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Risk Quality Grades are based on a methodology that uses numerous loan attributes which are commonly used by Rating Agencies (such as S&P or Moody’s) to determine ratings across loan portfolios as well as Loan Mortgage Insurers (such as Genworth and QBE) to determine eligibility for Lender's Mortgage Insurance (LMI). The loan attributes are risk scored and broadly cover credit history, servicing, documentation, and loan-to-valuation ratios (LVR).
The four (4) Risk Quality Grades can be defined broadly as follows:
Super Prime – high credit quality, strong servicing, full documentation and conservative LVR. SMSF loans are a primary allocation of this category.
Prime – full documentation, generally high credit quality, servicing and conservative LVR.
Near Prime – alternative documentation with otherwise strong credit quality, servicing and LVR < 80%. Also includes full documentation with credit blemishes or higher LVR.
Specialist – tendency toward lower credit quality where borrower has worked through a prior credit event however ability to service debt is demonstrated.