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The eligible borrower matrix is an internal matrix that is used within the Commonwealth Bank, which clearly identifies eligible borrowing criteria as shown below.
Criteria for overseas borrowers:
Commonwealth Bank will lend to eligible borrows who live and work overseas, as well as for specified temporary Australian residents who live and work in Australia. The specified temporary Australian Resident must hold one of the following visas: 160, 161, 162, 163, 164, 165, 188 and 457 Visa. Overseas citizens (without an Australian permanent residency and temporary Australian residency) will only be considered if their co-borrower is an Australian citizen or has an Australian permanent residency and must have Foreign Investment Review Board approval.
Eligible applicants may use specified foreign income for servicing. If the eligible borrow is an Australian citizen or an Australian Permanent resident who is living and working overseas and is being paid in AUD, then 100% of this income may be used for servicing. If the eligible borrow is being paid in a listed foreign currency then 80% of this income may be used for servicing. In cases where the eligible borrow is a ‘Specified Temporary Australian Resident’, who is living and working in Australia and is being paid AUD, then 100% of this income may be used for servicing. If, however they are being paid in an eligible foreign currency, then 80% of this income will be used for servicing.
About Eric Wu: I have been working for the Commonwealth Bank over 6 years and I have about 5 years in lending experience. Current working in Premier Banking as a relationship manager assisting high value clients who are looking to borrow $750,000 or more and other complex high value clients.