Australian Credit Representative Licence Number 417176 - Representative Credit Guide
We have appointed the person below as our credit representative in the provision of credit assistance to you.
Credit representative details
Credit representative name:
J Carlos Lopes
Credit Representative Number:
447176
Business name:
1300WHATLOAN
Address:
PO Box 3072 St Marys South NSW 2760
Phone:
1300 942 856
Email:
[email protected]
The information detailed above applies specifically to the credit representative. In addition, the credit representative may receive the whole or part of the commissions and fees referred to above directly or indirectly from us as the representative. You can obtain information from the credit representative about a reasonable estimate of those commissions and how the commission is worked out. The credit representative has access to the financiers listed in the licensee credit guide above.
Fees payable by you
The credit representative may charge a fee for the credit services provided. More details about the fees payable by you will be set out in a quote which will be given to you before a finance application is lodged. You may obtain from the credit representative more information about how these fees and charges are worked out.
The credit representative does not charge you for the credit services because the representative receives commission from the financier or the licensee. However, you may need to pay the financier’s application fee, valuation fees, and other fees.
The credit representative may charge a fee for the credit services provided. More details about the fees payable by you will be set out in a quote which will be given to you before a finance application is lodged. You may obtain from the credit representative more information about how these fees and charges are worked out.
Clawbacks payable by you
We generally do not charge fees for home and investment loans. Most lenders we deal with regularly pay us
a commission for introducing your business to them as outlined in the preceding commission disclosure
section. There are circumstances when we do charge a fee, these are outlined below.
We will always discuss if any fees are likely to become payable by you to 1300WhatLoan and it will be
disclosed in writing to you in our “Quote and Credit Disclosure Document” before we make a formal
application to a lender on your behalf.
Short term loans: Also referred to as a “Claw Back provision”.
We reserve the right to recover a fee from you in the event of your loan(s) being paid out in full and closed
within the first 24 months of origination. This is to partly recover our loss of income when this occurs. It is
industry standard for lenders to “claw back” any commission paid to us if your loans are repaid in this
timeframe. Our fee is waived or refunded if we arrange your subsequent loan(s) within 3 months.
This fee is $1,000.00 per transaction but can be higher.
Representative’s external dispute resolution scheme;
If the credit representative is unable to resolve your complaint, you may refer the complaint to an ASIC Approved External Dispute Resolution (EDR) Scheme. Our external dispute resolution provider is AFCA (Australian Financial Complaints Authority). AFCA is a free service established to provide you with an independent mechanism to resolve specific complaints.
Free call: 1800 931 678
Email: [email protected]
Website: www.afca.org.au
Mail: GPO Box 3
Melbourne VIC 3001
Licensee Credit Guide
This document provides information about the services we provide. We are licensed to arrange loans and leases under the National Consumer Credit Protection Act 2009 (NCCP Act). The NCCP Act regulates the activity of lending, leasing, and finance broking.
Licensee details
outsource financial pty ltd (ACN 131 090 705)
Australian Credit Licence Number
384324
Address
406/19 Roseby St, Drummoyne NSW 2047
Phone
1300 781 481
Email
[email protected]
Services we provide
outsource financial is an Australian owned and operated organisation, dedicated to providing the professional services sector and their clients with an integrated range of financial services and products. outsource financial currently has a national network of mortgage specialists to assist clients obtain credit products including home loans, investment loans, personal loans, credit cards and consumer leases.
Our panel lenders
We source finance from a panel of financiers. The financiers named below are the six financiers with which we conduct the most business.
We will need information from you
Under the NCCP Act, we are obliged to ensure that any loan or principal increase to a loan we help you to obtain, or any lease we help you to enter, is not unsuitable for you. To decide this, we may need to ask you some questions in order to assess whether the loan or lease is not unsuitable. The law requires us to:
· make reasonable inquiries about your requirements and objectives;
· make reasonable inquiries about your financial situation;
· take reasonable steps to verify that financial situation.
Credit will be unsuitable if at the time of the assessment, it is likely that:
· you could not pay or could only pay with substantial hardship;
· the credit will not meet your requirements and objectives.
Additionally we must ask you to provide us with a significant amount of accurate information. If we give you credit assistance we must also provide you with a copy of our preliminary credit assessment of your application if you ask within seven years of when we assist you. If we arrange a loan for you remember you must make your own enquiries about the value and future growth of the security property. Also note that any valuation we obtain is for our own use.
