BOQ BROKER SERVICEABILITY WORKSHEET GUIDE - Bank of Queensland
嚜燄ersion Number: 11.0
Effective Date: 20 July 2020
Serviceability Worksheet
1
Important! Before you start:
1
Validation completed: what*s next?
1
The Serviceability Worksheet 1 每 Self Employed/Company Income
2
The Serviceability Worksheet 2 每 Personal & Rental Income
8
The Serviceability Worksheet 3 每 Debt Servicing
15
The Serviceability Worksheet 4 每 Negative Gearing Calculator
20
Introduction
The purpose of this guide is to specify the core requirements for completing
a serviceability worksheet. The worksheet measures the applicant*s ability to
service new and existing debt based on their income and expenses.
Important!
Before you start
Brokers must always avoid the following items when completing a serviceability
worksheet:
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Overstating income; (e.g. by using unacceptable or non-validated income)
Neglecting liabilities
Misrepresentation of data
Using out-dated versions of the serviceability worksheet.
Before starting, check that you have, for each borrower:
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Validated income and expenses as per credit policies, and
Located and investigated liabilities.
Reliance on any form of income or add back outside BOQ policy is subject to
BOQ review and approval.
There are four worksheets within the serviceability worksheet for Brokers to use.
An explanation of each worksheet is provided in the worksheet introduction.
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Self Employed
Personal & Rental Income
Debt Servicing
Negative Gearing Calculator
Tip: If required, there are &add or remove* buttons located in various sections of
the serviceability worksheet.
Validation
completed:
what*s next?
1
When you open the worksheet, a security warning may appear below the toolbars.
Click on &Enable Editing* and or &Enable Content* to allow the macros to run, or the
worksheet will not calculate properly.
This worksheet is only used if the applicants are self-employed individuals, company, partnership, or trust.
If the applicants are PAYG taxpayers then proceed to the &Personal & Rental Income* worksheet.
Information to complete this part of the serviceability worksheet is obtained from the accountant prepared
Profit and Loss statements (P&L) and/or tax returns. If there are differences between the two, always use
the tax returns. Input the figures for the current financial year and previous year/s.
Always start at the top of the Self Employed worksheet. If financial data is input before selecting the entity
type, the worksheet will not calculate income in the Personal & Rental Income worksheet.
2
Application
Number and Date
Input the details at the top of the worksheet. These details will
automatically populate into other worksheets. The date will format to
Date/Month/Year.
For example: Input date as 11/8/14 每 it will display as 11 Aug 2014.
Tip: To add or remove additional self-employed tables, use the &Add*
and &Remove table* buttons.
Input the full and correct legal entity name. If the entity trades as a
different name, include the trading name.
For example:
Trading Name
? ABC Pty Ltd t/as ABC Educational tools.
If the applicant operates through a trust structure, input the name in
the format of &Trustee ATF the Trust t/as Trading Name.
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Entity Type
ABC Pty Ltd ATF the John and Mary Smith Family Trust t/as ABC
Educational Tools.
Select from the drop down options the correct entity type for the
applicant. If the entity type is not selected, figures will not calculate
correctly.
Note: If Sole Trader is selected, the worksheet will automatically
adjust the Salaries/Distribution field to reflect a Sole Trader.
3
Sales/Income,
Cost of Goods Sold,
& Other Income
This information is obtained from the applicants P&L statements or
tax returns. Where there is no value for the Sales/Income field input
※0§ to enable the worksheet to calculate correctly.
Expenses
Input the figures as shown on the P&L statements or the tax returns
for the current financial year, and previous year/s (where the figures
are inconsistent the tax returns should be used).
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