ABOUT US (“we, us, our”):
Craig A Nicholas
Address: 1 Minmai Road MONA VALE NSW 2013
Tel: 0481 383 490
Email address: firstname.lastname@example.org
NewCo Financial Services Pty Limited(“licensee”) ABN 90 095 713 447
Australian Credit Licence Number: 385054
Address: Level 1, 23-27 Wellington Street, St Kilda VIC 3182
Tel: (03) 8508 6666
This Credit Guide provides you with information about the services we provide, the costs associated with the services we provide, including income we may pay to third parties, as well as details on the products we use to provide credit assistance to you. This Credit Guide also contains information about the steps you can take should you have a complaint or dispute in connection with any of the services we provide to you.
WHAT IS A CREDIT REPRESENTATIVE?
A ‘credit representative’ is a person who has been authorised by a credit licensee to engage in specified credit activities on behalf of the licensee. Craig Nicholas is a credit representative of NewCo Financial Services Pty Limited (NewCo). Craig Nicholas has been authorised to provide assistance to clients in relation to credit products. To obtain and maintain the authorisation with NewCo [insert credit representative name] has obtained all the necessary industry qualifications and training to be able to provide to you the most appropriate advice on credit products available in the market.
WHAT IS A LICENSEE?
A Licensee is an entity or individual who has been registered and licensed with ASIC (Australian Securities & Investments Commission) to engage in credit activities. NewCo is a an Australian Credit Licensee, under this licence NewCo must comply with the law and industry standards and make sure that all its credit representatives are adequately trained and supervised to provide credit assistance to clients. NewCo is responsible for any credit assistance or advice that is provided to clients, and charged with the responsibility to ensure that credit representatives of NewCo act efficiently, honestly and fairly.
NewCo Financial Services Pty Limited was established in 2001, is a member of the MFAA and associated with Choice Aggregation Services, one of Australia largest aggregators.
WHAT IS CREDIT ASSISTANCE?
We give you credit assistance when:
we assist you to apply for a particular loan or lease;
we suggest you apply for a particular loan or lease (or suggest you apply for an increase to an existing loan); or
we suggest you remain in your current loan or lease.
THE ASSESSMENT WE NEED TO DO BEFORE GIVING YOU CREDIT ASSISTANCE
Before we provide credit assistance to you, we assess whether the particular loan or lease is suitable for you. To do this, we need to make reasonable inquiries and verify that:
the loan or lease or increase will meet your requirements and objectives; and
you can meet the proposed repayments.
We won’t be able to give you credit assistance if our assessment shows that:
- you won’t be able to meet the proposed repayments without substantial hardship; or
- the loan or lease won’t meet your requirements or objectives.
GETTING A COPY OF OUR ASSESSMENT
If we provide you with credit assistance, you can ask us for a copy of our assessment any time up to 7 years after we provide you with a credit assistance quote. To request a copy please contact us. We will provide you with a copy:
- within 7 business days after the day we receive your request – provided you make the request within 2 years of the date of our credit assistance quote; or
- otherwise, within 21 business days after the day we receive your request.
INFORMATION ABOUT THE PRODUCTS YOUR CREDIT REPRESENTATIVE GENERALLY USES
Craig Nicholas is a credit representative of NewCo. Craig Nicholas is authorised to engage in credit activities including providing credit assistance on behalf of NewCo.
Subject to meeting credit criteria, we are able to assist you in obtaining a loan or lease from a broad range of lenders and lessors through NewCo.
The list below details the lenders or lessors with whom we generally conduct the most business:
- St George
- Homeloans Ltd
- ING Bank
- Liberty Financial
FEES AND CHARGES
FEES PAYABLE FOR THE PROVISION OF CREDIT ASSISTANCE
Our income is derived by a commission payment from a lender to us as a result of you taking out a loan with a credit provider.
Should we decide that the best financial arrangement between you and us is to charge you a fee, it will clearly detailed to you in a written “Quote” which will be supplied to you prior to receiving credit assistance.
OTHER FEES AND CHARGES
You may have to pay other fees and charges (such as an application fees, valuation fees and other fees) to the lender, lessor or other parties. You should review the disclosure documents and your loan contract or lease for further details of any such fees and charges.
COMMISSIONS WE RECEIVE FROM NEWCO
NewCo has appointed Craig A Nicholas as a credit representative. All commission received from lenders and lessors are paid to NewCo and then shared with Craig A Nicholas.
