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We’re pleased to advise that our recent technology improvements have allowed us to maintain a high service level despite the recent increase in demand for properties in Queensland.

• Applications: 24 hours for pick up with the review and assessment to then commence
• Credit Assessing: 36-48 hours (+ LMI assessment times)
• Mortgage Prep: up to five business days

Thank you in advance for your patience while we get the outcome our Members deserve.

How we have changed...

With the impact of Coronavirus (COVID-19) felt across all industries we have made some changes to our income and validation process. The following changes have been implemented;  

• Please ensure all ApplyOnline applications have validation/verification documents uploaded 
• Overtime, allowances, bonuses and any other less stable sources of income will be assessed at 80% of the averaged amounts received over the two year period.  Where possible servicing should be calculated on base income only, however if the extra allowances or overtime are required for servicing then the above will apply.
• New business applications must be supported with cash flow forecasts/projections for at least the next twelve month period.
• High LVR maximum lending caps updated to:
  • Owner Occupied loans maximum LVR have been reduced from 98% to 95%
  • Residential Investment loans maximum LVR have been reduced from 95% to 90%
  • LVR caps include any LMI premium (i.e. LMI premiums cannot be capitalised above these maximum caps). Maximum LVR caps apply to all borrowers, including first home buyers.

How we are making things easier...

• Increased the loan term to seven years on the Reno Loan for amounts above $25,000
• Multiple offset accounts are now available with Variable Owner Occupied home loans
• Updated our Loan Servicing Calculator v2.39.
• Added IPN Valuers to our panel  - IPN service Rockhampton, Gladstone and surrounding areas

To ensure timely service, please email all queries to your Relationship Manager directly or our Broker Support inbox here.

HomeBuilder extended

At Queensland Country we are always finding ways to assist our Members and we are lucky enough to be one of only 27 Financial Institutions to have access to the First Home Loan Deposit Scheme (New Homes) as well as being one of the only banks that have a process to allow borrowers to use the Home Builders Grant as funds to complete.

As previoulsy advised, the Government announced that applications for the HomeBuilder grant have been extended until 14 April 2021. However, some of the requirements have changed. The changes made include:

• The grant amount has been reduced to a $15,000 grant for building contracts (new builds and substantial renovations) signed between 1 January 2021 and 31 March 2021, inclusive.
• An extended deadline for all applications to be submitted, including those applying for the previous $25,000 grant and the new $15,000 grant.
  • Applications can now be submitted up until 14 April 2021 (inclusive). This will apply to all eligible contracts signed on or after 4 June 2020.
• An extension to the construction commencement timeframe from three months to six months for all HomeBuilder applicants.
  • This will apply to all eligible contracts signed on or after 1 January 2021, but will also be backdated and apply to all contracts entered into on or after 4 June 2020.
• An increase to the property price cap for new build contracts in New South Wales and Victoria to $950,000 and $850,000, respectively, where the contract is signed between 1 January 2021 and 31 March 2021, inclusive.
• The existing new build property price cap of $750,000 will continue to apply in all other States and Territories.
• A change in licensing requirements and registration for builders and developers, as seen here.
• Where an eligible contract is signed on or after 29 November 2020, the builder or developer must have a valid licence or registration before 29 November 2020.
• Where an eligible contract is signed before 29 November 2020, the builder or developer must have a valid licence or registration before 4 June 2020.

Other than the above changes, the existing criteria still applies and can be seen here.

Approximately 1800 Unused Allocations From

FHLDS 2019-20 To Be Reissued

The Hon Michael Sukkar MP has announced that the Australian Government will reissue around 1800 First Home Loan Deposit Scheme guarantees from the 2019-20 financial year.  

NHFIC are currently working to make these FHLDS 2019-20 places available to first home buyers through participating lenders as soon as possible.

As part of the Government's economic recovery plan, an additional 10,000 places are available to first home buyers to purchase or build a new home sooner under the FHLDS (New Homes). 

However, as mentioned in our last bulletin, there have been some changes to this new batch of allocations that you should be aware of.  

What is the difference between the FHLDS and FHLDS (New Homes)?

• Higher property price thresholds:

  • QLD – Capital City and Regional Centre increased to $650,000. 

