Details
Prior to providing credit assistance to you, we must assess whether the particular loan is “unsuitable”. A loan will be “unsuitable” based on the information you provided to us if:
You will be unable to repay the proposed loan or will only be able to repay the proposed loan with substantial hardship, or
The proposed loan does not meet your requirements and objectives.
We are required to document our findings that the proposed loan is not unsuitable by way of completing a Preliminary Assessment. The Preliminary Assessment will set out your:
Requirements and objectives
Financial and relevant personal situations, and
Ability to repay the proposed loan.
We are also required to take reasonable steps to verify information provided by you to us.
This verification may include:
Requesting you for copies of documents that demonstrate your financial situation - in some cases, we may also need to sight original documents, and
Contacting third-parties to assist in verifying the information that you provided.
Obtaining a copy of the Preliminary Assessment:
If we provide you with credit assistance, you may request a copy of our Preliminary Assessment anytime for yo to 7 years and we must provide you with a copy of the assessment within the following timeframes:
Before the Credit Day* - As soon as possible after we receive your request
Up to 2 years after the Credit Day - Within 7 business days after we receive your request
Between 2 and 7 years after the Credit Day - Within 21 business days after we receive your request
*The Credit Day is the date the credit contract is settled, or the credit limit is increased.
There is no charge for requesting or receiving a copy of the Preliminary Assessment
Fees and Charges
We may charge a fee for providing credit assistance to you. If applicable, details about those fees payable by you will be set out in a Credit Quote which we will five you prior to submitting your loan application.
Other fees and charges
You may have to pay other fees and charges (such as application fees, valuation costs and other applicable fees) to the lender or other parties. You should review the particular loan contract documentation for further details of any such fees and charges.
How do we get paid?
Our aggregator receives commission from the lenders and then pays us commission in relation to loan contracts (such as home and investment property loans) for providing credit assistance.
An upfront commission is payable by lenders in relation to settled (drawn-down) loans and is calculated as a percentage of the loan amount. It is usually paid after settlement of the loan.
Trail commission is payable by lenders in relation to settled (drawn-down) loans. It is calculated monthly on the outstanding loan balance and is paid in arrears.
The upfront and trail commission that we are paid by lenders are not payable by you. Details of commission to be received will be included in the Credit Proposal Disclosure document that we will provide you with when credit assistance is provided.
From time to time, we may receive a non-commission benefit by way of training, professional development, entertainment, gift, conference attendance, sponsorship, or entry into a competition run by a lender or our aggregator, at no extra cost to you. The nature of such arrangements are temporary, and the occurrence and amounts are often not readily ascertainable. However, if they are apparent as a result of assisting you with credit assistance, this will be disclosed to you.