Product & Policy Training

1. The income individuals receive from salary and wages usually paid during the year under pay as you go (PAYG) and includes consumers working for a family business who are not defined as Self-Employed.
2. PAYG employment types include:
   1. Permanent Full Time
   2. Permanent Part Time
   3. Casual; and
   4. Fixed term contract

1. Self Employed is the term used for any consumer that works for themselves and is not employed by another party or if they receive more than 50% of their income (including wages) from a business in which they are the sole trader, a partner, director or shareholder and where they have management control of the company.
2. Self-Employed consumers include:
   1. Sub-contractors; and
   2. Professional consultants.

Professional Self Employed are consumers who are, but are not limited to,

1. Lawyers,
2. Certified Practicing Accountants,
3. Dentists,
4. Dental Specialists,
5. Orthodontists,
6. Obstetrician,
7. Gynaecologist,
8. General Practitioners,
9. Hospital-employed Doctors,
10. Medical Specialists,
11. Anaesthetists,
12. Paediatricians,
13. Pathologists,
14. Specialist Physicians,
15. Psychiatrists,
16. Veterinary Practitioners,
17. Optometrists,
18. Pharmacists,
19. Chiropractors,
20. Speech Therapists,
21. Physiotherapists,
22. Business Consultants and
23. Information Technology Specialists.

The acceptable residential property security types include:

• Houses; Units;
• Flats;
• Apartments;
• Villas;
• Duplexes;
• Dual Key;
• Dual Occupancy; Display Homes;
• Townhouses;
• Prefabricated/Modular Homes;
• Rural Residential;
• Warehouse Conversions; and
• House and Land Packages.

Standard Commercial Properties are properties that are used for business purposes. This includes owner occupier, leased from related entity and tenanted properties.

The acceptable commercial property security types include:

• Strata Offices & Showrooms (minimum area 30 m2);
• Retail outlets (e.g. shops, restaurants);
• Industrial Units/Factories (minimum area 30 m2);
• Industrial Warehouses;
• Mixed Residential & Commercial Use;
• Residential Properties (≥ 4 or more on one title);
• Industrial Workshops;
• Medical/Dental Suites;
• Childcare Centres;
• Serviced Apartments;
• Strata Retirement Units;
• Function Halls; and
• Lifestyle Farms.

For SMSF Commercial loans used, to fund the purchase of a property where binding contracts have been exchanged on or after 10 August 2026, the property must meet the definition of Business Real Property under applicable superannuation legislation. The property needs to be used wholly and exclusively used in one or more businesses at the time the LRBA is entered into and throughout the life of the LRBA.

Accordingly, we will not accept SMSF residential property purchases where binding contracts have been exchanged on or after 10 August 2026, unless the property qualifies as Business Real Property.

Accepted SMSF Commercial Property Purchases and Refinances 

(Purchases – binding contracts exchanged on or after 10 August 2026) 

Accepted SMSF Residential Property – Refinancing residential property where binding contracts exchanged before 10 August 2026.

The acceptable residential property security types include:

• Houses; Units;
• Flats;
• Apartments;
• Villas;
• Duplexes;
• Dual Key;
• Dual Occupancy; Display Homes;
• Townhouses;
• Prefabricated/Modular Homes;
• Rural Residential;
• Warehouse Conversions; and
• House and Land Packages.

• Abattoirs
• Breweries
• Brickworks
• Brothels
• Caravan Parks
• Churches / Places of worship
• Cinemas
• Co-Living / Boarding Houses
• Clubs
• Farms
• Foundries
• Funeral
• Gaming Centres
• Golf Courses
• Hotels and pubs
• Hospitals
• Marinas
• Motels
• Parlours
• Petrol Stations
• Recording/ Film studios
• Rural Acre > 25 hectares
• Schools
• Student Accommodation
• Quarries & mines
• Gasworks
• Sawmills
• Sporting Centres
• Swimming Pools
• Theatres / Theme Parks
• Tanneries
• Vineyards / Wineries Stables

