June 26th, 2018
A change to Newcastle Permanent policy effective immediately as per below.
Income for Servicing
All identified and declared income is to be verified in terms of normal policy documentation requirements and utilised for servicing purposes. For example, if two applicants are on a loan and both are working income details should be obtained for both applicants, even if the application may service on just one of the incomes. Another example could be where applicant(s) have multiple rental properties, in which case income details for all properties should be obtained and included in servicing. There may be situations where it is impractical to verify, or the amount is immaterial (for example, nominal dividends from small shareholding). On the rare occasions that immaterial income is not verified, it must be excluded from the serviceability assessment.