Fees payable by you
outsource financial does not charge you for the services it provides. However, our credit representatives sometimes charge fees for their services. More details about the fees payable by you will be documented in the quote. You may also obtain more information from your credit representative about how these fees. You may also be required to pay the lender’s application fee, valuation fee, government charges and other transaction fees.
Commissions received by us
We may receive commissions from the lenders and lessors who provide finance for you as our customers. These are not fees payable by you. You may obtain from us information about a reasonable estimate of those commissions and how the commissions are worked out.
Commissions payable by us
Outsource financial and our credit representatives source referrals from a broad range of sources. For example, we may pay fees to call centre companies, real estate agents, accountants, or lawyers for referring you to us. These referral fees are generally small amounts and accord with usual business practice. These are not fees payable by you. You may, on request, obtain a reasonable estimate of those commissions and how they are worked out.
Our internal dispute resolution scheme
At outsource we are committed to the effective handling of complaints and timely resolution of disputes.
Receiving complaints and the complaint process
If you have a complaint or a dispute, you have the option of either contacting your mortgage professional or lodging the complaint directly with outsource financial.
You can lodge complaints with outsource by contacting the Complaints Officer by:
Phone: 1300 781 481
Email: [email protected]
Address: 406/19 Roseby Street, Drummoyne NSW 2047
You can also speak with any representative of our business who will refer you to the Complaints Officer. You should explain the details of your complaint as clearly as you can verbally or in writing. When we receive a complaint, we will attempt to resolve it promptly. We will observe the following principles in handling your complaint:
· there is no requirement for face-to-face contact between you and us, although it may be useful for us to come to a satisfactory resolution;
· we expect that both parties will make a genuine attempt to resolve a complaint promptly;
· we expect that both parties will provide all essential and relevant information, documents, written statements and any other materials that may properly and reasonably be believed to assist in resolving the complaint;
· we expect that both parties will comply with all reasonable requests from the other party to provide information within a reasonable time frame.
Timeframes for response
If your request cannot be resolved immediately, we will respond to your request within two (2) business days of receipt of the complaint. We will keep you informed of the progress of the investigation.
Our external dispute resolution scheme
If we do not reach agreement on your complaint, you may refer the complaint to an ASIC Approved External Dispute Resolution (EDR) Scheme. Our external dispute resolution provider is AFCA (Australian Financial Complaints Authority). AFCA is a free service established to provide you with an independent mechanism to resolve specific complaints.
Free call: 1800 931 678
Email: [email protected]
Website: www.afca.org.au
Mail: GPO Box 3
Melbourne VIC 3001
More information
If you have any questions about this credit guide or anything else about our services, just ask at any time. We’re here to help you.
We have appointed the person below as our credit representative in the provision of credit assistance to you.
Credit representative details
Credit representative name:
J Carlos Lopes
Credit Representative Number:
447176
Business name:
1300WHATLOAN
Address:
PO Box 3072 St Marys South NSW 2760
Phone:
1300 942 856
Email:
[email protected]
The information detailed above applies specifically to the credit representative. In addition, the credit representative may receive the whole or part of the commissions and fees referred to above directly or indirectly from us as the representative. You can obtain information from the credit representative about a reasonable estimate of those commissions and how the commission is worked out. The credit representative has access to the financiers listed in the licensee credit guide above.
Fees payable by you
The credit representative may charge a fee for the credit services provided. More details about the fees payable by you will be set out in a quote which will be given to you before a finance application is lodged. You may obtain from the credit representative more information about how these fees and charges are worked out.
The credit representative does not charge you for the credit services because the representative receives commission from the financier or the licensee. However, you may need to pay the financier’s application fee, valuation fees, and other fees.
The credit representative may charge a fee for the credit services provided. More details about the fees payable by you will be set out in a quote which will be given to you before a finance application is lodged. You may obtain from the credit representative more information about how these fees and charges are worked out.
Clawbacks payable by you
We generally do not charge fees for home and investment loans. Most lenders we deal with regularly pay us
a commission for introducing your business to them as outlined in the preceding commission disclosure
section. There are circumstances when we do charge a fee, these are outlined below.
We will always discuss if any fees are likely to become payable by you to 1300WhatLoan and it will be
disclosed in writing to you in our “Quote and Credit Disclosure Document” before we make a formal
application to a lender on your behalf.
Short term loans: Also referred to as a “Claw Back provision”.
We reserve the right to recover a fee from you in the event of your loan(s) being paid out in full and closed
within the first 24 months of origination. This is to partly recover our loss of income when this occurs. It is
industry standard for lenders to “claw back” any commission paid to us if your loans are repaid in this
timeframe. Our fee is waived or refunded if we arrange your subsequent loan(s) within 3 months.
