PET - Plain English Taxonomy

Attribute: BSAO13084
Label: New Commitments for Home Loans - Value
Concept Guidance:
This is the value of new lending commitments, or firm offers, provided by the reporting party during the relevant period, regardless of whether or not they have subsequently been withdrawn, or cancelled, during or after the period. New commitments will also include finance to employees, the provision of bridging finance, supplementary commitments (value only) where the original approval was not large enough, commitments to refinance existing loans where the original lender was not the reporting institution. Do not report commitments to refinance existing loans where there is no change in the security offered and the reporting institution was the original lender (e.g. refinance from a variable rate to a fixed rate loan).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. With transactions involving a change of residence, you should treat the discharge of the existing loan and the commitment to a new loan as separate events, and report the total value of the new loan as a new commitment. 
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 purchasing an owner-occupied dwelling that was completed less than 12 months prior to the reporting date, and in which the borrower will be the first occupant.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.