The total amount of commission we may receive in relation to your loan or lease may vary depending on the lender or lessor, the term, the features, the amount of the loan or lease you ultimately choose and the amount and timing of the repayments that you make.
Loan Contracts such as Home Loans, Investment Property Loans and Personal Loans
Upfront commission payable by lenders in relation to loans is calculated as a percentage of the loan amount and is generally in the range of 0% and 1% of the loan amount. It is usually paid after settlement of the loan.
Trail commission payable by lenders in relation to loans is generally calculated regularly (monthly, quarterly, bi-monthly or annually) on the outstanding loan balance and is paid in arrears. The trail commission payable by lenders is generally in the range of 0% and 0.3% of the outstanding loan amount.
Upfront commission payable by lessors in relation to leases is calculated as a percentage of the lease amount and is generally in the range of 0% and 5% of the lease amount. It is usually paid after settlement of the lease.
Trail commission is generally not payable in relation to leases.
Further details of the commission earned by us will be included in the credit proposal disclosure document we will provide to you at the same time as we provide you with credit assistance.
You can request information from us about the fees that we are likely to receive, how those fees are calculated, and our reasonable estimate of the fees or commissions that will be payable.
VOLUME BONUS ARRANGEMENTS
From time to time NewCo or Craig Nicholas may receive a volume bonus benefit from lenders or lessors. Volume bonuses may be received directly by way of cash bonus or additional commission payment, or indirectly by way of training, professional development days or sponsorship. We may only receive such benefits if NewCo or Craig Nicholas write a particular volume of business with a specific lender.
Further details of any applicable volume bonus benefit we are likely to receive will be included in the credit proposal disclosure document (if relevant), we will provide to you at the same time as we provide you with credit assistance.
COMMISSIONS PAYABLE BY US
In some instances, NewCo or Craig Nicholas may pay a commission to a third party for the introduction of credit business or business financed by the loan contract or lease, ie. A third party has introduced you to us or referred you to us.
We obtain referrals from a range of sources, including real estate agents, accountants, financial planners or other people.
Further information about referral commissions, including our reasonable estimate of the amount of any commission payable and how it is calculated is available from us on request and will be included in the credit proposal disclosure we will supply to you when we provide you with our credit assistance.
DISPUTES OR COMPLAINTS
WHAT TO DO IF YOU HAVE A DISPUTE OR COMPLAINT
NewCo and Craig Nicholas are committed to providing clients with the best possible service. If at any time we have not met our obligations – or you have a complaint about any of our services – please inform us so we can work towards a resolution. We will endeavour to deal with your complaint promptly, thoroughly and fairly.
HOW TO MAKE A COMPLAINT AND THE COMPLAINTS PROCESS
If we have a complaint, we request you follow these steps:
- In the first instance, please contact Craig Nicholas
- If your complain has not been resolved to your satisfaction within 5 business days, please contact the Complaints Department at NewCo Financial Services
Telephone: (03) 8505 6666
- We may ask for additional information and request you put your complaint in writing to ensure your issue is properly investigated.
- In cases where your complaint will take longer to resolve, we will update you progressively. We will endeavour to have all client complaints dealt with and resolved within 45 days of receiving them. We will keep you informed throughout the investigation and resolution process at all times.
THIRD PARTY PRODUCTS OR SERVICES
If your complaint relates to a product or service acquired through a third party (for example, a lender) we may ask you to contract the relevant third party. They will deal with your complaint under their complaints resolution process.
If you are not satisfied with the resolution of your complaint by the third party under their complaints resolution process, you are entitled to have your dispute considered by their External Dispute Resolution Scheme. Please contact the third party for further details.
STILL NOT SATISFIED?
If you do not think we have resolved your complaint to your satisfaction, you may take the matter – free of charge – to the External Disputes Resolution Scheme (provided it is within the scheme’s terms of reference) we are a member of. All credit representatives of NewCo are members of this External Disputes Resolution Scheme. You may also refer the matter to the relevant External Disputes Resolution Scheme at any time, but if our internal process is still in progress, they may request that our internal processes be complete before considering the matter further.
