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Changes include Firstmac launching into alt-doc loans, Bank Australia launching a new personal loan and Macquarie Bank adjusting its credit appetite.
Firstmac launches alt-doc loans for self-employed borrowers
Firstmac has launched a new alternative documentation (alt-doc) home loan for established self-employed borrowers, allowing eligible customers to verify their income using six months of Australian Taxation Office Business Activity Statements.
The product targets borrowers who have been operating for at least two years and have a strong credit profile but cannot meet traditional documentation requirements. Rates start at 6.99 per cent for owner-occupied loans at 70 per cent LVR with principal and interest repayments. The product offers variable and fixed rates, interest-only repayments and an optional offset account, with a low application fee and no ongoing monthly fees.
Macquarie lifts rental income shading and expands overtime policy
Macquarie Bank has updated its credit policy to allow up to 95 per cent of gross rental income to be included in serviceability assessments for eligible investors, effective 22 October 2026. A minimum 5 per cent vacancy shading will apply, alongside a minimum 15 per cent deduction for total rental property expenses.
The bank has also expanded its essential services occupation categories, allowing 100 per cent of overtime income to be used for a broader range of occupations.
From 26 October, changes to the liabilities section in ApplyOnline will require brokers to record whether liabilities are partially cleared, fully cleared or unchanged, including the new limit and balance for partially cleared liabilities. Brokers must also specify whether cleared liabilities will be paid out using loan funds, property sale proceeds or the customer’s own funds, and include all liabilities in the application.
Separately, some variable rates for new business loans decreased from 20 October.
Bank Australia launches clean energy personal loan
Bank Australia has launched a Clean Energy Personal Loan to help customers fund home electrification and energy-efficiency upgrades, including rooftop solar, household batteries and replacing gas appliances.
The loan is available to new and existing customers at a variable rate of 7.49 per cent, with no establishment or ongoing fees. Eligible upgrades include induction cooktops and electric hot water systems, allowing customers to finance improvements separately from their home loan.
Bluestone expands lending policy
Bluestone has introduced a series of lending policy changes, expanding flexibility across credit reporting, income verification, loan limits and property security requirements.
Key changes include:
- Credit reporting: Comprehensive Credit Reporting now applies to all debts, with the most recent six months reviewed for mortgages and one month for personal loans and credit cards.
- Full-doc verification: applicants now need just one year of tax returns and a Notice of Assessment.
- Casual employment: employment of less than six months can be considered under Specialist and Specialist+ products.
- Higher loan limits: prime loans of up to $5 million are available at below 70 per cent LVR in metropolitan locations, with total exposure capped at $15 million.
Larger land sizes: the maximum acceptable land size has increased to 10 acres (four hectares). - Multiple dwellings: up to four dwellings are permitted on a single title.
- Development approvals: properties with an active development approval may be accepted, subject to a statutory declaration confirming the borrower will not act on the approval.
Firstmac extends bridging loan period to 12 months
Firstmac has enhanced its bridging loan, giving borrowers up to 12 months to sell their existing property while expanding postcode eligibility and reducing fees.
The changes also introduce cash-out options, a competitive fixed interest rate and improved broker compensation. Eligible borrowers may be assessed on their end debt rather than peak debt, potentially widening access to bridging finance.
Borrowers can capitalise interest and make no repayments during the bridging period, helping manage cash flow while waiting for their existing property to sell. Firstmac has also introduced a dedicated Bridging Tool to help brokers structure loan scenarios and calculate end debt, alongside a Bridging Servicing Calculator to assess borrowing capacity.
NAB updates serviceability and LMI calculators
NAB will introduce serviceability calculator V66 on 23 October, updating Household Expenditure Measure values to align with APRA requirements. It will be mandatory for new home loan applications submitted after midnight AEDT that day.
The bank has also expanded its QBE LMI calculator to cover eligible loans up to $5 million, removing the need for manual quotes on eligible loans above $2.5 million.
Skip by LMG expands borrower and postcode eligibility
Skip by LMG has expanded its lending criteria to include married borrowers holding bridging visas and added Bunbury, Townsville and Maitland to its eligible locations.
The lender is also moving from postcode-based to suburb-based eligibility checks. Verification of identity requirements have been simplified, with borrowers now needing only a driver’s licence or passport instead of two forms of identification.
Aware of a product or policy update that brokers should know about? Leave it in the comments below.
See last week’s policy changes here.
[Related: Four 2026 rate hikes deal $90k blow to borrowing capacity]
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