• Equity release / cash out is where a client refinances an existing mortgage secured by a residential property from another lender and wishes to maintain their existing available credit limit / redraw balance or wants to release equity from their property by way of a cash out component.
• Equity release / cash out is defined as funds derived from proceeds of an approved loan going directly to the client regardless of the purpose disclosed with the application.
• Clients will be required to provide evidence of the loan purpose for which the funds are to be used (i.e. copies of invoices, financial plans, contracts of sale, statements etc.) and this information is to be held on file.
• Where a component of the loan is equity release / cash out and the purpose is simply stated as “personal use (e.g. car, holiday)”, “home renovations” or “future investment”, then Granite will cap the cash out component to the lower of $200,000 or 20% of the security property value. Amounts greater than the capped amount will be approved on the condition that the funds are only released upon receipt of reasonable evidence for use (e.g., letter from financial planner, evidence of share or property portfolio, builder quotes or invoices for home renovations etc.)​The following LVR restrictions apply to equity release / cash out:(i) > 90% LVR – cash out is not available
  (ii) > 80% and ≤ 90% – limited to 20% of the security property value
  (iii) ≤ 80% LVR – unlimited
• Surplus funds are usually retained in the applicant’s loan account at settlement and are automatically available as redraw. Alternatively, funds can be release to the consumers linked bank account held with an ADI or a solicitors trust account for imminent property settlement.

1. With most loans, the client must contribute some of their own money towards the purchase price. This is known as the consumer’s contribution. It is important to understand where these funds are coming from and to verify that the declared sources of funds are genuine. Where the LVR is greater than 90% then a minimum of 5% of the purchase price must be from the following acceptable sources of funds.
   1. Genuine Savings (excluding Professionals and Essential Workers per below).
   2. Federal and State Government Housing Grants (e.g. FHOG).
   3. Non-Refundable Gifts.
   4. Non-Refundable Builder / Developer Contributions.
   5. Approved Equity Share arrangements; and
   6. Approved Second Mortgage arrangements.
2. Genuine Savings criteria can be waived for Professional and Essential Worker consumers that meet the following criteria.
   (i) Maximum 95% LVR
   (ii) For Professionals as the main applicant, based on gross income, must be University Educated Professional and hold an Australian or Overseas University degree (Technology applicants may hold a TAFE or other industry Certificate).
   (iii) Professional consumers include, but are not limited to Lawyers, Certified Practicing Accountants, Dentists, Dental Specialists, Orthodontists, Obstetrician, Gynaecologist, General Practitioners, Hospital-employed Doctors, Medical Specialists, Anaesthetists, Paediatricians, Pathologists, Specialist Physicians, Psychiatrists, Veterinary Practitioners, Optometrists, Pharmacists, Chiropractors, Speech Therapists, Physiotherapists, Business Consultants and Information Technology Specialists, Executives and Managerial staff.
   (iv) For Essential Workers at least one applicant must be a Police Officer, Fire Fighter, Ambulance Officer, Nurse, Midwife, Nurse Educators, Paramedic, Border Force, Protective Services Officer, Assisted Carer, Primary, Secondary or Tertiary teachers.
   (v) Must be Australian Citizens or Permanent Residents with acceptable Visa living and working in Australia.
   (vi) Clean Credit (no arrears and no defaults).(vii) Maximum DTI of 6.0x.
   (viii) PAYG applicants must have been in current employment for a minimum 6 months.
   (ix) Self Employed applicants must have been established for a minimum of 24 months.

a. Genuine savings includes the following:

1. The following are not acceptable as genuine savings.
   1. Additional borrowings where the LVR is greater than 90% (additional borrowings are acceptable provided that a minimum of 5% of the purchase price are from the acceptable sources of funds as outlined in section 8.
   2. Funds held in company / business accounts; or
   3. Barter money or trade dollars.

Granite now relies on Comprehensive Credit Reporting (CCR) to verify credit card conduct, meaning the last 3 months of credit card statements are no longer required where at least 3 months of clear repayment history is visible on the CCR.

• In these circumstances, a standard servicing commitment of 3% of the credit card limit will apply.

Borrowers who wish to access a more favourable servicing treatment of 1.5% of the credit card limit are required to provide their last 3 months of credit card statements, demonstrating that the outstanding balance has been paid in full each month.

Credit card, store card and line of credit limits are required to be included in the loan servicing calculations. If the consumer has provided the last 3 months of card statements confirming that the card balance has been paid in full each month then the monthly commitment to be used in loan servicing calculations will be 1.5% of the limit.

Charge cards without a credit limit do not need to be included in the loan servicing calculations if the consumers comprehensive credit report or 3 months of card statements provides evidence that the card balance is paid in full each month.

Interest free / payment free loans normally provided by department stores for household appliances must be included in servicing for the new loan as the borrower will eventually need to make repayments at the end of the offer period.