PET - Plain English Taxonomy

Attribute: BSAO13074
Label: Commitments to Individuals for Dwellings - Lending Commitments Not Drawn
Concept Guidance:
This is the value, as at the relevant date, of all undrawn lending commitments, or firm offers, provided by the reporting party.For the purposes of this item, where an amount has been previously advanced in relation to a revolving loan, repayments of these amounts should not increase the undrawn commitment. Additions to the stock of undrawn commitments can only be made by new commitments, while reductions in the stock of undrawn commitments can only occur through advances and cancellation of those new commitments.A commitment is a firm offer to provide finance which has been accepted by the client. A commitment exists once the loan application has been approved, and a loan contract or letter of offer has been issued to the borrower. 
Dimension Member Description
This dimension categorises the reported information in accordance with the type of counterparty the entity has transacted with.
The counterparty in relation to the information is an individual, or group of individuals, whose dealings with the reporting party are for personal or household purposes. This does not include circumstances in which the counterparty is dealing with the reporting party in relation to a business or enterprise, regardless of how that business or enterprise is structured.
Information in relation to the intended purpose of the counterparty in regards to loan agreements entered into by the entity.
Information in relation to loan agreements entered into by the reporting party for the purpose of either: - constructing a dwelling for owner-occupation. Only report those amounts relating to loan agreements where funds will be advanced by way of progress payments; - purchasing a dwelling for owner-occupation; - paying out (refinancing) existing home loans on the same residence (i.e. security unchanged), where the refinancing lender is not the original lender. It does not include the situation where an institution refinances its own loan, or where the refinancing is for the purpose of a change of residence. Include only those loans where the original lender is other than the reporting party. Exclude commitments to refinance existing loans where there is no change in the property offered as security and the institution offering the commitment was the original lender (e.g. refinancing from a variable rate loan to a fixed rate loan); or - Structural and non-structural changes (e.g. garages, carpets, pergolas, re-roofing, re-cladding, etc.) to owner-occupied dwellings. This excludes repairs and maintenance, swimming pools and other home improvements not involving building work A dwelling is a place of residence which is: - contained in a building which is an immobile structure; - private (i.e. not generally accessible to the public); and - self contained (i.e. includes bathing and cooking facilities).
The characteristic of whether or not assets have been pledged to secure the repayment of funds under a credit or other lending activity in the case of default by the borrower.
The repayment of funds advanced have been secured through the pledging of assets to satisfy the debt in the case of default by the borrower.