BOQ BROKER SERVICEABILITY WORKSHEET GUIDE - Bank of Queensland

Version 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 ¨C Self Employed/Company Income

2

The Serviceability Worksheet 2 ¨C Personal & Rental Income

8

The Serviceability Worksheet 3 ¨C Debt Servicing 

15

The Serviceability Worksheet 4 ¨C 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:

?

?

?

?

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:

?

?

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.

?

?

?

?

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 ¨C 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.

?

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).

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download