Eligibility criteria, income documentation and pathway selection for Australian mortgage brokers.
A client has kept up with their mortgage repayments and wants a lower rate. Yet the refinance becomes difficult when you look at income documentation, standard servicing or the existing lender.
For Australian mortgage brokers, these are useful reasons to investigate the file more closely. FINSTREET’s Easy Refi pathways may provide an alternative assessment approach for eligible borrowers.
The starting point is understanding which requirement is creating the obstacle and whether the proposed refinance meets the selected product’s criteria.
1. Understanding Easy Refi Assessment Pathways
Easy Refi is FINSTREET’s range of refinance pathways with different income documentation and assessment requirements. Eligibility depends on the borrower, existing facility, repayment history, security and proposed loan. A simplified process still requires supporting documents and credit assessment.
The three pathways covered in our broker webinar offer different starting points:
| Pathway | Income documents | Calculator requirement |
|---|---|---|
| ColStreet Easy Refinance | Not required under the applicable pathway | Easy Refinance Calculator |
| BrightStreet Easy Refinance Dollar for Dollar | Not required under the applicable pathway | Standard Alt Doc Calculator |
| WellStreet Streamline / Like-for-Like Refinance | Required | No servicing calculator under the applicable pathway |
These requirements are product-specific. Confirm the current policy and borrower eligibility with FINSTREET before progressing a file.
Keep the comparison beside your next file review. Our Easy Refi One-Page Tool brings the pathways and key scenario checks into a quick reference.
2. Applying Easy Refi to Practical Broker Scenarios
Case Study 1: A Borrower with PAYG and Sole Trader Income
An individual borrower earns a stable salary and additional income through a sole trader business. They want to refinance a $1 million investment loan at 70% LVR to reduce their rate and monthly repayments, while keeping the remaining 25-year loan term.
The existing loan is with a bank that reports to comprehensive credit reporting (CCR), and the borrower has clean repayment history across all facilities for the past 24 months. No cash out or debt consolidation is requested.
ColStreet Easy Refinance may be worth considering. Under the applicable pathway, income documents are not required, but the Easy Refinance Calculator must be completed. Loan statements, the application, supporting documents and required declarations remain part of the submission.
For the broker, the key checks are how the mixed-income borrower is classified under policy, the required repayment history and the proposed financial benefit. Multiple income sources alone do not establish eligibility or rule the file out.
Case Study 2: Refinancing from a Private Lender
A self-employed borrower has a $720,000 investment loan at 60% LVR with a private lender that does not report to CCR. Income documents are available, but the borrower cannot meet standard servicing requirements.
They have made all required mortgage repayments on time over the past 12 months and have a clean credit history. The loan has no capitalised interest. They want a lower rate and lower monthly repayments, with no increase in the loan amount and no extension of the remaining 25-year term.
WellStreet Like-for-Like Refinance may be a potential pathway, subject to confirmation that the existing private lender and facility are eligible. Income documents are required, while no servicing calculator is required under the applicable pathway.
Actual repayments are a critical distinction. Capitalised interest is added to the loan balance rather than paid by the borrower; it does not satisfy this pathway’s requirement for 12 months of satisfactory actual mortgage repayments.
Start by identifying the lender and repayment structure. Then verify the statements, credit history, proposed repayment reduction and unchanged loan amount and remaining term.
Both case studies are illustrative. They describe potential assessment pathways, not approved loans or guaranteed outcomes.
See the assessment approach in practice.
Watch our recorded webinar, Three Easy Refi Pathways for Brokers, for a walkthrough of the pathways and practical case studies. Use it alongside the One-Page Tool when reviewing your next refinance scenario.
3. Preparing an Easy Refi Scenario for a Credit View
A concise initial summary helps the team understand the file and identify the questions that need answering. Include:
- Borrower and obstacle: employment type, borrowing structure, available income evidence and why the standard refinance approach does not fit.
- Existing facility: lender name, balance, rate, repayment type, remaining term and whether the loan appears on CCR.
- Repayment evidence: actual and contractual repayments, statements for the relevant period, and any late payments or adverse credit.
- Proposed refinance: loan amount, rate and repayment comparison, requested term, and any additional funds or refinance costs.
- Security: property type, location, estimated value and loan-to-value ratio (LVR).
Flag uncertainties upfront, particularly private lender eligibility, capitalised interest or a request to change the loan amount or term.
4. Assessing the Benefit Beyond Monthly Repayments
Compare the costs of switching as well as the rate. Discharge fees, establishment costs and any fixed-rate break costs can affect the benefit. Check whether a lower monthly payment depends on extending the loan term, which can increase total interest paid.
ASIC’s Moneysmart guidance on switching home loans explains why fees and the length of the new loan matter when assessing a refinance.
Frequently Asked Questions
Can a borrower refinance without income documents?
Certain ColStreet and BrightStreet Easy Refi pathways do not require income documents where the relevant conditions are met. Applications, loan statements, declarations, calculator requirements and credit assessment still apply. This is not a document-free application.
Can a borrower refinance if standard servicing does not work?
An eligible borrower may be considered under WellStreet’s applicable like-for-like pathway. Income documents, satisfactory actual repayment history and the other product conditions are still required. The absence of a servicing calculator does not remove credit assessment.
Can Easy Refi accept a loan from a non-CCR private lender?
Some eligible private lender loans may be considered under the selected WellStreet product. Acceptance must be checked for the named lender and facility. A loan with capitalised interest does not meet the actual repayment history requirement described in the case study.
Are dollar-for-dollar and like-for-like refinance identical?
The labels can describe different product rules. Check permitted refinance costs, loan amount, remaining term, income documents and the required calculator for the selected pathway. A feature available under one product should not be assumed to apply to another.
Looking Ahead: Bring Your Next Refinance Scenario to FINSTREET
If you have a client with mixed income, a private lender loan or a servicing obstacle, bring the key facts to your FINSTREET BDM. Our team can help clarify whether an Easy Refi pathway is worth progressing and what information is needed for a credit view.
Download the One-Page Tool for your initial review, watch the webinar for practical examples, and contact us when you are ready to discuss a file.
Call FINSTREET on 1300 669 007.
For mortgage broker use only. General product information; not an approval or offer of credit. Scenarios are illustrative. Eligibility, current lender policy, valuation, credit assessment, fees, charges and terms apply. Confirm current product requirements with FINSTREET before proceeding.
Sources and further reading
FINSTREET: Easy Refi for Australian Mortgage Brokers.
ASIC Moneysmart guidance on switching home loans.
