Financial Sector (Collection of Data) (reporting standard) determination No. 32 of 2016 - Reporting standard RRS 392.0 - Housing Finance
Portable home loansPortable home loans
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Portable home loans
Mortgage mobility is being offered by a number of lenders as a service to their clients. The resulting security substitution is likely to involve a client transferring their mortgage from an existing owner-occupied residence to another owner-occupied residence but could also involve investment properties.
Reporting instructions
In cases where a client exercises the option under their existing loan agreement to transfer their mortgage to another security, the transaction should be reported as a new loan commitment (as if the borrower were a new borrower).
Note that if the new commitment is a fixed term commitment and includes a portion to be used for personal or investment purposes, then the that portion of the new commitment should be reported in the appropriate fixed lending purpose on RRF 394.0 or RRF 391.0.
If the new commitment is a revolving credit home equity loan, then refer to III. Home Equity Loans – Guidelines for specific guidelines on this loan type.