  • QLD – Other builds increased to $500,000.

• More rigorous timeframes for when contracts must be entered into and for when construction must start and be completed by.  Refer here for details.
• Only available for 2020-2021 financial year.
• Only available for new or newly constructed dwellings.
• NHFIC is unable to provide waivers or pre-approval extensions under FHLDS (New Homes).
• The borrower eligibility criteria for FHLDS (New Homes) is the same as FHLDS.

A new borrower declaration has also been updated by NHFIC and can be seen here. 

What properties are eligible under the FHLDS (New Homes)?

Our Competitive Rates

Queensland Country Bank's competitive rates are available for both Owner Occupied

and Residential Investment home loans.

We've updated some of our loan affordability and LMI tools.

Our Broker Portal is now equipped with the latest QBE LMI Connect tool which can be used to calculate loan serviceability and premiums. 

Our Loan Affordability Calculator has also been updated to reflect the recent tax relief package and living expenses benchmark amendments. Access either of them below. 

Our latest news 

This year has seen a significant spike in the number of financial institutions closing branches in favour of faceless contact, but our member-owned bank has bucked the trend by opening a new branch in Rockhampton. Find out more here.

Get in Touch

All interest rates quoted are per annum. Rates are subject to change without notice.

Must read information:

Special Package 2 Year Fixed Loan

Interest rate effective 2 November 2020. Limited time fixed rate offer under our Ultimate Home Loan Package for principal and interest loans with new borrowings of at least $100,000 with a maximum loan to value ratio of 80%. Upon expiry of the fixed rate period the loan will revert to our Principal and Interest Standard Variable Rate (SVR) with a discount of 0.75%p.a. for the life of the loan. Normal lending criteria, terms, conditions and fees apply and are available on request. The comparison rate is calculated on a loan amount of $150,000 over a term of 25 years.

Special Variable Package Rate (<80%)

Limited time variable rate under Ultimate Home Loan Package for new, principal and interest loans, owner occupied or residential investment loans, minimum new borrowings of $100,000 and 80% maximum loan to value ratio. Rate includes a 2.00% discount off the Principal and Interest Standard Variable Rate for the life of the loan.

Special Variable Package Rate (P&I)

Limited time offer under our Ultimate Home Loan Package for new principal and interest loans of at least $100,000 and maximum owner-occupied loan to value ratio of 95% and 90% for residential investment. Not available for the restructure of existing loan facilities with us. Offer includes a discount off the Standard Variable Rate for the life of the loan as detailed in the loan contract and is subject to withdrawal any time before the loan contract is entered into. Normal lending criteria, terms, conditions and fees apply and are available on request. The comparison rate is calculated on a loan amount of $150,000 over a term of 25 years.

Special Variable Package Rate (IO)

Limited time offer under our Ultimate Home Loan Package for interest only loans with new borrowings of at least $100,000 with a max. loan to value ratio of 95% for residential investment.  Maximum interest only period of 3 years. Includes a 1.35%p.a. discount off our Interest Only Standard Variable Rate. Following expiry of the interest only period, loan will revert to principal and interest repayments with a 1.35%p.a. discount off our Principal and Interest SVR. Normal lending criteria, terms, conditions and fees apply and are available on request. The comparison rate is calculated on a loan amount of $150,000 over a term of 25 years.

New Car Loan

Comparison Rate calculated on a secured loan of $30,000 over a 5 year term based on monthly repayments. Available for new borrowings only. May be withdrawn at any time before a loan contract is entered into.

Reno Loan

Comparison Rate calculated on an unsecured loan of $30,000 over a 5 year term based on monthly repayments.

*WARNING: These Comparison Rates apply only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan. A Comparison Rate schedule is available at any Queensland Country Bank branch. Queensland Country Bank ABN 77 087 651 027 AFSL/Australian Credit Licence 244 533.

^The information above does not take into account your objectives, financial situation or needs. Before acting on the information you should consider whether it is right for you and seek your own advice.

You are receiving this email because you are a valued broker for Queensland Country Bank. 

ABN 77 087 651 027 AFSL/Australian Credit Licence 244 533

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Queensland Country Bank
Queensland Country Centre 
333 Ross River Road 
Aitkenvale, Qld 4814 Australia

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