This fee is $1,000.00 per transaction but can be higher.
Representative’s external dispute resolution scheme;
If the credit representative is unable to resolve your complaint, you may refer the complaint to an ASIC Approved External Dispute Resolution (EDR) Scheme. Our external dispute resolution provider is AFCA (Australian Financial Complaints Authority). AFCA is a free service established to provide you with an independent mechanism to resolve specific complaints.
Free call: 1800 931 678
Email: [email protected]
Website: www.afca.org.au
Mail: GPO Box 3
Melbourne VIC 3001
Licensee Credit Guide
This document provides information about the services we provide. We are licensed to arrange loans and leases under the National Consumer Credit Protection Act 2009 (NCCP Act). The NCCP Act regulates the activity of lending, leasing, and finance broking.
Licensee details
outsource financial pty ltd (ACN 131 090 705)
Australian Credit Licence Number
384324
Address
406/19 Roseby St, Drummoyne NSW 2047
Phone
1300 781 481
[email protected]
Services we provide
outsource financial is an Australian owned and operated organisation, dedicated to providing the professional services sector and their clients with an integrated range of financial services and products. outsource financial currently has a national network of mortgage specialists to assist clients obtain credit products including home loans, investment loans, personal loans, credit cards and consumer leases.
Our panel lenders
We source finance from a panel of financiers. The financiers named below are the six financiers with which we conduct the most business.
- ANZ
- Macquarie Bank
- NAB
- ING Direct
- Westpac
- St George
We will need information from you
Under the NCCP Act, we are obliged to ensure that any loan or principal increase to a loan we help you to obtain, or any lease we help you to enter, is not unsuitable for you. To decide this, we may need to ask you some questions in order to assess whether the loan or lease is not unsuitable. The law requires us to:
· make reasonable inquiries about your requirements and objectives;
· make reasonable inquiries about your financial situation;
· take reasonable steps to verify that financial situation.
Credit will be unsuitable if at the time of the assessment, it is likely that:
· you could not pay or could only pay with substantial hardship;
· the credit will not meet your requirements and objectives.
Additionally we must ask you to provide us with a significant amount of accurate information. If we give you credit assistance we must also provide you with a copy of our preliminary credit assessment of your application if you ask within seven years of when we assist you. If we arrange a loan for you remember you must make your own enquiries about the value and future growth of the security property. Also note that any valuation we obtain is for our own use.
Fees payable by you
outsource financial does not charge you for the services it provides. However, our credit representatives sometimes charge fees for their services. More details about the fees payable by you will be documented in the quote. You may also obtain more information from your credit representative about how these fees. You may also be required to pay the lender’s application fee, valuation fee, government charges and other transaction fees.
Commissions received by us
We may receive commissions from the lenders and lessors who provide finance for you as our customers. These are not fees payable by you. You may obtain from us information about a reasonable estimate of those commissions and how the commissions are worked out.
Commissions payable by us
Outsource financial and our credit representatives source referrals from a broad range of sources. For example, we may pay fees to call centre companies, real estate agents, accountants, or lawyers for referring you to us. These referral fees are generally small amounts and accord with usual business practice. These are not fees payable by you. You may, on request, obtain a reasonable estimate of those commissions and how they are worked out.
Our internal dispute resolution scheme
At outsource we are committed to the effective handling of complaints and timely resolution of disputes.
Receiving complaints and the complaint process
If you have a complaint or a dispute, you have the option of either contacting your mortgage professional or lodging the complaint directly with outsource financial.
You can lodge complaints with outsource by contacting the Complaints Officer by:
Phone: 1300 781 481
Email: [email protected]
Address: 406/19 Roseby Street, Drummoyne NSW 2047
You can also speak with any representative of our business who will refer you to the Complaints Officer. You should explain the details of your complaint as clearly as you can verbally or in writing. When we receive a complaint, we will attempt to resolve it promptly. We will observe the following principles in handling your complaint:
· there is no requirement for face-to-face contact between you and us, although it may be useful for us to come to a satisfactory resolution;
· we expect that both parties will make a genuine attempt to resolve a complaint promptly;
· we expect that both parties will provide all essential and relevant information, documents, written statements and any other materials that may properly and reasonably be believed to assist in resolving the complaint;
· we expect that both parties will comply with all reasonable requests from the other party to provide information within a reasonable time frame.
Timeframes for response
If your request cannot be resolved immediately, we will respond to your request within two (2) business days of receipt of the complaint. We will keep you informed of the progress of the investigation.
