WHAT TO DO IF YOU HAVE A DISPUTE OR COMPLAINT
We are committed to providing our customers 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 COMPLAINT PROCESS
If you have a complaint, we request you follow these steps:
1 - In the first instance, please contact your direct consultant.
2 - If your complaint has not been resolved to your satisfaction within 5 business days,
please contact our Complaints Area as detailed below:
Telephone: 0438 850 481 Monday to Friday 9am to 5pm
Mail: PO Box 4236, Elanora QLD 4221
3 - We may ask for additional information and request you to put your complaint in writing to ensure your issue is properly investigated.
4 - In cases where your complaint will take longer to resolve, we will update you progressively.
IF YOU’RE STILL NOT SATISFIED?
If your loan is/was for an regulated consumer finance product and you don’t think we have resolved your complaint to your satisfaction, you may take the matter, to the relevant External Disputes Resolution Scheme (provided it is within the scheme’s terms of reference) as detailed below. 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 Australian Financial Complaints Authority (AFCA), which can be contacted via:
REMINDER – There is no applicable Australian Financial Complaints Authority (AFCA) membership held by us in relation to commercial credit products and/or ‘unregulated loans’.
We need to collect personal information about you to effectively provide you with our services. This information is required to assist us in determining your needs and subsequently preparing your loan application. If your information is not provided we may not be able to assist in finding a loan relevant to your circumstances. We can confirm that your information is kept in Australia.
Unless you tell us otherwise, we may use your information to provide you with future offers or information about other products or services we, or a third party provide.
Our aggregators, our authorising Australian Credit Licensee (ACL), our credit representatives (and/or their related entities and representatives), may disclose your information to other organisations to help us provide our services to you. The types of organisations we may disclose your information to include but are not limited to, banks, lenders, financiers, mortgage insurers, other mortgage intermediaries, licensed valuers and other organisations that may assist us (such as lawyers, and accountants) in facilitating your loan. We may disclose your personal information to any other organisation that may wish to, or has acquired, an interest in your loan or in our business.
Furthermore, your information may be provided to the above-mentioned entities or used by them (or us) to obtain relevant checks such as credit and identity checks with any relevant credit reporting authority (eg. Equifax credit reporting) and/or any other organisations capable of providing such credit references.
As part of your information disclosure requirements to us, by accepting the Privacy Statement, you also declare that the information that you are providing is true and correct at the time of signing the consent.
You can gain information regarding what private information we hold of yours by contacting us via mail to The Privacy Officer at email@example.com.
If you require further information about your privacy, you can visit the Federal Privacy Commissioner’s website at www.privacy.gov.au.
Please note that as part of your application process (if your enquiry leads to an application) you will be required to sign third party privacy consents. This is a standard requirement by our providers such as lenders, mortgage insurers, solicitors and similar to ensure that you understand their privacy obligations as well.
As part of the communication, data gathering and information collection process you have been provided with this official Credit Guide. This is an important document that outlines key points about who we are, your engagement of our services, how we are paid and processes for complaints resolution.
By proceeding with your enquiry, you confirm that you have not only received this Credit Guide but have read and understood the content and agree to the details within.
ABOUT US (“we, us, our”):
When your application is for a ‘consumer credit product’ as defined by ASIC in the National Credit Code (NCC) and captured by the National Consumer Credit Protection Act 2009 (the National Credit Act), hereafter referred to as ‘REGULATED’ and subject to The Australian Financial Complaints Authority membership guidelines
Credit Representative ALFS Pty Ltd (ACN 608 251 538)
Credit Representative Number 493715
Elanora, QLD 4221
Tel: 0438 850 481
Email address: firstname.lastname@example.org
Broker Group/Aggregator Custom Equity Group, Loankit and/or associated providers
This document provides you with information relating to our activities and those of our credit representatives. It contains information about various fees and charges that may be payable by you to us, as well as certain commissions we may receive from a licensee, broker group, aggregator or lender when we are acting as a credit representative, or we pay to certain third parties. It also contains information about what you should do if you have a complaint or dispute in connection with our services as a credit representative.
When your application is for a ‘commercial credit product’ and NOT protected by ASIC under the National Credit Code (NCC) and NOT captured by the National Consumer Credit Protection Act 2009 (the National Credit Act), hereafter referred to as ‘UNREGULATED’ and excluded from The Australian Financial Complaints Authority membership guidelines
Principal Advisor Group The ALFS Trust (ABN 17 292 731 682)
Credit Representative Number NOT APPLICABLE / NOT REQUIRED
Elanora, QLD 4221
Tel: 0438 850 481
Email address: email@example.com
Aggregator NOT APPLICABLE / NOT REQUIRED
WHAT IS A CREDIT REPRESENTATIVE?
WHAT IS A CREDIT REPRESENTATIVE?
In relation to ‘regulated loans, 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. .
WHAT IS CREDIT ASSISTANCE?
WHAT IS CREDIT ASSISTANCE?
In relation to ‘regulated loans, we give you credit assistance when:
- we assist you to apply for a particular regulated loan or lease;
- we suggest you apply for a particular regulated loan or lease (or suggest you apply for an
- we suggest you remain in your current regulated loan or lease.
- We give advice on your overall regulated credit/finance situation
- We give advice on regulated credit options if you get into financial difficulty
THE ASSESSMENT WE NEED TO DO BEFORE GIVING YOU CREDIT ASSISTANCE
Before we provide credit assistance to you, we assess whether the particular regulated loan or lease is not unsuitable for you. To do this, we need to make reasonable inquiries and verify that:
- the regulated 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 regulated loan or lease won’t meet your requirements or objectives.
GETTING A COPY OF OUR ASSESSMENT
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
- otherwise, within 21 business days after the day we receive your request.