Our external dispute resolution service provider is the Credit Ombudsman Service Limited, which can be contacted via:
- Telephone: 1800 138 422
- Online complaint form: http://www.cio.com.au/Make-a-complaint-intro
- Website: http://www.cio.org.au
- Mail: PO Box A252, Sydney South NSW 1235
- Fax: 02 9273 8440
ABOUT US (“we, us, our”):
Credit Representative details: (we, us, our)
Craig A Nicholas
Credit Representative Number #487241
Our Contact Details
Corporate Representative Details (if applicable)
Craig A Nicholas
Credit Representative Number #487241
NewCo Financial Services Pty Limited
Australian Credit Licence: 385054
We need to collect personal information about you to provide you with our broking & related services. This privacy statement tells you how we collect your information, what we use the information for and who we share the information with. If we collect information that can be used to identify you, we will take reasonable steps to notify you of that collection.
How information is collected from you
We will collect your information from you directly whenever we can, like from enquiries we make of you when you seek credit assistance from us. We may verify that information from sources referred to in the responses to those enquiries or in this privacy statement.
How information is collected from other sources
Sometimes we will collect information about you from other sources as the Privacy Act 1988 permits. We will do this only if it’s reasonably necessary to do so, for example, where:
we collect information from third parties about a loan or lease in relation to which you seek our services;
we can’t get hold of you and we rely on public information to update your contact details; or
we exchange information with your legal or financial advisers or other representatives.
When the law authorises or requires collection of information
Some law may require us to collect personal information about you. For example, we may require your information to verify your identity under Australian Anti-Money Laundering law.
How your information may be used
We may use your information for purposes including:
giving you credit assistance;
giving you information about loan products or related services;
considering whether you are eligible for a loan or lease or any related service you requested;
assisting you to prepare an application for a lease or a loan;
administering services we provide, for example, to answer requests or deal with complaints;
administering payments we receive, or any payments we make, relating to your loan or lease;
telling you about other products or services we make available and that may be of interest to you, unless you tell us not to;
telling you about other suppliers, with whom we have arrangements, that supply goods or services that may be of interest to you;
allowing us to run our business efficiently and perform general administrative tasks;
preventing or investigating any fraud or crime or any suspected fraud or crime;
as required by law, regulation or codes binding us; and
any purpose to which you have consented.
You can let us know at any time if you no longer wish to receive direct marketing offers from us. We will process your request as soon as practicable.
What happens if you don’t provide information
If you don’t provide your information to us, it may not be possible to:
- assist in finding a loan or lease relevant to your circumstances;
verify your identity or protect against fraud; or
let you know about products or services that might be suitable for your financial needs.
Sharing Your Information
We may use and share your information with other organisations for any purpose described above.
Sharing with your representatives and referees
We may share your information with:
your representative or any person acting on your behalf (for example, lawyers, settlement agents, accountants or real estate agents); and
your referees, like your employer, to confirm details about you.
Sharing with third parties
We may share your information with third parties in relation to services we provide to you or goods or services in which we reasonably consider you may be interested. Those third parties may include:
the mortgage aggregator through whom we may submit loan or lease applications to lenders or lessors on the mortgage aggregator’s panel;
the Australian Credit Licence, holder NewCo Financial Services Pty Limited that authorises us to engage in credit activities;
referrers that referred your business to us;
financial services suppliers with whom we have arrangements;
lenders, lessors, lender’s mortgage insurers and other loan or lease intermediaries;
organisations, like fraud reporting agencies, that may identify, investigate and/or prevent fraud, suspected fraud, crimes, suspected crimes, or other misconduct;
government or regulatory bodies as required or authorised by law. In some instances, these bodies may share the information with relevant foreign authorities;
guarantors and prospective guarantors of your loan or lease;
service providers, agents, contractors and advisers that assist us to conduct our business;
any organisation that wishes to take an interest in our business or assets; and
any third party to which you consent to us sharing your information.
Sharing outside of Australia
We are not likely to disclose your information to organisations overseas. However, we may store your information in cloud or other types of networked or electronic storage. As electronic or networked storage can be accessed from various countries via an internet connection, it’s not always practicable to know in which country your information may be held.
Information about other people
If you give information to us about another person (like your co-applicant) in relation to the services we provide, you will let that other person know that:
we have collected their information to provide those services or for any other purpose set out in this privacy notice;
we may exchange this information with other organisations set out in this privacy notice;
access the information we hold about that other person,
by using our contact details above; and
we may not be able to provide those services to you unless we obtain their information.