Our external dispute resolution scheme
If we do not reach agreement on your complaint, you may refer the complaint to an ASIC Approved External Dispute Resolution (EDR) Scheme. Our external dispute resolution provider is AFCA (Australian Financial Complaints Authority). AFCA is a free service established to provide you with an independent mechanism to resolve specific complaints.
Free call: 1800 931 678
Email: [email protected]
Website: www.afca.org.au
Mail: GPO Box 3
Melbourne VIC 3001
More information
If you have any questions about this credit guide or anything else about our services, just ask at any time. We’re here to help you.
CREDIT GUIDE EXPLAINED
WHAT IS A CREDIT LICENSEE?
A ‘credit licensee’ has been authorised by ASIC to engage in specified credit activities under a license, and must abide by the regulations as set down by ASIC.
WHAT IS CREDIT ASSISTANCE?
We give you credit assistance when:
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:
We won’t be able to give you credit assistance if our assessment shows that:
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:
FEES AND CHARGES
FEES PAYABLE FOR THE PROVISION OF CREDIT ASSISTANCE
In most circumstances we will not charge you any fees for providing credit assistance to you. More detail about any fees will be set out in a quote we will give to you before we provide you with 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
COMMISSIONS WE RECEIVE
The licensee has appointed the broker group as its agent to receive commissions from lenders and lessors and to pay us commission in relation to loan contracts or leases for which the licensee has provided credit assistance. The total amount of commission the licensee 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 0.50% and 0.70% of the loan amount. It is usually paid 1 month in arrears 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 0.10% per annum and 0.20% per annum of the outstanding loan amount.
Leases
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 4% 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.
DISPUTES OR COMPLAINTS
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 COMPLAINTS PROCESS?
If we have a complaint, we request you follow these steps:
1) Please lodge your complaint by either
a. Calling our main number 1300 942 856
b. Sending an Email to [email protected]
c. Sending us a letter to Inspired 1300WHATLOAN, PO Box 3072 St Marys South NSW 2760
2) Please provide the following details -
a. Name of complainant
b. Contact details of complainant
c. Preferred contact method of complainant (phone / email / letter / fax)
d. Details of the complaint
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.
KEEPING YOU INFORMED
We will keep you informed of any investigation of the complaint. We will advise you of the outcome of any investigation, or provide to you further details for consideration.
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 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 provider is AFCA (Australian Financial Complaints Authority). AFCA is a free service established to provide you with an independent mechanism to resolve specific complaints.
Free call: 1800 931 678
Email: [email protected]
Website: www.afca.org.au
Mail: GPO Box 3
Melbourne VIC 3001
WHAT IS A CREDIT LICENSEE?
A ‘credit licensee’ has been authorised by ASIC to engage in specified credit activities under a license, and must abide by the regulations as set down by ASIC.
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.
FEES AND CHARGES
FEES PAYABLE FOR THE PROVISION OF CREDIT ASSISTANCE
In most circumstances we will not charge you any fees for providing credit assistance to you. More detail about any fees will be set out in a quote we will give to you before we provide you with 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
COMMISSIONS WE RECEIVE
The licensee has appointed the broker group as its agent to receive commissions from lenders and lessors and to pay us commission in relation to loan contracts or leases for which the licensee has provided credit assistance. The total amount of commission the licensee 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 0.50% and 0.70% of the loan amount. It is usually paid 1 month in arrears 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 0.10% per annum and 0.20% per annum of the outstanding loan amount.
Leases
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 4% 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.
DISPUTES OR COMPLAINTS
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 COMPLAINTS PROCESS?
If we have a complaint, we request you follow these steps:
1) Please lodge your complaint by either
a. Calling our main number 1300 942 856
b. Sending an Email to [email protected]
c. Sending us a letter to Inspired 1300WHATLOAN, PO Box 3072 St Marys South NSW 2760
2) Please provide the following details -
a. Name of complainant
b. Contact details of complainant
c. Preferred contact method of complainant (phone / email / letter / fax)
d. Details of the complaint
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.
KEEPING YOU INFORMED
We will keep you informed of any investigation of the complaint. We will advise you of the outcome of any investigation, or provide to you further details for consideration.
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 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 provider is AFCA (Australian Financial Complaints Authority). AFCA is a free service established to provide you with an independent mechanism to resolve specific complaints.
Free call: 1800 931 678
Email: [email protected]
Website: www.afca.org.au
Mail: GPO Box 3
Melbourne VIC 3001
CONTACT US
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