoing fee | NIL | NIL ($10 per month for each OffSet Account) |
| Vacant land only | YES | NO |
| Construction | YES | YES |
| Off-set | NO | YES |
| (Full Transactional Redraw) | 1 Offset Per Split (Max 5 Splits) | |
| Commission | · 0.77% Upfront (incl. GST) | · 0.715% Upfront (incl. GST) |
| · 0.165% Trail (incl. GST) | · 0.165% Trail (incl. GST) | |
| Clawback: 100% 0 – 12 months | Clawback: 100% 0 – 12 months | |
| 50% 13 – 24 months | ||
| Credit & Supporting Doc Requirements | ||
| Credit Score | YES | YES |
| DocuSign | YES | NO |
| Supporting Documentation | · 3 months of transactional statements not required if 2 payslips provided – assessor can request at their discretion | · Require 3 months transactional statements for all applications |
| · No statements for debts not being refinanced (require a mortgage balance) | · 1 month statements for debts not being refinanced | |
| Acceptable Security | ||
| $10 per Offset | ||
| Acceptable Security | · Min 50 sqm (includes car space and/or balconies) | · Min 50 sqm (excluding car space and balcony |
| Units / Flats / | · Separate certificate of title required | |
| Apartments | ||
| High density located security | · Max. LVR 70% as per postcode location tool | · Max. 70% LVR If > 5 Stories and/or 50 Units in the complex |
| Rural Residential | · Must have mains power | · Must residential dwelling |
| (or similar zoned properties) | · Max. 10 Hectares (25 acres) with completed dwelling | · Max 10 hectares (25 acres) greater size can be accepted at reduced LVR |
| · Must not be income producing other than rental income from tenants | · Services connected | |
| · > 10 Hectares but less than 50 hectares up to 70% considered | · Max. $500k up to 80% LVR | |
| Max units on title | · 2-3 Units Need to show plan/draft to sub-divide in future | · Up 10 units for established dwellings in 1 title. |
| · Max. LVR 65% | ||
| Acceptable Income | ||
| Genuine Savings | · Required >90.01% LVR | · Required >80% LVR |
| (Evidenced 3 months) | (Evidenced 3 months) | |
| · Non-residents accepted when joint applicants with AU Resident | ||
| Accepted rental history for genuine saving | Accepted rental history for genuine saving | |
| Foreign Income / Overseas | X | · Exclude overseas liabilities and income if positively geared – confirm country |
| · Accept some overseas pensions at 80% | ||
| · Min. 2 years trading in the current business | · Min. 2 years trading in the current business | |
| Income Types | · Use average of 2 years | · Use most recent income unless it has increased more than 20% - Use average |
| Self-employed | ||
| PAYG | · No min. employment term for full/part-time employment | · Min. 6 months in current employment |
| · Probation period acceptable | Or | |
| · Employed 12 months in the same field/industry | ||
| · If Probation min. 2 years in the same industry | ||
| · Min. 6 months with current employer | · Min. 12 months with current employer | |
| Casual | · 100% Average last 6 months annualised | Or |
| · 2 years same industry | ||
| · YTD Annualised 48 weeks | ||
| Commission / Bonus | · 70% if confirmed | · Must be received from same employer for the past 2 years |
| · Min. 6 months | · 80% of the lesser of last 2 years | |
| · Must be from the same employer | · Does not need to be condition of employment | |
| · Must not be on probation | ||
| Bonus | ||
| · 2 years received from same employer | ||
| · Use the average bonus payment received; or the most recent financial year if the bonus payment was lower | ||
| Over-Time/Allowances | · Received min. 6 months | · Received min. 12 months with the same employer |
| · Use 70% (100% Essential Services) | · Use 80% (100% Essential Services) | |
| Allowances | ||
| Allowances | · Use 100% (must be permanent and ongoing) | |
| · 100% if demonstrated over 2 consecutive payslips variance <20%) | ||
| Servicing | · $500 Notional Rent per household | · $650 notional rent per household (spousal) |
| · Joint Debts - 100% debts and 100% rental | ||
| · 3rd Party directors not required to be guarantors (individual borrower) | ||
| · Exclude company liabilities if expensed in financials | ||
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