INFORMATION ABOUT THE LICENSEE AND ITS REPRESENTATIVES
HE LICENSEE AND ITS REPRESENTATIVES
We act as an authorised representative of Your Advisor Group Pty Ltd. We are authorised to engage in credit activities including providing credit assistance on its behalf in relation to regulated loans.
Subject to meeting credit criteria, we are able to assist you to obtain regulated and unregulated loans and leases for you from a broad range of lenders and lessors through our broker group/aggregator as well as direct lender relationships.
The following are the 30 lenders or providers with whom we generally conduct the most business:
- RESIMAC - Latitude - WISR – ING – Firstmac – Wingate - ANZ – NAB – Liberty – Bankwest – LaTrobe Macquarie Bank – RedZed – Bluestone – Qudos – Virgin Money – Money Place – Loan U – Society One - Suncorp – CBA – Bank Of QLD – Credit Union Australia – Society One – AFS – Capital Finance
We have access to and utilise, where appropriate, a large number of other lenders/funders to meet our client’s needs.
FEES PAYABLE FOR THE PROVISION OF CREDIT ASSISTANCE
We may charge a fee for providing credit assistance. More detail about those fees, if they apply will be set out below or in our Service Agreement (Quote) that we will give to you before we provide you with credit assistance and will also be discussed with you prior to commencing credit assistance.
FEES PAYABLE IN RELATION TO ACTING AS A CREDIT REPRESENTATIVE
ABLE IN RELATION TO ACTING AS A CREDIT REPRESENTATIVE
On many occasions our service is provided with no upfront charge to you as often. the lender/provider will pay us a commission for the sourcing, preparing and managing your loan application or factor in remuneration to us as part of the overall transaction.
In some cases, this remuneration is provisional upon you maintaining the loan for a minimum period. If this minimum period is not met, the payer of the remuneration may request that all or some of the remuneration that was paid, be paid back to them. This is referred to as “clawback”.
In the event of “clawback”, we would require reimbursement from you (with no additional charge) for the same amount that has been requested by the payer and repaid to that payer.
NOTE: If at any time within the first two years of settling your loan you need to payout, discharge or refinance your loan, please contact your Advisor to discuss.
On occasions during the application process, circumstances may arise which incur costs to you or costs to us which will be reimbursable by you. These costs may be a result of complex or unusual circumstances, lender-imposed requirements and/or costs necessary to enhance the chance of your application being approved.
These may include, -
- A fee for credit report access, bankstatements.com access, asset inspection or valuation fees. If incurred, you agree to directly pay or reimburse these charges. This may be at any time before the application, at any time during the application or any time after the settlement of your loan
- Reimbursable “clawback)” per the first paragraph of this section
- Renegotiation fees, eg. if we assist you in obtaining a better rate, product or loan with your existing provider and that provider does not remunerate us, we may charge you a fee
- A processing fee may apply when, all necessary work has been done by us to facilitate your loan application however you elect not to proceed.
- Debt collector, legal and/or solicitor costs when engaged to retrieve any monies owed by us or to us asa result of us facilitating your loan application.
You may have to pay other fees and charges (such as an application fees, lender valuation and legal fees and other fees) to the lender, lessor, the Government or other parties. This is outlined to you by the Lender and you should review the disclosure documents and your loan contract for further details of any such fees and charges.
COMMISSIONS WE RECEIVE FROM OUR LICENSEE
We receive commissions from some lenders and lessors in relation to loan contracts or leases for which we act as a credit representative and provide credit assistance. 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. It is important to note that this is usually paid by the bank, lender or funder with no additional payments of this type paid by you direct.
Loan Contracts such as regulated Home Loans and Investment Property 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% to 0.77% of the loan amount. It is usually paid after settlement of the loan. Estimated commission on a loan of $300,000 may be between $0 and $2310.
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% per annum to 0.25% per annum of the outstanding loan amount. (or between $0.00 to $63 per month)
Loan Contracts such as regulated Consumer Car Loans or Personal Loans.
- Upfront commission payable by lenders in relation to such loans are usually calculated as a percentage of the loan or lease amount and is generally in the range of 0% to 4.00% of the loan amount. It is usually paid after settlement of the loan. Estimated commission on a loan of $30,000 may be
As outlined in the previous section, in some cases, commissions are provisional upon you maintaining the loan for a minimum period. This varies from lender to lender. If this minimum period is not met, the payer of the remuneration may request that all or some of the remuneration that was paid, be paid back to them. This is referred to as “clawback”. In the event of “clawback”, we would require reimbursement from you (with no additional charge) for the same amount that has been requested by the payer and repaid to that payer
At the time of signing this form, the lender best suited to your individual requirements may not be known, until further assessment of this information has been completed, therefore exact commission payments may be unascertainable at this time.(As different banks and Lenders pay a different commission % rate) What we can confirm is that the commission will fall within the above mentioned % parameters.
VOLUME BONUS ARRANGEMENTS
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.
Our broker group/aggregator has volume bonus arrangements in place with various lenders and providers. From time to time we or our broker group may receive a benefit, directly by way of bonus or additional commissions or indirectly by way of training, professional development days or sponsorship, if we or our broker group write a particular volume of loans offered by those lenders.
COMMISSIONS PAYABLE BY US
We sometimes pay a commission to a third party for the introduction of credit business or business financed by the loan contract or lease. If a third party has introduced you to us or referred you to us, we may pay them a commission or a fee.
We obtain referrals from a range of sources, including real estate agents, accountants, financial planners, other clients, colleagues and other mortgage brokers.
If your application was referred to us by the referrer or affiliated advisor, then ALFS will pay them a referral fee of between $0 and $unascertainable once the loan facility has settled.
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.