The following table demonstrates Credit Impairment attributes per product (including both full and alt doc and for personal, not commercial credit):
| Prime | Near-Prime | Specialist | Specialist+ | |||||
|---|---|---|---|---|---|---|---|---|
|
Mortgage Conduct |
No arrears greater than 14 days, no default fees /overlimit |
Less than 1 months arrears evident in last 6 months |
Less than 2 months arrears evident in last 6 months |
Less than 3 months arrears evident in last 6 months |
||||
|
Personal Loans |
No arrears greater than 14 days, no default fees /overlimit |
Up to date prior to unconditional |
Conduct ignored subject to reasonable explanation |
Conduct ignored subject to reasonable explanation |
||||
|
Credit Cards |
No arrears greater than 14 days, no default fees or overlimit balances (excluding latest months interest charge)* |
Up to date prior to unconditional |
Conduct ignored subject to reasonable explanation |
Conduct ignored subject to reasonable explanation |
||||
|
Defaults/Judgements |
No unpaid defaults or greater than $500. Ignored if paid up to $500 |
No defaults greater than $2,000. Ignored if up to $2000 or greater than 24 months |
No defaults greater than $2,000. Ignored if up to $2000 or greater than 12 months |
Ignored |
||||
|
Discharged Bankruptcy or Part 9/10 agreements |
Not accepted |
Acceptable if > 2 years |
Acceptable if more than 1 day |
Acceptable if more than 1 day |
||||
|
Repaying Part 9 and Part 10 agreements |
Not accepted |
Not accepted |
Yes – provided the loan is being paid out and 6 months clear conduct is evident |
Yes – provided the loan is being paid out and 6 months clear conduct is evident |
||||
*Mortgages in advance/available redraw: underwriters should use appropriate discretion.