Asset Finance and Reverse Mortgage Supporting Documents

Consumer Asset Finance/ Personal Loans

As per RG209.91 /92,  whilst it may be considered reasonable to obtain less information or take fewer steps to verify this information in the absence of indicators of potential issues, if the information provided raises any ‘red flags’, more robust information may be required and notes should be captured outlining the steps taken.

In addition to other supporting documentation, you should also obtain (as appropriate):

  • Tax invoice of asset being purchased
  • Loan Market Brokerage Invoice (for asset finance loans)
  • Certificate of Currency for asset
  • Certificate of Registration of security being used
  • Serviceability calculator for Loan Market or recommended lender 

Reverse Mortgages

Under responsible lending obligations, a high standard of investigation and verification is required to ensure that a reverse mortgage meets the consumer’s requirements and objectives. As such, in order to recommend these products, a reverse mortgage accreditation is required.

In addition to other supporting documents, you also should obtain:

  • Evidence that the Reverse Mortgage Information statement was provided to clients (explains impact of interest capitalisation on mortgagor’s equity)
  • Evidence of equity projections provided to the clients prior to the Game Plan - using the ASIC approved MoneySmart website-

If you have any questions, please contact