Bank of Sydney


Latest News

1 June, 2020 

Commission/ Bonus Income

The amount accepted for income received from Commission or Bonus payments will be reduced by 20%.

In practice, the existing formula of ‘Lower of: Average of last two years or 100% of most recent year)’ will now be multiplied by 80% (previously 100%)

Self Employed

The amount accepted for income received from Self-employed borrowers will also be reduced by 20%.

In practice, the existing formula ‘100% of most recent year’s taxable income, or 120% of the previous year’s taxable income, whichever is lower)’ will now be multiplied by 80% (previously 100%)

Removal of Temporary Restrictions relating to LVR and LMI

Temporary changes to some lending policies were implemented on 8 April 2020. With effect from Monday 1 June, changes relating to LVR and LMI restrictions will no longer apply.